December 30th, 2009
FPIC Insurance Group, reported for the third quarter of 2008:
* operating earnings of $10.2 million, or $1.20 per diluted common share, as compared to $8.3 million, or $0.86 per diluted common share, for third quarter 2007;
* income from continuing operations of $6.5 million, or $0.76 per diluted common share, as compared to $8.2 million, or $0.86 per diluted common share, for third quarter 2007; and
* net income of $6.5 million, or $0.76 per diluted common share, as compared to $8.0 million, or $0.84 per diluted common share, for third quarter 2007.
For the nine months ended September 30, 2008, FPIC reported:
* operating earnings of $31.4 million, or $3.57 per diluted common share, as compared to $36.1 million, or $3.64 per diluted common share, for the nine months ended September 30, 2007;
* income from continuing operations of $27.6 million, or $3.14 per diluted common share, as compared to $36.0 million, or $3.63 per diluted common share, for the nine months ended September 30, 2007; and
* net income of $27.6 million, or $3.14 per diluted common share, as compared to $35.8 million, or $3.61 per diluted common share, for the nine months ended September 30, 2007.
The financial results for the three months and nine months ended September 30, 2007 include a charge of $4.2 million ($2.6 million after-tax) for an assessment by the Florida Office of Insurance Regulation with respect to the insolvency of a group of Florida-domiciled homeowners’ insurance companies owned by Poe Financial Group. As allowed by Florida law, our insurance subsidiaries are entitled to recoup this assessment from their Florida policyholders and have been doing so. Net income for the three and nine months ended September 30, 2007 includes a loss from discontinued operations of $0.2 million.
The financial results for the nine months ended September 30, 2007 also include a $9.7 million after-tax gain resulting from the commutation, effective January 1, 2007, of all reinsurance treaties under which our subsidiary, First Professionals Insurance Company, Inc. (“First Professionals”), acted as a reinsurer for Physicians’ Reciprocal Insurers (“PRI”).
Certain other factors affecting the comparability of our results are discussed in the “Unaudited Financial and Operational Highlights” section below.
“The third quarter was another solid quarter for us operationally and financially. During the quarter we achieved strong operating earnings, grew our policyholder base and continued to achieve an attractive return on equity. Our leading market position, long-standing relationships and substantial financial strength continue to create opportunities for us,” said John R. Byers, President and Chief Executive Officer.
Commenting on the financial markets Mr. Byers added, “Our conservative investment philosophy has served us well during the recent turmoil in the financial markets. Our net realized investment losses for the quarter represented less than 1 percent of our total cash and investments. While investment portfolio valuations generally are under pressure from the current volatility and uncertainties in the financial markets, we continue to take comfort in the high quality and diversification of our portfolio.”
Unaudited Financial and Operational Highlights for Third Quarter 2008
(as compared to third quarter 2007 unless otherwise indicated)
* Operating earnings increased 23 percent (40 percent on a diluted common share basis).
* Net premiums written declined 8 percent, primarily as a result of lower premium rates in our Florida market offset by growth in professional liability policyholders.
* In the third quarter of 2008, we incurred $5.4 million of net realized investment losses, including charges of $4.8 million for investments relating to certain financial service companies that were other-than-temporarily impaired. As of September 30, 2008, we had a total of $733 million in cash and investments, and our fixed-income investment portfolio had an average Moody’s credit quality rating of Aa2 (High Quality).
* Consolidated revenues declined 21 percent, primarily as a result of higher net realized investment losses and a 13 percent decline in net premiums earned.
* The number of professional liability policyholders, excluding policyholders under alternative risk arrangements, increased 1 percent to 13,691 policyholders at September 30, 2008 compared to 13,498 policyholders at September 30, 2007. The number of professional liability policyholders increased 3 percent over second quarter 2008.
* National and Florida policyholder retention was 96 percent for 2008 compared to 94 percent national retention and 95 percent Florida retention for 2007.
* Our current accident year loss ratio was 68.1 percent compared to 69.0 percent. We recognized $4.0 million of favorable development on prior year reserves during the quarter compared to $5.0 million in third quarter 2007.
* Our expense ratio was 21.7 percent compared to 29.9 percent. Excluding the impact of the FIGA assessment and related recoveries discussed above, our expense ratio was 23.9 percent compared to 21.8 percent.
* Book value per common share was $32.90 as of September 30, 2008 compared to $33.03 as of December 31, 2007. Book value per common share excluding unrealized investment losses was $34.74 as of September 30, 2008 compared to $33.05 as of December 31, 2007.
* By virtue of our strong capital position and in furtherance of our capital management initiatives, we received $31.0 million in dividends from our insurance subsidiaries during the first nine months of 2008. The statutory surplus of our insurance subsidiaries as of September 30, 2008 was $251.9 million compared to $261.6 million as of December 31, 2007.
* On a trade date basis, we repurchased 194,392 shares of our common stock during the three months ended September 30, 2008 at an average price of $46.35 per share and as of September 30, 2008, had remaining authority from our Board of Directors to repurchase 430,527 more shares under our stock repurchase program. Through October 24, 2008, we have repurchased an additional 232,802 shares of our common stock, on a trade date basis, at an average price of $46.33 per share and had remaining authority from our Board of Directors to repurchase an additional 197,725 shares as of that date.
