Alfa Corporation Reports On Third Quarter Storm Losses, and Sees No Claims From Tropical Storm Helene; Operating Trends Remain Favorable.Business Editors MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Sept. 25, 2000 Alfa Corporation (Nasdaq/NM:ALFA) today announced that claims related to storms, primarily in late July, have developed to a total of approximately $6.5 million for the Alfa Group Alfa Group Consortium is one of Russia's largest privately owned financial-industrial conglomerates, with interests in oil and gas, commodities trading, commercial and investment banking (Alfa Bank), insurance, retail trade and telecommunications. . The impact of these claims on Alfa Corporation's third quarter earnings is expected to be approximately $2.8 million, after taxes, or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. The Company also announced separately that it has not incurred any losses from Tropical Storm Helene The name Helene has been used for four tropical cyclones in the Atlantic Ocean.
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 previously reported for the first and second quarters of 2000 were $0.40 per diluted share and $0.45 per diluted share, respectively. Commenting on the announcement, Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "Although these comments and amounts are preliminary, we believe timely disclosure is appropriate. We are pleased to note that, despite the level of storm losses, our business continues to be strong and our normal operating trends remain favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. ." Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on Nasdaq Stock Market's National Market under the symbol ALFA. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies - including political, economic, regulatory, climatic, competitive, legal, and technological - any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission. |
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