FBL Financial Group Provides Earnings Guidance for 2003.Business Editors WEST DES MOINES West Des Moines (də moin`), city (1990 pop. 31,702), Polk co., S central Iowa, a growing suburb W of Des Moines; inc. 1893 as Valley Junction, renamed 1938. Products manufactured there include cement, metal items, and pumps. , Iowa--(BUSINESS WIRE)--Dec. 12, 2002 FBL FBL Full Bell Lines (coin grading) FBL Fly by Light FBL FIATA Bill of Lading FBL Functional Baseline FBL Foundation for a Better Life FBL Federal Barge Lines, Inc. Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange :FFG FFG Forschungsförderungsgesellschaft (German: Austrian research promotion agency) FFG Flash Flood Guidance FFG Guided Missile Frigate FFG Fall from Grace (band) FFG Fast Frigates FFG Freeware Flight Group ) today announced its earnings guidance for 2003 and reaffirmed its 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. guidance for the fourth quarter of 2002. While subject to volatility resulting from a number of factors, including mortality experience and investment results, FBL expects full year 2003 net income and operating income to be within a range of $1.97 to $2.07 per common share. This is a $0.05 to $0.15 increase over the top end of FBL's current 2002 operating income guidance of $1.88 to $1.92 per common share. The 2003 guidance includes approximately $0.01 per common share for the expensing of stock options. FBL announced in August that it would begin expensing stock options in 2003. FBL reaffirms its fourth quarter 2002 operating income guidance of $0.45 to $0.49 per common share. Operating income equals GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income adjusted to eliminate the impact of 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 on investments. FBL expects fourth quarter 2002 net income to be within a range of $0.21 to $0.25 per common share. This net income guidance includes net realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. on investments totaling $0.21 per common share, primarily driven by write downs due to other-than-temporary impairment of securities, including fixed income investments in United Air Lines. "We have been very pleased with our strong results year-to-date in 2002 and are looking forward to another successful year in 2003," said Bill Oddy, Chief Executive Officer. "We plan to continue to focus on our proven growth strategies of internal growth within our core distribution system, alliances and relationships with other companies, and consolidations." The statements in this release concerning FBL's prospects for the future are forward-looking statements that involve certain risks and uncertainties, including persistency and investment experience. These forward-looking statements are based on assumptions which FBL believe to be reasonable. No assurance can be given that the assumptions will prove to be correct, and the difference between assumptions and actual results could be material. FBL Financial Group (www.fblfinancial.com) is a holding company whose primary operating subsidiaries are Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. In addition, FBL manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. FBL's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network, (2) alliances and relationships with other companies and (3) consolidations. |
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