Zenith Income Plummets in Fiscal 2009

Net income dropped by 64 percent for the 2009 fiscal year at Zenith National Insurance Corp. when compared with the previous year.

Still, the Woodland Hills-based firm’s president and chairman said the company was in excellent financial condition.

“Over time, we expect recovery from the recession will improve hiring trends and provide improved profit opportunities,” Stanley R. Zax said.

For the year ending Dec. 31, Zenith reported net income of $34.4 million, or $0.91 per diluted share, on revenues of $584.8 million. For the previous fiscal year, the company had a net income of $95.3 million, or $2.55 per diluted share, on revenues of $682.8 million.

For the fourth quarter, Zenith had a net income of $10.8 million, or $0.29 per diluted share, on revenues of $140.3 million. That is a 29 percent increase over the net income of $8.4 million, or $0.22 per diluted share, on revenues of $154.8 million.