American Re increases latent liability reserves, resulting in 1995 net loss of $87.6 million or $1.86 per share.PRINCETON Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. , N.J.--(BUSINESS WIRE)--Jan. 29, 1996--American Re Corporation (NYSE-ARN) announced today that in the fourth quarter of 1995 it increased its net reserves for asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. , environmental and other latent Hidden; concealed; that which does not appear upon the face of an item. For example, a latent defect in the title to a parcel of real property is one that is not discoverable by an inspection of the title made with ordinary care. liabilities, which relate primarily to accident years prior to 1986, by $347.4 million, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , ($231.0 million, net of tax), resulting in a net loss of $87.6 million or $1.86 per share for the full year. Included in the 1995 net loss of $87.6 million were catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses of $6.5 million, net of tax, or $.14 per share, attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Caribbean storms which occurred during the third and fourth quarters. Absent the fourth quarter non-cash reserve strengthening charge and the catastrophe losses, net income for the year would have been $149.9 million or $3.08 per share. Reserve Increase Based on an internal review of its reserves for latent liabilities using a new methodology developed by 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 Re, the Company recorded in the fourth quarter a charge to earnings of $587.0 million gross (before reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and retrocessions) and $347.4 million net (after reinsurance and retrocessions), pre-tax, as a result of an addition to its reserves for loss and loss adjustment expenses, which relate primarily to accident years prior to 1986. As a result of this reserve increase, the Company's gross reserves for asbestos, environmental and other latent liabilities at December December: see month. 31, 1995, were $947.0 million. This is 10.2 times the average annual level of asbestos, pollution and other latent liability claims payments made by the Company over the three year period 1993-1995. After this non-cash reserve charge, there remains $271.4 million of unutilized stop loss reinsurance protection available to the Company for accident years 1991 and prior under the loss reserve guarantee in the form of the $500 million reinsurance agreement with The Aetna Aetna, volcano: see Etna, Italy. Casualty & Surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. Company ("the Aetna Stop Loss Agreement") established at the time of the Company's acquisition from Aetna. This increase in loss reserves represents American Re s best estimate of its ultimate exposure for latent liabilities based on currently known facts, projected forward for future additional claimants using assumptions and methodology considered reasonable. Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. H. Inderbitzin, Chairman, President, and Chief Executive Officer of American Re, said, This reserve increase, which relates entirely to losses incurred but not reported Incurred but not reported (IBNR) is a term in common use in general insurance. When a policy of general insurance is written it will typically cover a 12 month period from inception of the policy. (`IBNR') to the Company, primarily from accident years prior to 1986, is based on a new methodology recently developed by the Company. Our new methodology incorporates detailed exposure data previously not readily available, including limits exposed, underlying policy attachment See attach a file. points, total coverage available, American Re's exposed limits, other non-American Re reinsurance coverages and their applicability, and the exposure periods involved. To implement this methodology required the manual gathering of this data from thousands of records, which were then input to a sophisticated database allowing 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. , analysis and estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. of these exposures. The methodology also goes beyond actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin projections in that it integrates actual reinsurance claims experience into our quantification quan·ti·fy tr.v. quan·ti·fied, quan·ti·fy·ing, quan·ti·fies 1. To determine or express the quantity of. 2. process. Mr. Inderbitzin also noted, We have experienced volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the from loss emergence from past accident years due to asbestos, pollution and other latent exposures. By establishing these additional IBNR IBNR Incurred But Not Reported IBNR Interesting But Not Relevant reserves, we believe that we will reduce the impact of past loss emergence in the future. We also take additional comfort in knowing that the Aetna Stop Loss Agreement has unutilized limit available. Notwithstanding this reserve strengthening, and the remaining protection under the Aetna Stop Loss Agreement, there can be no assurance that future losses resulting from these exposures will not impact future earnings. Fourth Quarter Results As a result of the reserve charge, the fourth quarter 1995 net loss was $198.5 million or $4.22 per share, compared to net income of $34.4 million or $.71 per share for the same quarter of 1994. The Company's net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. (excluding net realized capital gains) was $198.7 million or $4.22 per share, compared to 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. of $34.3 million or $.71 per share for the same period last year. The net loss and net operating loss each include $6.5 million, net of tax, or $.14 per share of catastrophe losses due to the Caribbean storms which occurred in the third and fourth quarters of 1995, whereas the comparable amounts for 1994 each included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.9 million, net of tax, or $.02 per share due to additional development of losses as a result of the Northridge earthquake The Northridge earthquake occurred on January 17, 1994 at 4:31 AM Pacific Standard Time in the city of Los Angeles, California. The earthquake had a "strong" moment magnitude of 6. . Absent the fourth quarter reserve strengthening charge and the catastrophe losses, both net income and net operating income for the fourth quarter of 1995 would have been $39.0 million or $.80 per share, based on 48.7 million common shares and share equivalents. Net realized capital gains, net of tax, were $0.2 million or less than $.01 per share in the fourth quarter of 1995, compared to net realized capital gains, net of tax, of $0.1 million or less than $.01 per share for the same period in 1994. Per share amounts were computed using 47.1 million common shares outstanding on a weighted-average basis during the fourth quarter of 1995 compared to 48.5 million common shares and share equivalents for the same period last year. The Company's after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. net investment income increased 11.0% to $42.3 million for the 1995 fourth quarter, compared to $38.1 million for the same quarter last year. Net cash flow provided by operating activities (after interest and taxes) was $62.9 million for 1995's fourth quarter, after approximately $60 million of commutation payments, compared to $179.3 million provided during the same period in 1994, which did not include any material commutation payments. At December 31, 1995, the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: total assets were $7.8 billion, and consolidated common stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. totaled $847.1 million or $18.00 per share, based on the 47.1 million common shares outstanding on that date. Pursuant to Financial Accounting Standard No. 115, which was adopted by the Company on January January: see month. 