ACCEL International Corporation reports income for the first quarter of 1997 - first true earnings from operations since 1991.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)--May 21, 1997-- Directors Elected at Annual Meeting of Stockholders ACCEL ACCEL Accelerate ACCEL Accelerometer ACCEL Accelerando (Music, Gradually Increasing in Speed) ACCEL American College of Cardiology Extended Learning International Corporation (NASDAQ/NMS:ACLE ACLE Alarm and Control Enhanced (NEC) ACLE Association for Continuing Legal Education ) Tuesday Tuesday: see week. reported first quarter net income of $225,000, the first true earnings from operations since 1991. The Company's three primary product lines: credit insurance, extended service contracts and the commercial automobile program all produced positive underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. margins in the first quarter of 1997. First Quarter 1997 __________________ ACCEL reported net income of $225,000 ($.03 per share) for the three months ended March 31, 1997, compared with net income of $46,000 ($.01 per share) for the same period in 1996. Income before Income Taxes amounted to $235,000 and $38,000 for the first quarters of 1997 and 1996, respectively. For the first quarter of 1997, realized pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gains on the sale of investments amounted to $74,000, compared to $288,000 for the same period in 1996. Gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. totaled $13,399,000 for the first quarter of 1997, compared with $16,697,000 for the first quarter of 1996. Premiums for 1996 included a non-recurring intercompany premium transaction of $1.6 million. 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:
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. development in the Realtors' E & O line of business and nine months in the Farmowners and Commercial Liability line. It appears the past is finally behind us in these run-off lines." "Premiums written for the quarter included increases of approximately $490,000 from our extended service contract program and $400,000 from the commercial auto property and casualty line of business. These increases were offset by a $2.6 million decrease in credit insurance premium written, primarily attributable to the termination of the joint marketing arrangement we had covering credit business written in the Commonwealth of Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , the termination of a significant financial institution account and withdrawal from doing business in the state of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). ." Mr. Friedberg commented further, "We have continued to devote considerable efforts to developing and promoting our existing programs and exploring new product opportunities. We intend to pursue all realistic opportunities to add additional products and to enhance our current programs." The Company also announced that at the Annual Meeting of Stockholders, the following Directors were elected to serve until the Annual Meeting to be held in 1998: Robert Betagole, David T. Chase, Douglas J. Coats, Raymond H. Deck, Richard Desich, Thomas H. Friedberg, Kermit G. Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Stephen M. Qua and John P. Redding Redding, city (1990 pop. 66,462), seat of Shasta co., N central Calif., on the Sacramento River; inc. 1872. A principal tourist center for a mountain and lake region, it also has lumbering, food-processing, and diverse manufacturing. . ACCEL International Corporation is a Dublin, Ohio Dublin is a city in Delaware, Franklin, and Union counties in the U.S. state of Ohio. The population was 31,392 at the 2000 census. In 2006, the population was estimated to be 36,565[1], and Dublin continues to be one of the fastest-growing suburbs of Columbus. based holding company that provides specialty insurance products and services through its insurance 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 CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
1997 1996
____ ____
(Thousands of dollars, except per share data)
REVENUE:
Gross premiums written $ 13,399 $ 16,697
Less reinsurance ceded 3,434 9,070
___________ ___________
Net premiums written 9,965 7,627
Decrease (increase) in unearned
premium reserves 586 (4,114)
___________ ___________
Premiums earned 10,551 3,513
Net investment income:
Interest and dividends 1,155 1,002
Realized gains 74 288
Service fees on extended
service contracts 545 585
Other income 62 236
___________ ___________
12,387 5,624
___________ ___________
BENEFITS AND EXPENSES:
Policy benefits 6,014 2,336
Commissions and selling
expenses 4,774 5,209
Reinsurance expense
recovery (2,217) (4,471)
General and administrative 1,866 1,704
Taxes, licenses and fees 398 513
Interest 356 540
Decrease (increase) in
deferred policy
acquisition costs 961 (245)
___________ ___________
12,152 5,586
___________ ___________
INCOME BEFORE FEDERAL
INCOME TAXES 235 38
Federal income taxes:
Current expense 183 120
Deferred benefit (173) (128)
___________ ___________
10 (8)
___________ ___________
NET INCOME $ 225 $ 46
___________ ___________
___________ ___________
Per Common Share:
Net income $ 0.03 $ 0.01
___________ ___________
___________ ___________
Weighted average number of
common shares outstanding 8,603,742 4,463,932
___________ ___________
___________ ___________
CONTACT: ACCEL International Corporation, Dublin Nicholas Z. Alexander, 614/764-7180 FAX: 614/764-7198 |
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