Conference Call Information
We will host a conference call at 11:00 a.m., Eastern Time, Thursday, October 30, 2008, to review our third quarter 2008 results. To access the conference call, dial (866) 830-9065 (USA and Canada) or (660) 422-4543 (International) and use the conference ID code 67215668.
The conference call will also be broadcast live over the Internet in a listen-only format via our corporate website at http://www.fpic.com. To access the call from FPIC’s home page, click on “Investor Relations” and a conference call link will be provided to connect you to the broadcast. Questions can be submitted in advance of the call until 10:00 a.m., Eastern Time, Thursday, October 30, 2008, via e-mail at ir@fpic.com or through our corporate website at http://www.fpic.com, where a link on the “Investor Relations” page has been provided.
For individuals unable to participate in the conference call, a telephone replay will be available beginning at 2:30 p.m., Eastern Time, Thursday, October 30, 2008, and ending at 11:59 p.m., Eastern Time, Thursday, November 6, 2008. To access the telephone replay, dial (800) 642-1687 (USA and Canada) or (706) 645-9291 (International) and use the access code 67215668. A replay of the conference call webcast will also be available beginning at 2:30 p.m., Eastern Time, Thursday, October 30, 2008, on FPIC’s website.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements: of our plans, strategies and objectives for future operations; concerning new products, services or developments; regarding future economic conditions, performance or outlook; as to the outcome of contingencies; of beliefs or expectations; and of assumptions underlying any of the foregoing. Forward-looking statements may be identified by their use of forward-looking terminology, such as “believes,” “expects,” “may,” “should,” “would,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words or expressions. You should not place undue reliance on these forward-looking statements, which reflect our management’s opinions only as of the date of this press release.
Factors that might cause our results to differ materially from those expressed or implied by the forward-looking statements contained in this press release include, but are not limited to:
i) The effect of negative developments and cyclical changes in the medical professional liability insurance business;
ii) The effects of competition, including competition for agents to place insurance, of physicians electing to self-insure or to practice without insurance coverage, and of related trends and associated pricing pressures and developments;
iii) Business risks that result from our size, products, and geographic concentration;
iv) The risks and uncertainties involved in determining the rates we charge for our products and services, as well as these rates being subject to or mandated by legal requirements and regulatory approval;
v) The actual amount of our new and renewal business;
vi) The uncertainties involved in the loss reserving process, including the possible occurrence of insured losses with a frequency or severity exceeding our estimates;
vii) The unpredictability of court decisions and our exposure to claims for extra contractual damages and losses in excess of policy limits;
viii) Assessments imposed by state financial guaranty associations or other insurance regulatory bodies;
ix) Developments in financial and securities markets that could affect our investment portfolio;
x) Legislative, regulatory or consumer initiatives that may adversely affect our business, including initiatives seeking to lower premium rates;
xi) The passage of additional or repeal of current tort reform measures, and the effect of such measures;
xii) Developments in reinsurance markets that could affect our reinsurance programs or our ability to collect reinsurance recoverables;
xiii) The loss of the services of any key members of senior management;
xiv) Changes in our financial ratings resulting from one or more of these uncertainties or other factors and the potential impact on our agents’ ability to place insurance business on our behalf;
xv) Other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2007, including Item 1A. Risk Factors and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2008, and other factors discussed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 filed with the SEC on October 29, 2008.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
To supplement the consolidated financial information presented herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we report certain non-GAAP financial measures widely used in the insurance industry to evaluate financial performance over time. Operating earnings is a non-GAAP financial measure used by investors and analysts in the insurance sector to facilitate understanding of results by excluding: (i) the net effects of realized investment gains and losses, which are more closely tied to the financial markets; (ii) the cumulative effects of accounting changes and other infrequent or non-recurring items, which can affect comparability across reporting periods; and (iii) discontinued operations. Tangible book value is a further non-GAAP financial measure used by investors and analysts to gauge book values excluding goodwill and other intangible assets.
Categories: Financial Services |
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December 30th, 2009
The Blue Cross and Blue Shield of Minnesota Foundation welcomes Pat Geraghty, Deborah Meehan and Shawn Patterson to its 13-member board of directors. Geraghty recently joined Blue Cross and Blue Shield of Minnesota as president and CEO. He is also chair of the foundation’s board. Meehan is the founder and executive director of the Leadership Learning Community in Oakland, Calif., and Patterson is the vice president of marketing at Blue Cross and Blue Shield of Minnesota. The board directs the state’s largest grantmaking foundation dedicated exclusively to improving health in Minnesota and includes five community representatives.
“Pat has a special interest in reducing health inequities, which is a primary focus for our foundation. Deborah joins us at a critical time in the development of our community health leadership program and brings extensive experience from her work with similar programs across the country,” said Marsha Shotley, Foundation president. “And Shawn’s strong business background and passion for creating healthier communities are an ideal fit for our board.”
Geraghty is responsible for the strategy and operations of the state’s largest health plan, serving 2.9 million members, with a full scope of health plan products and services. Prior to joining Blue Cross, Geraghty served as senior vice president of the Service Division for Horizon Blue Cross Blue Shield of New Jersey. He is a graduate of Colgate University and is a frequent speaker on a range of health care topics. He has served as the chair of the American Conference on Diversity board and has served in a variety of other community leadership and volunteer positions.
