Last $2.50 USD
Change Today -0.09 / -3.47%
Volume 28.4K
FAC On Other Exchanges
Symbol
Exchange
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As of 8:04 PM 09/29/14 All times are local (Market data is delayed by at least 15 minutes).

first acceptance corp (FAC) Snapshot

Open
$2.57
Previous Close
$2.59
Day High
$2.58
Day Low
$2.44
52 Week High
01/17/14 - $2.95
52 Week Low
10/7/13 - $1.45
Market Cap
102.5M
Average Volume 10 Days
16.6K
EPS TTM
$0.21
Shares Outstanding
41.0M
EX-Date
06/14/02
P/E TM
11.9x
Dividend
--
Dividend Yield
--
Current Stock Chart for FIRST ACCEPTANCE CORP (FAC)

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first acceptance corp (FAC) Details

First Acceptance Corporation, through its subsidiaries, is engaged in selling, servicing, and underwriting non-standard personal automobile insurance policies and related products in the United States. The company operates in two segments, Insurance, and Real Estate and Corporate. It issues automobile insurance policies to individuals who are categorized as non-standard based primarily on their inability or unwillingness to obtain insurance coverage from standard carriers due to various factors, including their payment history or need for monthly payment plans, failure to maintain continuous insurance coverage, or driving record. The company also offers optional products that provide ancillary reimbursements and benefits in the event of an automobile accident, including products that provide reimbursements for medical expenses and hospital stays as a result of injuries sustained in an automobile accident, automobile towing and rental, bail bond premiums, and ambulance services; and underwrites a tenant homeowner policy that provides contents and liability coverage to customers who are renters. In addition, it is engaged in the disposition of real estate held for sale. The company markets its products under the Acceptance Insurance, Yale Insurance, and Insurance Plus names. First Acceptance Corporation primarily distributes its products through its retail locations, as well as through call centers and Internet. As of March 4, 2014, it leased and operated 356 retail locations. The company was founded in 1969 and is headquartered in Nashville, Tennessee.

1,100 Employees
Last Reported Date: 03/4/14
Founded in 1969

first acceptance corp (FAC) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $800.0K
President
Total Annual Compensation: $570.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $148.6K
Senior Vice President of Operations
Total Annual Compensation: $360.0K
Vice President, Treasurer and Secretary
Total Annual Compensation: $224.9K
Compensation as of Fiscal Year 2013.

first acceptance corp (FAC) Key Developments

First Acceptance Corp. Announces Executive Changes, Effective September 30, 2014

First Acceptance Corporation announced that it has promoted Joseph S. Borbely to Chief Executive Officer effective September 30. Borbely also will retain his current position as President. Borbely was brought on as Senior Vice President of Sales and Marketing in July 2011 by current Chief Executive Officer, Mark A. Kelly and spearheaded the company's transformation into a multi-channel leader in non-standard auto insurance. Kelly will remain a member of the Board of Directors and resume his former duties with the private equity activities of Gerald J. Ford, the company's principal stockholder. Mark A. Kelly, the company's current Chief Executive Officer until September 30, 2014, will remain as a director of the company.

First Acceptance Corp. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014

First Acceptance Corp. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenues of $67.1 million compared with $62.5 million a year ago. Net income before income taxes was $3.7 million compared with $2.3 million for the same period in the prior year. Net income was $3.5 million, or $0.08 per basic and diluted share compared with $2.1 million or $0.05 per basic and diluted share for the same period in the prior year. Premiums earned were $55.9 million compared with $52.1 million for the same period in the prior year. For the six months, the company reported revenues of $129.7 million compared with $121.8 million a year ago. Net income before income taxes was $4.3 million, compared with $4.4 million for the same period in the prior year. Net income was $3.980 million or $0.10 per basic and diluted share compared with $4.090 million or $0.10 per basic and diluted share for the same period in the prior year. Premiums earned were $107.6 million compared with $101.5 million for the same period in the prior year. This improvement was primarily due to a higher percentage of full coverage policies sold and recent pricing actions.

First Acceptance Corp. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2014

First Acceptance Corp. reported consolidated unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company announced revenues of $62.5 million compared with $59.2 million for the same period in the prior year. Income before income taxes was $0.547 million, compared with $2.117 million for the same period in the prior year. Net income was $0.511 million, or $0.01 per share on a basic and diluted basis, compared with $2.024 million, or $0.05 per share on a basic and diluted basis, for the same period in the prior year. Premiums earned were $51.7 million, compared with $49.4 million for the same period in the prior year. This improvement was primarily due to a higher percentage of full coverage policies sold and recent pricing actions.

 

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Industry Analysis

FAC

Industry Average

Valuation FAC Industry Range
Price/Earnings 11.8x
Price/Sales 0.4x
Price/Book 1.3x
Price/Cash Flow 9.7x
TEV/Sales NM Not Meaningful
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