SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) JULY 28, 1998
PROTECTIVE LIFE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-12332 95-2492236
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2801 HIGHWAY 280 SOUTH, BIRMINGHAM, ALABAMA 35223
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (205) 879-9230
N/A
(Former name or former address, if changed since last report.)
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Item 5. OTHER EVENTS.
On July 28, 1998, Registrant issued a press release with respect to its
earnings which is included as an Exhibit to this Current Report and incorporated
by reference herein.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
The following exhibit is included herein.
Exhibit 99: Press Release dated July 28, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
PROTECTIVE LIFE CORPORATION
BY/S/JERRY W. DEFOOR
Jerry W. DeFoor
Vice President and Controller
Dated: July 28, 1998
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION
99. Press Release Dated July 28, 1998
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Exhibit 99
July 28, 1998
FOR IMMEDIATE RELEASE
PROTECTIVE ANNOUNCES RECORD 2Q98 EARNINGS
BIRMINGHAM, Alabama (July 28, 1998) Protective Life Corporation (NYSE:PL)
announced record second quarter results today. The Company's basic operating
income, which excludes realized investment gains and losses and related
amortization, was a record $.50 per share in the 1998 second quarter, a 16%
increase over the $.43 per share last year. Consolidated net income for the
second quarter of 1998 was a record $32.5 million, compared to $27.5 million
reported for the 1997 second quarter. Basic net income per share was $.52 per
share in the 1998 second quarter compared to $.44 per share last year. An
increase in the Company's effective tax rate in the 1998 second quarter reduced
income by almost $.02 per share compared to last year. All prior period results
have been restated to reflect a two-for-one stock split on April 1, 1998.
Diluted operating income was $.50 per share in the 1998 second quarter compared
to $.42 last year, and diluted net income per share was $.52 per share in the
1998 second quarter compared to $.43 per share last year.
Drayton Nabers, Jr., Protective's Chairman of the Board and Chief Executive
Officer commented: "We are pleased with our earnings growth both in the second
quarter and for the first half of 1998. We are especially pleased that our
Company is enjoying strong sales growth in our marketing divisions."
The Company's basic operating income was $.98 per share in the first six months
of 1998, a 17% increase over the $.84 per share reported for the first six
months of 1997. Consolidated net income for the first six months of 1998 was
$62.5 million, compared to $52.3 million reported for the same period last year.
Basic net income per share was $1.00 per share in the first six months of 1998
compared to $.84 per share last year. Diluted operating income was $.97 per
share in the first six months of 1998 compared to $.83 last
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year, and diluted net income per share was $.99 per share in the first six
months of 1998 compared to $.83 per share last year.
At June 30, 1998, the Company's assets were $11.0 billion. Stockholders' equity
per share was $12.14 (excluding $1.01 per share of unrealized investment gains
resulting from marking the Company's securities to market values).
Operating return on average equity for the twelve months ending June 30, 1998
was 17.3%. (Average equity excludes the effect of unrealized gains and losses on
stockholders' equity.)
THIS RELEASE INCLUDES "FORWARD-LOOKING STATEMENTS" WHICH EXPRESS EXPECTATIONS OF
FUTURE EVENTS AND/OR RESULTS. ALL STATEMENTS BASED ON FUTURE EXPECTATIONS RATHER
THAN ON HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE A NUMBER OF
RISKS AND UNCERTAINTIES, AND THE COMPANY CANNOT GIVE ASSURANCE THAT SUCH
STATEMENTS WILL PROVE TO BE CORRECT. PLEASE REFER TO EXHIBIT 99 OF THE COMPANY'S
MOST RECENT FORM 10-Q OR THE MANAGEMENT'S DISCUSSION AND ANALYSIS SECTION OF THE
COMPANY'S MOST RECENT ANNUAL REPORT TO STOCKHOLDERS FOR MORE INFORMATION ABOUT
FACTORS WHICH COULD AFFECT FUTURE RESULTS.
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