ADD to BW1370 (FIRST-FINANCIAL) ANNOUNCES PROFITABLE FIRST QUARTER 1995 RESULTS.LYNBROOK, N.Y.--(BUSINESS WIRE)--May 15, 1995--Add to BW1370 (FIRST-CENTRAL-FINANCIAL): FIRST CENTRAL FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. March 31, December 31, 1995 1994 (Unaudited) (a) ASSETS Investments Securities available-for-sale, at market value: Fixed maturities (amortized cost 1995 - $37,149,088; 1994 - $33,426,715) $ 35,438,674 $ 30,574,904 Equity securities, (cost: 1995 - $37,511,038; 1994 - $38,782,895) 35,340,217 32,801,833 Securities held-to-maturity at amortized cost (market: 1995 - $11,068,774; 1994 - $9,896,497) 11,068,491 9,937,037 Short-term investments, at cost, which approximates market 5,223,194 8,759,364 Total Investments 87,070,576 82,073,138 Cash 180,205 409,612 Accrued investment income 832,016 944,470 Agents' balances, less allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. (1995 - $1,325,836; 1994 - $1,321,936) 15,388,214 15,202,267 Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. receivables 23,915,121 24,833,081 Prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. reinsurance premiums 2,257,299 1,973,997 Federal income
taxes recoverable 336,284 154,262 Other receivables
346,884 139,444 Deferred policy acquisition costs 7,592,070
7,339,084 Deferred debenture costs 524,112 541,696
Deferred income taxes 4,827,000 6,280,000 Property,
plant and equipment
less accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( (1995 - $1,685,479; 1994 - $1,562,814) 4,962,724 1,045,799 Other Assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 394,280 791,730 $ 148,626,785 $ 141,728,580 (a) The balance sheet at December 31, 1994 has been derived from audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge at that date. FIRST CENTRAL FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Balance Sheets March 31, December 31, 1995 1994 (Unaudited) (a) LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Policy Liabilities Unpaid losses $ 67,116,568 $ 66,499,524 Unpaid loss adjustment expenses 7,613,452 7,016,895 Unearned premiums 34,558,602 32,529,415 Total Policy Liabilities 109,288,622 106,045,834 Reinsurance payable 57,106 503,684 Obligation under capital leases 178,705 84,744 Convertible subordinated debentures 6,505,000 6,755,000 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 964,580 1,101,335 Total Liabilities 116,994,013 114,490,597 Commitments and Contingencies Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Common Stock, par value $.10 per share; authorized - 20,000,000 shares; issued (1995 - $6,576,512 shares; 1994 - 6,576,512 shares) 657,652 657,652 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 13,139,551 13,139,551 Net unrealized depreciation on securities available- for-sale, net of deferred taxes of (1995 - $1,319,000; 1994 $3,003,000) (2,562,234) (5,829,873) Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. 24,480,820 23,189,795 ------------ ----------- 35,715,789 31,157,125 Less treasury stock, at cost (1995 - $595,404 shares; 1994 - 572,404 shares) (4,083,017) (3,919,142) Total Shareholders' Equity 31,632,772 27,237,983 $148,626,785 $141,728,580 (a) The balance sheet at December 31, 1994 has been derived from audited consolidated financial statements at that date. FIRST CENTRAL FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Income Three Months Ended March 31, 1995 1994 (Unaudited) (Unaudited) Revenues Premiums Written - Direct $ 17,890,742 $16,455,213 Reinsurance ceded (3,321,296) (1,781,503) Net Premiums Written 14,569,446 14,673,710 (Increase) Decrease in unearned premiums (1,745,885) (2,260,346) Net Premiums Earned 12,823,561 12,413,364 Net investment income 1,249,867 1,170,795 Realized gain Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. (loss) on investments 181,246 438,074 Claims adjusting revenues 148,513 165,526 Rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time 129,745 - Total Revenues 14,532,932 14,187,759 Expenses Losses 5,917,693 5,910,873 Loss adjustment expense 2,024,370 1,525,432 Policy acquisition costs 3,247,257 3,269,724 Interest expense 151,528 161,897 Doubtful accounts 87,582 318,356 Other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. 1,263,501 1,221,886 Total Expenses 12,691,931 12,408,168 Income Before Income Taxes 1,841,001 1,779,591 Federal and State Income Taxes 368,500 538,300 Net Income $ 1,472,501 $ 1,241,291 Per Share Data: Net Income: Primary $0.25 $0.22 Fully Diluted $0.23 $0.20 Cash Dividends Paid $0.030 $0.025 CONTACT: First Central Financial Corporation Joan Locascio, 516/593-7070 |
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