1, 1994, consolidated stockholders equity increased by $63.9 million or $1.36 per share at December 31, 1995, as a result of marking to market Marking to market Settling or reconciling changes in the value of futures contracts on a daily basis. Also refers to the practice of reporting the value of assets on a market rather than book value basis. the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of applicable bond securities. Gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. by the Company's subsidiaries increased 12.2% to $504.6 million, versus $449.9 million in the fourth quarter of 1994. The subsidiaries statutory combined ratio was 186.5% for the fourth quarter of 1995 (including 84.2 points due the fourth quarter reserve strengthening charge and 2.7 points due to catastrophe losses), compared to 98.5% (including 0.4 points due to catastrophe loss development) for the same period in 1994. The combined statutory surplus of the subsidiaries was $1.110 billion at December 31, 1995. Full Year Results For the year ended December 31, 1995, the Company reported a net loss of $87.6 million or $1.86 per share, compared to net income of $97.5 million or $2.01 per share for the same period of 1994. The 1995 net operating loss (excluding net realized capital gains and an extraordinary loss) of $90.3 million or $1.91 per share compares to 1994 net operating income of $97.6 million or $2.01 per share. The net loss and net operating loss each include $6.5 million, net of tax, or $.14 per share of catastrophe losses due to the Caribbean storms that occurred in the third and fourth quarters, whereas the comparable amounts for 1994 each included approximately $43.0 million, net of tax, or $.89 per share due primarily to the Northridge earthquake. Absent the fourth quarter reserve strengthening charge and the catastrophe losses, net income for the year would have been $149.9 million or $3.08 per share, and net operating income would have been $147.2 million or $3.03 per share, based on 48.6 million common shares and share equivalents. For the year ended December 31, 1995, net realized capital gains, net of tax, were $3.0 million or $.06 per share, compared to net realized capital losses, net of tax, of $0.1 million or less than $.01 per share for the same period in 1994. Net income for 1995 was after an extraordinary, non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.3 million or $.01 per share due to the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of deferred financing fees incurred in connection with the bank debt that was repaid with the proceeds of $237.5 million of Cumulative Quarterly Income Preferred Securities (QUIPS QUIPS See Quarterly Income Preferred Securities (QUIPS). ) that were sold on August 30, 1995, by the Company's affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , American Re Capital; there were no comparable amounts in 1994. Per share amounts were computed using 47.1 million common shares outstanding on a weighted-average basis during 1995, compared to 48.5 million common shares and share equivalents for 1994. After-tax net investment income for 1995 increased 14.2% to $166.8 million, compared to $146.0 million for 1994. Net cash flow provided by operating activities (after interest and taxes) was $325.7 million for 1995, after approximately $60 million of commutation payments, compared to $429.8 million provided during the 1994, which did not include any material commutation payments. Gross premiums written by the Company's subsidiaries for the year ended December 31, 1995, increased 6.9% to $2.044 billion, compared to $1.912 billion for 1994. The subsidiaries statutory combined ratio was 121.0% (including 20.7 points due the fourth quarter reserve strengthening charge and 0.7 points due to catastrophe losses) in 1995, compared to 103.8% (including 4.6 points due to catastrophe losses) in 1994. New Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility On December 29, 1995, American Re borrowed $75 million from Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , NA, in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, and as part of a new, unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. bank revolving credit facility established on January 29, 1996, which allows the Company to borrow Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. an aggregate amount up to $150 million at a floating rate of interest. On December 29, 1995, the Company contributed $100 million, including the proceeds of the $75 million borrowing, to the capital of American Re-Insurance RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. 2. It differs from a double insurance (q.v. Company, its principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . American Re, through its wholly-owned subsidiaries, is a direct writer of treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. reinsurance and related services, with approximately 1,200 employees in 13 domestic and 16 international offices. -0-
