21st Century Holding Company Reports First Quarter Results; TCHC Reports Record Revenues

Apr 30, 2001, 01:00 ET from 21st Century Holding Company

    PLANTATION, Fla., April 30 /PRNewswire/ --
 21st Century Holding Company (Nasdaq: TCHC), a vertically integrated financial
 service holding company, today reported record revenues for its first quarter
 ending March 31, 2001. Revenues for the quarter ending March 31, 2001, were
 $9.5 million versus $9.0 million in the first quarter of 2000.
     21st Century Holding Company reported earnings of $499,000 or $.15 per
 shares on 3,303,000 average shares outstanding in its fiscal quarter ending
 March 31, 2001.  This compares to $541,000 or $.16 per share on 3,385,000
 average shares outstanding in the same quarter in 2000.
     President & CEO of 21st Century, Edward J. Lawson, said, "We are pleased
 to report solid earnings for the first quarter.  These earnings are right in
 line with the guidance given at the end of March.  We are also maintaining
 guidance of $.17 per share for our second quarter of 2001 consistent with that
 given at the end of March.  I believe that we are on our way to a very
 profitable year."
 
     21st Century Holding Company manages its insurance underwriting,
 distribution and claims process through its subsidiaries.
 
     * The Company underwrites standard and non-standard personal automobile
 insurance and mobile home, property and casualty insurance in the state of
 Florida through its subsidiary, Federated National Insurance Company.
     * The Company has underwriting authority for third-party insurance
 companies, which it represents through a wholly owned managing general agent,
 Assurance Managing General Agents, Inc.
     * Claims made by Federated National's insureds are internally processed by
 a wholly owned claims adjusting company, Superior Adjusting, Inc.
     * The Company offers premium financing to its own and third party insureds
 through a wholly owned subsidiary, Federated Premium Finance, Inc.
     * Express Tax Service, Inc., an 80% owned subsidiary, licenses its brand
 name and its software to retail tax preparers and over the Internet.
     * The Company offers other ancillary services including electronic income
 tax filing, tax preparation and tag & title transfer services through
 Federated Agency Group, Inc., also a wholly owned subsidiary.
     * Fed USA, Inc., a wholly owned franchiser company, offers single and
 master franchise opportunities to individuals to own and operate their own
 business with the support of two brands, Fed USA Insurance and Financial
 Services and Express Tax.
 
     21st Century Holding Company (the "Company") cautions readers that certain
 important factors may affect the Company's actual results and could cause such
 results to differ materially from any forward-looking statements which may be
 deemed to have been made in this release or which are otherwise made by or on
 behalf of the Company.  For this purpose, any statements contained in this
 report that are not statements of historical fact may be deemed to be forward-
 looking statements.  Without limiting the generality of the foregoing, words
 such as "may," "will," "expect," "believe," "anticipate," "intend," "could,"
 "would," "estimate," or "continue" or the negative other variations thereof or
 comparable terminology are intended to identify forward-looking statements.
 Factors which may affect the Company's results include, but are not limited
 to, risks related to the nature of the Company's business; the limit on the
 Company's ability to expand due to a consent order entered into with the
 Florida Department of Insurance; reinsurance; dependence on investment income;
 the adequacy of its liability for losses and LAE regulation; insurance agents;
 claims experience; limited experience in the insurance industry; competition;
 ratings by industry services; catastrophe losses; reliance on key personnel
 and other risks discussed elsewhere in this Report and in the Company's other
 filings with the Securities and Exchange Commission (the "Commission").
 
