Scottish Re Group Limited Announces Filing of 2004 Annual Report.HAMILTON, Bermuda -- Scottish Re Group Limited (NYSE NYSE See: New York Stock Exchange :SCT Sacrococcygeal teratoma (SCT) A tumor occurring at the base of the fetus's tailbone. Mentioned in: Prenatal Surgery ) filed its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December 31, 2004 with the Securities and Exchange Commission on March 18, 2005. The Company did not report any significant changes in the results of operations for the quarter and fiscal year ended December 31, 2004 from that reported in its earnings press release on February 17, 2005, except that net income and net 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 for the quarter and year ended December 31, 2004 were greater than had been previously reported. Net income for the quarter and year ended December 31, 2004 was $21.0 million ($0.55 per share) and $71.4 million ($1.90 per share), respectively. The Company had originally reported net income of $19.3 million ($0.51 per share) and $69.6 million ($1.86 per share). Net operating earnings for the quarter and year ended December 31, 2004 was $27.0 million ($0.71 per share) and $80.6 million ($2.15 per share), respectively. The Company originally reported net operating earnings of $26.0 million ($0.69) and $79.6 million ($2.12 per share). Net operating earnings is a non-GAAP measurement determined by adjusting GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the by net realized capital gains and losses, the change in value of embedded derivatives as adjusted for the related effects upon the amortization of deferred acquisition costs, acquisition-related due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. costs and taxes related to these items. While these items may be significant components in understanding and assessing the Company's consolidated financial performance, the Company believes that the presentation of net operating earnings enhances the understanding of its results of operations by highlighting earnings attributable to the normal, recurring operations of its reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business. However, net operating earnings are not a substitute for income from continued operations determined in accordance with GAAP. On March 16, 2005, the Company had notified the SEC that it was delaying the filing of its Form 10-K due to a combination of factors relating to delays in the exchange of relevant information between the Company's registered public accounting firm and the Company and the registered public accounting firm's need to perform additional internal procedures regarding the Company's determination of a material weakness in its UK subsidiary, the Company's registered public accounting firm did not have sufficient time to complete their audit of the Company's financial statements and the audit of internal control over financial reporting. Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re Group Limited has operating companies in Bermuda, Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , Dublin, Ireland, Grand Cayman, and Windsor, England. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc., which are rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings, A3 (good) by Moody's and A- (strong) by Standard & Poor's, Scottish Re Limited, which is rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings and A- (strong) by Standard & Poor's and Scottish Re Life Corporation, which is rated A- (excellent) by A.M. Best. Additional information about Scottish Re Group Limited can be obtained from its Web site, http://www.scottishre.com/. |
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