U.S. stocks plummeted Monday as the tech industry was hit hard and Amazon.com, Inc. (NASDAQ:AMZN) experienced a selloff, falling 5%. The S&P 500 Index fell 2.2%, the Dow Jones Industrial Average slid 1.9% and the Nasdaq Composite fell 2.7%.
Several companies reported on their quarterly earnings results Monday, including Atlas Financial Holdings Inc (NASDAQ:AFH), Eastside Distilling Inc (NASDAQ:EAST) and Titan Pharmaceuticals, Inc. (NASDAQ:TTNP).
Here’s how they did:
Atlas Financial Holdings Inc (AFH)
Atlas Financial Holdings reported on its latest quarter after hours Monday.
For its fourth quarter of fiscal 2017, the insurance company’s total revenue surged 27.4% to $59 million, while its gross premiums written rose by 4.3%, reaching $54.2 million. The company’s annualized return on equity was a negative 184.8%, compared to negative 39.6% in the year-ago quarter.
Atlas Financial’s combined ratio for the fourth quarter was 220.3%, topping the 156.5% from the year-ago quarter. The figure includes the impact from claims reserves strengthening related to prior accident years of 130.3% and 72.9% respectively.
Net loss for the quarter came in at $54.3 million, or $4.48 per common share diluted, wider than the year-ago net loss of $13.6 million, or $1.13 per common share diluted.
“While we are disappointed that book value was reduced by reserve strengthening related to prior periods, we are reassured that results for more recent accident years are coming in as expected,” Scott D. Wollney, Atlas’ President and CEO, stated.
AFH stock was trading flat after the bell.
Eastside Distilling Inc (EAST)
Eastside Distilling shares fell slightly on the company’s latest results.
For its fiscal 2017, the distilling company unveiled gross sales of $3.79 million, marking a 25% gain compared to the $3.04 million from fiscal 2016. This figure was fueled by record sales of its Portland Potato Vodka, which saw its sales rise 250% during the year.
Eastside Distilling’s total shipments increased to 23,471 cases during 2017, including 19,567 for branded products and 3,904 for private label. In 2016, the total number of cases were 15,596, which marked a 50.5% increase.
The company’s adjusted EBITDA improved to a loss of $3.37 million, compared to a loss of $3.66 million in 2016. Eastside Distilling’s net loss for 2017 was $5.3 million, in line with its year-ago loss.
“Our hard work in 2017 set the stage for accelerated growth in 2018 – our Sandstrom rebranded products, our deal with John Rich, our increased spirit production and canning capability, our uplisting to the Nasdaq, and hiring of key new people in sales, marketing and operations,” said CEO Grover Wickersham.
EAST stock fell 0.1% after the bell yesterday.
Titan Pharmaceuticals, Inc. (TTNP)
Titan Pharmaceuticals also saw little movement on its shares after reporting.
The San-Francisco based pharmaceutical company unveiled a fourth-quarter loss of $3.7 million, or 17 cents per share. Revenue amounted to $58,000 for the year for the quarter, or $215,000 for the year.
For the fiscal year, Titan Pharmaceuticals posted a loss of $14.3 million, or 70 cents per share. In the year-ago period, the company posted net income of $5.1 million, roughly 25 cents per share.
“Our clinical and business development teams had a very busy 2017 and that has continued into 2018,” said Titan Pharmaceutical’s President and CEO, Sunil Bhonsle. “Armed with the additional financial resources and flexibility that it provided, we are continuing to evaluate options to further strengthen our balance sheet to better position us to execute important elements of our growth strategy.”
TTNP stock was trading flat after Monday’s market close.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.