Meehan leads The Leadership Learning Community, a national organization for leadership development programs. She has a bachelor’s degree in psychology from the University of California, Berkeley. She has served on several boards, including Children’s Advocate, International Leadership Association and the Kellogg Fellow Leadership Alliance Board of Directors.
Patterson has more than 25 years of experience in the health industry and is responsible for bringing innovative solutions to the health care market. He has a bachelor’s degree in marketing and advertising, and a master’s degree in finance from Indiana University, Bloomington. He volunteers for Habitat for Humanity, is a volunteer mentor for Menttium and works with the American Heart Association for Blue Cross and Blue Shield of Minnesota.
For more information on the Blue Cross and Blue Shield of Minnesota Foundation, visit us on the Web at http://www.bcbsmnfoundation.org or call (651) 662-3950 or toll free 1-866-812-1593.
The Blue Cross Foundation’s purpose is to look beyond health care today for ideas that create healthier communities tomorrow. By addressing key social, economic and environmental factors that determine health — beyond genes, lifestyle and access to health care — the foundation’s work extends beyond the traditional reach of the health care system to improve community health long-term and close the health gap that affects many Minnesotans. The foundation has become the state’s largest grantmaking foundation to exclusively dedicate its assets to improving health in Minnesota, awarding more than $22 million since it was established in 1986.
Blue Cross and Blue Shield of Minnesota, with headquarters in the St. Paul suburb of Eagan, was chartered in 1933 as Minnesota’s first health plan and continues to carry out its charter mission today: to promote a wider, more economical and timely availability of health services for the people of Minnesota. A nonprofit, taxable organization, Blue Cross is the largest health plan based in Minnesota, covering 2.9 million members in Minnesota and nationally through its health plans or plans administered by its affiliated companies. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association, headquartered in Chicago. Go to bluecrossmn.com to learn more about Blue Cross and Blue Shield of Minnesota.
Categories: Financial Services |
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December 30th, 2009
Markel Corporation announced today it will hold a conference call on Wednesday, November 5, 2008 beginning at 10:30 am (Eastern Standard Time) to discuss quarterly results and business developments.
Any person interested in listening to the call or a replay of the call, which will be available from approximately two hours after the conclusion of the call until November 15, 2008, should contact Markel’s Investor Relations Department at 804-747-0136. Investors, analysts and the general public may also listen to the call free over the Internet through Markel Corporation’s corporate web site, www.markelcorp.com. A replay of the call will also be available on the website until November 15, 2008.
The webcast, the conference call and the content and permitted replays or rebroadcasts thereof are the exclusive copyrighted property of Markel Corporation and may not be copied, taped, rebroadcast, or published in whole or in part without the express written consent of Markel Corporation.
Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.
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December 30th, 2009
In the table titled “HANMI FINANCIAL CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL DATA (UNAUDITED)(Continued) (Dollars in Thousands)” in release dated October 23, 2008, under subhead “DEPOSIT PORTFOLIO,” at September 30, 2008, “Time Deposits of $100,000 or More” should read: $863,034 (sted: $655,659) and “Other Time Deposits” should read: $618,528 (sted: $825,903). “Total Deposits” was unchanged at $2.799 billion.
HANMI FINANCIAL CORPORATION REPORTS THIRD-QUARTER 2008 FINANCIAL RESULTS
Hanmi Financial Corporation the holding company for Hanmi Bank (the “Bank”), reported third-quarter net income of $4.3 million, or $0.09 per diluted share, compared to net income of $11.0 million, or $0.23 per diluted share, in the third quarter of 2007.
For the nine months ended September 30, 2008, Hanmi reported a net loss of $98.3 million, or ($2.14) per share, which includes a second-quarter non-cash goodwill impairment charge of $107.4 million, compared to net income of $39.3 million, or $0.81 per diluted share, in the first nine months of 2007. Excluding the second-quarter goodwill impairment charge, for the nine months ended September 30, 2008, non-GAAP net income was $9.1 million, or $0.20 per diluted share.
Commenting on the quarter, Jay S. Yoo, Hanmi’s President and Chief Executive Officer, noted that third-quarter net income of $4.3 million was more than double second-quarter non-GAAP net income of $1.8 million. “While the overall environment remains extremely challenging, we are pleased to report another profitable operating quarter,” said Yoo.
“We have spoken in the past of our focus on improving credit quality rather than growing the asset base, which in fact declined by $79.1 million to $3.77 billion at September 30 from June 30, 2008,” said Yoo. “Gross loans were essentially unchanged at $3.35 billion, but total deposits declined by $162.2 million, or 5.5 percent, to $2.80 billion from $2.96 billion at June 30. The decline in deposits mirrors the experience of many community banks and other financial institutions in a time of extraordinary turmoil in the credit markets.
“The restructuring program about which we spoke last quarter is complete, and in time we expect to realize measurable improvements in operating efficiency,” added Yoo. “Headcount has been reduced by approximately 10 percent, with a commensurate decrease in salaries and related overhead.”
