AMERICAN PHYSICIANS SERVICE GROUP INC (AMPH) [Rocket]

In millions, except per share items	Dec-31-09	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05
	10-K	10-K	10-K	10-K	10-K
Revenues:
Insurance services	74.0	65.6	62.1	15.6	15.5
All other	11.0	8.9	5.4	5.4	5.3
Financial services	8.5	6.6	21.4	17.0	18.4
Total revenues	84.0	74.7	84.4	33.6	37.7
Revenue growth	12.4%	-11.4%	151.5%	-10.9%
Loss and loss adjustment expenses	25.0	18.6	13.7
Other underwriting costs	11.1	11.1	8.3
Other operating expenses	13.3	15.5	27.2	28.5	29.2
General and administrative	5.2	5.8	5.5	2.1	2.6
EBITDA	35.4	30.3	34.9	5.5	8.9
EBITDA margin	42.2%	40.6%	41.3%	16.3%	23.6%
Depreciation	0.7	0.7	0.7	0.4	0.4
EBIT	34.7	29.6	34.2	5.0	8.5
EBIT margin	41.3%	39.6%	40.5%	15.0%	22.6%
Pre-tax income	34.7	29.6	35.2	5.0	8.5
Income taxes	11.8	10.4	11.9	1.8	3.0
Tax rate	34.1%	35.2%	33.9%	36.5%	35.8%
Minority interest			0.0	0.0	0.0
Net income	22.9	19.2	23.3	3.2	5.5
Net margin	27.2%	25.6%	27.6%	9.5%	14.5%



EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.