TORONTO, July 16, 2003 (PRIMEZONE) -- Goran Capital Inc. ("the Company") (Nasdaq:GNCN) (TSE:GNC), a leading specialty insurer, reported first quarter results for 2003.
For the three months ended March 31, 2003, the Company reported a net loss of $(3,599,000), or $(0.67) per share, as compared to a net loss of $(5,967,000), or $(1.11) per share, for the three months ended March 31, 2002. For the three months ended March 31, 2003, net loss before taxes and distributions on Preferred Securities was $(1,515,000), or $(0.28) per share, as compared to a loss of $(4,011,000), or $(0.74) per share, for the three months ended March 31, 2002.
The Company owns insurance companies principally in the non-standard automobile insurance market. Visit the Company's websites at www.gorancapital.com and www.sigins.com.
The Company filed its results for the three months ended March 31, 2003 on Form 10-Q with the SEC today. This information may be accessed on the SEC's website using the EDGAR database at www.sec.gov.
``Forward-looking statements'' as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. A variety of factors could cause the Company's actual results to differ from the reported results expressed in such forward-looking statements. Investors are referred to the Company's Forward Looking Statements and Certain Risks (Part I, Item 2 of the Company's Form 10-Q for the three months ended March 31, 2003), which statements are incorporated into this news release by reference.