National Western Life Announces 2005 Second Quarter Earnings
05 Agosto 2005 - 7:19PM
PR Newswire (US)
AUSTIN, Texas, Aug. 5 /PRNewswire-FirstCall/ -- Ross R. Moody,
President of National Western Life Insurance Company
(NASDAQ:NWLIA), announced today second quarter 2005 consolidated
net earnings of $24.1 million, or $6.64 per diluted share, a 22%
increase over consolidated net earnings of $19.7 million, or $5.47
per diluted share, reported for the second quarter of 2004.
Consolidated net earnings for the first six months of 2005 were
$40.3 million, or $11.11 per diluted share, compared with $89.0
million, or $24.74 per diluted share, reported a year ago. The 2004
results include the effect of a required change in accounting for
certain annuity contracts during the first quarter of that year
which increased reported net earnings by $54.7 million, or $15.20
per diluted share. The Company's book value per share at June 30,
2005 increased to $236.45. Earnings from operations, excluding net
realized gains and losses on investments(1), totaled $19.1 million,
or $5.28 per diluted share, for the second quarter ended June 30,
2005, compared with $18.4 million, or $5.11 per diluted share, for
the quarter ended June 30, 2004. For the first six months of 2005,
earnings from operations were $34.7 million, or $9.57 per diluted
share, versus $32.1 million, or $8.91 per diluted share, for the
first six months of 2004. Referring to the second quarter and
six-month results, Mr. Moody noted, "Given that our earnings and
operating results in 2004 were a record year for National Western,
we are particularly pleased that we are able to report growth from
the levels of a year ago." Operating revenues, excluding realized
investments gains and derivative income, totaled $112.9 million for
the second quarter of 2005 compared to $105.7 million for the
comparable quarter in 2004. Year-to-date operating revenues
increased to $219.2 million from $203.3 million the year before.
Commenting, Mr. Moody indicated, "We are beginning to see some
traction in our domestic life insurance line with sales up by more
than a third and some of our more recent international
opportunities are beginning to generate increasing sales activity."
Realized investments gains, net of taxes, for the quarter ended
June 30, 2005 were $5.0 million, or $1.36 per diluted share,
compared with $1.3 million, or $0.36 per diluted share for the
quarter ended June 30, 2004. For the first six months of 2005, the
Company reported realized investment gains, net of taxes, of $5.6
million, or $1.54 per diluted share, compared to realized
investment gains of $2.3 million, or $0.63 per diluted share,
during the first six months of 2004. "We have been able to
selectively take advantage of the appreciation in some of the
holdings in our commercial mortgage loan and real estate portfolio
during this period of low interest rates and lock in attractive
gains," Mr. Moody stated. At June 30, 2005, the Company maintained
total stockholders' equity of $852 million, assets of $6.2 billion,
and life insurance in force in excess of $14.0 billion. (1) The
Company views earnings from operations, a non-GAAP financial
measure, as an important indicator of financial performance.
Presented in conjunction with net earnings, the combined
presentation can enhance an investor's understanding of the
Company's underlying profitability and results from ongoing
operations. The definition of earnings from operations, as
presented in this press release, excludes net realized investment
gains and losses after tax. A reconciliation of earnings from
operations to net earnings has been included as part of this press
release. Summary of Consolidated Operating Results (In thousands
except per share data) Three Months Ended Six Months Ended June 30,
June 30, 2005 2004 2005 2004 Revenues: Revenues, excluding realized
investment gains and derivative income (loss) $112,859 105,652
219,189 203,271 Derivative income (loss) (2,478) (186) (16,400)
1,200 Realized gains on investments 7,616 2,013 8,584 3,472 Total
revenues $117,997 107,479 211,373 207,943 Earnings: Earnings from
operations $ 19,147 18,403 34,720 32,071 Net realized gains on
investments 4,951 1,309 5,580 2,257 Cumulative effect of a change
in accounting principle --- --- --- 54,697 Net earnings $ 24,098
19,712 40,300 89,025 Basic Earnings Per Share: Earnings from
operations $ 5.32 5.17 9.66 9.02 Net realized gains on investments
1.38 0.37 1.55 0.64 Cumulative effect of a change in accounting
principle --- --- --- 15.38 Net earnings $ 6.70 5.54 11.21 25.04
Basic Weighted Average Shares 3,598 3,557 3,595 3,556 Diluted
Earnings Per Share: Earnings from operations $ 5.28 5.11 9.57 8.91
Net realized gains on investments 1.36 0.36 1.54 0.63 Cumulative
effect of a change in accounting principle --- --- --- 15.20 Net
earnings $ 6.64 5.47 11.11 24.74 Diluted Weighted Average Shares
3,630 3,599 3,628 3,598 Investor Relations Contact: Brian M. Pribyl
Senior Vice President Chief Financial & Administrative Officer
+1-512-719-2493 DATASOURCE: National Western Life Insurance Company
CONTACT: investor relations, Brian M. Pribyl, Senior Vice
President, Chief Financial & Administrative Officer of National
Western Life Insurance Company, +1-512-719-2493, or Web site:
http://www.nationalwesternlife.com/
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