AmerUs Group Reports Record Quarter; Net Income Advances 27% To $78.2 Million; $1.86 Per Share.DES MOINES, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, -- AmerUs Group Co. (NYSE NYSE See: New York Stock Exchange :AMH AMH Abington Memorial Hospital (Abington, PA) AMH Anti-Müllerian Hormone AMH Australian Medicines Handbook AMH Automated Material Handling AMH Aviation Structural Mechanic (Hydraulics) US Navy Rating ), a leading producer of life insurance and annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. products, today reported record quarterly results, with first quarter 2006 net income of $78.2 million, or $1.86 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, compared with $61.5 million, or $1.43 per diluted share in the first quarter of 2005. Adjusted net 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 quarter of 2006 was a record $51.0 million, or $1.22 per diluted share, compared with $46.7 million, or $1.09 per diluted share a year ago.(1) Commenting on the company's first quarter results, chairman, president and chief executive officer 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 C. Godlasky said, "We are obviously very pleased with our record quarterly results. Our plans are to continue to deliver shareholder value." Protection Product Sales(2) and Results First quarter fixed life sales grew to $29.8 million, a 14 percent increase over the first quarter 2005 sales of $26.1 million, driven by a 53 percent increase in indexed life sales. Sales of indexed products amounted to 93 percent of total fixed life sales during the first quarter of 2006 compared to 69 percent a year ago. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta segment earnings totaled $39.2 million compared to $44.0 million in the first quarter of 2005. The decline in segment earnings was due to lower net investment income growth due to the redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of capital and higher benefit expense. Accumulation Accumulation 1) In the context of individual investing, it is the process of contributing cash to invest in securities over a period of time in order to build a portfolio of desired value. Dividends and capital gains are also reinvested during this process. Product Sales(2) and Results Sales of fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. products for the quarter totaled $517 million compared to $572 million in the first quarter of 2005. The decrease in annuity sales is primarily due to the competitiveness of certificate of deposit rates in the current economic environment. Sales of indexed annuities comprised 93 percent of first quarter sales compared to 88 percent a year ago. The company currently believes that total fixed annuity sales in 2006 will be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.8 billion. Pre-tax segment earnings increased to $56.1 million for the first quarter of 2006 compared to $40.7 million a year ago. Segment earnings grew primarily due to higher assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Net Investment Income Net investment income was $285 million in the first quarter of 2006 compared to $269 million in the first quarter of 2005. Growth in invested assets and higher yields on new investments contributed to the increase in net investment income. The average rate on new investments in the first quarter was 6.11 percent, 58 basis points higher than a year ago. The weighted average book yield for the first quarter was 5.72 percent compared to 5.69 percent last quarter. Earnings Guidance(3) "Our efforts remain focused on optimizing the balance between sales growth and profitability and I am pleased to reaffirm re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re our 2006 adjusted net operating income guidance of $4.90 to $5.10 per diluted share," said Godlasky. Corporate Actions The company will hold its annual meeting of shareholders at 2 p.m. (CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ) on Thursday Thursday: see week. , May 4, 2006, in Des Moines, Iowa. Shareholders of record who wish to attend the annual meeting should contact the company's corporate secretary at (515) 362-3695 for more information. Webcast, Conference Call, Audio Replay and Additional Financial Information Interested parties may listen to a webcast or conference call with AmerUs Group's management discussing first quarter 2006 results. The webcast may be accessed through AmerUs Group's website at www.amerus.com under the "For Investors" section of the home page. The conference call may be accessed by calling (toll free) 888-396-9924 (international 210-234-0008) at 10 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Wednesday Wednesday: see week. , May 4, 2006. An audio replay of AmerUs Group's call will be available at 12 p.m. EDT, May 4, 2006, through May 10, 2006. The replay can be accessed by dialing 800-873-9810 (international 402-220-5314). Further detailed financial information, including operating segment income, investment composition, 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 product distribution by channel, can be found in AmerUs Group's Financial Supplement, which is available by accessing the company's web site at www.amerus.com or by contacting the company's investor relations Investor relations The process by which the corporation communicates with its investors. department. Caution Regarding 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. This press release contains statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc trends in our operations and financial results and our business and products, which include words such as "anticipate", "believe", "plan", "estimate", "expect", "intend", and other similar expressions. Forward-looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements include, among others, the following possibilities: (a) general economic conditions and other factors, including prevailing interest rate levels and stock and bond market performance, which may affect (1) our ability to sell our products, (2) the market value of our investments and consequently protection product and accumulation product margins and (3) the lapse rate lapse rate n. The rate of decrease of atmospheric temperature with increase in altitude. lapse rate The rate of change of any meteorological phenomenon, especially atmospheric temperature with altitude. and profitability of policies; (b) the performance of our investment portfolios which may be affected by general economic conditions, the continued credit quality of the companies whose securities we invest in and the impact of other investment transactions; (c) customer response to new products, distribution channels and marketing initiatives and increasing competition in the sale of insurance and annuities and the recruitment recruitment /re·cruit·ment/ (re-krldbomact´ment) 1. the gradual increase to a maximum in a reflex when a stimulus of unaltered intensity is prolonged. 