ZIEGLER ANNOUNCES INCREASED EARNINGS
ZIEGLER ANNOUNCES INCREASED EARNINGS WEST BEND, Wis., Oct. 16 /PRNewswire/ -- The Ziegler Company, Inc.
(AMEX: ZCO), a financial services holding company, announced today an increase in earnings for the third quarter of 1992.
In the three months ended Sept. 30, 1992, total revenues were $11,819,000, compared to $10,606,000 in the third quarter of 1991. Net income for the quarter was $1,321,000 compared to $1,089,000 in the third quarter of 1991. Earnings per share in the third quarter of 1992 were 53 cents compared to 41 cents in 1991. For the nine months ended Sept. 30, 1992, total revenues and net income were $35,097,000 and $3,314,000, respectively, compared to $32,111,000 and $3,328,000 in 1991. Earnings per share in the nine months of 1992 were $1.28 versus $1.26. According to Peter D. Ziegler, president and chief executive officer, as reported previously, the company bought back 300,000 shares from its largest shareholder in August at a price below both the prevailing market price and book value per share. This purchase favorably affected the earnings per share calculations for both the three month and nine month periods ended Sept. 30, 1992. Mr. Ziegler said, "The increase in consolidated earnings for the quarter was shared by each of the financial services subsidiaries." B.C. Ziegler and Company, an investment banking firm and the principal subsidiary, increased its earnings on the strength of an increased level of church underwritings and a continued supply of refinancings at Ziegler Securities Division, he said. "The sustainability of this level of refinancing will be almost entirely dependent on the absolute level of interest rates," said Mr. Ziegler. He added that Ziegler Asset Management, Inc., the company's newest subsidiary, recorded its first full quarter of profitability in the third quarter. "We look to a predictable increase in earnings from ZAMI in the future as assets under management continue to increase," Mr. Ziegler said. THE ZIEGLER COMPANY, INC. CONSOLIDATED STATEMENTS OF EARNINGS Three Months Ended Nine Months Ended Sept. 30 Sept. 30 1992 1991 1992 1991 Revenues before interest and dividends $11,220,000 $9,915,000 $33,481,000 $30,091,000 Interest and dividends 599,000 691,000 1,616,000 2,020,000 Total revenues 11,819,000 10,606,000 35,097,000 32,111,000 Operating expenses 8,506,000 7,790,000 26,377,000 23,818,000 Interest expense 1,194,000 1,094,000 3,378,000 2,997,000 Income before income taxes 2,119,000 1,722,000 5,342,000 5,296,000 Net income 1,321,000 1,089,000 3,314,000 3,328,000 Earnings per share of common stock .53 .41 1.28 1.26 Average number of common shares outstanding 2,459,065 2,629,782 2,590,094 2,631,997 Number of common stockholders 580 612 580 612 -0- 10/16/92 /CONTACT: Peter D. Ziegler, president and chief executive officer of The Ziegler Company, Inc., 414-334-5521/ (ZCO) CO: The Ziegler Company, Inc. ST: Wisconsin IN: FIN SU: ERN
ML-JG -- CL019 -- 1206 10/16/92 18:42 EDT
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|Date:||Oct 16, 1992|
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