Alfa Corporation reports six month and second quarter results.MONTGOMERY Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--July 13, 1995--Alfa Corporation (NASDAQ/NM:ALFA) today announced results for the six months and second quarter ended June June: see month. 30, 1995. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first half of 1995 increased to $16,591,942, or $0.41 per share, compared with $16,220,125 or $0.40 per share, for the similar period last year. Net income, including net realized investment gains, was $17,352,234, or $0.43 per share, compared with $18,762,530, or $0.46 per share, for the first half of 1994. Premiums for the first half of 1995 increased 33% to $153,140,665. Operating income for the second quarter of 1995 was $7,350,306, or $0.18 per share, compared with operating income of $11,684,808, or $0.29 per share, earned in the second quarter last year. Net income for the second quarter of 1995, which includes net realized investment gains, was $7,938,168, or $0.19 per share, compared with $12,603,627, or $0.31 per share, in the prior-year period. Premiums for the quarter increased 34% to $76,357,521. Alfa's chairman, Goodwin L. Myrick, said, "Storm claims for the first half of 1995 are 6 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. higher than in 1994. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite this, first half 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 for 1995 are slightly higher than in 1994. Storms reduced earnings per share by $0.10 per share in 1994 and $0.16 per share in 1995. The 1994 storms were in the first quarter, while the 1995 storms were in the second quarter, further affecting the comparisons. In addition, fewer capital gains have been taken in 1995 in spite of an increase of over $30 million in the market value of the company's securities portfolio. The increase in premiums for both periods predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. reflects the increase in the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of 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. Pool from 50% to 65% effective Oct. 1, 1994. "The unpredictable nature of storms obscures what is otherwise a generally favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. business environment. Our basic insurance operations continue to perform well, and we fully expect further progress during the last half of the year." Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded in the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol ALFA. -0-
Alfa Corporation
Financial Highlights
(Unaudited)
Six Months Ended June 30,
1995 1994 % Change
Premiums and policy charges $153,140,665 $115,297,178 32.82%
Net investment income 24,563,883 22,746,643 7.99%
Realized investment gains 1,169,680 3,911,392 (70.10%)
Other income 1,211,194 1,521,491 (20.35%)
Total revenues 180,086,142 143,476,704 25.52%
Total expenses 154,724,419 116,163,847 33.19%
Income before provision for
income taxes 25,361,723 27,312,857 (7.14%)
Provision for income taxes 8,009,489 8,550,327 (6.33%)
Net income $ 17,352,234 $ 18,762,530 (7.52%)
Net income per share $ 0.43 $ 0.46 (7.52%)
Operating income(a) $ 16,591,942 $ 16,220,125 2.29% Operating income per share $ 0.41 $ 0.40 2.29% Average number of shares outstanding 40,785,912 40,785,912
Three Months Ended June 30,
1995 1994 % Change
Premiums and policy charges $ 76,357,521 $ 56,904,744 34.18%
Net investment income 12,425,039 11,852,268 4.83%
Realized investment gains 904,403 1,413,567 (36.02%)
Other income 587,974 796,916 (26.22%)
Total revenues 90,274,937 70,967,495 27.21%
Total expenses 78,706,517 53,111,995 48.19%
Income before provision for
income taxes 11,568,420 17,855,500 (35.21%)
Provision for income taxes 3,630,252 5,251,873 (30.88%)
Net income $ 7,938,168 $ 12,603,627 (37.02%)
Net income per share $ 0.19 $ 0.31 (37.02%)
Operating income(a) $ 7,350,306 $ 11,684,808 (37.10%) Operating income per share $ 0.18 $ 0.29 (37.10%) Average number of shares outstanding 40,785,912 40,785,912
(a) Operating income excludes realized investment gains and
related taxes.
CONTACT: Alfa Corp., Montgomery Donald Price, 334/288-3900 |
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