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 26, 1999
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 26, 1999, 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 26, 1999.
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 26, 1999
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Exhibit Index
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
99. Press Release Dated October 26, 1999
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Exhibit 99
PROTECTIVE ANNOUNCES RECORD 3Q99 EARNINGS
BIRMINGHAM, Alabama (October 26, 1999) Protective Life Corporation (NYSE:PL)
announced third quarter results today. The Company's diluted operating income
was a record $.61 per share, a 17% increase over the $.52 per share last year.
In the first nine months of 1999, the Company's diluted operating income was
$1.74 per share, a 17% increase over the $1.49 per share last year.
Drayton Nabers, Jr., Chairman and Chief Executive Officer of the Company,
stated: "We are very pleased with our results in the third quarter and year to
date. Our growth, both in earnings and sales, is well distributed and our
pending acquisition should contribute to our momentum."
Diluted net income was $.57 per share in the 1999 third quarter compared to $.52
per share last year, and $1.67 per share for the first nine months of 1999
compared to $1.51 per share last year. Consolidated net income was $37.3 million
in the 1999 third quarter compared to $33.5 million last year, and $110.4
million for the first nine months of 1999 compared to $96.0 million last year.
At September 30, 1999, the Company's assets were approximately $12.5 billion.
Share-owners' equity per share was $15.17 excluding $1.31 per share of
unrealized investment losses resulting from marking the Company's securities to
market value.
Operating return on average equity for the twelve months ending September 30,
1999, was 16.5%.
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 FOR MORE INFORMATION ABOUT FACTORS WHICH COULD AFFECT
FUTURE RESULTS.
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