[2] Enhance Financial Services Corrects Condensed Consolidated Statements of Income Table.In BW2117, (NY-ENHANCE-FINANCIAL) reports operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before , first table should be replaced. The original header (1) In a disk or tape file, a set of data that resides permanently at the beginning. It may be used for identification only (type of file, date of last update, etc.), or it may describe the structural layout of the contents, as is common with many document and database formats. reads: Enhance Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group Inc. and Subsidiaries Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Income (In thousands except per share amounts) (unaudited) The corrected table follows:
Enhance Financial Services Group Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
1999 1998 1999 1998
-------- -------- -------- --------
Revenues
1q99
Gross premiums written $ 34,416 $ 28,365 $ 99,092 $ 89,440
64,676
======== ======== ======== ========
Net premiums written $ 28,928 $ 27,619 $ 93,358 $ 88,582
64,430
======== ======== ======== ========
===============
Premiums earned $ 24,897 $ 29,088 $ 75,294 $ 77,130
50,397
Net investment income 15,274 13,752 42,762 39,991
27,488
Realized losses (140) 2,083 (4,480) 2,060
(4,340)
Assignment sales 12,215 12,718 28,521 35,189
16,306
Other income (1,271) 1,534 4,940 4,535
6,211
-------- -------- -------- --------
Total revenues 50,975 59,175 147,037 158,905
96,062
-------- -------- -------- --------
--------------- --------------
Expenses
Losses and LAE 3,837 4,647 9,223 8,514
5,386
Policy acquisition costs 8,915 10,158 27,022 26,826
18,107
Profit commissions 155 97 711 901
556
Other operating expenses
- insurance 3,912 3,334 12,114 10,011
8,202
- non-insurance 14,914 11,150 41,332 29,839
26,418
-------- -------- -------- --------
Total expenses 31,733 29,386 90,402 76,091
58,669
-------- -------- -------- --------
--------------- --------------
Income from operations 19,242 29,789 56,635 82,814
37,393
Equity in net income
of affiliates 4,460 3,167 17,026 9,565
12,566
Foreign currency losses (27) (6) (33) (15)
(6)
Interest expense (3,070) (2,190) (7,998) (6,252)
(4,928)
-------- -------- -------- --------
Income before taxes 20,605 30,760 65,630 86,112
45,025
Income tax expense/(benefit) (1,790) 8,033 1,587 23,633
3,377
-------- -------- -------- --------
Net income $ 22,395 $ 22,727 $ 64,043 $ 62,479
41,648
======== ======== ======== ========
=============== ==============
Basic earnings per share $ 0.59 $ 0.61 $ 1.69 $ 1.67
1.10
======== ======== ======== ========
Diluted earnings per share $ 0.57 $ 0.58 $ 1.64 $ 1.59
1.07
======== ======== ======== ========
Basic weighted average
shares outstanding 38,031 37,422 37,981 37,484
37955.386
======== ======== ======== ========
Diluted weighted average
shares outstanding 39,027 39,110 39,074 39,255
39095.585
======== ======== ======== ========
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