Amwest’s 2nd-Quarter Profit Up 9% From 1985

Amwest Insurance Group reported its second-quarter profit was up 9%, but an increase in its shares outstanding cut earnings per share to 26 cents, from 40 cents a year ago.

Net income in the most recent quarter was $474,000, versus $435,000 in the 1985 second quarter. Revenue was $3.7 million, up 28.5%. The company attributed the gains to the opening of eight new offices in the last 12 months, bringing the total to 22.

Amwest said the number of its shares outstanding rose to 1.8 million, from 1.1 million in the same quarter last year, because the company went public on Dec. 2 and issued 720,000 new shares.

For the first six months of this year, Amwest’s net income was $913,000, or 50 cents a share, versus $535,000, or 49 cents a share, a year ago. Revenue was $7.2 million, up 25%.

Amwest is a specialty bonding company based in Woodland Hills.