Exhibit 21.1
FIRST ACCEPTANCE CORPORATION 10-K
FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
SCHEDULE I. FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
(in thousands)
December 31, | ||||||||
2013 | 2012 | |||||||
Balance Sheets | ||||||||
Assets: | ||||||||
Investment in subsidiaries, at equity in net assets | $ | 108,356 | $ | 108,663 | ||||
Cash and cash equivalents | 8,578 | 3,344 | ||||||
Other assets | 2,262 | 2,361 | ||||||
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$ | 119,196 | $ | 114,368 | |||||
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Liabilities: | ||||||||
Debentures payable | $ | 40,301 | $ | 40,261 | ||||
Other liabilities | 1,963 | 1,315 | ||||||
Stockholders’ equity | 76,932 | 72,792 | ||||||
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$ | 119,196 | $ | 114,368 | |||||
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Year Ended December 31, | Six Months Ended December 31, | Year Ended June 30, | ||||||||||||||
2013 | 2012 | 2011 | 2011 | |||||||||||||
Statements of Operations | ||||||||||||||||
Investment income | $ | 52 | $ | 93 | $ | 65 | $ | 116 | ||||||||
Equity in income (loss) of subsidiaries, net of tax | 11,657 | (6,830 | ) | (27,074 | ) | (49,926 | ) | |||||||||
Expenses | (2,529 | ) | (2,303 | ) | (2,428 | ) | (6,005 | ) | ||||||||
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Income (loss) before income taxes | 9,180 | (9,040 | ) | (29,437 | ) | (55,815 | ) | |||||||||
Provision (benefit) for income taxes | — | — | — | 965 | ||||||||||||
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Net income (loss) | $ | 9,180 | $ | (9,040 | ) | $ | (29,437 | ) | $ | (56,780 | ) | |||||
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Year Ended December 31, | Six Months Ended December 31, | Year Ended June 30, | ||||||||||||||
2013 | 2012 | 2011 | 2011 | |||||||||||||
Statements of Cash Flows | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 9,180 | $ | (9,040 | ) | $ | (29,437 | ) | $ | (56,780 | ) | |||||
Equity in loss (income) of subsidiaries, net of tax | (11,657 | ) | 6,830 | 27,074 | 49,926 | |||||||||||
Stock-based compensation | 243 | 604 | 171 | 998 | ||||||||||||
Deferred income taxes | (2 | ) | 1 | 2 | (98 | ) | ||||||||||
Other | (4 | ) | (6 | ) | 8 | (108 | ) | |||||||||
Change in assets and liabilities | 790 | 792 | (764 | ) | 1,069 | |||||||||||
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Net cash used in operating activities | (1,450 | ) | (819 | ) | (2,946 | ) | (4,993 | ) | ||||||||
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Cash flows from investing activities: | ||||||||||||||||
Dividends from subsidiary | 6,635 | 5,150 | 10,684 | 7,079 | ||||||||||||
Maturities of investments, available for sale | — | 3,518 | — | — | ||||||||||||
Improvements to foreclosed real estate | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||
Investment in subsidiary | — | (13,000 | ) | — | — | |||||||||||
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Net cash provided by (used in) investing activities | 6,633 | (4,334 | ) | 10,682 | 7,077 | |||||||||||
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Cash flows from financing activities: | ||||||||||||||||
Purchases of treasury stock | — | — | (10,988 | ) | — | |||||||||||
Net proceeds from issuance of common stock | 51 | 52 | 23 | 56 | ||||||||||||
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Net cash provided by (used in) financing activities | 51 | 52 | (10,965 | ) | 56 | |||||||||||
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Net change in cash and cash equivalents | 5,234 | (5,101 | ) | (3,229 | ) | 2,140 | ||||||||||
Cash and cash equivalents, beginning of period | 3,344 | 8,445 | 11,674 | 9,534 | ||||||||||||
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Cash and cash equivalents, end of period | $ | 8,578 | $ | 3,344 | $ | 8,445 | $ | 11,674 | ||||||||
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