“Consistent with our program to enhance credit quality, in August we were pleased to announce the appointment of John Park as Chief Credit Officer. John is an important addition to our senior management team. With this team,” concluded Yoo, “I believe we are well positioned to handle the challenges of what continues to be a very difficult environment for financial institutions.”
Results of Operations
At the end of this release is a table titled “Reconciliation of GAAP to Non-GAAP” that provides reconciliations between various GAAP and non-GAAP metrics — including non-interest expenses, net income and earnings per share — that exclude the effect of the second-quarter $107.4 million goodwill impairment charge for the nine-month period ended September 30, 2008. We have provided them in the belief that they can be useful in evaluating our core operating performance. All subsequent references to non-GAAP metrics are to these tables.
Net interest income before provision for credit losses increased by $1.5 million, or 4.5 percent, to $35.6 million, compared to $34.1 million in the second quarter of 2008. The provision for credit losses was $13.2 million in the third quarter of 2008 compared to $19.2 million in the second quarter and $8.5 million in the third quarter of 2007.
Total non-interest income in the third quarter of 2008 was $5.3 million compared to $9.7 million in the second quarter and $9.5 million a year ago. Second-quarter non-interest income included a gain on sales of loans of $552,000, for which there were no comparable sales in the third quarter. The sequential decline in non-interest income also reflects a loss on the sale of securities available for sale of $483,000, as well as an other-than-temporary impairment loss on securities of $2.6 million; the latter consists of an impairment loss of $2.4 million on a Lehman Brothers corporate bond, and an impairment loss of $212,000 on a Community Reinvestment Act (“CRA”) equity investment.
Total non-interest expenses in the third quarter of 2008 were $22.2 million compared to $129.4 million in the second quarter, which included the aforementioned non-cash impairment loss on goodwill, and $21.2 million a year ago; excluding the goodwill impairment charge, second-quarter 2008 non-GAAP non-interest expenses were $22.1 million. Total non-interest expenses include a total of $1.1 million in losses (included under “Other Operating Expenses”) related to a derivative transaction to which Lehman Brothers was a party.
For the third quarter of 2008, the efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for credit losses and non-interest income) was 54.33 percent, compared to 296.07 percent, or 50.43 percent excluding the goodwill impairment charge in the second quarter, and 44.95 percent in the comparable period a year ago.
“The provision for credit losses is the product of a comprehensive evaluation of the loan portfolio, and it reflects in large part the economic stress under which some of our borrowers find themselves,” said Brian Cho, Chief Financial Officer. “However, we are encouraged by the fact that it is lower than in the prior quarter. The lower provision reflects improvements in some significant loans previously more adversely classified.” Third-quarter charge-offs, net of recoveries, were $11.8 million compared to $8.2 million in the prior quarter and $6.1 million in the third quarter of 2007. The third-quarter charge-offs included approximately $2.7 million related to the loans fully reserved in the prior quarter.
The yield on the loan portfolio was 6.68 percent, a decline of 10 basis points compared to the second quarter, when the yield was 6.78 percent. The decline in yield, however, was offset by a decline in the cost of average interest-bearing deposits, which decreased by 27 basis points to 3.43 percent from 3.70 percent in the second quarter. This contributed to an improvement in net interest margin, which in the third quarter was 3.90 percent compared to 3.75 percent in the second quarter of 2008.
Balance Sheet and Asset Quality
At September 30, 2008, total assets were $3.77 billion compared to $3.85 billion at June 30, 2008, a decrease of $79.1 million, or 2.1 percent. Gross loans were essentially unchanged at $3.35 billion at September 30, 2008. Total deposits declined by $162.2 million, or 5.5 percent, to $2.80 billion at September 30, 2008, compared to $2.96 billion at June 30, 2008. FHLB advances and other borrowings increased by $84.9 million, or 17.0 percent, to $585.0 million at September 30, 2008, compared to $500.1 million at June 30, 2008.
As of September 30, 2008, the allowance for loan losses was $63.9 million, or 1.91 percent of gross loans (57.16 percent of total non-performing loans), compared to $63.0 million, or 1.88 percent of gross loans (56.14 percent of total non-performing loans), at June 30, 2008, and $34.5 million, or 1.07 percent of gross loans (77.19 percent of total non-performing loans), at September 30, 2007.
Delinquent loans were $102.9 million (3.08 percent of total gross loans) at September 30, 2008, compared to $138.4 (4.12 percent of total gross loans) at June 30, 2008. Although non-performing loans as of September 30, 2008 were substantially unchanged from the prior quarter at $111.9 million (3.34 percent of gross loans), this amount included a $24 million loan which was brought current during the quarter.
Capital Adequacy
The Bank’s capital ratios exceed levels defined as “well-capitalized” by our regulators. At September 30, 2008, the Bank’s Tier 1 Leverage, Tier 1 Risk-Based Capital and Total Risk-Based Capital ratios were 8.97 percent, 9.57 percent and 10.84 percent, respectively, compared to 8.60 percent, 9.39 percent and 10.64 percent, respectively, at June 30, 2008. “We continue to monitor our capital adequacy and our ability to address the economic challenges that face most financial institutions in the United States,” said Yoo.
Headquartered in Los Angeles, Hanmi Bank, a wholly owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 26 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and six loan production offices in Colorado, Georgia, Illinois, Texas, Virginia and Washington. Hanmi Bank specializes in commercial, Small Business Administration (“SBA”) and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmifinancial.com.
