Gross Premiums Earned Increase 8% for Both the Three and Twelve Month Periods
GRAND CAYMAN, Cayman Islands, Feb. 16 /PRNewswire/ -- Chandler Insurance
Company, Ltd., (Nasdaq: CHANF), the parent of subsidiary companies based in
Oklahoma, today announced results for the fourth quarter and year ended
December 31, 1998. Net income for 1998 was $3,442,000 or $0.53 per share
versus a net loss of $1,065,000 or $0.16 per share in 1997. Gross premiums
earned for 1998 were $126.1 million, an 8% increase compared to $116.7 million
in 1997.
Summary of Fourth Quarter Financial Highlights
(amounts in thousands except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
(unaudited) (audited)
1998 1997 Change 1998 1997 Change
Gross Premiums
Earned $32,618 $30,158 +8% $126,071 $116,709 +8%
Net Premiums
Earned(a) $18,591 $22,928 -19% $70,064 $94,679 -26%
Litigation
Expenses, Net $416 $(6,558) +106% $(2,707) $4,772 -157%
Net Income
Excluding Net
Litigation
Expenses $1,202 $1,074 +12% $591 $3,393 -83%
Net Income (Loss) $832 $7,683 -89% $3,442 $(1,065) +423%
Net Income (Loss)
Per Share $0.13 $1.17 -89% $0.53 $(0.16) +431%
Diluted Weighted
Average Common
Shares
Outstanding 6,430 6,545 -2% 6,438 6,687 -4%
(a) See "Purchase of Additional Reinsurance" and "Premiums Earned"
sections
"While our industry remains highly competitive, Chandler continues to
perform well in its chosen markets, as our 1998 operating results confirm.
Chandler's success is primarily due to our people's dedication to providing
outstanding customer service, as well as the prudent manner in which we manage
and structure our business ... These advantages, combined with what we
anticipate will be ongoing normalization of certain litigation-related
matters, bodes well for the future of Chandler Insurance and its
subsidiaries."
-- Brent LaGere, Chairman & Chief Executive Officer
Net income for the fourth quarter of 1998 was $832,000 versus $7,683,000
in the fourth quarter of 1997. The 1997 quarter included a partial reversal
of litigation costs which had previously been expensed in the first quarter of
1997. Excluding the net litigation expenses, net income was $1,202,000 or
$0.19 per share for the fourth quarter of 1998 versus $1,074,000 or $0.16 per
share for the fourth quarter of 1997.
Net income for the 1998 year was $3,442,000 or $0.53 per share versus a
net loss of $1,065,000 or $0.16 per share in the 1997 year. The net loss in
the 1997 year was attributable to significant and unusual litigation costs. A
portion of these costs were recaptured in 1998. Net income excluding net
litigation expenses was $591,000 or $0.09 per share for 1998 versus $3,393,000
or $0.51 per share for 1997.
The Company's combined ratio increased from 99.3% in 1997 to 105.0% in
1998. The loss ratio for the year ended December 31, 1998 was affected by
$5.2 million in additional loss development from prior accident years (see
Losses and Loss Adjustment Expenses). In addition, storm-related losses from
wind and hail totaled approximately $1.5 million in 1998 versus $459,000 in
1997. Primarily as a result of these factors, the loss ratio for these
periods increased from 60.7% to 68.3%. The Company's underwriting expense
ratio decreased from 38.5% to 36.6%, primarily as a result of the effects of
the additional reinsurance on net premiums written and lower operating
expenses. The operating ratio, which considers net investment income
(excluding net realized investment gains or losses) in addition to the
combined ratio, increased to 95.7% in 1998 from 91.6% in 1997.
Brent LaGere, Chairman and Chief Executive Officer, commented: "While our
industry remains highly competitive, Chandler continues to perform well in its
chosen markets, as our 1998 operating results confirm. Chandler's success is
primarily due to our people's dedication to providing outstanding customer
service, as well as the prudent manner in which we manage and structure our
business. A good example of this would be our decision in 1997 and 1998 to
purchase additional reinsurance coverages, substantially reducing the risk of
loss for several of NAICO's lines of business. In addition to the near-term
benefits of lower risk exposure, we believe that this decision will also yield
long-term dividends in the form of less volatility in our premium base,
allowing us to focus even more intently on both new and renewal business.
These advantages, combined with what we anticipate will be ongoing
normalization of certain litigation-related matters, bodes well for the future
of Chandler Insurance and its subsidiaries. On behalf of everyone at the
Company, we would like to extend our appreciation to Chandler shareholders and
policyholders for their support during 1998 as we look forward to an even more
productive and rewarding year in 1999."
Through its U.S.-based subsidiary National American Insurance Company
(NAICO), Chandler underwrites various lines of commercial property and
casualty insurance including surety bonds and workers compensation in Oklahoma
and surrounding states, principally Texas. The Company's main areas of
concentration include the construction, manufacturing, oil and gas, wholesale,
service and retail industries along with political subdivisions.
Purchase of Additional Reinsurance
During the first quarter of 1998, NAICO purchased additional reinsurance
under its workers compensation and casualty reinsurance programs that
substantially reduced the combined net retentions in these lines of business.
During the second quarter of 1998, NAICO purchased additional reinsurance
under its surety bond reinsurance program. In July 1997, NAICO purchased
additional reinsurance for the California portion of the nonstandard
private-passenger automobile program. The purchase of the additional
reinsurance coverages in 1997 and 1998 substantially reduces the risk of loss
for NAICO's workers compensation, casualty, surety bond and private-passenger
automobile lines of business, but results in significantly lower net premiums
earned, losses and loss adjustment expenses and policy acquisition costs. See
"Net Premiums Earned."
Net Premiums Earned
The following tables set forth premiums earned on a gross basis (before
reductions for premiums ceded to unaffiliated reinsurers) and a net basis for
each insurance program:
Gross premiums earned Net premiums earned
Three months ended December 31,
1998 1997 1998 1997
(In thousands)
Standard property-casualty $20,882 $16,716 $11,309 $14,800
Political subdivisions 6,888 5,636 3,574 3,809
Surety bonds 3,164 3,189 2,733 2,785
Group accident & health 1,450 1,371 1,139 978
Nonstandard private-
passenger automobile 377 3,082 7 434
Other (143) 164 (171) 122
TOTAL $32,618 $30,158 $18,591 $22,928
Gross premiums earned Net premiums earned
Twelve months ended December 31,
1998 1997 1998 1997
(In thousands)
Standard property-casualty $76,458 $62,841 $41,662 $55,527
Political subdivisions 25,091 21,503 13,073 14,945
Surety bonds 11,915 12,320 9,938 11,117
Group accident & health 6,104 3,379 4,646 2,303
Nonstandard private-
passenger automobile 6,016 14,303 482 8,841
Other 487 2,363 263 1,946
TOTAL $126,071 $116,709 $70,064 $94,679
Gross premiums earned, before reductions for premiums ceded to reinsurers,
increased $2.5 million or 8% in the quarter ended December 31, 1998 compared
to the prior year, and increased $9.4 million or 8% for the 12 months ended
December 31, 1998 compared to the 1997 period. The increases are primarily
attributable to increased production in Oklahoma and Texas. During 1998,
gross premiums earned in Oklahoma increased $4.3 million or 7% over 1997, and
accounted for 55% of the Company's total 1998 gross premiums earned. Gross
premiums earned during 1998 in Texas increased $13.9 million or 82% over 1997,
and accounted for 24% of the Company's total 1998 gross premiums earned. Net
premiums earned decreased $4.3 million or 19% in the 1998 quarter compared to
the prior year, and decreased $24.6 million or 26% for the twelve months ended
December 31, 1998 compared to the 1997 period. The reduction in net premiums
earned in 1998 was due primarily to the purchase of additional reinsurance for
NAICO's workers compensation and casualty insurance programs described
previously, and to a reinsurance arrangement for a large portion of NAICO's
nonstandard private-passenger automobile program which was effective July 1,
1997.
Gross premiums earned in the standard property-casualty program increased
$4.2 million or 25% in the fourth quarter of 1998 versus the prior year, and
increased $13.6 million or 22% for the twelve months ended December 31, 1998
compared to the 1997 period. The increases are primarily attributable to
increased production in Texas. Gross premiums earned in Texas increased
$12.0 million in 1998, increasing from $10.9 million in 1997 to $22.9 million
in 1998, an increase of 110%. Net premiums earned decreased $3.5 million or
24% in the fourth quarter of 1998 versus the prior year, and decreased
$13.9 million or 25% for the twelve months ended December 31, 1998 compared to
the prior year due to the purchase of additional reinsurance in 1998 described
previously.
Gross premiums earned in the political subdivisions program increased
$1.3 million or 22% in the fourth quarter of 1998 versus the prior year, and
increased $3.6 million or 17% for the twelve months ended December 31, 1998
compared to the 1997 period due primarily to expansion of the school districts
program in Texas and Missouri and increased production in Oklahoma. Net
premiums earned decreased $235,000 or 6% in the fourth quarter of 1998 versus
the prior year, and decreased $1.9 million or 13% for the twelve months ended
December 31, 1998 compared to the prior year due to the purchase of additional
reinsurance in 1998 described previously.
Net premiums earned in the surety bond program decreased $52,000 or 2% in
the fourth quarter of 1998 versus the prior year, and decreased $1.2 million
or 11% for the twelve months ended December 31, 1998 compared to the 1997
period. Net premiums earned from surety bonds produced by LaGere &
Walkingstick Insurance Agency, Inc. ("L&W") decreased 8% in 1998 compared to
the prior years. Increased competition and higher reinsurance costs
contributed to the decline in the 1998 year. The remaining reduction in 1998
was attributable to production and reinsurance adjustments related to the
runoff of a portion of the surety bond program that was terminated December
31, 1995.
During 1996, NAICO began writing excess accident and health coverage for
small to medium sized employers generally in Oklahoma and Texas. During 1997,
NAICO also began offering fully insured accident and health coverage on a
limited basis.
During 1997, NAICO discontinued the Oklahoma and Arizona portions of the
nonstandard private-passenger automobile program. Effective July 1, 1997,
NAICO entered into a 100% quota share reinsurance agreement to fully reinsure
the risk in the California portion of the program. NAICO expects to
discontinue the California program during 1999.
Net Investment Income and Net Realized Investment Gains
Net investment income excluding net realized investment gains was
$1.5 million and $6.5 million in the three and twelve month periods ended
December 31, 1998, respectively, compared to $1.8 million and $7.3 million in
the year ago periods due to lower interest rates experienced in 1998 and a
reduction in invested assets due to the purchase of additional reinsurance in
1998. In addition, during the fourth quarter of 1997 NAICO shifted a portion
of its fixed maturities portfolio from taxable to tax exempt bonds. Income
from tax exempt securities was $1,033,000 in 1998 versus $112,000 in 1997.
Net realized investment gains were $515,000 in the fourth quarter of 1998
versus $728,000 in the 1997 quarter, and were $1.2 million in the twelve
months ended December 31, 1998 versus $764,000 in 1997.
Commissions, Fees and Other Income
L&W's brokerage commissions and fees before intercompany eliminations were
$2.2 million and $8.5 million in the fourth quarter and twelve months ended
December 31, 1998, respectively, compared to $2.2 million and $9.0 million in
the year ago periods. The decrease in 1998 is primarily a result of increased
competition and general declines in premium rates. A large portion of the
brokerage commissions and fees for L&W is incurred by NAICO and thus
eliminated in the consolidation of the Company's subsidiaries.
Commissions and fees generated by Network Administrators, Inc. (Network)
were $435,000 in 1997. Network no longer functions as a third-party
administrator and did not generate any income in 1998.
L&W disposed of certain equipment in the first quarter of 1998 that
resulted in a gain of approximately $145,000 before provision for federal
income tax.
Policy Acquisition Costs
Policy acquisition costs consist of costs associated with the acquisition
of new and renewal business and generally include direct costs such as premium
taxes, commissions to agents and ceding companies, and premium-related
assessments, and indirect costs such as salaries and expenses of personnel who
perform and support underwriting activities. NAICO also receives ceding
commissions from certain of the reinsurers who assume premiums from NAICO
under certain reinsurance contracts and the ceding commissions are accounted
for as a reduction of policy acquisition costs. Direct policy acquisition
costs and ceding commissions are deferred and amortized over the terms of the
policies. Recoverability of such deferred costs is dependent on the related
unearned premiums on the policies being more than expected claim losses.
The following table sets forth the Company's policy acquisition costs for
each of the three and twelve month periods ended December 31, 1998 and 1997:
Three months ended Twelve months ended
December 31, December 31,
1998 1997 1998 1997
(In thousands)
Commission expense $3,668 $3,712 $15,478 $15,860
Other premium related
assessments, net (463) 183 928 744
Premium taxes 361 1,065 3,144 3,400
Excise taxes (14) 33 161 153
Dividends to policyholders, net 135 363 242 1,155
Other expenses 86 27 151 146
Total direct expenses 3,773 5,383 20,104 21,458
Indirect underwriting expenses 3,719 3,524 13,858 13,464
Commissions received from
insurers (7,986) (1,770) (19,860) (6,458)
Adjustment for deferred policy
acquisition costs 4,475 74 2,931 (319)
Net policy acquisition costs $3,981 $7,211 $17,033 $28,145
Total gross direct and indirect expenses as a percentage of direct written
and assumed premiums were 25.3% and 28.4% for the twelve months ended
December 31, 1998 and 1997, respectively. For these periods, the average
commission rates were 11.5% and 12.9%. The commission rate for a portion of
the surety bond program varies inversely with the loss ratio pursuant to a
commission arrangement contingent on the loss experience of the program. In
1998, the commission rate for a portion of the surety bond program was lowered
due to an increase in the expected loss ratio which reduced the percentage of
net policy acquisition costs to net premiums earned by 1.6 percentage points.
In addition, the 1998 commission rate declined due to the lower proportion of
surety bond direct written and assumed premiums to total direct written and
assumed premiums. Surety bonds have historically had a higher commission rate
than the Company's other lines of business.
Indirect expenses were 10.3% and 10.9% of total direct written and assumed
premiums in the twelve month periods ended December 31, 1998 and 1997,
respectively. Indirect expenses include general overhead and administrative
costs associated with the acquisition of new and renewal business, some of
which is relatively fixed in nature, thus, the percentage of such expenses to
direct written and assumed premiums will vary depending on the Company's
overall premium volume. Commissions received from reinsurers increased in
1997 as a result of the 100% quota-share reinsurance arrangement for the
California portion of the nonstandard private-passenger automobile program
which was effective July 1, 1997. NAICO received commissions totaling
$1,868,000 and $909,000 during 1997 and 1998, respectively, under this
quota-share reinsurance arrangement. During 1998, NAICO received commissions
from reinsurers totaling approximately $13.8 million related to the purchase
of additional reinsurance under its workers compensation and casualty
reinsurance programs. See "Purchase of Additional Reinsurance."
General and Administrative Expenses
General and administrative expenses were 9.9% and 11.0% of gross premiums
earned and commissions, fees and other income in 1998 and 1997, respectively.
General and administrative expenses have historically not varied in direct
proportion to the Company's revenues. A portion of such expenses is allocated
to policy acquisition costs (indirect underwriting expenses) and loss and loss
adjustment expenses based on various factors including employee counts,
salaries, occupancy and specific identification. Because certain types of
expenses are fixed in nature, the percentage of such expenses to revenues will
vary depending on the Company's overall premium volume.
In 1998, the Company adopted a stock option and stock grant plan for
certain non-employee directors of the Company. Compensation expense related
to the plan in the amount of $272,000 is included in general and
administrative expenses in 1998. Excluding the expense related to the plan,
general and administrative expenses declined $678,000 or 5.2% in 1998 compared
to 1997.
Liquidity and Capital Resources
In 1997, the Company provided $3.9 million in cash from operations.
During 1998, the Company used $8.8 million in cash from operations due
primarily to the purchase of additional reinsurance described previously.
In April 1998, a subsidiary of the Company acquired 69,858 shares of the
Company's common stock from an agent for approximately $524,000. These shares
had previously been pledged to NAICO to secure certain obligations resulting
from insurance business produced by another agent.
Cash and Investments
Cash and investments at December 31, 1998 were $120.8 million compared to
$125.1 million at December 31, 1997. The Company's portfolio, which contains
no junk bonds or real estate investments, is 91% invested in fixed-income U.S.
Government and high-quality corporate and tax-exempt bonds, and 9% in cash and
money market instruments. Book value per share was $13.05 at December 31,
1998 on 4,757,108 shares (after giving effect to 1,660,125 shares rescinded
through litigation, 544,475 shares that are held by a subsidiary of the
Company and 20,000 shares to be issued) compared to $12.19 at December 31,
1997 on 4,786,966 shares (after giving effect to 1,660,125 shares rescinded
through litigation and 494,617 shares that are held by a subsidiary of the
Company).
Litigation and Litigation Expenses
While the Company's litigation expenses related to CenTra, Inc. (CenTra)
have generally decreased since the first quarter of 1997, continued or renewed
actions by CenTra or its affiliates could cause the Company to incur
significant litigation related expenses in future periods. On April 21, 1998,
the Oklahoma Federal Court in which the CenTra litigation is pending ordered
all parties to pay their own costs and attorney's fees in the case thus
denying CenTra's request of approximately $4.7 million for those expenses.
CenTra did not appeal this decision within the time permitted by applicable
law. Accordingly, the Company reduced the previous first quarter 1997 net
charge for CenTra litigation matters by $3.8 million during the second quarter
of 1998. In subsequent papers filed with the appellate court, CenTra asserts
as error the Oklahoma Federal Court's denial of attorney fees.
On March 25, 1997, a Nebraska Federal Court issued an order that CenTra
and its affiliates (the CenTra Group) must divest all shares of the Company.
CenTra appealed that decision. On July 29, 1998, the U.S. Court of Appeals
for the 8th Circuit affirmed the Nebraska Federal Court's order. On October
28, 1998, the CenTra Group filed papers in the Nebraska Federal Court
requesting that court to appoint a special master to oversee the divestiture
and an independent trustee to hold the shares pending completion of the
divestiture. NAICO objected to the CenTra proposal on November 25, 1998 and
responded with a divestiture plan of its own (the NAICO Plan). The Nebraska
Federal Court rejected the CenTra proposal and CenTra responded to the NAICO
Plan on December 28, 1998. The Nebraska Federal Court has made no ruling on
the NAICO Plan. NAICO's Plan includes a proposal whereby the Company would
acquire and cancel the shares of Chandler stock owned or acquired by the
CenTra Group. The NAICO Plan has been approved by the Company's Executive
Committee of the Board of Directors.
Income Tax Provision
The provision for or benefit from federal income taxes of the consolidated
U.S. subsidiaries varies with the level of income or loss before income taxes
of such subsidiaries. The provision or benefit relative to the consolidated
income before income taxes will also vary dependent on the contribution to
income before income taxes by the consolidated U.S. subsidiaries.
Cautionary Statement
Some of the statements made in this News Release, as well as statements
made by the Company in periodic press releases, oral statements made by the
Company's officials to analysts and shareholders in the course of
presentations about the Company and conference calls following earnings
releases, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among other things, (i) general economic and business
conditions; (ii) interest rate changes; (iii) competition and regulatory
environment in which the Company operates; (iv) claims frequency; (v) claims
severity; (vi) the number of new and renewal policy applications submitted by
the Company's agents; (vii) the ability of the Company and its third party
providers, agents and reinsurers to adequately address year 2000 issues; and
(viii) other factors including the ongoing litigation matters involving a
significant concentration of ownership of common stock.
CHANDLER INSURANCE COMPANY, LTD
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands except per share amounts)
December 31, December 31,
1998 1997
Assets
Investments
Fixed maturities available for sale, at
fair value $109,055 $111,718
Fixed maturities held to maturity, at
amortized cost (fair value of $1,332
and $1,330 in 1998 and 1997, respectively) 1,183 1,222
Equity securities available for sale, at
fair value 191 124
Total investments 110,429 113,064
Cash and cash equivalents 10,383 11,999
Premiums receivable, less allowance for
non-collection of $200 and $115 at 1998
and 1997, respectively 28,479 28,079
Reinsurance recoverable on paid losses,
less allowance for non-collection of
$275 at 1998 and 1997 2,760 3,069
Reinsurance recoverable on unpaid losses,
less allowance for non-collection of
$330 and $390 at 1998 and 1997, respectively 28,970 10,876
Prepaid reinsurance premiums 22,448 9,662
Deferred policy acquisition costs 2,381 5,312
Property and equipment, net 8,124 5,907
Other assets 13,253 12,893
Licenses, net 4,194 4,344
Excess of cost over net assets acquired, net 4,604 5,252
Covenants not to compete, net -- 333
Total assets $236,025 $210,790
Liabilities and Shareholders' Equity
Liabilities
Unpaid losses and loss adjustment expenses $80,909 $74,929
Unearned premiums 50,647 42,388
Policyholder deposits 4,936 4,830
Notes payable 9,410 2,796
Accrued taxes and other payables 3,869 6,340
Premiums payable 10,961 4,554
Litigation liabilities 13,228 16,618
Total liabilities 173,960 152,455
Shareholders' equity
Common stock, $1.67 par value, 10,000,000
shares authorized, 6,941,708 shares
issued 11,593 11,593
Paid-in surplus 34,983 34,942
Common stock to be issued (20,000 shares) 125 --
Capital redemption reserve 947 947
Retained earnings 28,328 24,886
Less: Stock held by subsidiary, at cost
(544,475 and 494,617 shares in 1998
and 1997, respectively) (2,905) (2,487)
Less: Stock rescinded through
litigation (1,660,125 shares) (11,799) (11,799)
Accumulated other comprehensive income:
Unrealized gain on investments available
for sale, net of tax 793 253
Total shareholders' equity 62,065 58,335
Total liabilities and shareholders' equity $236,025 $210,790
CHANDLER INSURANCE COMPANY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands except per share data)
For the three months ended
December 31, %
1998 1997 Change
REVENUES
Direct premiums written and assumed $30,712 $27,322 12%
Reinsurance premiums ceded (24,664) (6,646) 271%
Net premiums written and assumed 6,048 20,676 -71%
Decrease in unearned premiums 12,543 2,252 457%
Net premiums earned 18,591 22,928 -19%
Net investment income 1,484 1,813 -18%
Net realized investment gains 515 728 -29%
Commissions, fees and other income 405 465 -13%
Total revenues 20,995 25,934 -19%
OPERATING EXPENSES
Losses and loss adjustment expenses 11,897 13,516 -12%
Policy acquisition costs 3,981 7,212 -45%
General and administrative expenses 3,153 3,134 1%
Interest expense 249 185 35%
Litigation expenses, net 416 (6,558) 106%
Total operating expenses 19,696 17,489 13%
Net income before income taxes 1,299 8,445 -85%
Income tax provision of U.S.
Subsidiaries (467) (762) -39%
Net income $832 $7,683 -89%
Basic earnings per common share $0.13 $1.17 -89%
Diluted earnings per common share $0.13 $1.17 -89%
Weighted average common shares
outstanding:
Basic 6,417 6,545 -2%
Diluted 6,430 6,545 -2%
CHANDLER INSURANCE COMPANY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands except per share data)
For the year ended
December 31, %
1998 1997 Change
REVENUES
Direct premiums written and assumed $134,329 $123,088 9%
Reinsurance premiums ceded (68,793) (26,222) 162%
Net premiums written and assumed 65,536 96,866 -32%
Decrease (increase) in unearned premiums 4,528 (2,187) 307%
Net premiums earned 70,064 94,679 -26%
Net investment income 6,467 7,253 -11%
Net realized investment gains 1,163 764 52%
Commissions, fees and other income 1,952 2,528 -23%
Total revenues 79,646 105,224 -24%
OPERATING EXPENSES
Losses and loss adjustment expenses 47,879 57,512 -17%
Policy acquisition costs 17,033 28,145 -39%
General and administrative expenses 12,710 13,116 -3%
Interest expense 936 463 102%
Litigation expenses, net (2,707) 4,772 -157%
Total operating expenses 75,851 104,008 -27%
Net income before income taxes 3,795 1,216 212%
Income tax provision of U.S. subsidiaries (353) (2,281) -85%
Net income (loss) $3,442 $(1,065) 423%
Basic earnings (loss) per common share $0.54 $(0.16) 436%
Diluted earnings (loss) per common share $0.53 $(0.16) 436%
Weighted average common shares
outstanding:
Basic 6,429 6,687 -4%
Diluted 6,438 6,687 -4%
SOURCE Chandler Insurance Company
 back to top
CONTACT:
Cayman: Steve Butler, V.P.-Administration,
345-949-8177, or U.S.: Mark Paden, Executive V.P. & CFO,
405-258-4228, both of Chandler; or General Information, Mike
Arneth, 312-640-6734, mga@chi.frbd.com, or Investors-Media, Paul
Scheeler, 312-640-6742, pas@chi.frbd.com, both of The Financial
Relations Board
|
