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USLIFE CORPORATION REPORTS FOURTH QUARTER AND YEAR END RESULTS

 RE: Highlights of following USLIFE Corporation press release
 -- Company's financial statements for year ended Dec. 31, 1992 reflect initial implementation of new accounting standards for non- pension postretirement benefits (SFAS 106) and income taxes (SFAS 109) as required by recent statements of Financial Accounting Standards Board.
 -- Company elected to implement new accounting standards during fourth quarter of 1992.
 -- Company has recognized initial liability required by SFAS 106 by means of a one-time income statement charge for "Cumulative Effect of Accounting Change" retroactively recorded in first quarter of 1992.
 -- Adoption of SFAS 109 by means of restatement had no material impact on net income for 1992 or 1991.
 -- Earnings per share results adjusted to reflect 3-for-2 split of USLIFE Corporation common stock in December 1992.
 -- As previously announced, fourth quarter 1992 results reflect a one-time charge equivalent to $10.6 million on an after-tax basis, or 47 cents per share, to fully reserve amounts receivable from an association group health marketing organization that has declared bankruptcy.
 Excluding realized capital gains and losses, the aforementioned one- time charge, and the charge for "Cumulative Effect of Accounting Change" relating to SFAS 106, USLIFE Corporation (NYSE: USH) year ended Dec. 31, 1992 earnings per share $3.60 vs. $3.26.
 USLIFE 1992 net income including realized capital gains and losses, the aforementioned one-time charge, and the charge for "Cumulative Effect of Accounting Change" (amounting to $38.0 million or $1.67 per share) was $1.38 per share vs. $3.21 per share.
 USLIFE net income including realized capital gains and losses, the aforementioned one-time charge, and the charge for "Cumulative Effect of Accounting Change" relating to SFAS 106 was $31,622,000 vs. $74,672,000.
 Revenue: $1,529,452,000 vs. $1,382,906,000.
 Excluding realized capital gains and losses and the aforementioned one-time charge, USLIFE fourth quarter 1992 earnings per share $1.01 vs. 97 cents in the fourth quarter of 1991.
 USLIFE fourth quarter 1992 net income including realized capital gains and losses and the aforementioned one-time charge was 54 cents per share vs. 97 cents per share.
 USLIFE fourth quarter net income including realized capital gains and losses and the aforementioned one-time charge was $12,455,000 vs. $22,594,000 in 1991 period.
 Revenues: $391,555,000 vs. $371,569,000.
 NEW YORK, Feb. 23 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today reported fourth quarter and year end operating results for 1992. The company's financial statements for the year ended Dec. 31, 1992 reflect the initial implementation of new accounting standards for non- pension postretirement benefits (SFAS 106) and income taxes (SFAS 109) as required by recent Statements of the Financial Accounting Standards Board. The company has elected to implement these new accounting standards during the fourth quarter of 1992 and has recognized the initial liability required by SFAS 106 by means of a one-time income statement charge for "cumulative effect of accounting change." As required by SFAS 106, this charge has been retroactively recorded in the first quarter of 1992. The adoption of SFAS 109 by means of restatement had no material impact on net income for 1992 or 1991. Additionally, earnings per share results have been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992.
 As indicated in an earlier press release, fourth quarter 1992 results reflect a one-time charge equivalent to $10.6 million on an after-tax basis, or 47 cents per share, to fully reserve amounts receivable from an association group health marketing organization that has declared bankruptcy.
 For the fourth quarter of 1992, "operating results" (which excludes realized capital gains and losses and the one-time charge) amounted to $23.1 million versus $22.5 million for the comparable 1991 period, with earnings per share of $1.01 versus 97 cents in the fourth quarter of 1991. Capital gains and losses had no net impact on earnings per share for the fourth quarter of 1992 or 1991. Reported net income, including realized capital gains and losses and the one-time charge, was $12.5 million or 54 cents per share for the fourth quarter of 1992 versus $22.6 million or 97 cents per share for the comparable 1991 period.
 For the year ended Dec. 31, 1992, "operating results" (which excludes realized capital gains and losses, the one-time charge as indicated above, and the charge for "cumulative effect of accounting change" relating to SFAS 106) amounted to $81.9 million versus $75.8 million for 1991, with earnings per share of $3.60 versus $3.26 in 1991.
 Net income for the year 1992, including realized capital gains and losses, the one-time charge as indicated above, and the charge for "cumulative effect of accounting change" amounting to $38.0 million or $1.67 per share, was $31.6 million or $1.38 per share versus $74.7 million or $3.21 per share for 1991. Realized capital losses equated to 8 cents per share in 1992 and 5 cents per share in 1991. As noted above, the charge for "cumulative effect of accounting change" relates to the initial liability recognized in accordance with SFAS 106 for years prior to 1992. Other than this charge, the adoption of SFAS 106 did not have a material impact on operating results for the year 1992.