This release includes non-GAAP net income, non-GAAP earnings per share data, shares used in non-GAAP earnings per share calculation and non-GAAP non-interest expenses. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should be used only to evaluate our results of operations in conjunction with the corresponding GAAP measures.
We believe that the presentation of non-GAAP net income, non-GAAP earnings per share data, non-GAAP performance ratios, shares used in non-GAAP earnings per share calculation, and non-GAAP non-interest expenses, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to our financial condition and results of operations. In addition, we believe that the presentation of non-GAAP income provides useful information to investors and management regarding operating activities for the periods presented.
Categories: Financial Services |
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December 30th, 2009
Hill International the global leader in managing construction risk, announced today preliminary financial results for the quarter ended September 30, 2008. A summary of Hill’s estimated financial performance for the third quarter of 2008 is as follows:
* Total revenue is expected to be in the range of $97.0 to $99.0 million. This compares to $72.2 million for the third quarter of 2007, an increase of approximately 34% to 37%.
* Consulting fee revenue is expected to be in the range of $86.0 to $88.0 million. This compares to $51.5 million for the third quarter of 2007, an increase of approximately 67% to 71%.
* Operating profit is expected to be in the range of $7.1 million to $7.3 million. This compares to $5.1 million for the third quarter of 2007, an increase of approximately 39% to 43%.
* Net earnings are expected to be in the range of $5.1 million to $5.3 million (or $0.12 to $0.13 per diluted share based on 41.4 million diluted shares outstanding). This compares to net earnings of $3.8 million for the third quarter of 2007 (or $0.13 per diluted share based on 29.6 million diluted shares outstanding), an increase of approximately 34% to 39%.
* Total backlog at the end of the third quarter of 2008 increased to $667 million, up from $606 million at the end of the second quarter of 2008 and from $416 million at the end of 2007. Twelve-month backlog at the end of the third quarter of 2008 grew to $312 million, up from $301 million at the end of the second quarter of 2008 and from $196 million at the end of 2007.
“We expect another record quarter for our company, based upon these preliminary estimates of Hill’s financial performance for the third quarter of 2008,” said Irvin E. Richter, Hill’s Chairman and Chief Executive Officer. “We are not setting a precedent to announce Hill’s preliminary results in future quarters. Rather, given the current market volatility and uncertainty, we believe it is important for our stockholders and market participants to have as much information as possible, as early as practicable,” Richter added.
Hill will issue its final financial results for the third quarter of 2008 on Wednesday, November 5, 2008 after the close of the stock market. David L. Richter, Hill’s President and Chief Operating Officer, and John Fanelli III, Hill’s Senior Vice President and Chief Financial Officer, will host a conference call the following morning, Thursday, November 6, 2008, at 11:00 am Eastern Time to discuss the results.
Hill International, with 2,100 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 11th largest construction management firm in the United States.
Categories: Financial Services |
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December 30th, 2009
Just over a month after the Nevada Supreme Court allowed 700 homeowners to join a lawsuit against developers for allegedly defective exterior stucco — attorneys, insurers, risk managers, construction experts and judges from around the country will gather here for a three-day conference on construction defect claims and insurance coverage.
“The Comprehensive Construction Defect Claims & Coverage Conference” will take place November 5, 6 & 7 at the Mandalay Bay Resort & Casino.
Among the more than 50 speakers will be Las Vegas Judicial District Court Judge Allan Earl. Judge Earl will be joined by retired California Judge Jonathan Cannon, now with JAMS, and attorneys from California and Indiana to provide an overview of national litigation sparked by construction defect claims.
Appearing on an ethics panel will be Jeffrey Stempel, professor of law at the William S. Boyd School of Law at the University of Nevada Las Vegas. Professor Stempel will be joined by Professor James Fisher of the Southwestern Law School in Los Angeles.
Attorneys from Texas, Washington, DC, New York, Philadelphia, Illinois, Maryland, Florida, Connecticut, Massachusetts, Indiana, Wisconsin and Nevada will cover the gamut when it comes to construction defects litigation and insurance: special risks posed by construction companies; professional liability for construction managers; pollution liability risks; determining applicable state law; builder risks; the right to repair; allocation; trigger of coverage; business risk exclusions; ethical concerns; additional insureds; wrap ups; residential construction coverage; bankruptcy; claims relating to so-called “green buildings,” and much more.
Companies represented at the event include insurance companies, builders, building and environmental specialists, litigation support services, and claims management services.
The chairing panel comprises Paul Amirata of AXA Insurance Company of New York, Thomas Myers of Andrews Myers Coulter & Cohen, P.C. of Houston, Tracy Alan Sax of Sax Doernberger & Vita, P.C. of Hamden, Conn., and George Yaron of Yaron & Associates of San Francisco.
“The chairing panel has assembled a faculty that is highly experienced and diverse, bringing national perspectives from the courtroom, the construction site, the insurance company, the settlement table, the laboratory, and the law school,” said Tom Hagy with BVR Legal, host of the event.
Categories: Financial Services |
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December 30th, 2009
A.D.A.M., Inc.will conduct its third quarter 2008 earnings conference call on Thursday, November 6, 2008 at 10:00AM Eastern Time (ET). The company’s earnings results will be released before the market opens on November 6, 2008.
