Kingstone Announces Fourth Quarter and Full Year 2023 Financial Results

Returns to Profitability and Achieves Combined Ratio of 89.5% in 4Q23;
Issues Initial Guidance for FY2024

KINGSTON, NY / ACCESSWIRE / March 27, 2024 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today announced its financial results for the fourth quarter and full year ended December 31, 2023. The Company will hold its fourth quarter and full-year 2023 financial results conference call on Thursday, March 28, 2024, at 8:30 a.m. Eastern Time. With this release, the Company has provided an investor presentation that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com).

Fourth Quarter 2023 Key Financial and Operational Highlights
($ in thousands, except per share data)		2023				2022			Change
Net Income/(Loss)		$	2,946			$	(3,950	)	NM
Net Income/(Loss) per share - diluted		$	0.26			$	(0.37	)	NM
Combined ratio			89.5	%			113.9	%	-24.4 pts

Management Commentary

Meryl Golden, Chief Executive Officer of Kingstone Companies, Inc., stated, "In 2023, Kingstone experienced a significant turning point as we successfully returned to profitability in the fourth quarter. This achievement contributed to an 800 basis-point improvement on the full-year combined ratio. The effective execution of our strategic initiatives over the past few years has played a significant role in this success. Additionally, the lower-than-expected catastrophe losses in the fourth quarter further bolstered our performance.

"Looking ahead, we are confident in our ability to capitalize on this momentum and anticipate strong underwriting results. We are well-positioned to expand our Core New York business in 2024 and beyond. We remain committed to sustaining this positive trajectory and delivering value to our stakeholders."

Consolidated Financial Results		Quarter Ended											Year Ended
($ in thousands, except per share data)		December 31,											December 31,
		2023				2022				Change			2023				2022				Change
Direct premiums written1		$	52,938			$	53,901			-1.8%			$	200,175			$	201,255			-0.5%
Net premiums earned		$	28,683			$	30,448			-5.8%			$	114,384			$	114,385			0.0%
Policies-in-force			78,398				92,054			-14.8%				78,398				92,054			-14.8
Net investment income		$	1,571			$	1,525			3.0%			$	6,009			$	4,937			21.7%
Net gain/(loss) on investments		$	1,537			$	(78	)		NM			$	2,135			$	(9,392	)		NM
Underlying loss ratio			53.8	%			61.1	%		-7.3 pts				65.3	%			68.2	%		-2.9 pts
Net adverse development of prior year losses			0.0	%			6.5	%		-6.5 pts				0.0	%			2.4	%		-2.4 pts
Net loss ratio excluding the effects of catastrophes1,2			53.8	%			67.7	%		-13.9 pts				65.3	%			70.6	%		-5.3 pts
Catastrophe loss ratio			3.0	%			13.7	%		-10.7 pts				7.1	%			6.7	%		0.4 pts
Total net loss ratio			56.8	%			81.3	%		-24.5 pts				72.4	%			77.3	%		-4.9 pts
Net underwriting expense ratio			32.7	%			32.6	%		0.1 pts				32.9	%			36.0	%		-3.1 pts
Combined ratio			89.5	%			113.9	%		-24.4 pts				105.3	%			113.3	%		-8.0 pts
Adjusted EBITDA1		$	4,201			$	(3,191	)		NM			$	(1,692	)		$	(11,838	)		85.7%
Net Income/(Loss)		$	2,946			$	(3,950	)		NM			$	(6,168	)		$	(22,525	)		72.6%
Net Income/(Loss) per share - diluted		$	0.26			$	(0.37	)		NM			$	(0.57	)		$	(2.12	)		73.1%
Return on equity			9.7	%			(10.5	%)		20.2 pts				(17.5	%)			(40.3	%)		22.8 pts
Other comprehensive income/(loss)		$	4,845			$	20			NM			$	3,684			$	(17,755	)		NM
Operating net income/(loss)1		$	1,732			$	(3,888	)		NM			$	(7,855	)		$	(15,105	)		48.0%
Operating net income/(loss) per share - diluted1		$	0.15			$	(0.36	)		NM			$	(0.73	)		$	(1.42	)		48.6%
Operating return on equity1			5.7	%			(10.4	%)		16.1 pts				(22.2	%)			(27.0	%)		4.8 pts
Book value per share - diluted													$	2.81			$	3.01			-6.6%
Book value per share - diluted, excluding accumulated other comprehensive income/(loss)													$	3.80			$	4.33			-12.2%

NM = Not Meaningful

Core Business Results (New York Only)
The Company refers to its New York policies as its Core Business.

