Net income (before dividend requirements
on preferred stock) for the 2005 third quarter was $820,629 compared to net income (before dividend requirements
on preferred stock) of $1,037,664 for the same period of 2004 due to a higher income tax expense in the current year and the benefit from a net operating loss carry-forward in the comparable quarter a year ago.
Partially offsetting these strengths is AHL's operational concentration in credit insurance products, the challenges inherent in the credit insurance market and high dividend requirements
to Citigroup, Inc.
13 per common share after consideration of preferred stock accretion, dividend requirements
and warrant discount of $577,000, compared with a net loss applicable to common stock of $286,000, or $.
Arch's annualized operating earnings-based interest and preferred dividend coverage has historically been strong reflecting the company's relatively modest interest and preferred dividend requirements
and strong operating earnings.
individual insurance market and high dividend requirements
to its ultimate parent.
Based on the Company's existing dividend policies, the conversion of the Preferred Stock into Common Stock will result in a net decrease of approximately $8 million in the Company's annual dividend requirements
This level of cash flow sufficiently supports Brinker's investment in new restaurant units and its dividend requirements
The net income before preferred dividend requirements
of $3,162,000 is comprised of $2,573,000 from operations, increased by a gain of $1,247,000 recorded as other income(resulting from insurance proceeds on damages, specifically the loss of instrumentation, suffered on a domestic crew due to arson), and decreased by charges of $658,000 to operating income consisting of $336,000 resulting from the previously announced termination of the preferred stock reclassification proposal, and additional legal accrual of $200,000 and a state tax audit assessment of $122,000.
While the Company can redeem preferred shares at any time for the redemption value of $25 plus dividend arrearages paid in cash, the Company has agreed to the negotiated exchanges as a cash conservation measure and because they reduce the number of outstanding Depositary Shares, thereby eliminating the associated future dividend requirements
Best will continue to monitor FAFLIC's future dividend requirements
Primary and fully diluted loss per common share after preferred stock dividend requirements
improved to $0.
All per share computations are after consideration of the Company's preferred stock dividend requirements