The Seibels Bruce Group Inc. Announces Second Quarter 2000 Results
The Seibels Bruce Group, Inc. (Nasdaq: SBIG) today announced financial results for the quarter that until June 30, 2000.
For the second quarter of 2000, the company a net loss from ordinary activities of $ 21.6 million or $ 2.76 per share. This is compared to a net loss of $ 2.8 million or $ 0.36 per share, for last year’s second quarter.
The automotive sector, losses amounting to approximately $ 21.5 million primarily due to the abolition of Graward General Companies, Inc (Graward) irregular auto insurance general administration of the Agency. “In the second quarter, we began a thorough review of all branches of profitability and decided to Graward our operations,” said Jack Natili, Chief Operating Officer. “We look hard on this and they are not determined to produce a profit in the foreseeable future.
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