Core Business Financial Results		Quarter Ended										Year Ended
($ in thousands)		December 31,										December 31,
		2023				2022				Change		2023				2022				Change
Direct premiums written1		$	47,027			$	43,923			7.1%		$	176,692			$	162,255			8.9%
Net premiums earned		$	25,740			$	25,194			2.2%		$	99,346			$	94,270			5.4%
Policies-in-force			67,575				71,359			-5.3%			67,575				71,359			-5.3%
Net loss ratio excluding the effect of catastrophes1,2			52.8	%			59.8	%		-7.0 pts			61.4	%			60.7	%		0.7 pts
Catastrophe loss ratio2			1.6	%			12.6	%		-11.0 pts			4.4	%			6.2	%		-1.8 pts
Total net loss ratio2			54.4	%			72.4	%		-18.0 pts			65.8	%			66.9	%		-1.1 pts

Non-Core Business Results (Outside of New York)

The Company stopped writing all new business outside of New York and has been aggressively reducing policy count this year, subject to regulatory requirements, and expects to accelerate its policy count reduction in 2024.

Non-core Business Financial Results		Quarter Ended										Year Ended
($ in thousands)		December 31,										December 31,
		2023				2022				Change		2023				2022				Change
Direct premiums written1		$	5,911			$	9,978			-40.8%		$	23,482			$	39,000			-39.8%
Net premiums earned		$	2,943			$	5,254			-44.0%		$	15,038			$	20,115			-25.2%
Policies-in-force			10,823				20,695			-47.7%			10,823				20,695			-47.7%
Net loss ratio excluding the effect of catastrophes1,2			62.5	%			105.4	%		-42.9 pts			91.4	%			117.4	%		-26.0 pts
Catastrophe loss ratio2			15.7	%			18.7	%		-3.0 pts			24.9	%			8.7	%		16.2 pts
Total net loss ratio2			78.2	%			124.1	%		-45.9 pts			116.3	%			126.1	%		-9.8 pts

¹These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See "Definitions and Non-GAAP Measures".

²Core business net loss ratio excluding the effect of catastrophes, catastrophe loss ratio, net loss ratio, non-core business net loss ratio excluding the effect of catastrophes, catastrophe loss ratio, net loss ratio, non-core business net loss ratio excluding the effect of catastrophes, catastrophe loss ratio and net loss ratio are not based on GAAP. Net loss ratio is the most directly comparable GAAP measure. The aggregate of core business net loss ratio and non-core business net loss ratio is represented by net loss ratio, as set forth immediately above the non-GAAP measures.

Guidance

For 2024, the Company's full year expectations are as follows:

Guidance	2024
Core Business direct premiums written growth	12.0% to 16.0%
Combined ratio	88.0% to 92.0%
Earnings per share - diluted	$0.50 to $0.90
Return on equity	15.0% to 22.0%

Conference Call Details

Thursday, March 28, 2024, at 8:30 a.m. Eastern Time
To participate please dial:
U.S. toll free 1-877-423-9820
International 1-201-493-6749

Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed via webcast in the "Investor Relations/Events & Presentations" tab of the Company's website or by clicking here. The webcast will be archived and accessible for approximately 30 days.

About Kingstone Companies, Inc.

Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York. Kingstone is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire and Maine.

Investor Relations Contact:

Karin Daly
Vice President
The Equity Group Inc.
[e-mail]

Disclaimer and Forward-Looking Statements

The guidance provided above is based on information available as of March 27, 2024 and management's review of the anticipated financial results for 2024. Such guidance remains subject to change based on management's ongoing review of the Company's 2024 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 to be filed with the Securities and Exchange Commission and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission.

Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from our expectations of future results, performance or achievements expressed or implied by these forward-looking statements. These forward-looking statements may not be realized due to a variety of factors. The risks and uncertainties include, without limitation, the following:

• the risk of significant losses from catastrophes and severe weather events;
• risks related to the lack of a financial strength rating from A.M. Best;
• risks related to our indebtedness due on December 30, 2024, including due to the failure to comply with certain financial covenants;
• adverse capital, credit and financial market conditions;
• the unavailability of reinsurance at current levels and prices;
• the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;
• the credit risk of our reinsurers;
• the inability to maintain the requisite amount of risk-based capital needed to grow our business;
• the effects of climate change on the frequency or severity of weather events and wildfires;
• risks related to the limited market area of our business;
• risks related to a concentration of business in a limited number of producers;
• legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;
• limitations with regard to our ability to pay dividends;
• the effects of competition in our market areas;
• our reliance on certain key personnel;
• risks related to security breaches or other attacks involving our computer systems or those of our vendors; and
• our reliance on information technology and information systems.

Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Definitions and Non-GAAP Measures

Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period. Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company's policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company's performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company's net premiums earned.

Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, net gains (losses) on investments, and stock- based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.

Management uses adjusted EBITDA along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, net gains (losses) on investments, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income (loss) and does not reflect the Company's overall profitability.

Operating income (loss) and diluted operating income (loss) per share is net income (loss) and diluted income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and diluted net income (loss) per share is the GAAP measure most closely comparable to operating income (loss) and diluted operating income (loss) per share.

Management uses operating income (loss) and diluted operating income (loss) per share along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments, and may vary significantly between periods. Operating income (loss) and diluted operating income (loss) per share is provided as supplemental information, not as a substitute for net income (loss) and diluted net income (loss) per share and does not reflect the Company's overall profitability.

Operating return on equity is operating income (loss) divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.

Management uses operating return on equity, along with other measures, to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company's overall return on average common equity.

Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.

Management believes that this ratio is useful to investors and it is used by management to reveal the trends in the Company's business that may be obscured by catastrophe losses. Catastrophe losses cause the Company's loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company's underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company's net loss ratio.

The table below reconciles direct premiums written and net premiums written to net premiums earned for the periods presented:

		For the Three Months Ended												For the Years Ended
		December 31,												December 31,
		2023				2022				% Change				2023				2022				% Change
(000's except percentages)
Direct and Net Premiums Written Reconciliation:
Direct premiums written		$	52,938			$	53,901				(1.8	%)		$	200,175			$	201,255				(0.5	%)
Ceded premiums written1			(15,554	)			(12,928	)			20.3	%			(106,564	)			(94,241	)			13.1	%
Net premiums written1			37,384				40,973				(8.8	%)			93,611				107,014				(12.5	%)
Change in unearned premiums1			(8,701	)			(10,525	)			(17.3	%)			20,774				7,371				181.8	%
Net premiums earned		$	28,683			$	30,448				(5.8	%)		$	114,384			$	114,385				(0.0	%)
	(Components may not sum due to rounding)
1Ceded premiums written balances, net premiums written balances and change in unearned premiums balances from prior year periods were reclassified to conform with current year presentation. The reclassification had no effect on the Company's previously reported financial condition, results of operations or cash flows.

The following table reconciles net income (loss) to adjusted EBITDA for the periods indicated:

		For the Three Months Ended												For the Years Ended
		December 31,												December 31,
										%												%
		2023				2022				Change				2023				2022				Change
(000's except percentages)
Adjusted EBITDA Reconciliation:
Net income (loss)		$	2,946			$	(3,950	)		NM				$	(6,168	)		$	(22,525	)			72.6	%
Interest expense			998				649				53.8	%			4,003				2,019				98.3	%
Income tax expense (benefit)			952				(985	)		NM					(1,197	)			(5,418	)			77.9	%
Depreciation and amortization			646				828				(22.0	%)			2,973				3,300				(9.9	%)
EBITDA			5,542				(3,458	)		NM					(390	)			(22,623	)			98.3	%
Net loss (gain) on investments			(1,537	)			78			NM					(2,135	)			9,392			NM
Stock-based compensation			196				188			NM					833				1,393				(40.2	%)
Adjusted EBITDA		$	4,201			$	(3,191	)		NM				$	(1,692	)		$	(11,838	)		NM
	(Components may not sum due to rounding)

The following table reconciles net income (loss) to operating income (loss) and diluted earnings (loss) per share to diluted operating earnings (loss) for the periods indicated:

		For the Three Months Ended																For the Years Ended
		December 31, 2023								December 31, 2022								December 31, 2023								December 31, 2022
		Amount				Diluted income per common share				Amount				Diluted loss per common share				Amount				Diluted loss per common share				Amount				Diluted loss per common share
(000's except per common share amounts and percentages) Operating Income (Loss) and Operating Income (Loss) per Diluted Common Share Reconciliation:
Net income (loss)		$	2,946			$	0.26			$	(3,950	)		$	(0.37	)		$	(6,168	)		$	(0.57	)		$	(22,525	)		$	(2.12	)
Net (gain) loss on investments			(1,537	)							78								(2,135	)							9,392
Less tax (expense) benefit on net (gain) loss			(323	)							16								(448	)							1,972
Net (gain) loss on investments, net of taxes			(1,214	)		$	(0.11	)			62			$	0.01				(1,687	)		$	(0.16	)			7,420			$	0.70
Operating income (loss)		$	1,732			$	0.15			$	(3,888	)		$	(0.36	)		$	(7,855	)		$	(0.73	)		$	(15,105	)		$	(1.42	)
Weighted average diluted shares outstanding			11,332,934								10,660,426								10,756,487								10,645,365
	(Components may not sum due to rounding)

