Baldwin & Lyons Report Record Operating Income

Baldwin & Lyons, Inc. (Nasdaq: BWINA - News, BWINB - News) yesterday announced record fourth quarter operating income, defined as net income excluding capital gains or losses, of $7.1 million, or $.48 per share, compared to $6.7 million, or $.46 per share, for the fourth quarter of 2002. Net capital gains of $3.0 million, or $.21 per share, were realized in the 2003 period in contrast to net capital losses of $.52 per share for the prior year quarter. Including net capital gains, fourth quarter net income was a record $10.1 million, or $.69 per share, compared to a net loss of $.8 million, or ...