Penn Treaty Financial Statements
Penn Treaty Files 2006 Form 10-K
ALLENTOWN, Pa., April'08 /PRNewswire-FirstCall/ -- Penn Treaty
American Corporation (NYSE: PTA) today announced that it has filed its Form
10-K and audited financial results for the period ended December 31, 2006,
reporting a net loss of $33.2 million, or $1.42 per fully diluted share.
Book value at December 31, 2006 was $8.91 per fully diluted share.
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Penn Treaty filed its unaudited financial statements and related
disclosures for the period ended December 31, 2006 on Form 8-K on February
1, 2008. The Company has since performed an additional evaluation of its
claims reserves and determined to increase reserves by $9.6 million at
December 31, 2006, which decreased book value per share by $.24 from its
previously announced results.
The filing of its Form 10-K and audited financial results satisfies the
requirements of the New York Stock Exchange ("NYSE") for continued trading
of the Company's common stock. The NYSE had granted the Company an
extension on trading through April 2, 2008.
The Company will host a conference call for investors on Tuesday, April
15, 2008 at 2 pm EDT. At that time, the Company will provide an operational
update for the first quarter of 2008. The Company is focusing its efforts
on the audit of its 2007 statutory and GAAP financial statements and will
provide an update on the progress of these audits on the conference call.
Investors and analysts may participate on the conference call by dialing
800.762.6568. The call will be available for replay by calling
800.475.6701, access code 918239. The call will also be available on the
Company's website, http://www.penntreaty.com, beginning Thursday, April 17, 2008.
The Company, through its wholly owned direct and indirect subsidiaries,
Penn Treaty Network America Insurance Company, American Network Insurance
Company, American Independent Network Insurance Company of New York, United
Insurance Group Agency, Inc., Network Insurance Senior Health Division and
Senior Financial Consultants Company, is primarily engaged in the
underwriting, marketing and sale of individual and group accident and
health insurance products, principally covering long-term nursing home and
home health care.
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American Corporation Penn Treaty filed its unaudited financial statements and disclosures for the period ended December 31, 2006 on Form 8-K on February 1, 2008. The firm has since performed an additional evaluation of its claims reserves and determined to increase reserves.
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