Loews Corporation Reports Net Income for 2006.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 -- Loews The name Loews can refer to several articles in the Wikipedia:
See: New York Stock Exchange :LTR LTR - Langage Temps-Réel. (French for "real-time language") A French predecessor to Ada, LTR is Modula-like with a set of special-purpose real-time constructs based on an event model. It was mentioned in the reference below. ["An Overview of Ada", J.G.P. ;CG) today reported consolidated net income (including both the Loews Group and Carolina Carolina (kärōlē`nä), city (1990 pop. 177,806), Puerto Rico. Located 7 mi (11 km) SE of San Juan, it is a residential suburb of the capital, as well as a commercial and industrial center. Group) for the 2006 fourth quarter of $746.5 million, compared to $127.6 million in the 2005 fourth quarter. Consolidated net income for the year ended December December: see month. 31, 2006 was $2,491.3 million, compared to $1,211.6 million in the prior year. Net income and earnings per share information attributable to Loews common stock and Carolina Group stock is summarized in the table below: [TABLE OMITTED] (a) Reflects Loews Corporation's sales of 15 million shares of Carolina Group stock in each of August and May of 2006 and 10 million shares in November November: see month. of 2005. Net income per share of Carolina Group stock was not impacted by these sales. Three Months Ended December 31, 2006 Compared With 2005 Net income attributable to Loews common stock for the fourth quarter of 2006 amounted to $609.4 million, or $1.11 per share, compared to $46.0 million, or $0.08 per share in the comparable period of the prior year. The increase in net income was primarily due to improved results at the Company's 89% owned subsidiary, CNA Financial CNA Financial Corporation (NYSE: CNA) is a financial corporation based in Chicago, Illinois, United States, and noted for its 600 foot tall red headquarters building there. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. Corporation and the Company's 54% owned subsidiary, Diamond Offshore Drilling Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the energy industry. The company's headquarters are located in Houston, Texas, but they have offices in Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and , Inc., partially offset by a decrease in the share of Carolina Group earnings attributable to Loews common stock, due to the sale of additional Carolina Group stock in August and May 2006. Net income attributable to Loews common stock includes net investment gains of $96.5 million (after tax and minority interest) compared to net investment losses of $49.0 million (after tax and minority interest) in the comparable period of the prior year. Net income attributable to Carolina Group stock for the fourth quarter of 2006 was $137.1 million, or $1.26 per Carolina Group share, compared to $81.6 million, or $1.11 per Carolina Group share in the comparable period of the prior year. The increase in net income attributable to Carolina Group stock was due to an increase in Lorillard Inc. net income primarily driven by higher unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. , and reflects an increase in the number of Carolina Group shares outstanding. The Company is issuing a separate press release reporting the results of the Carolina Group for the fourth quarter of 2006. Consolidated revenues in the fourth quarter of 2006 amounted to $4.9 billion, compared to $4.1 billion in the comparable period of the prior year. Year Ended December 31, 2006 Compared With 2005 Net income attributable to Loews common stock for the year ended 2006 amounted to $2,074.9 million, or $3.75 per share, compared to $960.3 million, or $1.72 per share, in the prior year. The results for the year ended December 31, 2005 included catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses at CNA (Certified NetWare Administrator) See Novell certification. of $304.8 million (after tax and minority interest) including the impact from Hurricanes Wilma, Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area , Rita, Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the and Ophelia Ophelia, in astronomy, one of the natural satellites, or moons, of Uranus. Ophelia goes mad after father’s death. [Br. Lit.: Hamlet] See : Madness Ophelia and a benefit of $136.5 million related to a federal income tax settlement due primarily to net refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies interest and the release of federal income tax reserves at CNA. The increase in net income was primarily due to improved results at CNA and Diamond Offshore, partially offset by a decrease in the share of Carolina Group earnings attributable to Loews common stock, as discussed above. Net income attributable to Loews common stock includes net investment gains of $68.6 million (after tax and minority interest) compared to net investment losses of $10.3 million (after tax and minority interest) in the prior year. Net income attributable to Carolina Group stock for the year ended 2006 was $416.4 million, or $4.46 per Carolina Group share, compared to $251.3 million, or $3.62 per Carolina Group share in the prior year. The increase in net income attributable to Carolina Group stock was due to an increase in Lorillard Inc. net income driven by higher effective unit prices reflecting lower sales promotion expenses (accounted for as a reduction to net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight ), increased unit sales, and reflects an increase in the number of Carolina Group shares outstanding. Consolidated revenues for the year ended 2006 amounted to $17.9 billion, compared to $16.0 billion in the prior year. At December 31, 2006, there were 544,203,457 shares of Loews common stock outstanding and 108,325,806 shares of Carolina Group stock outstanding. During the three months and year ended December 31, 2006, the Company purchased 6,432,010 and 13,934,510 shares of Loews common stock at an aggregate cost of $255.0 and $509.8 million, respectively. Depending on market conditions, the Company from time to time purchases shares of its, and its subsidiaries', outstanding common stock in the open market or otherwise. The Company has two classes of common stock: (i) Carolina Group stock, a tracking stock intended to reflect the economic performance of a group of the Company's assets and liabilities, called the Carolina Group, principally consisting of the Company's subsidiary Lorillard, Inc. and (ii) Loews common stock, representing the economic performance of the Company's remaining assets, including the interest in the Carolina Group not represented by Carolina Group stock. At December 31, 2006, the outstanding Carolina Group stock represents a 62.3% economic interest in the economic performance of the Carolina Group. ABOUT LOEWS CORPORATION Loews Corporation, a holding company, is one of the largest diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment corporations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its principal subsidiaries are CNA Financial Corporation (NYSE: CNA), Lorillard, Inc., Boardwalk Pipeline Partners, LP (NYSE: BWP BWP In currencies, this is the abbreviation for the Botswana Pula. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), Diamond Offshore Drilling, Inc. (NYSE: DO), Loews Hotels Loews Hotels is a luxury hotel brand based in New York City, and a wholly owned subsidiary of Loews Corporation. Loews maintains 18 locations in the United States and Canada:
