Allstate Financial Corporation Reports Third Quarter Profit.Business Editors/Banking Writers MCLEAN McLean, city (1990 pop. 38,168), Fairfax co., N Va., a suburb of Washington, D.C. Manufacturing includes foods, satellite components, and computer and telecommunications equipment. , Va.--(BUSINESS WIRE)--Nov. 14, 2000 Allstate This article is about the American insurance company. For the line of automobiles, see Allstate (automobile). The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. Financial Corporation ( the "Company") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ASFN ASFN Arizona Sports Fans Network ASFN Axel Schultz Fight Night (German band) ) today reported earnings of $48,505 or $.02 per share for the three months ended September September: see month. 30, 2000, compared to a loss of $1,847,894 or $0.79 per share for the comparable period in 1999. The Company reported a loss of $353,318 or $0.15 per share for the nine months ended September 30, 2000 compared to a loss of $15,347,931 or $6.64 per share for the nine months ended September 30, 1999. The Company indicated it had significant recoveries during the quarter relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc collections of two non-performing assets. The Company benefited from a $474,000 recovery in its provision for losses during the quarter. The three month results included interest expense of approximately $170,000, which will be significantly reduced in future periods because of the exchange on October October: see month. 26, 2000 of more than 94% of the Company's 10% Convertible Subordinated Notes due September 30, 2003 into common stock. The results for the quarter also included approximately $46,000 of expenses directly associated with the Company's planned merger with Harbourton Financial Corporation ("Harbourton"). David W. Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. , chairman of the board, stated "the Company continues to make steady progress on its plan of reorganization including the recent merger announcement with Harbourton, the exchange of its convertible subordinated notes, reduction in 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. and collection of non-performing assets." He further indicated "the planned merger with Harbourton is on track for closing on November 30, 2000. Harbourton will provide the Company significant new income that will be sheltered by the Company's net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. ." This press release may contain various "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. ," within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , that represent Allstate's expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include the closing of the Harbourton merger, changes in the timing and amount of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin which may be originated by the Company or by Harbourton, changes in revenue and expense trends (including trends affecting charge-offs) of the Company or Harbourton, changes in the Company's or Harbourton's markets and changes in the economy (particularly in the markets served by the Company or Harbourton). Such factors are discussed in detail in the Company's filings with the U.S. Securities and Exchange Commission.
Allstate Financial Corporation
8180 Greensboro Drive
McLean, Virginia 22120
Selected Financial Data:
($000's) except per share data
As of September 30,
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2000 1999
---- ----
Total Assets $ 6,296.9 $ 15,887.3
Total Liabilities 5,793.1 15,137.7
Shareholders' Equity 323.8 2,152.8
Book Value Per Share $ 0.13 $ 0.93
Three Months Ended Nine Months Ended
September 30, September 30,
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2000 1999 2000 1999
---- ---- ---- ----
Total Revenues $164.5 $627.2 $572.0 $3,164.4
Expenses
Compensation 112.8 523.2 398.0 1,786.9
General &
Administrative 307.2 822.6 850.0 2,577.2
Interest 169.8 319.9 516.5 1,030.8
Provision for Loss
(Recovery) (473.8) 800.0 (839.3) 9,176.1
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Total Expenses 116.0 2,465.6 925.3 14,571.0
Income (Loss)
Before Income Tax 48.5 (1,838.4) (353.3) (11,406.5)
Income Tax -- 9.5 -- 4,031.3
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Net Income (Loss) $ 48.5 $(1,847.9) $(353.3) $(15,437.9)
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Income (Loss) Per
Common Share $ 0.02 $(0.79) $(0.15) $(6.64)
Shares Outstanding 2,499,616 2,324,616
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