quarter profit was cut in half.

Net operating earnings for the third quarter of 2000 decreased to $663,178, or $.12 per diluted share on 5.4 million average shares outstanding, compared with earnings of $1,239,056, or $.21 per diluted share on 6.0 million average shares outstanding for the third quarter of 1999.

Net earnings for the third quarter of 2000 decreased to $653,826, or $.12 per diluted share, compared with net earnings of $1,359,263, or $.23 per diluted share, for the third quarter of 1999.

Total revenues for the third quarter of 2000 increased 106 percent to $11,895,198 compared with $5,766,039 for the same quarter of 1999. Net premiums earned for the third quarter of 2000 increased 172% to $9,579,864 over the same quarter of 1999.

For the nine months ended September 30, 2000, net operating earnings decreased to a loss of $1,571,961, or $.28 per diluted share on 5.6 million average shares outstanding (including the first quarter charge due to the Company's rescission of the acquisition of the Michigan agency and two related insurance companies), compared with earnings of $4,301,774, or $.71 per diluted share on 6.1 million average shares outstanding over the same period in 1999.

Net earnings decreased to a loss of $1,787,024, or $.32 per diluted share, compared with earnings of $4,519,838, or $.74 per diluted share for the same period in 1999.

Total revenues increased 67 percent to $27,626,964 compared with $16,521,259 over the same period in 1999. Net premiums earned increased 119 percent to $20,938,975 over the same period in 1999.