Printer Friendly

USLIFE REPORTS 15 PERCENT INCREASE IN SECOND QUARTER RESULTS; FIRST HALF RESULTS UP 14 PERCENT

 USLIFE REPORTS 15 PERCENT INCREASE IN SECOND QUARTER RESULTS;
 FIRST HALF RESULTS UP 14 PERCENT
 Highlights of following USLIFE Corporation press release:
 Excluding capital gains and losses, USLIFE Corporation (NYSE: USH) first half earnings per share $2.54 vs. $2.22.
 USLIFE first half 1992 net income including capital gains and losses $2.45 per share vs. $2.17 per share.
 USLIFE first half 1992 net income $37,265,000 vs. $33,600,000 in 1991 period.
 Revenue: $750,808,000 vs. $659,706,000.
 Excluding capital gains and losses, USLIFE second quarter 1992 earnings per share $1.33 vs. $1.16.
 USLIFE second quarter 1992 net income $1.30 per share vs. $1.16 per share.
 USLIFE second quarter 1992 net income $19,718,000 vs. $17,920,000 in 1991 period.
 Revenue: $389,828,000 vs. $345,233,000.
 NEW YORK, July 21 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today reported second quarter and first half operating results.
 For the second quarter of 1992, "operating income" (which excludes realized capital gains and losses) amounted to $20.2 million versus $17.9 million for the comparable 1991 period, with a 15 percent increase in earnings per share from $1.16 in the 1991 period to $1.33 in the second quarter of 1992. Reported net income includes capital losses equivalent to 3 cents per share in the second quarter of 1992, while for the second quarter of 1991 these transactions had no impact on reported earnings per share. Reported net income, including capital gains and losses, was $19.7 million or $1.30 per share for the second quarter of 1992 versus $17.9 million or $1.16 per share for the comparable 1991 period.
 For the first half of 1992, "operating income" (which excludes realized capital gains and losses) amounted to $38.6 million versus $34.4 million for the comparable 1991 period, with a 14 percent increase in earnings per share from $2.22 in the 1991 period to $2.54 in the first half of 1992. Reported net income includes capital losses equivalent to 9 cents per share in the first half of 1992 and 5 cents per share in the comparable 1991 period. Reported net income, including capital gains and losses, was $37.3 million or $2.45 per share for the first half of 1992 versus $33.6 million or $2.17 per share for the comparable 1991 period. Total revenues were $751 million for the 1992 period versus $660 million for the first half of 1991.
 USLIFE CORPORATION
 Consolidated Operations Summary
 (Number of shares and amounts in thousands except per share)
 Periods ended Six Months Three Months
 June 30 1992 1991 1992 1991
Total revenues $750,808 $659,706 $389,828 $345,233
Total benefits and expenses 694,701 609,770 360,231
 318,719
Income from operations before federal income taxes 56,107
 49,936 29,597 26,514


Income taxes (current
 and deferred) 18,842 16,336 9,879 8,594
Net income $ 37,265 $ 33,600 $ 19,718 $ 17,920
Net income per share (A) $2.45 $2.17 $1.30 $1.16
 (A) -- First half 1992 net income per share includes capital loss transactions equivalent to approximately 9 cents per share; first half 1991 net income per share includes capital loss transactions equivalent to approximately 5 cents per share. Second quarter 1992 net income per share includes capital loss transactions equivalent to approximately 3 cents per share; capital gain and loss transactions had no net impact on reported earnings per share for the second quarter of 1991. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per
 share" $2.54 $2.22 $1.33 $1.16
 Earnings per share
 computation data:
 Number of shares used in
 earnings per share
 computations 15,147 15,426
 Preferred stock dividend
 requirements deducted
 for purposes of earnings
 per share computations $131 $175
 USLIFE CORPORATION
 Operating Results by Lines of Business
 (Amounts in thousands except per share)
 Six Months ended June 30
 1992 1991
 Net Net
 Revenues Income Revenues Income
 Life Insurance $744,020 $ 57,626 $652,289 $ 53,628
 Investment and
 Corporate Services:
 Realty investment (B) 760 (427) 1,320 (131)
 Securities
 investment (C) 4,284 180 2,944 (27)
 Corporate services (D) 1,744 (20,114) 3,153 (19,870)
 Consolidated $750,808 $ 37,265 $659,706 $ 33,600
 Net income per
 share (A) $2.45 $2.17
 (A) -- First half 1992 net income per share includes capital loss transactions equivalent to approximately 9 cents per share; first half 1991 net income per share includes capital loss transactions equivalent to approximately 5 cents per share. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" $2.54 $2.22
 (B) -- Includes USLIFE Realty and USLIFE Real Estate Services.
 (C) -- Includes USLIFE Advisers and USLIFE Equity Sales.
 (D) -- Includes USLIFE Systems Corporation, USLIFE Insurance Services Corporation and USLIFE Agency Services, Inc., as well as USLIFE Corporation and consolidating adjustments.
 -0- 7/21/92 R
 /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 $109 billion of life insurance in force as of June 30, 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, 212-709-6227/
 (USH) CO: USLIFE Corporation ST: New York IN: INS SU: ERN


PS -- NY094 -- 1530 07/21/92 16:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 21, 1992
Words:958
Previous Article:WESTMARK'S FINAL QUARTER REPORTED; EARNINGS 64 CENTS PER SHARE BEFORE SPIN-OFF CHARGES
Next Article:Connecticut National Bank invites you to a press conference to announce a new initiative to help meet the credit needs of small businesses in the...
Topics:


Related Articles
USLIFE REPORTS 15 PERCENT INCREASES IN BOTH FOURTH QUARTER AND YEAR END RESULTS
USLIFE REPORTS 15 PERCENT INCREASE IN SECOND QUARTER RESULTS; FIRST HALF RESULTS UP 14 PERCENT
JEFFERSON-PILOT CORP. REPORTS 10.6 PERCENT EARNINGS PER SHARE INCREASE FOR THE SECOND QUARTER -- EARNINGS UP 14.5 PERCENT FOR THE FIRST HALF
USLIFE REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS; COMMON STOCK DIVIDEND INCREASED; BOARD AUTHORIZES 3-FOR-2 SPLIT OF COMMON STOCK
USLIFE CORPORATION REPORTS 15 PERCENT INCREASE IN FIRST QUARTER RESULTS; COMMON STOCK DIVIDEND DECLARED
USLIFE CORPORATION REPORTS 17 PERCENT INCREASE IN SECOND QUARTER RESULTS; FIRST HALF RESULTS UP 16 PERCENT
USLIFE CORPORATION REPORTS FIRST QUARTER RESULTS; COMMON STOCK DIVIDEND DECLARED
USLIFE CORPORATION REPORTS SECOND QUARTER AND FIRST HALF RESULTS
USLIFE CORPORATION REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS; QUARTERLY DIVIDEND INCREASED
Jefferson-Pilot's Second-Quarter Earnings Increase 14 Percent.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters