Homeowners Choice Increases Quarterly Common Dividend 12.5 Percent; Sets Special Dividend
October 19 2012 - 8:00AM
Homeowners Choice, Inc. (Nasdaq:HCII), a leading provider of
homeowners' insurance, today announced that its board of directors
has declared a regular quarterly cash dividend on its common shares
in the amount of 22.5 cents per share, which represents a 12.5
percent increase over the previous quarterly rate of 20 cents per
share.
In addition, the board declared a special dividend of 10 cents
per common share. Both the regular quarterly dividend and the
special dividend will be paid Dec. 21, 2012 to shareholders of
record on the close of business Nov. 16, 2012.
"These actions evidence the board's confidence in future
earnings and its commitment to deliver profits to the
shareholders," said Homeowners Choice Chief Executive Officer and
Chairman of the Board Paresh Patel. "The board's decision to pay a
special dividend in the fourth quarter," he said "was spurred by
the uncertainty surrounding the tax treatment of dividends beyond
2012. In light of that uncertainty, we accelerated into 2012
some of the dividends we would have expected to declare and pay in
2013."
The company recently announced plans to transfer its common
stock listing from the NASDAQ Global Select Market to the New York
Stock Exchange. The company expects its shares to begin trading on
the New York Stock Exchange on Oct. 25, 2012, under the new ticker
symbol "HCI." Until the transfer is complete, the company's
common shares will continue to trade under the ticker symbol "HCII"
on the NASDAQ Global Select Market.
About Homeowners Choice,
Inc.
Homeowners Choice, Inc. is a Florida-based insurance holding
company headquartered in Tampa. Through its subsidiary
corporations, Homeowners Choice provides property and casualty
homeowners' insurance, condominium owners' insurance and tenants'
insurance. Founded in 2006, Homeowners Choice serves approximately
110,000 policyholders throughout Florida representing approximately
$220 million in annualized premiums. The company's common shares
trade on the NASDAQ Global Select Market under the ticker symbol
HCII and are included in the Russell 2000 Index. Its warrants trade
on the NASDAQ Global Market under the ticker symbol HCIIW. Its
Series A, cumulative redeemable preferred shares trade on the
NASDAQ Capital Market under the ticker symbol HCIIP. More
information about Homeowners Choice, Inc. is available at
www.hcpci.com.
The Homeowners Choice, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6712
Forward-Looking Statements
This news release may contain forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995.
Words such as "anticipate," "estimate," "expect," "intend," "plan"
and "project" and other similar words and expressions are intended
to signify forward-looking statements. Forward-looking statements
are not guarantees of future results and conditions but rather are
subject to various risks and uncertainties. For example, there can
be no assurance that the company will continue to pay its quarterly
dividend, that it will pay additional special dividends, or earn
future profits. Some of these risks and uncertainties are
identified in the company's filings with the Securities and
Exchange Commission. Should any risks or uncertainties develop into
actual events, these developments could have material adverse
effects on the company's business, financial condition and results
of operations. Homeowners Choice, Inc. disclaims all obligations to
update any forward-looking statements.
CONTACT: Media Contact:
Suzie Boland
RFB Communications Group
813.259.0345
sboland@rfbcommunications.com
Investor Relations Contact:
Jay Madhu
Homeowners Choice, Inc.
813.405.3660
jmadhu@hcpci.com
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