ACCEL International Corp. announces earnings for the third quarter of 1995.DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ohio--(BUSINESS WIRE)--Nov. 15, 1995--ACCEL International Corp. (NASDAQ/NMS:ACLE ACLE Alarm and Control Enhanced (NEC) ACLE Association for Continuing Legal Education ) today announced net income from operations of $165,000 for the third quarter 1995. Third Quarter 1995 Results ACCEL ACCEL Accelerate ACCEL Accelerometer ACCEL Accelerando (Music, Gradually Increasing in Speed) ACCEL American College of Cardiology Extended Learning reported an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. net income of $165,000 or 4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the three months ended Sept. 30, 1995, compared with a net loss of ($662,000), or ($.15) per share, for the same period in 1994. Gross written premiums for the quarter ended Sept. 30, 1995 and 1994 were $15.3 million and $11.2 million, respectively. Realized pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gains (losses) on the sale of investments were $24,000 and ($11,000) for the third quarters of 1995 and 1994, respectively. Nine Month 1995 Results For the nine month period ended Sept. 30, 1995, after tax net income was $832,000, or 19 cents per share, compared with a net loss of ($4.6 million), or ($1.05) per share for the same period in 1994. Gross written premiums for the nine months ended Sept. 30, 1995 and 1994 were $43.6 million and $44.8 million, respectively. Realized pre-tax gains on the sale of investments were $303,000 and $759,000 for the nine months ended Sept. 30, 1995 and 1994, respectively. Effects on Lines of Business The continuing product lines for Acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. Life Insurance Co. and Acceleration National Insurance Co. have continued to be profitable in 1995. Losses from the previously discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: business lines have continued to moderate. Commentary Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs H. Friedberg Friedberg may refer to:
``We are also pleased that our discontinued lines are no longer having a material effect on operating results. The Company's goal to continue to achieve earnings from operations for the balance of 1995 appears to be well on its way to realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. . ``The proposed transaction to sell Acceleration Life Insurance Co. which we announced in August 1995, is still pending and under negotiation. No further announcements will be made on the transaction until negotiations are concluded and the Board of Directors meets to consider the matter.'' ACCEL International Corp. is a Dublin-based insurance holding company that provides specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. insurance products and services through its life and casualty subsidiaries operating throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
ACCEL International Corp. and Subsidiaries
Unaudited Consolidated Statements of Operations
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
__________________ __________________
(Thousands of dollars, except per share data)
REVENUE:
Gross premiums written $ 15,297 $ 11,188 $ 43,669 $ 44,784
Less reinsurance ceded 3,413 (2,034) 10,454 6,548
________ ________ ________ ________
Net premiums written 11,884 13,222 33,215 38,236
Increase in unearned
premium reserves (1,563) (1,992) (3,274) (2,638)
________ ________ ________ ________
Premiums earned 10,321 11,230 29,941 35,598
Net investment income:
Interest and dividends 1,556 1,479 4,644 4,951
Realized gains (losses) 24 (11) 303 759
Service fees on extended
service contracts 594 578 1,645 1,535
Other income 253 66 375 354
________ ________ ________ ________
12,748 13,342 36,908 43,197
BENEFITS AND EXPENSES:
Policy benefits 4,820 5,626 12,931 18,904
Commissions and selling
expenses 5,873 3,366 16,689 14,294
Reinsurance expense
recovery (454) 118 (710) (1,316)
General and
administrative 1,807 2,380 5,348 7,024
Taxes, licenses and fees 437 416 1,398 1,498
Interest 414 410 1,288 1,187
Decrease (increase) in
deferred policy
acquisition costs (624) 1,577 (1,245) 2,100
Loss on write off of
subsidiary - - - 3,829
________ ________ ________ ________
12,273 13,893 35,699 47,520
________ ________ ________ ________
INCOME (LOSS) BEFORE
FEDERAL INCOME TAX 475 (551) 1,209 (4,323)
Federal income tax:
Current 84 14 341 116
Deferred 226 97 36 212
________ ________ ________ ________
310 111 377 328
________ ________ ________ ________
NET INCOME (LOSS) $ 165 $ (662) $ 832 $ (4,651)
________ ________ ________ ________
________ ________ ________ ________
Per Common Share:
Net income (loss) $ .04 $ (.15) $ .19 $ (1.05)
________ ________ ________ ________
________ ________ ________ ________
Weighted average number
of common shares
outstanding 4,446,432 4,446,432 4,446,432 4,446,432
_________ _________ _________ _________
_________ _________ _________ _________
CONTACT: ACCEL International Corp., Dublin Nicholas Nicholas, Russian grand duke Nicholas (Nikolai Nikolayevich) (nyĭkəlī` nyĭkəlī`əvĭch), 1856–1929, Russian grand duke and army officer; first cousin of Czar Alexander III and grandson of Czar Z. Alexander, 614/764-7180 |
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