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AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version Business Summary: AssuranceAmerica Corporation underwrites and distributes non-standard personal automobile insurance products to individuals primarily in the southeastern United States.   Address   RiverEdge One   Suite 600 5500 Interstate North Parkway   Atlanta , GA 30328   Phone: 770-952-0200   Fax: 770-984-0173   Website: http://www.assuranceamerica.com Transfer Agent   Fidelity Transfer Co. Employees:  282 ShareHolders:  775 Founded:  1969 Domicile:  Nevada      S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version AssuranceAmerica Corporation underwrites and distributes non-standard personal automobile insurance products to individuals primarily in the southeastern United States. Its non-standard insurance products provide customers with coverage for the minimum required statutory limits for bodily injury and property damage liability arising out of the operation of a motor vehicle. The company also offers insurance coverage that affords protection for collision and physical damage to the insureds' motor vehicles, bodily injury, and property damage caused by uninsured motorists, medical payments, towing and labor, and accidental death and dismemberment. In addition, it provides accounting, product management, legal, policyholder administration, and claims services. AssuranceAmerica has operations in Georgia, South Carolina, Florida, Louisiana, Texas, Alabama, and Mississippi. The company is headquartered in Atlanta, Georgia. History:  INCORPORATED in Nevada Apr. 7, 1986, as Auric Metals Corp.; and on June 5, 1986, merged a Utah corporation of the same name (incorporated May 9, 1969). Name changed to Brainworks Ventures, Inc. Nov. 13, 2000, and to AssuranceAmerica Corp. July 2, 2003. April 1, 2003, acquired AssuranceAmerica Corp., a Georgia corporation (AssuranceAmerica Georgia). Shareholders of AssuranceAmerica Georgia received apx. 43,000,000 Common shares of the company, including shares received upon subsequent conversion of Series A Convertible Preferred stock of AssuranceAmerica Georgia into Common stock of the company. August 3, 2004, acquired substantially all of the assets of Thomas-Cook Holding Company (TCHC). As consideration, the company paid TCHC $462,000 in cash, issued TCHC a promissory note in the amount of $1,078,000, and issued TCHC 1,320,000 Common shares of the company.   Subsidiaries: Acquisition Sub, Inc. AssuranceAmerica Capital Trust I AssuranceAmerica Claims Services, LLC AssuranceAmerica Corporation AssuranceAmerica Insurance Company AssuranceAmerica Managing General Agency of Alabama Corporation AssuranceAmerica Managing General Agency, LLC TrustWay Insurance Agencies, LLC     Capital Expenditures, thousand. US Dollars   Year   Amount   2007   786   2006   1,490        S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version Management Officers Position  Guy W. Millner Chairman  Lawrence  Stumbaugh President & Chief Executive Officer  Renee A. Pinczes SR VP, Chief Financial Officer & Investor Relations Contact  Mark H. Hain Secretary, General Counsel & SR VP  David  Anthony VP  Scott  Nelson VP  Elise  Quadrozzi SR VP  Anthony J. Pepsoski VP Directors  John E. Cay III  Quill O. Healey  Guy W. Millner  Donald  Ratajczak  Kaaren J. Street  Lawrence  Stumbaugh  Sam  Zamarripa  John  Ray      S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version   Capitalization as of 12/31/2006:     Authorized Shares Outstanding Shares Preferred $0.01 par 5,000,000 1,266,000so1 Common $0.01 par 120,000,000 56,072,971   DEBT: $11,024,644.   Common $0.01 par   Stockholders:  03/02/2007, 775. Transfer Agent:  Fidelity Transfer Co.   Salt Lake City , UT   OTC Bulletin Board( Primary): ASAM   Exchange Year High Low OTC Bulletin Board 2007 1.7500 0.3600 OTC Bulletin Board 2006 2.0000 0.7800 OTC Bulletin Board 2005 1.0100 0.5500 OTC Bulletin Board 2004 1.6000 0.5100 OTC Bulletin Board 2003 2.5000 0.2000   DIVIDENDS: Common $0.01 par: None.       so1Consists of Ser. A Conv. Preferred. Each Ser. A share is convertible into 10 Common shares.    