US Facilities Reports 164% Hike in Earnings
US Facilities Corp. said that its 1986 net earnings increased 164% to $2 million from $763,000 in 1985. The Costa Mesa insurance holding company said that $473,000 in tax loss carry-forwards contributed to the 1986 net earnings.
Revenues in 1986 increased 126% to $26.3 million from $11.7 million in 1985.
US Facilities, which went public in November with an initial stock offering that raised $26 million, did not release fourth-quarter results. The company provides reinsurance through two subsidiaries, US Benefits Inc. and Massachusetts Plate Glass Insurance Co.
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