Independence Holding Co. logged net income attributable to the company of $4.8 million, or 32 cents per share, for the fourth quarter of 2018, compared with $17.5 million, or $1.16 per share, in the prior-year period.
Revenues amounted to $87.6 million for the fourth quarter of 2018, slightly up from $82.7 million in the fourth quarter of 2017.
For full year 2018, net income attributable to the company was $28.5 million, or $1.89 per share, down from $42.0 million, or $2.63 per share, in the prior-year period.
Revenues increased to $350.8 million in 2018 from $320.5 million in the previous year.
Net income attributable to the company in 2017 includes about $11.6 million of tax benefits from worthless stock deduction recognized as a result of the winding down and dissolution of a subsidiary. It also includes a $20.3 million credit to federal income taxes as a result of the reduction in AMIC Holdings' valuation allowance for increased income projections and associated utilization of federal net operating loss carryforwards. A deferred income tax expense of about $9.4 million as a result of federal tax reform also had an impact on the 2017 results. These items do not have comparable amounts in 2018.
Additionally, the company's board voted to increase the cash dividend by 33% to 40 cents per share annually, effective with the next semi-annual dividend that will be paid in July.