2. of sales representatives from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance may impair im·pair tr.v. im·paired, im·pair·ing, im·pairs To cause to diminish, as in strength, value, or quality: an injury that impaired my hearing; a severe storm impairing communications. our ability to retain existing customers, attract new customers and maintain our profitability; (d) our ratings and those of our subsidiaries by independent rating organizations which we believe are particularly important to the sale of our products; (e) mortality, morbidity morbidity /mor·bid·i·ty/ (mor-bid´it-e) 1. a diseased condition or state. 2. the incidence or prevalence of a disease or of all diseases in a population. mor·bid·i·ty n. , and other factors which may affect the profitability of our insurance products; (f) our ability to develop and maintain effective risk management policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental and to maintain adequate reserves for future policy benefits and claims; (g) litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. investigations or examinations; (h) regulatory changes, interpretations, initiatives or pronouncements, including those relating to the regulation of insurance companies and the regulation and sales of their products and the programs in which they are used; (i) changes in the federal income tax and other federal laws, regulations, and interpretations, including federal regulatory measures that may significantly affect the insurance business including limitations on antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. immunity immunity, ability of an organism to resist disease by identifying and destroying foreign substances or organisms. Although all animals have some immune capabilities, little is known about nonmammalian immunity. , the applicability of securities laws to insurance products, minimum solvency The ability of an individual to pay his or her debts as they mature in the normal and ordinary course of business, or the financial condition of owning property of sufficient value to discharge all of one's debts. solvency n. requirements, and changes to the tax advantages offered by life insurance and annuity products or programs with which they are used; (j) the impact of changes in standards of accounting; (k) our ability to achieve anticipated levels of operational efficiencies and cost-saving initiatives and to meet cash requirements based upon projected liquidity sources; (l) our ability to integrate the business and operations of acquired entities; and (m) various other factors discussed in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Item 1A. Risk Factors" in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December December: see month. 31, 2005. There can be no assurance that other factors not currently anticipated by us will not materially and adversely affect our results of operations. You are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf. Forward-looking statements speak only as of the date the statement was made. We undertake no obligation to update or revise any forward-looking statement. AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in 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. . Its major subsidiaries include: AmerUs Life Insurance Company, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. Life Insurance Company. As of March 31, 2006, AmerUs Group's total assets were $24.7 billion and 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. totaled $1.7 billion, including accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as . (1) The company views adjusted net operating income, a non-GAAP financial measure, as an important indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of financial performance. When presented with net income, the combined presentation can enhance an investor's understanding of AmerUs Group's underlying profitability and normalized results from operations. The definition of adjusted net 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 , as presented in this press release, excludes, on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , from net income items such as open block realized gains 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. and losses, deferred policy acquisition costs associated with open block realized gains and losses, non-insurance operations, the impact of derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. related market value adjustments and the release of income tax provisions. Non-GAAP measures are also used for goal setting, determining employee and management compensation and evaluating our performance on a basis comparable to that used by security analysts. A reconciliation of net income to adjusted net operating income has been included as part of this press release. (2) Sales for an insurance company are a performance measure. Sales are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with industry practice and represent the amount of new business sold during the period. We believe sales are a measure of the productivity of our distribution networks. Sales are also a leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. of future revenue trends. However, revenues are driven by prior period sales as well as current period sales. (3) Adjusted net operating income per share is a non-GAAP financial measure. Due to the unpredictability of the timing and recognition of gains and losses, especially items such as credit impairments, trading gains and losses, derivative related market value adjustments as well as the unpredictable nature of certain other items that management believes are not indicative indicative: see mood. of ongoing operational performance, guidance on GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income cannot readily be estimated. Accordingly, the company is unable to provide guidance with respect to, or a reconciliation of guidance on, adjusted net operating income per share to GAAP net income per share. Management uses adjusted net operating income per share for the reasons detailed in footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." 1 above.
AMERUS GROUP CO.
ADJUSTED NET OPERATING INCOME
($ in thousands, except share data)
Adjusted net operating income reflects net income adjusted to
eliminate certain items, such as open block realized/unrealized gains
and losses; DAC, VOBA and deferred sales inducements associated with
the open block realized/unrealized gains and losses; non-insurance
operations; derivative related market value adjustments; and the
release of income tax provisions. Adjusted net operating income shown
below does not constitute our net income computed in accordance with
GAAP. The adjustments are presented net of income taxes.
For The Three Months Ended
March 31,
2006 2005
---------------------------
Net Income available to common
stockholders $78,196 $61,488
Realized/unrealized (gains) losses on open
block assets (A) 171 (70)
Net amortization of DAC, VOBA and deferred
sales inducements due to open block gains
or losses (B) (116) (195)
Net effect of derivative related market
value adjustments (C) (26,657) 5,201
Other (income) loss from non-insurance
operations (D) - 226
Income tax items (E) (562) (19,927)
---------------------------
Adjusted Net Operating Income available to
common stockholders $51,032 $46,723
===========================
Adjusted Net Operating Income available to
common stockholders per common share:
Basic $1.32 $1.18
===========================
Diluted $1.22 $1.09
===========================
Weighted average common shares
outstanding:
Basic 38,751,160 39,575,696
===========================
Diluted 41,960,970 42,930,905
===========================
AMERUS GROUP CO.
NOTES TO ADJUSTED NET OPERATING INCOME
(A) Represents total open block realized/unrealized gains or losses on
assets. Open block gains or losses may vary widely between
periods. Such amounts are determined by management's timing of
individual transactions or current market conditions and do not
necessarily correspond to the underlying operating trends.
(B) Represents amortization of deferred acquisition costs (DAC), value
of business acquired (VOBA) and deferred sales inducements on the
open block realized/unrealized gains and losses that are included
in our product margins.
(C) Represents the net effect of derivative related market value
adjustments. The accounting entries consist of cash flow hedge
amortization; market value adjustments on trading securities,
derivatives, and indexed contracts; and the associated change in
amortization of DAC, VOBA, and deferred sales inducements
resulting from such adjustments.
(D) Represents the net income from our property operations which are
not part of our insurance operations.
(E) Represents a reduction in the income tax accrual for the release
of provisions originally established for potential tax adjustments
which have been settled or eliminated.
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share data)
For The Three Months Ended
March 31,
2006 2005
---------------------------
Revenues:
Insurance premiums $53,498 $62,546
Product charges 68,062 59,033
Net investment income 285,318 268,711
Realized/unrealized capital gains
(losses) 50,645 (48,944)
Other income 12,917 12,556
---------------------------
470,440 353,902
---------------------------
Benefits and expenses:
Policyowner benefits 211,992 169,583
Underwriting, acquisition and other
expenses 40,968 40,608
Amortization of deferred policy
acquisition costs and value of business
acquired 68,520 52,743
Dividends to policyowners 18,733 20,003
---------------------------
340,213 282,937
---------------------------
Income from continuing operations 130,227 70,965
Interest expense 8,665 7,780
---------------------------
Income before income tax expense 121,562 63,185
Income tax expense 40,647 1,697
---------------------------
Net income 80,915 61,488
Dividends on preferred stock 2,719 -
---------------------------
Net income available to common
stockholders $78,196 $61,488
===========================
Net income available to common
stockholders per common share:
Basic $2.02 $1.55
===========================
Diluted $1.86 $1.43
===========================
Weighted average common shares
outstanding:
Basic 38,751,160 39,575,696
===========================
Diluted 41,960,970 42,930,905
===========================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
March 31, December 31,
2006 2005
---------------------------
Investments:
Securities available-for-sale at fair
value:
Fixed maturity securities $16,468,471 $16,727,933
Equity securities 74,889 75,658
Short-term investments 18,996 9,998
Securities held for trading purposes:
Fixed maturity securities 1,383,819 1,414,225
Equity securities 4,087 2,358
Mortgage loans 964,495 976,135
Policy loans 484,260 483,441
Other investments 374,115 347,552
---------------------------
Total investments 19,773,132 20,037,300
Cash and cash equivalents 529,556 600,160
Accrued investment income 241,316 237,221
Premiums, fees and other receivables 39,640 40,667
