Atlantic American Corp (AAME) Swings to Q4 Profit; to Restate Q410 Results for Impairment Charge

Atlantic American Corp (NASDAQ: AAME) reported Q4 EPS of $0.04, versus ($0.01) reported last year.

Separately, the Company has filed a current report on Form 8-K disclosing that it is restating its financial statements for the fourth quarter and year ended December 31, 2010. The Company is recording a $2.3 million "other than temporary impairment" on certain equity securities and has determined that the fourth quarter of 2010 was the most appropriate time for the recording of such impairment. Income before tax will be reduced by the $2.3 million non-cash impairment charge and net income will be reduced by $1.5 million in the 2010 fourth quarter and for the year ended December 31, 2010 as a result of the restatement.

For earnings history and earnings-related data on Atlantic American Corp (AAME) click here.

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