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VALLEY EARNINGS

Republic American's Net Income Falls 11%

October 27, 1987

Republic American's net income in the third quarter, which ended Sept. 30, fell 11% to $7.1 million, or 36 cents a share, from a year earlier when the company had $2.3 million in one-time gains from the sale of bonds.

On an operating basis, earnings for the Encino workers' compensation insurance holding company rose 25% in the quarter to $7.1 million. Net premiums earned, which is similar to revenue for insurance firms, increased 5.5% to $61.2 million.

For the previous nine months, Republic American's net income declined 44% to $21.3 million, compared with last year when the company had $22.6 million in one-time gains from the sale of bonds.

On an operating basis, Republic American's earnings rose 40% to $21.3 million in the nine months as net premiums earned increased 24% to $176.3 million.

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