It was founded and incorporated as the J. Corporation. CONFERENCE CALLS A conference call to discuss the fourth quarter and full year results of Loews Corporation has been scheduled for 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , Monday, February 12, 2007. A live broadcast of the call will be available online at the Loews Corporation website (www.loews.com). Please go to the website at least ten minutes before the event begins to register and to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 8347049. An online replay will be available at the Company's website following the call. A conference call to discuss the fourth quarter and full year results of CNA has been scheduled for 10:00 a.m. EST, Monday, February 12, 2007. A live broadcast of the call will be available online at the CNA website (http://investors.cna.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (888) 515-2235, or for international callers, (719) 457-2601. An online replay will be available at CNA's website following the call. A conference call to discuss the fourth quarter and full year results of Boardwalk Pipeline Partners, LP has been scheduled for 9:00 a.m. EST, Monday, February 12, 2007. A live broadcast of the call will be available online at the Boardwalk Pipeline website (www.boardwalkpipelines.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (866) 314-4483. The conference ID number is 82135639. An online replay will be available at Boardwalk Pipeline's website following the call. A conference call to discuss the fourth quarter and full year results of Diamond Offshore was held on Thursday, February 8, 2007. An online replay is available at the Diamond Offshore website (www.diamondoffshore.com). FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company and CNA. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any forward-looking statement is based. [TABLE OMITTED] [TABLE OMITTED] Carolina Group Reports Net Income for 2006 Loews Corporation (NYSE:LTR) today reported Carolina Group net income for the 2006 fourth quarter of $220.0 million, compared to $190.5 million in the 2005 fourth quarter. Net income attributable to Carolina Group stock (NYSE:CG) for the fourth quarter of 2006 was $137.1 million, or $1.26 per share of Carolina Group stock, compared to $81.6 million, or $1.11 per share in the comparable period of the prior year. The increase in net income attributable to Carolina Group stock for the fourth quarter of 2006, as compared to the corresponding period of the prior year, is primarily due to increased unit sales and reflects an increase in the number of Carolina Group shares outstanding. Carolina Group stock represented a 62.34% and 42.86% economic interest in the Carolina Group for the three months ended December 31, 2006 and 2005, respectively. Loews Corporation sold 15 million shares of Carolina Group stock in each of August and May of 2006 and 10 million shares in November of 2005. Net income per share of Carolina Group stock was not impacted by the sale of Carolina Group shares. Net sales for the Carolina Group were $936.7 million in the fourth quarter of 2006, compared to $916.0 million in the 2005 fourth quarter. Carolina Group net income for the year ended 2006 was $760.2 million, compared to $623.1 million in the prior year. Net income attributable to Carolina Group stock for the year ended 2006 was $416.4 million, or $4.46 per share of Carolina Group stock, compared to $251.3 million, or $3.62 per share in the prior year. The increase in net income attributable to Carolina Group stock is primarily due to higher effective unit prices reflecting lower sales promotion expenses (accounted for as a reduction to net sales), increased unit sales and reflects the August and May of 2006 and November of 2005 sales by Loews Corporation of Carolina Group stock discussed above. Net sales for the Carolina Group were $3.755 billion in 2006, compared to $3.568 billion in the prior year. Results of operations of the Carolina Group include interest expense on notional no·tion·al adj. 1. Of, containing, or being a notion; mental or imaginary. 2. Speculative or theoretical. 3. intergroup in·ter·group adj. Being or occurring between two or more social groups: intergroup relations; intergroup violence. debt of $16.2, $20.7, $71.1 and $86.1 million, net of taxes, for the three months and years ended December 31, 2006 and 2005, respectively. At December 31, 2006, $1.23 billion principal amount of notional intergroup debt was outstanding. The Carolina Group stock, commonly called a tracking stock, is intended to reflect the economic performance of a defined group of the Company's assets and liabilities, referred to as the Carolina Group, principally consisting of the Company's subsidiary Lorillard, Inc. The Carolina Group, a notional group, is not a separate legal entity. The purpose of this financial information is to provide investors with additional information to use in analyzing the results of operations and financial condition of the Carolina Group, and this financial information should be read in conjunction with the consolidated financial information of Loews Corporation. As of December 31, 2006 there were 108,325,806 shares of Carolina Group stock outstanding, representing a 62.3% economic interest. Depending on market conditions, the Company, for the account of the Carolina Group, from time to time may purchase shares of Carolina Group stock in the open market or otherwise. A separate press release reporting Loews Corporation's consolidated results for the fourth quarter and full year of 2006 is being issued contemporaneously con·tem·po·ra·ne·ous adj. Originating, existing, or happening during the same period of time: the contemporaneous reigns of two monarchs. See Synonyms at contemporary. with this report. A conference call to discuss the fourth quarter and full year results of Loews Corporation has been scheduled for 11:00 a.m. EST, Monday, February 12, 2007. A live broadcast of the call will be available online at the Loews Corporation website (www.loews.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 8347049. An online replay will be available at the Company's website following the call. [TABLE OMITTED] [TABLE OMITTED] |
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