Printer Friendly

AMERICAN FINANCIAL ENTERPRISES INC. REPORTS RESULTS

 CINCINNATI, Nov. 17 ~PRNewswire~ -- American Financial Enterpri ses, Inc. (AFEI) announced today that its net earnings for the first nine months of 1992 were $2.6 million or $.20 per share compared to net earnings of $12.7 million or $.95 per share in 1991. For the quarter ended Sept. 30, 1992, AFEI recorded net earnings of $550,000 or $.04 per share compared to net earnings of $3.9 million or $.29 per share in 1991.
 At Sept. 30, 1992, AFEI owned 32 percent of the common stock of The Penn Central Corporation, 28 percent of General Cable Corporation (spun off from Penn Central in the third quarter of 1992) and 21 percent of STI Group, Inc. (formerly Sprague Technologies, Inc.). AFEI accounts for these investments on the equity method by recording a proportionate share of the investees' reported net earnings and losses in its results of operations. Results for the first nine months of 1992 and 1991 include $14.3 million and $30.7 million, respectively, of equity in net earnings of these three companies.
 AFEI's common stock is listed on the Pacific and Midwest Stock Exchanges. Approximately 82 percent of the stock is owned by American Financial Corporation.
 AFEI's results of operations for the three months and nine months ended Sept. 30, 1992 and 1991 were as follows (in thousands, except per share data):
 Three months ended Nine months ended
 September 30, September 30,
 1992 1991 1992 1991
 Revenues $4,210 $9,704 $14,350 $30,851
 Earnings (loss) before
 federal income taxes (354) 4,890 379 16,182
 Net earnings 550 3,906 2,603 12,693
 Net earnings per
 common share $.04 $.29 $.20 $.95
 Average number of common
 shares 13,291 13,291 13,291 13,291
 -0- 11~17~92
 ~CONTACT: Sandra W. Heimann of American Financial Enterprises, Inc., 513-579-2172~


CO: American Financial Enterprises, Inc. ST: Ohio IN: SU: ERN

KK -- CL004 -- 1711 11~17~92 09:47 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 17, 1992
Words:326
Previous Article:PIEDMONT MINING COMPANY REPORTS THIRD QUARTER RESULTS
Next Article:FAY'S REPORTS 43 PERCENT INCREASE IN THIRD QUARTER EARNINGS
Topics:


Related Articles
AMERICAN FINANCIAL ENTERPRISES, INC. REPORTS EARNINGS
AMERICAN FINANCIAL ENTERPRISES, INC. REPORTS RESULTS
AMERICAN FINANCIAL ENTERPRISES, INC. ANNOUNCES QUARTERLY DIVIDEND
AFEI ANNOUNCES FIRST QUARTER 1996 RESULTS
American Financial Enterprises, Inc. Announces Quarterly Dividend
American Financial Enterprises, Inc. Adjusts 1996 Results
AFEI Announces First Quarter 1997 Results
American Financial Group Announces Signing of Merger Agreements
American Financial Enterprises Announces Signing of Merger Agreement
AIG Purchases Firm-Wide License For Algorithmics Products; AIG To Measure Both Market and Credit Risk at Enterprise Level

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters