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TIG HOLDINGS REVISES EARNINGS PER SHARE CALCULATIONS

 NEW YORK, Nov. 4 /PRNewswire/ -- TIG Holdings, Inc. (NYSE: TIG) reported today that it is recalculating prior quarters' per share results because of a change in the treatment of unallocated common shares held in the Company's ESOP and Class A common shares distributed to employees in connection with TIG's initial public offering. The change does not affect reported net income for any period or the per share amounts for the nine months ending September 30, 1993. However, it does increase the weighted average shares outstanding used in calculating earnings per share, resulting in a minor decrease in earnings per share in the third quarter of 1993.
 The change increases the number of common shares deemed outstanding for earnings per share calculations by up to 500,000 shares or less than 1% of the outstanding common shares. This change affects the periods 1992 through the Company's initial public offering and the second and third reported quarters of 1993.
 For the recently reported third quarter results of 1993, earnings per share attributable to common shareholders has been reduced by $0.02 per share to $0.46 per share from $0.48 per share. Earnings per share attributable to common shareholders excluding net investment gains has been decreased by $0.03 per share to $0.26 per share from $0.29 per share.
 Headquartered in New York, New York, TIG Holdings, Inc. is the holding company for a property casualty insurance group that offers reinsurance and primary commercial and personal insurance throughout the United States. It is the 27th largest property and casualty insurer and the 10th largest property and casualty reinsurer in the United States, based on 1992 net written premiums.
 TIG HOLDINGS, INC.
 Recalculated Results
 Earnings (loss) per share, excluding investment gains, discontinued operations and accounting change, attributable to Common Shareholders
 Previously Reported Recalculated
 First Quarter 1992 0.23 0.22
 Second Quarter 1992 (0.48) (0.48)
 Third Quarter 1992 (0.56) (0.55)
 Fourth Quarter 1992 (1.62) (1.60)
 Year-to-date 1992 (2.43) (2.41)
 First Quarter 1993 (1.32) (1.31)
 Second Quarter 1993 (2.33) (2.31)
 Third Quarter 1993 0.29 0.26
 Earnings (loss) per share
 attributable to Common Shareholders
 Previously Reported Recalculated
 First Quarter 1992 (0.05) (0.05)
 Second Quarter 1992 (0.50) (0.50)
 Third Quarter 1992 0.43 0.43
 Fourth Quarter 1992 (3.21) (3.19)
 Year-to-date 1992 (3.33) (3.31)
 First Quarter 1993 (0.72) (0.71)
 Second Quarter 1993 (2.16) (2.14)
 Third Quarter 1993 0.48 0.46
 -0- 11/4/93
 /CONTACT: Louis Paglia of TIG Holdings, Inc., 212-446-2708; or Andrew Baer or Tracey Stearns of Kekst and Company, 212-593-2655/
 (TIG)


CO: TIG Holdings, Inc. ST: New York IN: INS SU:

WB -- NY121 -- 0982 11/04/93 17:33 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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