The conference call dial-in number will be 866-624-3372. International callers may dial 1-706-758-3874.
A digital replay will be available at 12pm ET the same day by dialing 800-633-8284 or 402-977-9140 with reservation code 21397710. The digital replay will be available until November 20, 2008. To listen to the call online, visit www.adam.com.
A.D.A.M. is a leading provider of health information and benefits technology solutions to healthcare organizations, employers, consumers, and educational institutions. A.D.A.M.’s portfolio of products includes its award-winning Health Illustrated Encyclopedia and Benergy™, the leading benefits communication and healthcare decision support platform for small and mid-sized employers. A.D.A.M. content and technology solutions equip consumers to better understand their health, wellness and benefits, while helping healthcare organizations and employers reduce the costs of healthcare and benefits administration. For more information, visit www.adam.com or call 1-800-408-ADAM.
Categories: Financial Services |
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December 30th, 2009
the market leader in on-demand contact center software for intelligent contact routing and agent improvement, has signed a renewable agreement for inContact® with a leading provider of insurance claims processing and management software solutions. The agreement includes services for more than 250 seats across two locations and is valued at more than $300,000 over the course of the first annual term.
Unlike the other hosted competitor the customer was considering, UCN provided the best suited contact handling connectivity as well as the necessary telecom framework. The new customer chose the inContact software-as-a-service (SaaS) platform to reduce operational costs and capital expense, while gaining greater functionality and flexibility for its customer service and technical support groups. It also required a solution to provide call recording and monitoring with real-time analytics and the ability to implement a remote workforce, something it was unable to affordably do with their previous premise-based system.
Said Paul Jarman, UCN CEO, “An increasing number of companies are committing to long-term relationships with UCN, selecting the inContact solution due to its flexible and scalable ‘all-in-one’ feature set. UCN continues to help companies save money and achieve new levels of efficiency and customer satisfaction while reducing total cost of ownership. We are delighted to have been chosen as the preferred technology provider over both premise and other hosted solutions.”
Categories: Financial Services |
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December 30th, 2009
Dover Downs Gaming & Entertainment, reported results for the three months ended September 30, 2008.
The Company’s revenues decreased 1% to $63,929,000 compared with $64,566,000 for the third quarter of 2007. Gaming revenues declined 2.2% while other operating revenues improved by 13.9% as a result of the Company’s expanded hotel complex. Occupancy levels in the 500 room Dover Downs Hotel were approximately 89% for the third quarter of 2008.
Gaming expenses were higher from increased gaming taxes and slot machine fees that resulted from legislation passed in June of 2008 that became effective on July 1, 2008. These increases represented about $850,000 during the quarter. The Company also incurred approximately $400,000 in advertising costs during the quarter related to the opening of the Colonnade, the Company’s $52 million casino expansion which opened during the quarter. The expansion includes approximately 500 slot machines, three new restaurants; Doc Magrogan’s Oyster House, Marabella’s, Public House, Sweet Perks Too coffee shop, the Dover Downs’ Fire & Ice Lounge, and four retail outlets.
Interest expense increased $251,000 to $975,000 during the quarter, primarily from borrowings related to share buybacks during the last twelve months, as well as from borrowings related to the Dover Downs Hotel expansion and the Colonnade casino expansion. Additionally, depreciation expense increased $829,000 compared to the third quarter of 2007 due to the aforementioned expansions.
Net earnings were $4,996,000 compared with $7,435,000 for the third quarter of 2007.
Net earnings per diluted share for the quarter ended September 30, 2008 were $.16 compared with $.23 per diluted share for the same period in 2007.
Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc. stated, “These remain challenging times for those dependent on discretionary spending. Given the economic environment, and a hurricane in the region during the first weekend in September, a 1% decline in revenues is pretty positive. We look forward to seeing the benefits of our recent expansions when the economy improves.”
The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $.05 per share. The dividend is payable on December 10, 2008 to shareholders of record at the close of business on November 10, 2008.
This release contains or may contain forward-looking statements based on management’s beliefs and assumptions. Such statements are subject to various risks and uncertainties that could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.
Dover Downs Gaming & Entertainment, Inc. is a diversified gaming and entertainment company whose operations consist of Dover Downs Slots – a 165,000-square foot video lottery casino complex featuring the latest in slot machine offerings, including multi-player electronic table games with virtual dealers; the Dover Downs Hotel and Conference Center – a 500 room AAA Four Diamond hotel with conference, banquet, fine dining, ballroom and concert hall facilities; and Dover Downs Raceway – a harness racing track with pari-mutuel wagering on live and simulcast horse races
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December 30th, 2009
Triple-S Management Corporation the largest managed care company in Puerto Rico, today announced record consolidated revenues for the three months ended September 30, 2008. Net income of $9.5 million, or $0.29 per diluted share, includes an after tax net loss of $5.4 million, or $0.17 per diluted share, in net realized and unrealized losses on investments and derivatives. Also, the Company’s Board of Directors has authorized the repurchase of up to $40 million of the Company’s common shares, to be effected by means to be determined after the December 6, 2008 expiration of the lockup agreement.