Income taxes receivable - 9,005
Reinsurance receivables 727,852 730,532
Deferred policy acquisition costs 1,946,284 1,755,159
Deferred sales inducements 298,880 261,322
Value of business acquired 358,260 356,949
Goodwill 229,670 228,869
Property and equipment 45,539 44,467
Other assets 310,114 306,655
Separate account assets 224,530 221,694
---------------------------
Total assets $24,724,773 $24,830,000
===========================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
March 31, December 31,
2006 2005
---------------------------
Liabilities and Stockholders' Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy
benefits $19,620,984 $19,486,854
Policyowner funds 1,489,572 1,483,873
---------------------------
21,110,556 20,970,727
Accrued expenses and other liabilities 874,103 975,419
Dividends payable to policyowners 209,726 278,839
Policy and contract claims 67,082 66,137
Income taxes payable 100 -
Deferred income taxes 28,290 58,818
Notes payable 555,899 556,051
Separate account liabilities 224,530 221,694
---------------------------
Total liabilities 23,070,286 23,127,685
Stockholders' equity:
Preferred Stock, no par value,
20,000,000 shares authorized, 6,000,000
shares issued and outstanding in 2006
and 2005 144,830 144,830
Common Stock, no par value, 230,000,000
shares authorized; 46,871,831 shares
issued and 38,802,455 shares
outstanding in 2006 46,675,811 shares
issued and 38,612,874 shares
outstanding in 2005 46,872 46,676
Additional paid-in capital - common
stock 1,238,933 1,231,533
Accumulated other comprehensive
income/(loss) (118,881) (3,612)
Unearned compensation - (3,783)
Retained earnings 682,943 604,747
Treasury stock, at cost (8,069,376
shares in 2006 and 8,062,937 shares in
2005) (340,210) (318,076)
---------------------------
Total stockholders' equity 1,654,487 1,702,315
---------------------------
Total liabilities and
stockholders' equity $24,724,773 $24,830,000
===========================
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Three Months Ended March 31, 2006 and the Year Ended
December 31, 2005
($ in thousands)
Accumulated
Additional Other
Paid-In Comprehensive
Preferred Common Capital Income (Loss)
------------ ------------ ----------- -------------
Balance at
December 31, 2004 $- $44,226 $1,198,379 $114,670
2005:
Net income - - - -
Net unrealized
loss on
securities - - - (118,034)
Net unrealized
loss on
derivatives
designated as
cash flow
hedges - - - (248)
Issuance of
preferred stock 144,830 - - -
Conversion of
OCEANs - 1,675 9,069 -
Stock issued
under various
incentive
plans, net of
forfeitures - 775 24,085 -
Purchase of
treasury stock - - - -
Dividends
declared on
preferred stock - - - -
Dividends
declared on
common stock - - - -
------------ ------------ ----------- -------------
Balance at
December 31, 2005 144,830 46,676 1,231,533 (3,612)
2006:
Net income - - - -
Net unrealized
loss on
securities - - - (115,438)
Net unrealized
loss on
derivatives
designated as
cash flow
hedges - - - (42)
Stock issued
under various
incentive
plans, net of
forfeitures - 196 11,183 -
Purchase of
treasury stock - - - -
Dividends
declared on
preferred stock - - - -
Reclassification
of unearned
compensation
under SFAS 123R - - (3,783) -
Minimum pension
liability
adjustment - - - 211
------------ ------------ ----------- -------------
Balance at March
31, 2006 $144,830 $46,872 $1,238,933 $(118,881)
============ ============ =========== =============
Total
Unearned Retained Treasury Stockholders'
Compensation Earnings Stock Equity
------------ ------------ ----------- -------------
Balance at
December 31, 2004 $(1,238) $431,911 $(164,479) $1,623,469
2005:
Net income - 191,179 - 191,179
Net unrealized
loss on
securities - - - (118,034)
Net unrealized
loss on
derivatives
designated as
cash flow
hedges - - - (248)
Issuance of
preferred stock - - - 144,830
Conversion of
OCEANs - - - 10,744
Stock issued
under various
incentive
plans, net of
forfeitures (2,545) - 958 23,273
Purchase of
treasury stock - - (154,555) (154,555)
Dividends
declared on
preferred stock - (2,417) - (2,417)
Dividends
declared on
common stock - (15,926) - (15,926)
------------ ------------ ----------- -------------
Balance at
December 31, 2005 (3,783) 604,747 (318,076) 1,702,315
2006:
Net income - 80,915 - 80,915
Net unrealized
loss on
securities - - - (115,438)
Net unrealized
loss on
derivatives
designated as
cash flow
hedges - - - (42)
Stock issued
under various
incentive
plans, net of
forfeitures - - (6,817) 4,562
Purchase of
treasury stock - - (15,317) (15,317)
Dividends
declared on
preferred stock - (2,719) - (2,719)
Reclassification
of unearned
compensation
under SFAS 123R 3,783 - - -
Minimum pension
liability
adjustment - - - 211
------------ ------------ ----------- -------------
Balance at March
31, 2006 $- $682,943 $(340,210) $1,654,487
============ ============ =========== =============
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