Louisiana Workers’ Compensation Carrier Boosts Q2 Earnings

Louisiana-based Amerisafe Inc., which provides workers’ compensation insurance for small to mid-sized companies in hazardous industries, recorded a 13 percent increase in second-quarter profit despite a slight decline in revenue, the company reported.

For the quarter ending June 30, Amerisafe said it earned $12.9 million, or 63 cents per share, on revenue of $79.8 million. In the second quarter of 2007, Amerisafe earned $11.4 million, or 56 cents per share, on revenue of $84.7 million.

Results easily exceeded Wall Street expectations. Analysts surveyed by Thomson Financial had forecast per-share earnings of 54 cents and revenue of $81.8 million.

Amerisafe said expenses dropped by $6.9 million during the quarter.

For the first half of 2008, Amerisafe earned $24.8 million, or $1.22 per share, on revenue of $162.1 million. During the first six months of 2007, the company posted a profit of $19.8 million, or 98 cents per share, on revenue of $167.7 million.