AMERICAN FINANCIAL ENTERPRISES REPORTS RESULTS
AMERICAN FINANCIAL ENTERPRISES REPORTS RESULTS CINCINNATI, Nov. 14 /PRNewswire/ -- American Financial Enterprises,
Inc. ("AFEI") announced today that its net earnings for the first nine months of 1991 were $12.7 million or $.95 per share compared to $7.9 million or $.59 per share in 1990. For the quarter ended Sept. 30, 1991, AFEI recorded net earnings of $3.9 million or $.29 per share compared to net earnings of $2.8 million or $.21 per share.
At Sept. 30, 1991, AFEI owned 31 percent of the common stock of The Penn Central Corporation (NYSE: PC) and 21 percent of Sprague Technologies, Inc. (NYSE: SPG). 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. Revenues for the first nine months of 1991 and 1990 include $30.7 million and $24.1 million, respectively, in equity in net earnings of these two 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, 1991 and 1990 were as follows (in thousands, except per share data): Three months ended Nine months ended Sept. 30 Sept. 30 1991 1990 1991 1990 Revenues $ 9,704 $ 8,301 $30,851 $24,166 Earnings before federal income taxes 4,890 3,492 16,182 9,838 Net earnings 3,906 2,782 12,693 7,907 Net earnings per common share $ .29 $ .21 $ .95 $ .59 Average number of common shares 13,291 13,291 13,291 13,291 -0- 11/14/91 /CONTACT: Sandra W. Heimann of American Financial Enterprises Inc., 513-579-2172/ CO: American Financial Enterprises Inc. ST: Ohio IN: SU: ERN SM -- CL021 -- 4598 11/14/91 16:40 EST
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|Date:||Nov 14, 1991|
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