Net earnings in the first quarter included USD50m or USD0.12 per diluted share of after-tax net realised investment gains from securities transactions and impairments, compared with net after-tax gains
of USD40m or USD0.10 per diluted share in 2015.
Results for the prior-year periods included net after-tax gains
of $11.2 million for the fourth quarter and $4.8 million for the full year associated with the charge related to a litigation settlement in California and the partial charge-off of a note and a warrant received at the time Big Lots sold its KB Toys division in December 2000.
The drop in net income, the financial holding company said, was due to a $3.3 million decrease in net after-tax gains
on sales of securities and mark-to-market of derivative contracts plus additional factors.
Net earnings in the fourth quarter of 2015 included after-tax net realised investment gains of USD60m or USD0.14 per diluted share, compared with net after-tax gains
of USD83m or USD0.19 per diluted share, a year ago.
results reflecting net after-tax gains
from special items of