AMERICAN RE CORPORATION
DECEMBER 31, 1995 FINANCIAL HIGHLIGHTS
(Dollars in millions, except per share data)
Three-month period ended Year ended
December 31, December 31,
1995 1994 % Chg 1995 1994 % Chg
SUMMARY PERFORMANCE DATA
(GAAP BASIS)
Gross premiums written $ 504.6 $ 449.9 12.2% $2,043.5 $1,911.7 6.9% Net premiums written 391.3 365.0 7.2 1,629.5 1,553.3 4.9 Pre-tax net investment income 56.6 49.6 14.1 222.6 188.7 18.0 After-tax net investment income 42.3 38.1 11.0 166.8 146.0 14.2 INCOME STATEMENT DATA
Operating income (loss),
excluding realized
capital gains (1)(2) $(198.7) $ 34.3 $(90.3) $ 97.6
Net realized capital
gains (losses),
net of taxes 0.2 0.1 3.0 (0.1)
Income (loss) before
extraordinary loss (198.5) 34.4 (87.3) 97.5
Extraordinary loss,
net of taxes --- --- (0.3) ---
Net income (loss) to
common stockholders $(198.5) $34.4 $ (87.6) $ 97.5
(1) Includes effect of
catastrophes $ 6.5 $ 0.9 $6.5 $ 43.0
(2) Includes effect of
charge for
reserve
strengthening $231.0 $ --- $ 231.0 $ ---
EARNINGS PER SHARE
Operating income
(loss), excluding
realized capital
gains (3)(4) $ (4.22) $ 0.71 $ (1.91) $ 2.01
Net realized capital
gains (losses), net
of taxes 0.00 0.00 0.06 0.00
Income (loss) before
extraordinary loss (4.22) 0.71 (1.85) 2.01
Extraordinary loss,
net of taxes --- --- (0.01) ---
Net income (loss) per
common share $ (4.22) $ 0.71 $ (1.86) $ 2.01
(3) Includes effect
of catastrophes $ 0.14 $ 0.02 $ 0.14 $ 0.89
(4) Includes effect of
charge for
reserve
strengthening $ 4.90 $ --- $ 4.90 $ ---
Weighted average
shares and (for
1994 only) common
stock equivalents
outstanding (in
millions) 47.1 48.5 47.1 48.5
CASH FLOW DATA
Cash provided by
operations $ 62.9 $ 179.3 $ 325.7 $ 429.8
-0-
AMERICAN RE CORPORATION
DECEMBER 31, 1995 FINANCIAL HIGHLIGHTS
(Dollars in millions, except per share data)
December 31, December 31,
BALANCE SHEET DATA 1995 1994
Cash and invested assets $ 3,957.5 $ 3,308.9 Total assets 7,814.4 6,677.9 Loss and loss adjustment expense reserves 4,790.0 3,971.9 Senior bank debt 75.0 200.0 Senior subordinated debt 450.0 450.0 Company-obligated mandatorily redeemable preferred securities of subsidiary trust 237.5 --- Common stockholders' equity 847.1 789.2 Book value per common share 18.00 16.77 Book value per common share excluding the effect of FAS 115 on the bond portfolio 16.64 18.82 CHARGE FOR RESERVE STRENGTHENING, PRE-TAX
Asbestos, environmental and other
latent loss reserve strengthening $ 587.0 $ ---
Retrocessional recoveries prior
to Aetna Stop Loss Cover, net
of uncollectible retrocessions (119.0) ---
Net incurred charge prior to Aetna
Stop Loss Cover 468.0 ---
Gross cession to the Aetna Stop
Loss Cover (1) (228.6) ---
Loss of workers compensation
discount on ceded reserves 108.0 ---
Net asbestos, environmental and other
latent incurred losses $ 347.4 $ ---
(1) Unutilized reinsurance limit of $271.4 million remains available under the Aetna Stop Loss Cover.
STATUTORY DATA
Three-month period ended Year ended
December 31, December 31,
1995 1994 1995 1994
Combined Ratios
Loss ratio (2)(3) 153.4 % 66.2 88.9 % 71.2
Commission ratio 23.1 24.4 23.5 24.7
Other underwriting
expense ratio 10.0 7.9 8.6 7.9
Combined ratio 186.5 % 98.5 121.0 % 103.8
(2) Includes effect of
catastrophes 2.7 % 0.4 % 0.7 % 4.6 %
(3) Includes effect of
charge for reserve
strengthening 84.2 % --- % 20.7 % --- %
December 31, December 31,
1995 1994
Statutory surplus $ 1,109.6 $ 1,104.1 Premium/surplus ratio 1.45 to 1 1.39 to 1 Reserve/surplus ratio 2.57 to 1 2.13 to 1 -0-
AMERICAN RE CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share data)
GAAP Basis Three-month period ended Year ended
December 31, December 31,
1995 1994 1995 1994
Gross premiums written $ 504.6 $ 449.9 $ 2,043.5 $ 1,911.7
Revenue:
Net premiums written $ 391.3 $ 365.0 $ 1,629.5 $ 1,553.3
Change in unearned
premiums (11.4) (36.8) (98.6) (91.9)
Premiums earned 379.9 328.2 1,530.9 1,461.4
Net investment income 56.6 49.6 222.6 188.7
Net realized capital
gains (losses) 0.3 0.1 4.7 (0.2)
Other income 13.0 8.3 39.1 28.6
Total revenue 449.8 386.2 1,797.3 1,678.5
Losses and expenses:
Losses and loss
adjustment expense 569.1 210.1 1,340.2 1,011.0
