for the fourth quarter of 2000 slumped 70 percent to $423,867 and the company took a loss for the year due to a series of one-time charges.

The net income for the three months to December 31 was eight cents a share compared to a result for 1999 of $1,400,430, or $0.24 per share.

Net earnings for the year ended December 31, 2000 fell 123 percent to a loss of $1,363,157 or $0.25 per diluted share on 5.5 million average shares outstanding, compared with earnings of $5,920,268, or 98 cents per diluted share on 6 million average shares outstanding for 1999. American Safety said total revenues for the fourth quarter of 2000 increased 98 percent to $11,325,558 over the same quarter of 1999. Net premiums earned for the fourth quarter of 2000 increased 185 percent to $9,767,905 over the same quarter of 1999.

Total revenues for 2000 increased 68 percent to $36,078,355 from $21,487,255 in 1999. Net premiums earned for 2000 increased 121 percent to $26,804,650 from $12,125,031 in 1999.

Net operating earnings and net earnings for the year ended December 31, 2000 were adversely affected by a $3.5 million charge due to the collapse of the acquisition of a Michigan agency and two related insurance companies, increased payroll expense of $2.5 million attributable to the growth of the company's operations, non-capitalised expenses attributable to the Harbour Village, Florida project of $542,000, and realised losses of $518,000 on sales of bonds previously held for investment.

Lloyd A. Fox, president and chief executive officer, said: "While our results for the year reflected a net loss, which was in part attributable to the rescission of the acquisition of a Michigan insurance agency and two related insurance companies, we are continuing to pursue litigation to obtain a return of the purchase price.''