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COTTON STATES LIFE AND HEALTH INSURANCE COMPANY ANNOUNCES RECORD RESULTS

 ATLANTA, April 26 /PRNewswire/ Cotton States Life and Health Insurance Company (NASDAQ: CSLH) today reported record earnings for the first quarter ended March 31.
 Earnings for the quarter were $879,878, or $.34 per share, compared to $727,281, or $.28 per share, for the first quarter ending March 31, 1992. The first quarter record results follow a steady increase in earnings since year-end 1991. Cotton States President and CEO J. Ridley Howard said, "The record earnings for the first quarter of 1993 are a continuing response to the business plan that produced record operating earnings in 1992."
 The increased earnings resulted from lower expenses and an improvement in the company's individual death claims experience. Howard also noted that the record earnings resulted entirely from operations, without a contribution from realized investment gains. Earnings for the same quarter last year included $350,248 from realized investment gains. Net earnings for the first quarter of 1993 also include a one-time charge of $218,547 for retiree health care benefits and a one-time deferred tax benefit of $260,000.
 Howard also announced that the board of directors declared a dividend of $.03 per share payable on July 1 to stockholders of record on June 15.
 Cotton States Life and Health Insurance Company is licensed to sell life insurance in Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. Its common shares are traded over the counter under the NASDAQ symbol CSLH.
 COTTON STATES LIFE AND HEALTH INSURANCE COMPANY
 Unaudited Consolidated Summary of Earnings
 3 months ended March 31 1993 1992
 Income:
 Premium income $1,891,300 $2,201,877
 Mortality and expense
 charges earned 1,284,010 1,191,331
 Investment income 1,587,529 1,493,076
 Realized investment gains --- 350,248
 Brokerage and other income 174,543 171,773
 Total income 4,937,382 5,408,305
 Benefits and expenses:
 Life benefits and claims 1,575,228 2,148,168
 A&H benefits and claims 862,039 750,179
 Amortization of policy
 acquisition costs 278,806 349,394
 Operating expenses 1,196,192 1,252,283
 Total benefits and expenses 3,912,265 4,500,024
 Earnings before income tax expense
 and cumulative effect of changes
 in accounting principles 1,025,117 908,281
 Federal income taxes:
 Current tax expense 177,008 169,000
 Deferred tax expense 9,684 12,000
 Total federal income taxes 186,692 181,000
 Net income before cumulative effect
 of changes in acctg. principles 838,425 727,281
 Cumulative effect on prior periods
 of a change in method of accounting
 for income taxes 260,000 ---
 Cumulative effect on prior periods of
 a change in method of accounting for
 retiree benefits, net of tax (218,547) ---
 Net earnings $ 879,878 $ 727,281
 Earnings per share of
 common stock $ 0.34 $ 0.28
 Weighted average number of
 shares used in computing
 earnings per share 2,590,925 2,624,168
 -0- 4/26/93
 /CONTACT: Gary W. Meader, senior vice president/treasurer, 404-391-8786, or Wendy Chamblee, vice president, corporate communications, 404-391-8903, both of Cotton States/
 (CSLH)


CO: Cotton States Life and Health Insurance Company ST: Georgia IN: INS SU: ERN

BN-CF -- AT021 -- 0834 04/26/93 15:02 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
Words:536
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