S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version Annual Report   Income Statement   2007 2006 Revenue: Gross premiums written $88,395,199 $69,108,965 Ceded premiums written (59,763,971) (47,016,892) Net premiums written 28,631,228 22,092,073 Increase in unearned premiums, net of prepaid reinsurance premiums (3,244,105) (1,239,097) Net premiums earned 25,387,123 20,852,976 Commission income 20,870,068 22,232,993 Managing general agent fees 10,912,946 9,249,488 Net investment income 801,950 727,969 Net investment gains on securities 34,469 24,445 Other fee income 372,146 634,971 Total revenue 58,378,702 53,722,842 Expenses: Losses and loss adjustment expenses 18,864,642 15,318,922 Selling, general, and administrative 36,189,148 33,091,167 Stock option expense 333,694 429,351 Depreciation and amortization expense 1,185,271 1,030,165 Interest expense 1,013,364 1,141,368 Total operating expenses 57,586,119 51,010,973 Income before provision for income tax expense 792,583 2,711,869 Income tax provision (benefit) 517,204 (2,019,730) Net income before dividends on preferred stock 275,379 4,731,599 Dividends on preferred stock ----------- 421,200 Net income attributable to common stockholders $275,379 $4,310,399 Earnings per common share Basic $0.004 0.080 Diluted $0.004 0.075 Weighted average shares outstanding-basic 61,913,645 53,609,956 Weighted average shares outstanding-diluted 62,656,305 63,480,814 See accompanying notes to consolidated financial statements. Operating Income As Calculated Depr. and Amort. Fixed Charges Coverage: Available for Fixed Charges Gross Fixed Charges Fixed Charges Times Earnings Fixed Charges Coverages and Preferred Dividends Times Earnings Capital Expenditures Research & Development Expenditures   Balance Sheet   2007 2006 Assets Cash and cash equivalents $5,511,842 $8,185,539 Short-term investments 642,924 619,843 Long-term investments 14,838,738 10,446,830 Marketable equity securities 2,563,040 2,055,983 Other securities 155,000 155,000 Investment income due and accrued 158,981 117,363 Receivable from insureds 28,802,125 18,707,773 Reinsurance recoverable (including $6,077,396 and $5,130,845 on paid losses) 29,327,012 22,563,990 Prepaid reinsurance premiums 21,145,161 14,012,481 Deferred acquisition costs 2,130,323 800,125 Property and equipment (net of accumulated depreciation of $2,737,288 and $2,136,512) 2,360,747 2,481,660 Other receivables 2,966,287 585,999 Prepaid expenses 861,588 273,733 Intangibles (net of accumulated amortization of $2,240,233 and $1,824,334) 11,368,383 11,114,882 Security deposits 86,438 74,140 Prepaid income tax 148,677 668,677 Deferred tax assets 1,824,453 2,506,503 Other assets 361,419 374,365 Total assets $125,253,138 $95,744,886 F-3 Table of Contents * December31, December31, * 2007 2006 Liabilities and stockholders equity Accounts payable and accrued expenses $7,184,132 $5,039,900 Unearned premium 30,991,565 20,614,781 Unpaid losses and loss adjustment expenses 33,660,814 24,904,492 Reinsurance payable 25,174,138 16,744,406 Provisional commission reserve 2,963,308 2,319,540 Notes payable and related party debt 4,482,862 5,797,122 Junior subordinated debentures payable 4,968,519 4,961,852 Capital lease obligations ------------ 265,670 Total liabilities 109,425,338 80,647,763 Commitments and contingencies Stockholders equity Common stock, $.01 par value (authorized 120,000,000 and 80,000,000, outstanding 64,803,881 and 56,072,971) 648,039 560,730 Preferred stock, $.01 par value (authorized 5,000,000, outstanding 0 and 840,000; ------------ liquidation preference $0 and $4,200,000) ------------ 8,400 Surplus-paid in 16,782,588 16,426,292 Accumulated deficit (1,673,332) (1,948,711) Accumulated other comprehensive income: Net unrealized gains on investment securities, net of taxes 70,505 50,412 Total stockholders equity 15,827,800 15,097,123 Total liabilities and stockholders equity $125,253,138 $95,744,886 Net Working Capital Equity per Share Depr. and Amort. Reserve Preferred Shares Issued Common Shares Issued Treasury Shares - Preferred Treasury Shares - Common      S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version Interim Report      Data Not Available            S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version Pro Forma Report      Data Not Available            S & P Disclaimer   AssuranceAmerica Corp. Symbol:  ASAM Click here for a printable version Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2008   1 16,760,000   2007   1 15,170,000   2007   2 14,490,000   2007   4 14,300,000   2007   Full Year 58,380,000   2006   1 15,380,000   2006   2 12,990,000   2006   3 13,130,000   2006   Full Year 53,720,000   2005   2 8,140,000   2005   3 9,920,000   2005   Full Year 37,120,000   2004   Full Year 24,200,000     Quarterly Net Income, US$ Year Quarter Revenue   2008   1 Nil   2007   1 Nil   2007   2 Nil   2007   4 Nil   2006   1 Nil   2006   2 Nil   2006   3 Nil   2006   Full Year 4,731,600   2005   2 320,000   2005   3 770,000   2005   Full Year 2,329,600     Quarterly EPS, US$ Year Quarter Revenue   2008   1 .01   2007   1 .01   2007   2 Nil   2007   4 (.01)   2007   Full Year Nil   2006   1 .01   2006   2 Nil   2006   3 .01   2006   Full Year .08   2005   2 Nil   2005   3 .01   2005   Full Year .03   2004   Full Year Nil      S & P Disclaimer