                          21st CENTURY HOLDING COMPANY
                        Financial Highlights (Unaudited)
 
 
                                                  For the Three Months Ended,
                                                     3/31/01        3/31/00
 
     Total Revenue                                 $9,548,150     $9,030,131
 
     Net Realized Investment Gains (Losses)          (74,033)        462,173
     Pretax Income                                    766,089        821,252
     Income tax expense                               267,343        280,023
     Net income                                       498,746        541,229
     Net income per share                                0.15           0.16
     Weighted average
       shares outstanding                           3,303,324      3,385,222
 
 
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SOURCE 21st Century Holding Company
    PLANTATION, Fla., April 30 /PRNewswire/ --
 21st Century Holding Company (Nasdaq: TCHC), a vertically integrated financial
 service holding company, today reported record revenues for its first quarter
 ending March 31, 2001. Revenues for the quarter ending March 31, 2001, were
 $9.5 million versus $9.0 million in the first quarter of 2000.
     21st Century Holding Company reported earnings of $499,000 or $.15 per
 shares on 3,303,000 average shares outstanding in its fiscal quarter ending
 March 31, 2001.  This compares to $541,000 or $.16 per share on 3,385,000
 average shares outstanding in the same quarter in 2000.
     President & CEO of 21st Century, Edward J. Lawson, said, "We are pleased
 to report solid earnings for the first quarter.  These earnings are right in
 line with the guidance given at the end of March.  We are also maintaining
 guidance of $.17 per share for our second quarter of 2001 consistent with that
 given at the end of March.  I believe that we are on our way to a very
 profitable year."
 
     21st Century Holding Company manages its insurance underwriting,
 distribution and claims process through its subsidiaries.
 
     * The Company underwrites standard and non-standard personal automobile
 insurance and mobile home, property and casualty insurance in the state of
 Florida through its subsidiary, Federated National Insurance Company.
     * The Company has underwriting authority for third-party insurance
 companies, which it represents through a wholly owned managing general agent,
 Assurance Managing General Agents, Inc.
     * Claims made by Federated National's insureds are internally processed by
 a wholly owned claims adjusting company, Superior Adjusting, Inc.
     * The Company offers premium financing to its own and third party insureds
 through a wholly owned subsidiary, Federated Premium Finance, Inc.
     * Express Tax Service, Inc., an 80% owned subsidiary, licenses its brand
 name and its software to retail tax preparers and over the Internet.
     * The Company offers other ancillary services including electronic income
 tax filing, tax preparation and tag & title transfer services through
 Federated Agency Group, Inc., also a wholly owned subsidiary.
     * Fed USA, Inc., a wholly owned franchiser company, offers single and
 master franchise opportunities to individuals to own and operate their own
 business with the support of two brands, Fed USA Insurance and Financial
 Services and Express Tax.
 
     21st Century Holding Company (the "Company") cautions readers that certain
 important factors may affect the Company's actual results and could cause such
 results to differ materially from any forward-looking statements which may be
 deemed to have been made in this release or which are otherwise made by or on
 behalf of the Company.  For this purpose, any statements contained in this
 report that are not statements of historical fact may be deemed to be forward-
 looking statements.  Without limiting the generality of the foregoing, words
 such as "may," "will," "expect," "believe," "anticipate," "intend," "could,"
 "would," "estimate," or "continue" or the negative other variations thereof or
 comparable terminology are intended to identify forward-looking statements.
 Factors which may affect the Company's results include, but are not limited
 to, risks related to the nature of the Company's business; the limit on the
 Company's ability to expand due to a consent order entered into with the
 Florida Department of Insurance; reinsurance; dependence on investment income;
 the adequacy of its liability for losses and LAE regulation; insurance agents;
 claims experience; limited experience in the insurance industry; competition;
 ratings by industry services; catastrophe losses; reliance on key personnel
 and other risks discussed elsewhere in this Report and in the Company's other
 filings with the Securities and Exchange Commission (the "Commission").
 
                          21st CENTURY HOLDING COMPANY
                        Financial Highlights (Unaudited)
 
 
                                                  For the Three Months Ended,
                                                     3/31/01        3/31/00
 
     Total Revenue                                 $9,548,150     $9,030,131
 
     Net Realized Investment Gains (Losses)          (74,033)        462,173
     Pretax Income                                    766,089        821,252
     Income tax expense                               267,343        280,023
     Net income                                       498,746        541,229
     Net income per share                                0.15           0.16
     Weighted average
       shares outstanding                           3,303,324      3,385,222
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X10346838
 
 SOURCE  21st Century Holding Company