The following table reconciles net income (loss) to operating income (loss) and return on equity to operating return on equity for the periods indicated:

		For the Three Months Ended												For the Years Ended
		December 31,												December 31,
										%												%
		2023				2022				Change				2023				2022				Change
(000's except percentages) Operating Income (Loss) Reconciliation:
Net income (loss)		$	2,946			$	(3,950	)			(174.6	%)		$	(6,168	)		$	(22,525	)			72.6	%
Net (gain) loss on investments			(1,537	)			78			NM					(2,135	)			9,392			NM
Less tax (expense) benefit on net (gain) loss			(323	)			16			NM					(448	)			1,972			NM
Net (gain) loss on investments, net of taxes			(1,214	)			62			NM					(1,687	)			7,420			NM
Operating income (loss)		$	1,732			$	(3,888	)		NM				$	(7,855	)		$	(15,105	)			48.0	%
Operating Return on Equity Reconciliation:
Net income (loss)		$	2,946			$	(3,950	)		NM				$	(6,168	)		$	(22,525	)			72.6	%
Average equity		$	30,517			$	37,520				(18.7	%)		$	35,337			$	55,921				(36.8	%)
Return on equity			9.7	%			(10.5	%)			(191.7	%)			(17.5	%)			(40.3	%)			56.7	%
Net (gain) loss on investments, net of taxes		$	(1,214	)		$	62			NM				$	(1,687	)		$	7,420			NM
Average equity		$	30,517			$	37,520				(18.7	%)		$	35,337			$	55,921				(36.8	%)
Effect of net (gain) loss on investments, net of taxes, on return on equity			(4.0	%)			0.2	%		NM					(4.8	%)			13.3	%		NM
Net operating income (loss)		$	1,732			$	(3,888	)		NM				$	(7,855	)		$	(15,105	)			48.0	%
Average equity		$	30,517			$	37,520				(18.7	%)		$	35,337			$	55,921				(36.8	%)
Operating return on equity			5.7	%			(10.4	%)		NM					(22.2	%)			(27.0	%)			17.7	%
	(Components may not sum due to rounding)

The following table reconciles the net loss ratio excluding the effect of catastrophes to the net loss ratio for the periods presented:

	For the Three Months Ended								For the years Ended
	December 31,								December 31,
	2023		2022		Percentage Point Change				2023		2022		Percentage Point Change
Net Loss Ratio Excluding Catastrophes Reconciliation:
Net Loss Ratio Excluding Catastrophes	53.8%		67.7%		(13.9)	pts			65.3%		70.6%		(5.3)	pts
Effect of catastrophe losses on net loss and loss adjustment expenses	3.0%		13.7%		(10.7)	pts			7.1%		6.7%		0.4	pts
Net loss ratio	56.8%		81.3%		(24.5)	pts			72.4%		77.3%		(4.9)	pts
	(Components may not sum due to rounding)

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets
		December 31,				December 31,
		2023				2022
		(Unaudited)
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of
$6,106,148 at December 31, 2023 and $6,600,388 at December 31, 2022)		$	7,052,541			$	7,766,140
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of
$164,460,942 at December 31, 2023 and $174,918,427 at December 31, 2022)			148,920,797				154,715,163
Equity securities, at fair value (cost of $17,986,783 at December 31, 2023 and
$18,086,700 at December 31, 2022)			14,762,340				13,834,390
Other investments			3,897,150				2,771,652
Total investments			174,632,828				179,087,345
Cash and cash equivalents			8,976,998				11,958,228
Premiums receivable, net			13,604,808				13,880,504
Reinsurance receivables, net			75,593,912				66,465,061
Deferred policy acquisition costs			19,802,564				23,819,453
Intangible assets			500,000				500,000
Property and equipment, net			9,395,697				10,541,935
Deferred income taxes, net			10,551,819				10,331,158
Other assets			4,574,584				3,748,847
Total assets		$	317,633,210			$	320,332,531
Liabilities
Loss and loss adjustment expense reserves		$	121,817,862			$	118,339,513
Unearned premiums			105,621,538				107,492,777
Advance premiums			3,797,590				2,839,028
Reinsurance balances payable			12,837,140				13,061,966
Deferred ceding commission revenue			9,460,865				10,619,569
Accounts payable, accrued expenses and other liabilities			4,350,546				6,651,723
Debt, net			25,243,530				25,158,523
Total liabilities			283,129,071				284,163,099
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares			-				-
Common stock, $.01 par value; authorized 20,000,000 shares; issued 12,248,313 shares at December 31, 2023 and 12,171,512
shares at December 31, 2022; outstanding 10,776,907 shares at December 31, 2023 and 10,700,106 shares at December 31, 2022			122,483				121,715
Capital in excess of par			75,338,010				74,519,590
Accumulated other comprehensive loss			(12,274,563	)			(15,958,428	)
Accumulated deficit			(23,114,310	)			(16,945,964	)
			40,071,620				41,736,913
Treasury stock, at cost, 1,471,406 shares at December 31, 2023
and December 31, 2022			(5,567,481	)			(5,567,481	)
Total stockholders' equity			34,504,139				36,169,432
Total liabilities and stockholders' equity		$	317,633,210			$	320,332,531

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES

		For the Three Months Ended								For the Years Ended
		December 31,								December 31,
		2023				2022				2023				2022
Revenues
Net premiums earned		$	28,682,796			$	30,448,107			$	114,384,263			$	114,384,531
Ceding commission revenue			4,659,550				5,036,314				21,053,494				19,319,391
Net investment income			1,571,474				1,524,832				6,008,682				4,936,778
Net gains (losses) on investments			1,536,911				(78,429	)			2,134,554				(9,391,865	)
Other income			155,561				160,286				609,721				910,455
Total revenues			36,606,292				37,091,110				144,190,714				130,159,290
Expenses
Loss and loss adjustment expenses			16,296,645				24,765,287				82,849,210				88,390,042
Commission expense			8,143,255				9,047,310				33,364,629				34,581,617
Other underwriting expenses			6,036,080				5,979,959				25,909,962				26,697,006
Other operating expenses			588,462				756,106				2,456,473				3,113,473
Depreciation and amortization			645,749				828,097				2,973,440				3,300,445
Interest expense			997,967				649,412				4,002,531				2,019,047
Total expenses			32,708,158				42,026,171				151,556,245				158,101,630
Income (loss) from operations before taxes			3,898,134				(4,935,061	)			(7,365,531	)			(27,942,340	)
Income tax expense (benefit)			952,182				(985,039	)			(1,197,185	)			(5,417,546	)
Net income (loss)			2,945,952				(3,950,022	)			(6,168,346	)			(22,524,794	)
Other comprehensive income (loss), net of tax
Gross change in unrealized gains (losses)
on available-for-sale-securities			6,131,195				16,090				4,644,308				(22,540,229	)
Reclassification adjustment for losses
included in net income (loss)			1,610				9,406				18,811				65,333
Net change in unrealized gains (losses),
on available-for-sale-securities			6,132,805				25,496				4,663,119				(22,474,896	)
Income tax (expense) benefit related to items
of other comprehensive income (loss)			(1,287,889	)			(5,354	)			(979,254	)			4,719,729
Other comprehensive income (loss), net of tax			4,844,916				20,142				3,683,865				(17,755,167	)
Comprehensive income (loss)		$	7,790,868			$	(3,929,880	)		$	(2,484,481	)		$	(40,279,961	)
Earnings (Loss) per common share:
Basic		$	0.27			$	(0.37	)		$	(0.57	)		$	(2.12	)
Diluted		$	0.26			$	(0.37	)		$	(0.57	)		$	(2.12	)
Weighted average common shares outstanding
Basic			10,761,763				10,660,426				10,756,487				10,645,365
Diluted			11,332,934				10,660,426				10,756,487				10,645,365
Dividends declared and paid per common share		$	-			$	-			$	-			$	0.12

Balances from prior year periods were reclassified to conform with current year presentation. The reclassification had no effect on the Company's previously reported financial condition, results of operations or cash flows.

SOURCE: Kingstone Companies, Inc.

View the original press release on accesswire.com


The Kingstone Companies Stock at the time of publication of the news with a raise of +1,30 % to 3,89USD on Nasdaq stock exchange (27. März 2024, 21:00 Uhr).