Primus Guaranty, Ltd. reported earnings unaudited consolidated results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income available to common shares of $4.76 million or $0.22 per diluted share and income from continuing operations, net of tax of $4.73 million or $0.22 per diluted share on total revenue of $6.26 million compared to net income available to common shares of $59.54 million or $2.23 per diluted share and income from continuing operations, net of tax of $59.30 million or $2.20 per diluted share on total revenue of $63.14 million a year ago. Income from continuing operations before provision for income taxes was $4.71 million compared to $59.30 million a year ago. Economic results for the fourth quarter 2013 were $2.6 million, or $0.12 per diluted share. Economic results for the fourth quarter of 2012 were $6.3 million, or $0.25 per diluted share.

For the full year, the company reported net income available to common shares of $52.23 million or $2.17 per diluted share and income from continuing operations, net of tax of $53.27 million or $2.16 per diluted share on total revenue of $61.04 million compared to net income available to common shares of $432.39 million or $14.41 per diluted share and income from continuing operations, net of tax of $430.73 million or $14.26 per diluted share on total revenue of $452.53 million a year ago. Income from continuing operations before provision for income taxes was $53.28 million compared to $430.82 million a year ago. GAAP book value per common share was $8.89 at December 31, 2013, compared with GAAP book value per common share of $8.83 at December 31, 2012. Economic results book value per common share was $8.82 at December 31, 2013, compared with economic results book value per common share of $10.19 at December 31, 2012. The December 31, 2013 GAAP and economic results book value per common share reflect the $2.00 distribution per common share that was paid in the fourth quarter 2013. Economic results for the full year 2013 were $12.8 million, or $0.53 per diluted share. Economic results for the full year 2012 were $24.4 million, or $0.93 per diluted share. The primary difference between GAAP net income and Economic Results is that changes in the fair value of Primus financial's consolidated credit swap portfolio are not included in economic results.