National Western Life Announces Revised First Quarter 2006 Earnings
18 Maggio 2006 - 12:48AM
PR Newswire (US)
AUSTIN, Texas, May 17 /PRNewswire-FirstCall/ -- National Western
Life Insurance Company (NASDAQ:NWLIA) announced revised
consolidated net earnings of $14.0 million, or $3.84 per diluted
share, for the quarter ended March 31, 2006. The Company's book
value per share at March 31, 2006 was changed to $242.82. The
revised figures were a result of an additional charge of $8.1
million, or $2.23 per diluted share, associated with the Company's
stock option plan that were not included in the Company's
previously announced earnings on May 5, 2006. During the first
quarter of 2006, companies reporting in accordance with generally
accepted accounting principles were required to implement a new
accounting pronouncement with respect to share based plans such as
the Company's stock option plan. The earnings reported in the
Company's May 5, 2006 press release reflected implementation of
guidance in the new accounting pronouncement that management
believed best addressed the facts and circumstances pertaining to
its stock option plan. In an extension filing with the Securities
and Exchange Commission ("SEC") on May 11, 2006, the Company
reported that its independent auditor, KPMG LLP, had informed
Company management on May 10th that the Company needed to implement
an alternative method of accounting for its stock option costs
under the new accounting pronouncement. The affect of implementing
this alternative method versus the method the Company used in
reporting earnings in its May 5, 2006 press release was an
acceleration of expense recognition associated with its stock
option plan. In the extension filing, the Company indicated an
additional five days were required to file its first quarter
financial results with the SEC in order to perform the necessary
calculations and revise its financial statements. The Company filed
its first quarter report reflecting the alternate method of
accounting for its stock options and the resultant additional
charge with the SEC on May 15, 2006. The Company's reported assets
and total stockholders' equity as of March 31, 2006 were $6.4
billion and $876 million, respectively. Summary of Consolidated
Operating Results (In thousands except per share data) Three Months
Ended March 31, 2006 2005 Revenues: Revenues, excluding realized
investment gains and derivative income (loss) $119,656 106,330
Derivative income (loss) 15,176 (13,922) Realized gains on
investments 1,423 968 Total revenues $136,255 93,376 Earnings:
Earnings from operations $13,120 15,573 Net realized gains on
investments 925 629 Net earnings $14,045 16,202 Basic Earnings Per
Share: Earnings from operations $3.63 4.34 Net realized gains on
investments 0.25 0.17 Net earnings $3.88 4.51 Basic Weighted
Average Shares 3,618 3,591 Diluted Earnings Per Share: Earnings
from operations $3.59 4.30 Net realized gains on investments 0.25
0.17 Net earnings $3.84 4.47 Diluted Weighted Average Shares 3,655
3,625 Investor Relations Contact: Brian M. Pribyl Senior Vice
President Chief Financial & Administrative Officer (512)
719-2493 DATASOURCE: National Western Life Insurance Company
CONTACT: 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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