Providential Corporation announces Third Quarter Results.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 3, 1994--Providential Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PHIP PHIP 2-Amino-1-Methyl-6-Phenylimidazo (4,5-B)pyridine PHIP Parrot Heads in Paradise, Inc. PHIP Para-Hydrogen Induced Polarization (NMR spectroscopy) ) today reported third quarter results. On October 12, 1994 the Company announced the signing of a definitive merger agreement, whereby Wilmington Savings Fund Society, FSB (FrontSide Bus) See system bus. FSB - front side bus , a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of WSFS WSFS Wilmington Savings Funds Society (Delaware bank) WSFS Workstation Functional Segment financial Corporation (NASDAQ/NMS; WSFS), would seek to acquire through a cash tender offer, all of the outstanding common stock of the Company for a total of approximately $24.4 million. Under the term of the agreement, which has been approved by the Board of Directors of both companies, Wilmington Savings Fund Society, FSB commenced a cash tender offer on October 18, 1994, for all of the Company's common stock at $4 per share, net to the seller in cash. The tender offer will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. at 4:00 p.m., Eastern time, on November 16, 1994, unless extended, and will be subject to, among other things, the valid tender of not less than a majority of the Company's outstanding common stock. The Company's results for the three and nine month periods ended September 30, 1994 includes life insurance proceeds of $1,000,000, received by the Company following the death of its President and Chief Executive Officer, pursuant to a key man life insurance policy maintained by the Company. Also included in the Company's results for the three and nine month periods ended September 30, 1994 was an expense accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of $150,000, reflecting death benefits due to the beneficiaries of the Company's deceased deceased 1) adj. dead. 2) n. the person who has died, as used in the handling of his/her estate, probate of will and other proceedings after death, or in reference to the victim of a homicide (as: "The deceased had been shot three times. President and Chief Executive Officer. Revenues for the nine months ended September 30, 1994 totaled $3,790,750 compared to $1,480,734 for the same period in 1993. Net loss before change in accounting principle amounted to $32,498,551 for the 1994 period as compared to net loss before change in accounting principle of $4,416,786 for the same period in 1993. Net loss was $32,498,551 for the first nine months of 1994 as compared to a net loss of $10,022,269 for the same period in 1993. Net loss per share before change in accounting principle for the nine months ended September 30, 1994 was $5.33 compared to net loss per share before change in accounting principle of $0.72 in the comparable period of the previous year. Net loss per share for the nine months ended September 30, 1994 was $5.33 compared to net loss per share of $1.64 in the same period of the previous year. Revenues for the third quarter ended September 30, 1994 totaled $1,976,612 compared to $894,895 for the same period in 1993. Net income for the third quarter was $947,672 as compared to a net loss of $1,061,654 for the third quarter of the previous year. Net income per share for the third quarter of 1994 equaled $0.16 compared to net loss per share of $0.17 for the third quarter of 1993. Providential prov·i·den·tial adj. 1. Of or resulting from divine providence. 2. Happening as if through divine intervention; opportune. See Synonyms at happy. Corporation services its proprietary product, Lifetime Reverse Mortgages Lifetime reverse mortgage A type of mortgage in which a homeowner borrows against the value a home, while retaining title, and making no payments while residing in the home. When the owner ceases living in the house, the property is sold, and the loan repaid. and 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. Government's Home Equity Conversion Mortgage product, for qualifying senior homeowners. The Company and its subsidiary, Providential Home Income Plan, Inc., are headquartered at Three Embarcadero Center For the Embarcadero Center complex, see Embarcadero Center Three Embarcadero Center is an office skyscraper located in San Francisco's Financial District. The building is part of the Embarcadero Center, which is a complex of six interconnected buildings and one , Suite 2250, San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] 94111. -0-
Providential Corporation
Consolidated Statements of Operations
For the Nine Months Ended Sept. 30,
1994 1993
Revenues $3,790,750 $1,480,734
Net Loss Before Change
in Accounting Principal (32,498,551) (4,416,786)
Cumulative Effect of Change in
Accounting Principle on Prior Years -0- (5,605,483)
Net Loss $(32,498,551) $(10,022,269)
Weighted Average Common
Shares Outstanding 6,101,390 6,101,390
Net Loss per share Before
Change in Accounting Principal $(5.33) $(0.72)
Cumulative Effect of Change in
Accounting Principle on Prior Years 0.00 (0.92)
Net Loss per share $(5.33) $(1.64)
Providential Corporation
Consolidated Balance Sheets
September 30, December 31,
1994 1993
--------- ----------
Cash and Investments $21,423,549 $24,761,114
Reverse Mortgages Held for Sale 19,672,259 48,856,988
Other Assets 623,082 604,439
Total Assets $41,718,890 $74,222,541
=========== ==========
Total Liabilities $ 341,600 217,211
Stockholders' Equity 41,377,290 74,005,330
----------- -----------
Total Liabilities & Stockholders'
Equity $41,718,890 $74,222,541
=========== ===========
Total Shares Outstanding 6,101,390 6,101,390
Providential Corporation
Consolidated Statements of Operations
For the Three Months Ended September 30,
1994 1993
Revenues $1,976,612 $ 894,895
Net Income (Loss) $ 947,672 $(1,061,654)
Weighted Average Common Shares
Outstanding 6,101,390 6,101,390
Net Income (Loss) per share $0.16 $(0.17)
========= =========
CONTACT: Providential Corporation, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Feroze A. Waheed, 415/956-2700 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion