Exhibit 99.1
November 23, 2009
Dear Shareholders (and friends) of AssuranceAmerica,
Companywide revenue was up 7% in October, with the top-line revenue for the agencies still being a challenge. A concerted effort to control/reduce expenses helped the Consolidated Pre-tax show improvement over October 2008.
Following is our report on October results.
| October (Unaudited) | ||||||||||||||||||||||||
| Current Month | Year To Date | |||||||||||||||||||||||
| 2009 | 2008 | Change | 2009 | 2008 | Change | |||||||||||||||||||
| (In $1,000) | % | (In $1,000) | % | |||||||||||||||||||||
• Gross Premiums Produced1* | $ | 11,326 | $ | 10,604 | 7 | % | $ | 126,690 | $ | 120,947 | 5 | % | ||||||||||||
• MGA/Carrier Gross Premiums Produced1,2 | $ | 8,326 | $ | 7,649 | 9 | % | $ | 93,204 | $ | 82,575 | 13 | % | ||||||||||||
• MGA/Carrier Revenues2 | $ | 5,055 | $ | 4,594 | 10 | % | $ | 51,686 | $ | 47,276 | 9 | % | ||||||||||||
• Retail Agencies Gross Premium Produced1,2* | $ | 3,894 | $ | 4,044 | (4 | )% | $ | 46,249 | $ | 53,032 | (13 | )% | ||||||||||||
• Retail Agencies Group Revenues2* | $ | 607 | $ | 728 | (17 | )% | $ | 7,323 | $ | 8,367 | (12 | )% | ||||||||||||
• Company Revenues* | $ | 5,507 | $ | 5,128 | 7 | % | $ | 56,736 | $ | 53,070 | 7 | % | ||||||||||||
• Company Pre-Tax Income before stock option* | $ | (116 | ) | $ | (465 | ) | 125 | % | $ | 2,241 | $ | (976 | ) | 330 | % | |||||||||
• Company Pre-Tax Income* | $ | (145 | ) | $ | (475 | ) | 130 | % | $ | 1,961 | $ | (1,028 | ) | 290 | % | |||||||||
| 1 | Gross Premiums Produced is a non-GAAP financial metric used as the primary measure of the underlying growth of the company’s revenue stream. | |
| 2 | Before intercompany eliminations | |
| * | Current year financial data includes agency acquisitions that may not be included in prior year data |
To follow your stock, we suggest you go to http://finance.yahoo.com, symbol ASAM.OB. As always, we appreciate your continued support and interest in AssuranceAmerica Corporation.
With best wishes for a Happy Thanksgiving,
Sincerely,
| /s/ Guy W. Millner | /s/ Joseph J. Skruck | |||||
| Guy W. Millner Chairman and Chief Executive Officer | Joseph J. Skruck President and Chief Operating Officer |
This document is for informational purposes only and not intended for general distribution. It
does not constitute an offer to sell, or a solicitation of an offer to buy securities in
AssuranceAmerica Corporation. This document includes statements that may constitute
“forward-looking” statements. These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially from the
forward-looking statements.
does not constitute an offer to sell, or a solicitation of an offer to buy securities in
AssuranceAmerica Corporation. This document includes statements that may constitute
“forward-looking” statements. These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially from the
forward-looking statements.