 USLIFE CORPORATION
 Consolidated Operations Summary
 (Number of shares and amounts in thousands except per share)
 Periods ended Year Three Months
 Dec. 31 1992 1991(B) 1992 1991(B)
 Total revenues $1,529,452 $1,382,906 $391,555 $371,569
 Total benefits and
 expenses 1,425,115 1,271,887 372,980 338,090
 Income from operations
 before federal income
 taxes and cumulative
 effect of accounting
 change 104,337 111,019 18,575 33,479
 Income taxes (current
 and deferred) 34,725 36,347 6,120 10,885
 Income from operations,
 before cumulative effect
 of accounting change 69,612 74,672 12,455 22,594
 Cumulative effect of
 accounting change for
 years prior to 1992,
 net of applicable
 income taxes (C) (37,990) -- -- --
 Net income 31,622 74,672 12,455 22,594
 Income Per Share (D):
 Income before
 cumulative effect of
 accounting change (A) $3.05 $3.21 $.54 $.97
 Cumulative effect of
 accounting change (1.67) -- -- --
 Net income $1.38 $3.21 $.54 $.97
 (A) -- Reported income per share for the years ended Dec. 31, 1992 and 1991 includes capital loss transactions equivalent to approximately 8 cents per share and 5 cents per share, respectively. Capital gain and loss transactions had no net impact on reported earnings per share for the fourth quarter of 1992 or 1991. Additionally, reported results for the fourth quarter of 1992 reflect a one-time charge equivalent to $10.6 million on an after-tax basis, or 47 cents per share, to fully reserve amounts receivable from an association group health marketing organization that has declared bankruptcy. On an "operating income" basis (excluding capital gains and losses and the one-time charge), the above earnings per share would be:
 "Operating Income
 Per Share" $3.60 $3.26 $1.01 $.97
 Earnings Per Share
 Computation Data (D):
 Number of shares used
 in earnings per share
 computations 22,723 23,136
 Preferred stock dividend
 requirements deducted for
 purposes of earnings per
 share computations $197 $328
 (B) -- Financial data for 1991 has been restated to reflect the company's adoption of FASB Statement No. 109, "Accounting for Income Taxes."
 (C) -- The company has elected to recognize the initial liability required by FASB Statement No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," by means of a one-time income statement charge for cumulative effect of the accounting change. As required by Statement No. 106, this charge has been retroactively recorded in the first quarter of 1992.
 (D) -- Earnings per share data has been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992.
 USLIFE CORPORATION
 Operating Results by Lines of Business
 (Amounts in thousands except per share)
 Year ended Dec. 31 1992 1991(B)
 Revenues After-tax Revenues After-tax
 Income(C) Income
 Life Insurance:
 Before one-time charge $117,075 $115,428
 One-time charge(A) (10,560) --
 Total $1,514,233 $106,515 $1,368,592 $115,428
 Investment and Corporate
 Services:
 Realty investment (D) 2,177 (287) 3,078 196
 Securities investment (E) 8,972 287 6,286 (21)
 Corporate services (F) 4,070 (36,903) 4,950 (40,931)
 Consolidated $1,529,452 $69,612 $1,382,906 $74,672
 Income per share, before
 cumulative effect of
 accounting change (A) $3.05 $3.21
 (A) -- Reported income per share for the years ended Dec. 31, 1992 and 1991 includes capital loss transactions equivalent to approximately 8 cents per share and 5 cents per share, respectively. Additionally, results for 1992 reflect a one-time charge equivalent to $10.6 million on an after-tax basis, or 47 cents per share, to fully reserve amounts receivable from an association group health marketing organization that has declared bankruptcy. On an "operating income" basis (excluding capital gains and losses and the one-time charge), the above earnings per share would be:
 "Operating Income Per Share" $3.60 $3.26
 (B) -- Financial data for 1991 has been restated to reflect the company's adoption of FASB Statement No. 109, "Accounting for Income Taxes." Earnings per share data has been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992.
 (C) -- Before cumulative effect of accounting change for postretirement benefits other than pensions.
 (D) -- Includes USLIFE Realty and USLIFE Real Estate Services.
 (E) -- Includes USLIFE Advisers and USLIFE Equity Sales.
 (F) -- Includes USLIFE Systems Corporation, USLIFE Insurance Services Corporation and USLIFE Agency Services, Inc., as well as USLIFE Corporation and consolidating adjustments.
 -0- 2/23/93
 /NOTE TO EDITORS: USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, the USLIFE Life Insurance Division has three ordinary life insurance companies and a credit insurance group with approximately $115 billion of life insurance in force as of Dec. 31, 1992. Additionally, there are five other subsidiaries that furnish the life insurance companies with investment advisory, broker-dealer, real estate, data processing and administrative services./
 /CONTACT: Richard P. Keating, vice president - corporate communications of USLIFE Corporation, 212-709-6227/
 (USH)


CO: USLIFE Corporation ST: New York IN: INS SU: ERN

TS-GK -- NY073 -- 9593 02/23/93 16:51 EST
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Date:Feb 23, 1993
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