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Previous: REPUBLIC ENGINEERED STEELS INC, 8-K, 1996-10-02 |
Next: AMERICAN ABSORBENTS NATURAL PRODUCTS INC, SB-1/A, 1996-10-02 |
<PAGE> 1
Item 1 - Financial Statements
Registrant hereby replaces Consolidated Statements of Income (unaudited)
with the following which corrects formatting errors, but does not amend or
restate any financial results.
<PAGE> 2
EXECUTIVE RISK INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
(In thousands, except per share data) 1996 1995 1996 1995
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
REVENUES
Gross premiums written $ 90,357 $ 51,619 $ 148,039 $ 87,252
Premiums ceded (33,043) (13,578) (51,874) (23,741)
-------- -------- --------- --------
Net premiums written 57,314 38,041 96,165 63,511
Change in unearned premiums (20,889) (10,029) (25,827) (10,212)
-------- -------- --------- --------
NET PREMIUMS EARNED 36,425 28,012 70,338 53,299
Net investment income 7,450 6,406 14,825 12,690
Net realized capital (losses) gains (1,308) 1,717 (354) 1,268
Other income (losses) 195 (95) 287 7
-------- -------- --------- --------
TOTAL REVENUES 42,762 36,040 85,096 67,264
EXPENSES
Loss and loss adjustment expenses 24,607 18,881 47,501 35,939
Policy acquisition costs 6,225 5,192 12,969 10,072
General and administrative expenses 3,912 2,520 7,080 4,874
Long-term incentive compensation 173 187 593
Interest expense 1,296 500 1,874 971
-------- -------- --------- --------
TOTAL EXPENSES 36,040 27,266 69,611 52,449
-------- -------- --------- --------
INCOME BEFORE INCOME TAXES 6,722 8,774 15,485 14,815
Income tax expense (benefit)
Current 3,899 2,177 5,634 3,246
Deferred (2,737) (472) (2,934) (798)
-------- -------- --------- --------
1,162 1,705 2,700 2,448
-------- -------- --------- --------
NET INCOME $ 5,560 $ 7,069 $ 12,785 $ 12,367
======== ======== ========= ========
Earnings per common and common equivalent share $ 0.57 $ 0.59 $ 1.17 $ 1.04
Weighted average shares outstanding 9,809 11,850 10,910 11,799
Earnings per common and common equivalent share -
assuming full dilution $ 0.56 $ 0.59 $ 1.17 $ 1.04
Weighted average shares outstanding -
assuming full dilution 9,856 11,903 10,950 11,861
Dividends declared per common share $ 0.02 $ 0.02 $ 0.04 $ 0.04
</TABLE>
NOTE: The sum of the 1996 quarters' earnings per share does not equal the
year-to-date per share amount.
The accompanying notes are an integral part of the consolidated financial
statements.
4
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