Third-Quarter Highlights
* Net premiums earned increased 15.3 percent year over year to
$433.2 million
* Operating income was $22.6 million
* Excluding net realized and unrealized losses and a loss from
derivatives included within other income (expenses), and excluding
prior period unfavorable reserve developments in the managed care
segment, net of tax, pro forma net income was $18.2 million and
diluted earnings per share were $0.57, based on 32.2 million
weighted average shares outstanding
* Medical Loss Ratio (MLR) rose 170 basis points to 88.6 percent;
excluding prior period unfavorable reserve developments, the MLR
would have been 88 percent
* Consolidated operating expense ratio improved 80 basis points to
14.5 percent
* Continued expansion of Medicare Advantage business: over 80,000
additional members at September 30, 2008, a 74.1 percent year-over-
year increase
“We achieved a solid top-line performance in the quarter. As expected, our managed care segment delivered significant growth in the Medicare Advantage business. We continued to leverage our infrastructure by managing administrative costs without sacrificing the quality of care that we provide to each of our members,” said Ramon M. Ruiz-Comas, President and Chief Executive Officer. “While we are disappointed with our managed care MLR, and in particular the MLR for our Medicare Advantage dual eligible product, our Commercial MLR has shown great improvement. We have a thorough understanding of the issues involved with the Medicare Advantage dual eligible product and are working aggressively to reduce our MLR. We continue to execute on our focused business strategy and believe wholeheartedly that we are well positioned for 2009 and beyond.”
Consolidated operating revenues for the three months ended September 30, 2008 were $451.8 million, 15.6 percent higher than the same period of the previous year. The increase was principally due to growth in Medicare Advantage membership enrollment; however, we also experienced growth in Commercial and Reform premiums due to premium rate increases.
Consolidated claims incurred and operating expenses for the quarter were $429.2 million, an increase of 16.6 percent from a year ago. Consolidated claims incurred were up $55.6 million, or 17.9 percent, largely due to increased claims in the managed care segment driven by higher enrollment and utilization trends, particularly in the Medicare Advantage business. The consolidated loss ratio rose 190 basis points to 84.4 percent, primarily due to higher utilization trends in the managed care segment. Claims incurred in this quarter included an unfavorable development from the June 30, 2008 managed care reserves of $4.6 million, or $0.10 net of tax per diluted share. Consolidated operating expenses increased by $5.6 million, or 9.7 percent, to $63.6 million, primarily attributable to the higher Medicare Advantage volume of business. The consolidated operating expense ratio improved 80 basis points to 14.5 percent in 2008 mainly due to our scalable infrastructure that enabled us to manage the aforementioned volume increase.
Net income for the three months ended September 30, 2008 was $9.5 million, or $0.29 per diluted share, based on weighted average shares outstanding of 32.2 million. This compares with net income for the three months ended September 30, 2007 of $15.5 million, or $0.58 per diluted share, based on weighted average shares of 26.8 million. Excluding the effect of realized and unrealized gains (losses) on investments and derivatives and prior period reserve developments in the three months ended September 30 in both 2008 and 2007, net of taxes, pro forma net income was $18.2 million, or $0.57 per diluted share, based on weighted average shares outstanding of 32.2 million, in the quarter ended September 30, 2008, compared with $12.9 million, or $0.48 per diluted share, based on weighted average shares outstanding of 26.8 million, in the comparable 2007 quarter.
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December 30th, 2009
The Hiscox Group a leading provider of specialty insurance, today announced that it has teamed up with Bermuda-based energy mutual AEGIS, to provide its 400-plus members new protection against a range of privacy and confidentiality risks.
The strategic alliance means that the power and utility companies which are members of AEGIS will have access to the Hiscox Privacy Protection Policy, which provides cover for liabilities arising from data losses and resultant breaches of privacy, as well as the notification costs to people affected.
Energy companies have significant exposure to data breaches as they hold a large amount of sensitive customer data on file including financial information. As a result they have a responsibility to their customers to keep the information secure from any data breaches.
The Hiscox product will provide AEGIS members with:
* US$25 million limit with additional limits available
* Liability protection against a breach of privacy either by the insured or a third party
* Protection against both electronic and non-electronic breaches such as hacking, theft of a laptop or ‘dumpster diving’
* Forensic, notification and credit protection costs resulting from the breach
Oliver Brew, Vice President of Hiscox, said: “We are delighted to be working with AEGIS on this project. The members of AEGIS are precisely the type of utilities and energy companies that are required to hold considerable volumes of customer data and other highly sensitive information, thereby exposing them to a high privacy risk. With electronic-crime and data breaches on the increase, this is a timely move.”
Hiscox headquartered in Bermuda, is a specialist insurance group listed on the London Stock Exchange. There are three main underwriting parts of the Group – Hiscox Global Markets, Hiscox UK and Europe, and Hiscox International. Hiscox Global Markets underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes offshore operations in Bermuda and Guernsey and Hiscox USA. Hiscox Insurance Company Ltd, Hiscox Underwriting Ltd and Hiscox Syndicates Ltd are authorised and regulated by the Financial Services Authority.
For further information, visit www.hiscox.com.
Hiscox Inc. trades as Hiscox USA and Hiscox Global Markets in the US. It is a licensed insurance intermediary for admitted and surplus lines business across the US. Hiscox Inc. underwrites on behalf of, and places business with, select US domestic admitted carriers and syndicates at Lloyd’s of London (www.lloyds.com). Hiscox USA, headquartered in Westchester County (Armonk), specializes in providing cover for small and mid-size US business risks. Hiscox Global Markets in the US, headquartered in Manhattan, caters to large risks, particularly in the technology, media and telecommunications industries. Hiscox Global Markets in the US and Hiscox USA products can be purchased via US-based brokers.
For further information, visit www.hiscoxusa.com.
The ability of syndicates at Lloyd’s of London to do business in the USA and US territories is restricted because they are not US-based insurers. This communication provides general information on Hiscox’s products and services only and is not intended to be, and does not constitute, a solicitation of business by syndicates at Lloyd’s of London from or in respect of the USA or US territories.
Enquiries as to insurance or other products or services from US residents should be directed to an insurance agency or broker licensed to conduct business in the relevant US state, and anyone requiring further information about an insurer’s ability to do business in the USA and US territories should contact an appropriate insurance intermediary for advice
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December 30th, 2009
Infinity Property and
Casualty Corporation a national provider of personal
automobile insurance, today reported results for the three and nine months
ended September 30, 2008:
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except per % %
share amounts and ratios) 2008 2007 Change 2008 2007 Change
Gross written premiums $222.9 $237.2 (6.0%) $703.9 $797.6 (11.7%)
Revenues $233.8 $275.9 (15.3%) $730.9 $831.1 (12.1%)
Net earnings $4.4 $17.1 (74.4%) $30.5 $53.1 (42.6%)
Net earnings per diluted
share $0.28 $0.91 (69.2%) $1.90 $2.75 (30.9%)
Operating earnings (1) $16.0 $18.7 (14.3%) $45.3 $56.5 (19.9%)
Operating earnings per
diluted share (1) $1.03 $1.00 3.0% $2.82 $2.92 (3.4%)
Underwriting income (1) $15.1 $17.3 (12.9%) $38.6 $48.7 (20.7%)
Combined ratio 93.5% 93.3% 0.2 pts 94.5% 93.8% 0.7 pts
Return on equity 3.0% 10.8% (7.8)pts 7.0% 11.4% (4.4) pts
Operating income return
on equity (1) 11.0% 11.8% (0.8)pts 10.4% 12.1% (1.7) pts
Book value per share $37.05 $35.69 3.8%
Debt to total capital 26.4% 25.5% 0.9 pts
(1) Measures used in this release that are not based on generally
accepted accounting principles (”non-GAAP”) are defined at the end of
this release and reconciled to the most comparable GAAP measure.
Stronger than expected underwriting results and prudent capital management resulted in an increase in Infinity’s operating earnings per diluted share during the third quarter of 2008. Net earnings declined during the third quarter primarily as a result of modest other-than-temporary impairment charges on fixed income securities.
Gross written premiums declined 6.0% and 11.7% during the third quarter and first nine months of 2008, respectively, as compared with the same periods in 2007 primarily from a decline in gross written premiums in California, Connecticut, Florida and Georgia. Partially offsetting premium declines in these states was premium growth in Illinois, Nevada, and Texas.
Earnings and underwriting income for the three and nine months ended September 30, 2008, included $1.3 million, pre-tax ($0.05 per diluted share after-tax) and $13.5 million, pre-tax ($0.55 per diluted share after-tax), respectively, of favorable development on prior accident period loss and loss adjustment expense reserves compared with $5.4 million, pre-tax ($0.19 per diluted share after-tax) and $12.5 million, pre-tax ($0.42 per diluted share after-tax) of favorable development for the three and nine months ended September 30, 2007, respectively.
Catastrophe losses during the third quarter and first nine months of 2008 totaled $1.3 million, pre-tax ($0.06 per diluted share after-tax) and $1.8 million, pre-tax ($0.07 per diluted share after-tax), respectively, including losses in the third quarter of $1.1 million from Hurricane Ike and $0.2 million from Tropical Storm Fay. The impact to the combined ratio from catastrophes was 0.6 points and 0.3 points for the three and nine months ended September 30, 2008. Catastrophes had no impact on the combined ratio in the third quarter of 2007 and an impact of 0.1 points during the first nine months of 2007.
During the third quarter and first nine months of 2008, Infinity recorded $13.8 million, pre-tax ($0.89 per diluted share after-tax) and $21.5 million, pre-tax ($1.34 per diluted share after-tax), respectively, of other-than-temporary impairments on fixed income securities. This compares with $0.6 million, pre-tax ($0.03 per diluted share after-tax) and $2.6 million, pre-tax ($0.14 per diluted share after-tax) of other-than-temporary impairments recorded during the third quarter and first nine months of 2007, respectively.
2008 Earnings Guidance
As a result of better than expected underwriting results in the third quarter of 2008, Infinity is increasing its operating earnings guidance to a range of $3.40 — $3.60 per diluted share.
Share Repurchase Program
During the third quarter of 2008, Infinity repurchased 1,084,600 shares at an average price, excluding commissions, of $43.74. Infinity has $75.4 million of capacity left under this repurchase program, which expires December 31, 2009
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