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): March 20, 2000.
E. W. BLANCH HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-11794 41-1741779
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
500 N. Akard, Suite 4500, Dallas, TX 75201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214)756-7000
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
See attached Press Release
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Press Release Dated March 20, 2000.
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.
E. W. BLANCH HOLDINGS, INC.
Date: 3/22/00
By /s/ Susan Wollenberg
--------------------------------
Susan Wollenberg
Senior Vice President and
Chief Financial Officer
EXHIBIT 99.1
[LOGO] EWB
E. W. BLANCH HOLDINGS
CORPORATE SERVICES
FOR IMMEDIATE RELEASE Contact: Chris Walker
March 20, 2000 (214) 756-7000
E.W. BLANCH HOLDINGS, INC. REPORTS
PRELIMINARY FIRST QUARTER RESULTS, AND
THE RESIGNATION OF RODMAN FOX
Dallas, TX - E.W. Blanch Holdings, Inc. (NYSE: EWB) today announced that its
earnings for the first quarter, ending March 31, 2000, are expected to fall
below those in the same quarter last year, and below analysts' consensus
estimates.
Earnings per share, on a diluted basis, were $0.70 in the first quarter of 1999.
The Company anticipates that the earnings per share in the first quarter of 2000
will be between $0.10 and $0.35, depending on whether certain revenue
opportunities close before the end of the quarter.
The principal reasons for this anticipated decline in earnings are: reduction in
domestic revenues, as compared to 1999, from workers compensation reinsurance
placements and large non-recurring transactions; lower than anticipated earnings
from international operations; and the timing of certain anticipated significant
transactions.
"While we are clearly disappointed in our anticipated first quarter results, we
have great confidence in our ability to continue to grow," stated Ted Blanch,
the Company's Chairman and Chief Executive Officer. "Our core brokerage and
service revenues remain stable, and we have a number of significant transactions
in the pipeline. Cost savings and continued increased profitability are expected
in our international operations, now that we have completed the integration of
our recent Crawley Warren acquisition. We also have made a number of valuable
investments that we expect to reap the benefits on in the future. Our
substantial growth in recent years has been the result of our focus on our
customers and our drive to enhance value. That will continue to be our emphasis
as we move forward."
The Company also announced that Mr. Rodman Fox has resigned, effective
immediately. Mr. Fox was a member of the Board of Directors of the Company, and
was President and Chief Operating Officer of the Company's E.W. Blanch Co.
subsidiary. Mr. Fox's responsibilities with E.W. Blanch Co. will be assumed by
Chris Walker and Kaj Ahlmann, who will retain their other responsibilities with
the Company as well. Mr. Ahlmann is the Company's Vice-Chairman, and Mr. Walker
is President and Chief Operating Officer of the Company, and Chief Executive
Officer of the E.W. Blanch Co. subsidiary.
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Except for the historical information contained herein, the matters discussed in
this news release are forward looking statements that involve risks and
uncertainties, many of which are outside the Company's control and, accordingly,
actual results may differ materially. The Company's Form 10-K filed with the SEC
includes a discussion of these risk factors and is incorporated herein by
reference.
E.W. Blanch Holdings, Inc. is a leading provider of integrated risk management
and distribution services, including reinsurance intermediary services, risk
management consulting and administration services and primary distribution
services. The Company is headquartered in Dallas, Texas with branch offices
throughout the United States and strategic locations in Europe, Latin America
and the Pacific Rim. For more information, check the Internet at www.ewb.com.
