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JEFFERSON-PILOT CORPORATION REPORTS RECORD THIRD-QUARTER EARNINGS PER SHARE

 GREENSBORO, N.C., Oct. 26 /PRNewswire/ -- Jefferson-Pilot Corporation (NYSE: JP) today reported 1993 third-quarter earnings of $1.04 per share, 8.3 percent above earnings for the same period of 1992 and a record for the quarter. Excluding realized investment gains, third-quarter earnings reached $0.85, representing an increase of 7.6 percent from prior-year results of $0.79 per share.
 As noted in prior 1993 quarterly reports, Jefferson-Pilot adopted Financial Accounting Standard No. 106, "Employers' Accounting for Post Retirement Benefits Other Than Pensions" ("SFAS 106") for 1993, which resulted in a one-time, after-tax charge to earnings per share in the first quarter in the amount of $0.48. Including this accounting adjustment, Jefferson-Pilot's earnings for the first nine months of 1993 were $2.59 per share, versus $2.87 for the same period of 1992. Before this charge, nine-month earnings increased 7.0 percent to $3.07 per share from $2.87 per share. Earnings for the nine months before SFAS 106 and realized investment gains were up 5.4 percent to $2.55 from $2.42 a year earlier.
 Consolidated net income for the third quarter increased 7.0 percent to a new high of $52,474,000 versus $49,060,000 for the prior-year period. For the year to date, consolidated net income before the SFAS 106 adjustment was $154,650,000, an improvement of 5.5 percent over nine- month 1992 earnings of $146,579,000.
 Jefferson-Pilot Chief Executive Officer David Stonecipher commented that the company's earnings progress for the quarter was highly satisfactory, particularly considering that the year-earlier quarter was a very strong period.
 The Corporation's individual insurance business earned $28,052,000 for the quarter, up from $27,893,000 a year earlier, while group insurance profits increased to $10,515,000 from $9,502,000. Casualty and title insurance earnings of $1,889,000 were slightly lower than the strong profits of $2,124,000 last year. Communications earnings amounted to $2,578,000 versus $2,633,000 in the 1992 period.
 Jefferson-Pilot's stockholders' equity per share at Sept. 30, 1993 was $35.22, 9.0 percent above the year-earlier level and 6.5 percent above the 1992 year-end level. In addition, the company has maintained its exceptionally strong asset quality, and its major subsidiary, Jefferson-Pilot Life Insurance Company, continues to carry the highest financial strength ratings available - "AAA" from Standard & Poor's and "A++" from A. M. Best.
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 Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance companies. The company's largest subsidiary, Jefferson-Pilot Life Insurance Company, offers a full line of individual and group life and health insurance and annuity products. Other subsidiaries offer property and casualty insurance, title insurance, and mutual fund sales. Jefferson-Pilot Communications Company owns and operates two network television stations, 12 radio stations, and produces sports programming. The company and its predecessor have paid cash dividends in every year since 1913.
 JEFFERSON-PILOT CORPORATION
 Third Quarter and Nine Month Results
 Three Months Ended
 Sept. 30, 1993 Sept. 30, 1992
 Income before gain from sales
 of investments $ 0.85 $ 0.79
 Gain from sales of investments,
 net of income taxes 0.19 0.17
 Net income per share (A) $ 1.04 $ 0.96
 Net income (A) $52,474,000 $49,060,000
 Average number of shares
 outstanding 50,320,889 50,887,269
 Nine Months Ended
 Sept. 30, 1993 Sept. 30, 1992
 Income before effect of initial
 application of SFAS 106 and gain
 from sales of investments $2.55 $2.42
 Gain from sales of investments,
 net of income taxes 0.52 0.45
 Income before effect of initial
 application of SFAS 106 3.07 2.87
 Effect of initial application of
 SFAS 106 (0.48) 0.00
 Net income per share (A) $2.59 $2.87
 Income before SFAS 106 $154,650,000 $146,579,000
 Application of SFAS 106 (24,109,000) 0.00
 Net income (A) $130,541,000 $146,579,000
 Average number of shares
 outstanding 50,397,402 51,124,996
 (A) The increase in the corporate tax rate due to the Revenue Reconciliation Act of 1993 reduced income before gain from sales of investments by $1,800,000 for the three month and nine month periods, or $0.04 per share for each period. Gain from sales of investments, net of income taxes, were reduced by $261,000 for the three month and nine month periods, or $0.01 per share for each period.
 -0- 10/26/93
 /CONTACT: John T. Still, III of Jefferson-Pilot, 919-691-3382/
 (JP)


CO: Jefferson-Pilot Corporation ST: North Carolina IN: INS TLS SU: ERN

MM -- CH008 -- 6814 10/26/93 13:18 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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