Commission expense 81.7 73.0 322.4 321.5
Operating expense 33.2 28.6 130.0 117.8
Interest expense 13.1 16.1 60.7 60.0
Other expense 61.9 14.9 103.5 47.5
Total losses and
expenses 759.0 342.7 1,956.8 1,557.8
Income (loss) before
income taxes,
distributions on
preferred securities
of subsidiary trust
and extraordinary
loss (309.2) 43.5 (159.5) 120.7
Federal and foreign
income taxes (114.0) 9.1 (76.6) 23.2
Income (loss) before
distributions on
preferred securities
of subsidiary trust
and extraordinary loss (195.2) 34.4 (82.9) 97.5
Distributions on preferred securities of subsidiary trust, net of applicable income taxes of $1.7 and $2.4, respectively (3.3) --- (4.4) ---
Income (loss) before
extraordinary loss (198.5) 34.4 (87.3) 97.5
Extraordinary loss, net of
applicable income taxes
of $0.2 --- --- (0.3) ---
Net income (loss) to
common stockholders $(198.5) $ 34.4 $ (87.6) $ 97.5
EARNINGS PER SHARE
Primary earnings per share:
Operating income (loss),
excluding realized
capital gains (losses) $ (4.22) $ 0.71 $ (1.91) $ 2.01
Net realized capital gains
(losses), net of taxes 0.00 0.00 0.06 0.00
Income (loss) before
extraordinary loss (4.22) 0.71 (1.85) 2.01
Extraordinary loss, net of
taxes --- --- (0.01) ---
Net income (loss) per
common share $ (4.22) $ 0.71 $ (1.86) $ 2.01
Weighted average shares and (for 1994 only) common stock equivalents outstanding (in millions) 47.1 48.5 47.1 48.5 -0-
AMERICAN RE CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share data)
GAAP Basis
Assets December 31, December 31,
Investments 1995 1994
Fixed Maturities
Bonds held to maturity,
at amortized cost (fair
value: December 31, 1995
- $74.6; December 31,
1994 - $457.5) $ 71.8 $ 470.8
Bonds available for sale,
at fair value (amortized
cost: December 31, 1995
- $3,422.7; December 31,
1994 - $2,675.5) 3,520.2 2,525.0
Preferred stock available
for sale, at fair value
(amortized cost: December
31, 1995 - $43.6) 43.6 ---
Equity securities available
for sale, at fair value
(cost: December 31, 1995
and December 31, 1994 - $8.7) 19.6 10.8
Other invested assets 8.1 21.8
Cash and cash equivalents 294.2 280.5
Total investments and cash 3,957.5 3,308.9
Accrued investment income 67.0 58.6
Premiums due and other
receivables 597.0 606.6
Deferred policy acquisition
costs 235.2 213.5
Reinsurance recoverable on
paid and unpaid losses 2,025.5 1,721.1
Funds held by ceding companies 264.5 259.0
Prepaid reinsurance premiums 90.2 63.9
Deferred federal income taxes 54.0 86.1
Deferred financing fees 26.7 20.6
Goodwill 87.5 89.9
Other assets 409.3 249.7
Total assets $ 7,814.4 $ 6,677.9
Liabilities
Loss and loss adjustment
expense reserves $ 4,790.0 $ 3,971.9
Unearned premium reserve 858.6 731.5
Total insurance reserves 5,648.6 4,703.4
Loss balances payable 112.6 140.7
Funds held under reinsurance
treaties 222.1 200.5
Senior bank debt 75.0 200.0
Senior subordinated debt 450.0 450.0
Other liabilities 221.5 194.1
Total liabilities 6,729.8 5,888.7
Company-obligated mandatorily redeemable preferred securities of subsidiary trust 237.5 ---
Stockholders' Equity
Common stock, par value $.01
per share; authorized:
125,000,000 shares; issued
and outstanding: December 31,
1995 and December 31, 1994 -
47,051,741 and 47,050,151
shares, respectively 0.5 0.5
Additional paid-in capital 710.5 710.9
Retained earnings 87.3 189.9
Net unrealized appreciation
(depreciation) of investments 71.0 (94.5)
Net unrealized loss on foreign
exchange (22.2) (17.6)
Total stockholders' equity 847.1 789.2
Total liabilities,
Company-obligated
mandatorily redeemable
preferred securities of
subsidiary trust and
stockholders' equity $ 7,814.4 $ 6,677.9
Additional information regarding results is contained in the Results Supplement for Fourth Quarter 1995, available on request from Ms. Nancy Columbia, Investor Relations, at (609) 243-4684. CONTACT: American Re James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. R. Fisher fisher, name of a large North American marten, Martes pennanti. This carnivorous, largely arboreal mammal is found in hardwood forests of Canada, the extreme N United States, and mountain ranges of the W United States. (609) 243-4602 or 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 H. Walker, Jr. (609) 243-4679 |
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