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Barry Goldstein, DCAP's CEO stated, "During April and May 2009, we sold our New York State-based retail locations and our franchise operations. We are also seeking to sell our remaining three retail locations in Pennsylvania. We included the financial results of our retail locations and franchise business in the first quarter of 2009 as discontinued operations and have reclassified our first quarter 2008 results to reflect the same."
Mr. Goldstein continued, "As previously announced, DCAP's reformation of its business model from a retail insurance brokerage operation to the ownership of an insurance company is subject to policyholder approval of the conversion of Commercial Mutual Insurance Company from an advance premium cooperative to a stock property and casualty insurance company. A special meeting of the policyholders of Commercial Mutual to approve the plan of conversion is scheduled to be held on June 8, 2009."
Financial Results
2009 2008
Fee revenue from continuing operations (1) $ 112,037 $ 99,184
(Loss) income from continuing operations $ (155,835 ) $ 188,081
Loss from discontinued operations-net of tax $ (15,679 ) $ (417,739 )
Net loss $ (171,514 ) $ (229,658 )
Basic and Diluted Per Share Information:
(Loss) income from continuing operations $ (0.05 ) $ 0.06
Loss from discontinued operations $ (0.01 ) $ (0.14 )
Loss per common share $ (0.06 ) $ (0.08 )
Weighted Average Basic and Diluted Shares Outstanding 2,972,746 2,969,024
__________
(1) Represents premium finance placement fees.
Forward Looking Statements
Statements in 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. More information about these factors can be found in DCAP's latest Annual Report filed with Securities and Exchange Commission under Form 10-K. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: DCAP Group, Inc.
DCAP Group, Inc. Barry B. Goldstein, 516-374-7600
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