Printer Friendly

AMERICAN TRAVELLERS CORPORATION ANNOUNCES FOURTH QUARTER RESULTS

 BENSALEM, Pa., March 5 /PRNewswire/ -- American Travellers Corporation (NASDAQ: ATVC) today announced its financial results for the company's fourth quarter and year ended Dec. 31, 1992.
 During the fourth quarter of 1992, revenues increased 2.2 percent to $38.8 million from $38.0 million in the corresponding quarter of 1991. For the year ended Dec. 31, 1992, total revenues increased 17.9 percent to $147.4 million from $125.0 million for 1991. Net income during the company's 1992 fourth quarter decreased 19.1 percent to $2.5 million from $3.1 million in the corresponding 1991 period, and for the year 1992, net income decreased 5.3 percent to $10.7 million from $11.3 million during 1991. The company's earnings per share decreased 20.0 percent to $.24 for the fourth quarter of 1992 from $.30 during the fourth quarter of 1991. Included in the earnings for the fourth quarter 1992 are gains on the sale of securities of $.02 per share. For the year ended Dec. 31, 1992, earnings per share decreased 5.5 percent to $1.03 from $1.09 in 1991.
 American Travellers Corporation is engaged through its subsidiaries in the underwriting and sale of individual supplemental accident and health insurance policies primarily covering long-term care (skilled, intermediate and custodial nursing home care). The company has been admitted to 44 states plus the District of Columbia and the U.S. and British Virgin Islands.
 AMERICAN TRAVELLERS CORPORATION AND SUBSIDIARIES
 (In thousands)
 Fourth quarter ended Dec. 31 1992 1991 Pct. change
 Revenues $38,812 $37,996 2.2
 Net income 2,542 3,141 (19.1)
 EPS $.24 $.30 (20.0)
 Average weighted
 number of shares 10,381 10,409 (.3)
 12 months ended Dec. 31 1992 1991 Pct. change
 Revenues $147,363 $124,975 17.9
 Net income 10,676 11,267 (5.3)
 EPS $1.03 $1.09 (5.5)
 Average weighted
 number of shares 10,411 10,366 .4
 Consolidated Statements of Income
 (In thousands except per-share data)
 Year ended Dec. 31 1992 1991
 Revenues:
 Accident and health premiums $135,833 $115,048
 Life premiums 2,468 1,911
 Interest income 8,718 8,092
 Securities gains (losses) 344 (76)
 Total revenues 147,363 124,975
 Benefits and expenses:
 Benefits to policyholders 75,074 64,698
 Commissions 43,634 41,305
 General and administrative 27,320 21,256
 Amortization of deferred policy
 acquisition costs 21,129 15,440
 Less -- policy acquisition costs
 deferred (35,970) (34,416)
 Total benefits and expenses 131,187 108,283
 Income before provision for
 income taxes 16,176 16,692
 Provision for income taxes 5,500 5,425
 Net income 10,676 11,267
 Earnings per share $1.03 $1.09
 Weighted average number of shares
 outstanding 10,411 10,366
 Three months ended Dec. 31 1992 1991
 Revenues:
 Accident and health premiums $35,845 $35,302
 Life premiums 504 763
 Interest income 2,156 1,997
 Securities gains (losses) 307 (66)
 Total revenues 38,812 37,996
 Benefits and expenses:
 Benefits to policyholders 21,373 21,228
 Commissions 12,003 11,501
 General and administrative 7,636 5,575
 Amortization of deferred policy
 acquisition costs 6,429 3,003
 Less -- policy acquisition costs
 deferred (12,480) (7,963)
 Total benefits and expenses 34,961 33,344
 Income before provision for
 income taxes 3,851 4,652
 Provision for income taxes 1,309 1,511
 Net income 2,542 3,141
 Earnings per share $.24 $.30
 Weighted average number of shares
 outstanding 10,381 10,409
 /delval/
 -0- 3/5/93
 /CONTACT: John A. Powell, chairman of American Travellers, 215-244-1600/
 (ATVC)


CO: American Travellers Corporation ST: Pennsylvania IN: INS SU: ERN

JS-CC -- PH004 -- 3396 03/05/93 11:08 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 5, 1993
Words:623
Previous Article:THE SEAGRAM SPIRITS AND WINE GROUP APPOINTS KEVIN SMITH VICE PRESIDENT/GENERAL MANAGER FOR CANADA
Next Article:IDEC PHARMACEUTICALS REPORTS FOURTH QUARTER AND YEAR-END 1992 RESULTS
Topics:


Related Articles
AMERICAN TRAVELLERS CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
AMERICAN TRAVELLERS ANNOUNCES FIRST QUARTER RESULTS FOR 1992
AMERICAN TRAVELLERS CORPORATION ANNOUNCES SECOND QUARTER RESULTS
AMERICAN TRAVELLERS CORPORATION ANNOUNCES THIRD QUARTER RESULTS
AMERICAN TRAVELLERS CORPORATION ANNOUNCES FOURTH QUARTER RESULTS
AMERICAN TRAVELLERS CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR 1994
AMERICAN TRAVELLERS CORPORATION ANNOUNCES RECORD THIRD QUARTER AND NINE MONTH RESULTS
AMERICAN TRAVELLERS CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR 1995
AMERICAN TRAVELLERS CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR 1995
AMERICAN TRAVELLERS CORPORATION ANNOUNCES FOURTH QUARTER RESULTS

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