NWLIA National Western Life Insurance Company (MM)

AUSTIN, Texas, Nov. 8 /PRNewswire-FirstCall/ -- National Western Life Insurance Company (NASDAQ:NWLIA), announced today revised consolidated net earnings of $16.1 million, or $4.40 per diluted share, for the third quarter ended September 30, 2006. The Company had previously reported via a press release on November 6th third quarter consolidated net earnings of $15.4 million, or $4.22 per diluted share. The Company determined that the results previously announced had overstated compensation expense associated with its stock option plan. Consolidated net earnings for the first nine months of 2006 were revised to $52.3 million, or $14.32 per diluted share, compared with $51.7 million, or $14.14 per diluted share, previously reported. The Company's book value per share at September 30, 2006 was revised to $253.54. Summary of Consolidated Operating Results (In thousands except per Three Months Ended Nine Months Ended share data) September 30, September 30, 2006 2005 2006 2005 Revenues: Revenues, excluding realized investment gains and derivative income (loss) $113,858 112,253 349,869 331,442 Derivative income (loss) 15,832 6,344 13,680 (10,056) Realized gains on investments 190 1,430 3,229 10,014 Total revenues $129,880 120,027 366,778 331,400 Earnings: Earnings from operations $15,948 19,240 50,245 53,960 Net realized gains on investments 124 929 2,099 6,509 Net earnings $16,072 20,169 52,344 60,469 Basic Earnings Per Share: Earnings from operations $4.41 5.33 13.88 14.99 Net realized gains on investments 0.03 0.26 0.58 1.81 Net earnings $4.44 5.59 14.46 16.80 Basic Weighted Average Shares 3,621 3,610 3,620 3,600 Diluted Earnings Per Share: Earnings from operations $4.37 5.27 13.75 14.85 Net realized gains on investments 0.03 0.26 0.57 1.79 Net earnings $4.40 5.53 14.32 16.64 Diluted Weighted Average Shares 3,655 3,647 3,656 3,634 Investor Relations Contact: Brian M. Pribyl Senior Vice President, Chief Financial & Administrative Officer (512) 836-1010 http://www.nationalwesternlife.com/ DATASOURCE: National Western Life Insurance Company CONTACT: Brian M. Pribyl, Senior Vice President, Chief Financial & Administrative Officer of National Western Life Insurance Company, +1-512-836-1010, or Web site: http://www.nationalwesternlife.com/

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