Loyalist posts profit in first quarter

Ancaster, Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) posted net income of $91,621 ($0.005 per share) for the first quarter ending March 31, 2003, despite recognition of a $281,757 on share dilution from the reduction of its ownership in Loyalist Group Ltd (which runs its insurance arm). This compares with a net loss of $110,319 ($0.006 per share) in the first quarter 2002.The company is now reporting its 44% interest in Loyalist Group (down from 88%) in a separate investment category, versus reporting Loyalist Group results on a consolidated basis.As a result, total revenue is $1.5 million for the most recent quarter, down from $2.2 million during the same period last year. And, Loyalist Insurance’s assets are $5.1 million at the end of the most recent quarter versus $25.5 million at the end of 2002.Loyalist Insurance Brokers brought in increased revenue of $575,000 for the quarter, up from $450,000 during the same period a year earlier. The result is net income of $140,000 for the most recent quarter, versus $40,000 a year earlier.The company’s mutual fund management company, All-Canadian Management Inc., posted a small loss during the quarter.Loyalist Group’s insurance arm generated a profit of $340,000 for the quarter, against a small loss last year for the same period.