AmerUs Group Updates Expected Annual Results and Reports Second Quarter Results.Business Editors DES MOINES, Iowa--(BUSINESS WIRE)--July 25, 2001 AmerUs Group (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 ) announced today that its acquisition of Indianapolis Life Insurance Company is expected to contribute approximately $0.07 per share to 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 during the second half of 2001. "We are very pleased with the immediate positive impact of the Indianapolis Life transaction on our operating results," said Roger K. Brooks, chairman, president and chief executive officer of AmerUs Group. "We are making rapid progress on our integration activities and are ahead of schedule on delivering the anticipated $15 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. pre-tax cost savings." The company said that the positive impact of the Indianapolis Life acquisition is likely to be offset in the second half of the year by lower than expected life and annuity product margins and lower projected earnings from AMAL Corp., its variable products joint venture. These items together are expected to reduce second-half operating earnings per share by $0.11 from the company's previously announced earnings goal. As a result of the above operating items and the Indianapolis Life acquisition, AmerUs Group said it expects 2001 operating earnings to be approximately $3.02 to $3.06 per share, compared with its earlier goal of $3.06 to $3.10 per share. AmerUs Group reported adjusted operating earnings of $2.76 per share in 2000. AmerUs Group said that the operating items mentioned previously reduced second quarter 2001 operating earnings by $0.03 per share, with that impact largely offset by a $0.02 per share contribution from the Indianapolis Life operations. As a result, the company reported operating earnings of $0.75 per share in the second quarter of 2001. The company will provide additional clarification on its results during the second quarter earnings conference call, scheduled to be held on August 7, 2001. In conjunction with the acquisition and demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. of Indianapolis Life, the company stated that it expects to begin distribution of cash and common stock to Indianapolis Life policyholders on July 30, 2001. AmerUs Group Co. is an Iowa corporation located in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , engaged through its subsidiaries in the business of marketing, underwriting and distributing individual life insurance and annuity products in 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and the U.S. Virgin Islands. Its wholly-owned subsidiaries include AmerUs Life Insurance Company, American Investors Life Insurance Company, Inc., Delta Life and Annuity Company, Financial Benefit Life Insurance Company, Indianapolis Life Insurance Company, IL Insurance and Annuity Company, 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 Western Security Life Insurance Company. As of March 31, 2001, AmerUs Group's total assets were $11.8 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 $876.0 million, 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 . Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to sales targets, sales and earnings trends, management's beliefs, expectations, goals and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. For further information which could cause actual results to differ from the company's expectations as well as other factors which could affect the company's financial statements, please refer to the company's filings with the Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion