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) OCTOBER 27, 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 October 27, 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 October 27, 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: October 27, 1998
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
99. Press Release Dated October 27, 1998 4-5
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Exhibit 99
PROTECTIVE ANNOUNCES RECORD 3Q98 EARNINGS
BIRMINGHAM, Alabama (October 27, 1998) Protective Life Corporation (NYSE:PL)
announced record third quarter results today. The Company's basic operating
income, which excludes realized investment gains and losses and related
amortization, was a record $.53 per share in the 1998 third quarter, a 15%
increase over the $.46 per share last year, excluding in the 1997 third quarter,
$.03 per share of unusual investment income. Consolidated net income for the
third quarter of 1998 was a record $33.5 million, compared to $30.4 million
reported for the 1997 third quarter. Basic net income per share was $.53 per
share in the 1998 third quarter compared to $.49 per share 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 $.52 per share in the 1998 third quarter compared
to $.49 last year, and diluted net income per share was $.52 per share in the
1998 third quarter compared to $.49 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 third
quarter and for the year. We continue to enjoy strong sales momentum, and we
closed two significant acquisitions in the last two months which should enhance
our earnings in the future."
The Company's basic operating income was $1.51 per share in the first nine
months of 1998, a 14% increase over the $1.33 per share reported for the first
nine months of 1997. Consolidated net income for the first nine months of 1998
was $96.0 million, compared to $82.7 million reported for the same period last
year. Basic net income per share was $1.53 per share in the first nine months of
1998 compared to $1.33 per share last year. Diluted operating income was $1.49
per share in the first nine months of 1998 compared to $1.32 last year, and
diluted net income per share was $1.51 per share in the first nine months of
1998 compared to $1.32 per share last year.
At September 30, 1998, the Company's assets were $11.6 billion. Stockholders'
equity per share was $13.37 (excluding $1.64 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 September 30,
1998 was 16.7%. (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
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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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