Ohio Casualty Corporation California Revises Rollback Order.HAMILTON, Ohio--(BUSINESS WIRE)--Feb. 3, 1995--Ohio Casualty Corporation today received a revised Proposition 103 rollback A DBMS feature that reverses the current transaction out of the database, returning the data to its former state. A rollback is performed when processing a transaction fails at some point, and it is necessary to start over. See two-phase commit. order from the Insurance Commissioner of the State of California. The rollback order with interest through December 31, 1994 was reduced from $59.9 million to $47.3 million due to the recognition of California Senate Bill 905. Interest continues to accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. at 10% per year. Ohio Casualty continues to contest the validity of this order and plans to meet with department officials in the near future. Since the Corporation's financial statements have not yet been issued for 1994, generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting require restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. . As such, net income for the fourth quarter and for the year will be restated to reduce the previously recorded expense by $8.2 million or $.23 per share after tax. Net income for the quarter ended December 31, 1994 now totals $12.9 million or $.36 per share. Net income for the year now totals $96.9 million or $2.69 per share. CONTACT: Ohio Casualty Group, Hamilton Dale A. Thatcher Thatch·er , Margaret Hilda. Baroness. Born 1925. British Conservative politician who served as prime minister (1979-1990). Her administration was marked by anti-inflationary measures, a brief war in the Falkland Islands (1982), and the passage of a , 513/867-3034 Theresa A. Carpentieri, 513/867-3435 |
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