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): February 16, 1999
Presidential Life Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-5486 13-2652144
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
69 Lydecker Street, Nyack, New York 10960
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 358-2300
(Former name or former address,
if change since last report)
Item 5. Other Events.
Presidential Life Corporation announced earnings for the quarter ended
December 31, 1998 and for the year ended December 31, 1998.
A copy of the press release made by Presidential Life Corporation making
the announcement is attached hereto as Exhibit 99.1 and is hereby incorporated
by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
None.
(b) Pro Forma Financial Information
None.
(c) Exhibits
99.1 Press Release
SIGNATURE
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.
Dated: February 16, 1999 PRESIDENTIAL LIFE CORPORATION
By: /s/ Herbert Kurz
Name: Herbert Kurz
Title: Principal Executive Officer
and Director
INDEX OF EXHIBITS
Exhibit
Number Description of Documents Page
99.1 Press Release 5
FOR IMMEDIATE RELEASE
For Information Contact:
Herbert Kurz, President
Presidential Life Corporation
(914) 358-2300 - Ext. 200
Presidential Life Corporation reported net income for the quarter ended
December 31, 1998 of $10.54 million or $0.33 per share compared to $16.35
million or $0.50 per share for the quarter ended December 31, 1997. The
weighted average number of shares outstanding for the quarters ended December
31, 1998 and 1997 were 31,758,789 and 32,621,275, respectively. Net income for
the quarter ended December 31, 1998 includes losses, net of taxes, of $3.26
million or $0.10 per share related to investments in certain limited
partnerships.
Net operating earnings for the quarter ended December 31, 1998 were $7.97
million or $0.25 per share and include losses, net of taxes, related to
investments in certain limited partnerships of $3.26 million or $0.10 per
share. Net operating earnings for the quarter ended December 31, 1997 was
$11.88 million or $0.36 per share.
Net investment gains for the quarter ended December 31, 1998 were $2.57
million or $0.08 per share compared to $4.48 million or $0.14 per share for
the quarter ended December 31, 1997.
For the year ended December 31, 1998, Presidential Life Corporation
reported net income of $49.22 million or $1.53 per share compared to $61.29
million or $1.87 per share for the year ended December 31, 1997. The weighted
average number of shares outstanding for the year ended December 31, 1998 and
1997 were 32,073,388 and 32,734,733, respectively.
Net operating earnings for the year ended December 31, 1998 were $36.49
million or $1.14 per share and include losses, net of taxes, related to
investments in certain limited partnerships of $12.46 million or $0.39 per
share. Net operating earnings for the year ended December 31, 1997 were $43.95
million or $1.34 per share.
Net investment gains for the year ended December 31, 1998 were $12.73
million or $0.39 per share compared to $17.35 million or $0.53 per share for the
year ended December 31, 1997.
