Conseco Refines Earnings Outlook to Reflect Change in Plans for BLH.CARMEL, Ind.--(BUSINESS WIRE)--May 30, 1995--Conseco Chairman Stephen C. Hilbert today agreed with analyst estimates for Conseco's 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 per share of $4.80 in 1995 and $6.80-$7.00 in 1996. Hilbert said these estimates assume that Conseco's merger with CCP (Certified Computer Professional) The award for successful completion of a comprehensive examination on computers offered by the ICCP. See ICCP and certification. . 1. (language) CCP - Concurrent Constraint Programming. 2. Insurance, Inc. (NYSE NYSE See: New York Stock Exchange : CCP) is completed by the end of August, and that Conseco increases its ownership position in Bankers Life Holding Corp. (NYSE: BLH BLH Baldwin-Lima-Hamilton (locomotive manufacturer) BLH Bellingham, Washington (border patrol station) BLH Bidirectional Long Haul ) from 63 percent to 80 percent by the end of the third quarter, as expected. As reported, Conseco and CCP on May 21 jointly announced a definitive merger agreement under which Conseco will acquire all of the approximately 11.8 million CCP shares that Conseco does not already own for $23.25 per share in cash. The transaction requires the approval of holders of a majority of CCP's outstanding shares (excluding shares held by Conseco) present in person or represented by proxy at a special stockholders' meeting. Also as reported, Conseco on May 26 announced that it had withdrawn its proposal to acquire by merger for $22.00 per share all of the publicly traded shares of BLH and that Conseco's board of directors had approved an open-market purchase open-market purchase The buying of stocks and bonds in the securities markets. For example, in order to satisfy the sinking fund requirement of a bond indenture, the issuer may call securities from investors or make open-market purchases. program authorizing Conseco to purchase up to 10 million BLH shares from time to time at prices and in quantities management deems reasonable. Hilbert reiterated that Conseco in 1995 plans to focus on the opportunities for internal growth at its insurance company affiliates. "The pending merger with CCP will simplify and streamline our corporate structure, enabling us to reduce expenses and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. cross-selling opportunities," Hilbert said. "Although we would have preferred to also merge with BLH, the current plans to increase our ownership to the 80 percent level will allow us to achieve most of our goals." Conseco, headquartered in Carmel, Ind., owns, operates and provides services to companies in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry (primarily life insurance companies, to date). Conseco generates earnings by: (1) operating life insurance companies; (2) providing investment management, administrative and other services to affiliates and non-affiliates for fees; and (3) acquiring and restructuring life insurance companies in partnership with other investors. CONTACT: Conseco, Carmel James W. Rosensteele, 317/817-2893 (VP-Investor Relations) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion