Kingstone Companies Inc

NASDAQ:KINSUnited States

Commission expense 9,004,254 8,210,430 25,088,546 25,221,374 Other underwriting expenses 6,894,590 6,318,625 18,675,720 19,873,882 Other operating expenses 1,241,572 441,963 2,820,620 1,868,011 Depreciation and amortization 619,056 741,059 1,835,503 2,327,691 Interest expense 900,583 988,699 2,884,181 3,004,564 Total expenses 31,687,652 38,633,229 96,430,062 118,848,087 ---------- ---------- ----------- ----------- Income (loss) from operations before taxes 9,084,076 (4,396,558) 16,608,958 (11,263,665) Income tax expense (benefit) 2,105,931 (858,987) 3,689,197 (2,149,367) Net income (loss) 6,978,145 (3,537,571) 12,919,761 (9,114,298) ---------- ---------- ----------- ----------- Other comprehensive income (loss), net of tax Gross change in unrealized gains (losses) on available-for-sale-securities 4,533,334 (2,821,785) 4,082,771 (1,486,887) Reclassification adjustment for net realized losses included in net income (loss) 3,939 4,181 11,468 17,201 ---------- ---------- ----------- ----------- Net change in unrealized gains (losses), on available-for-sale-securities 4,537,273 (2,817,604) 4,094,239 (1,469,686) Income tax (expense) benefit related to items of other comprehensive income (loss) (952,827) 591,697 (859,789) 308,635 Other comprehensive income (loss), net of tax 3,584,446 (2,225,907) 3,234,450 (1,161,051) ---------- ---------- ----------- ----------- Comprehensive income (loss) $10,562,591 $(5,763,478) $ 16,154,211 $(10,275,349) ========== ========== =========== =========== Earnings (loss) per common share: Basic $ 0.61 $ (0.33) $ 1.16 $ (0.85) ========== ========== =========== =========== Diluted $ 0.55 $ (0.33) $ 1.05 $ (0.85) ========== ========== =========== =========== Weighted average common shares outstanding Basic 11,404,360 10,756,156 11,142,043 10,754,709 ========== ========== =========== =========== Diluted 12,581,128 10,756,156 12,249,576 10,754,709 ========== ========== =========== ===========

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.