DALLAS, Texas, December 7, 2012 – GAINSCO, INC. (the “Company”) (Pink Sheets: GANS) today announced that its board of directors approved a special cash dividend of $1 per share. The special dividend will be payable on December 27, 2012 to shareholders of record on December 18, 2012.
The Company believes that, at its current size, it has more than adequate capital to support its insurance operations, and that it is appropriate to return some capital to shareholders through a special cash dividend.
GAINSCO, INC. is a Dallas, Texas-based holding company established in 1978. The Company, through its insurance brand, GAINSCO Auto Insurance®, specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents in Florida, Georgia, South Carolina and Virginia (early 2013) {Southeast Region} and in Arizona, New Mexico, Oklahoma and Texas {Southwest Region}. Its insurance company subsidiary is MGA Insurance Company, Inc.
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Release Date: Friday, December 7, 2012 – FOR IMMEDIATE RELEASE
Company Contacts: Scott A. Marek, Asst. Vice President-IR 972.629.4493
Richard M. Buxton, Senior Vice President 972.629.4408
Email address: corporate.affairs@gainsco.com
Website: www.gainsco.com