EX-99.2 3 c92460exv99w2.htm SELECTED FINANCIAL DATA exv99w2
 

Exhibit 99.2

SELECTED FINANCIAL DATA OF THE COMPANY

     The per share amounts in the presentation below reflect the effect of the Company’s Rights Offering completed in June 2004 in connection with the refinancing of the bridge loan used to finance the Company’s acquisition of Covanta in March 2004 (see Footnote 4).

                                         
    Fiscal Years Ended  
    2003 2     2002 1     2001     2000     1999  
    (Dollars in thousands, except share and per share data)  
Statement of Operations Data
                                       
Operating revenue
   $ 41,123     $ 531,501     $ 92,104     $ 84,331     $ 70,651  
Operating expense
     54,029       528,168       106,365       85,073       69,800  
Operating (loss) income
     (12,906 )     3,333       (14,261 )     (742 )     851  
Other (loss) income
     (54,877 )     2,793       —       (1,906 )     (507 )
Interest expense
     1,424       38,735       —       —       —  
(Loss) income before taxes
     (69,207 )     (32,609 )     (14,261 )     1,164       1,358  
Income taxes
     18       346       73       134       103  
Net (loss) earnings
     (69,225 )     (32,955 )     (14,334 )     1,030       1,255  
Basic (loss) earnings per share 4
     (1.46 )     (0.82 )     (0.48 )     0.04       0.05  
Diluted (loss) earnings per share 4
     (1.46 )     (0.82 )     (0.48 )     0.04       0.05  
 
                                        
Statement of Financial Position Data:
                                        
Cash and cash equivalents
   $ 17,952     $ 25,183     $ 17,866     $ 12,545     $ 8,339  
Investments
     71,057       93,746       148,512       147,667       132,157  
Properties – net
     254       654,575       131       56       60  
Total assets
     162,648       1,032,945       208,871       210,829       194,752  
Unpaid losses and LAE
     83,380       101,249       105,745       100,030       94,934  
Debt
     40,000       597,246       —       —       —  
Shareholders’ equity
     27,791       77,360       74,463       81,330       76,226  
Book value per share of common stock 4
     .50       1.63       2.48       2.74       2.68  
Shares of common stock outstanding 3, 4
     55,105,272       47,458,637       30,039,166       29,715,769       28,453,448  

1   In 2002, the Company purchased 100% of ACL, 5.4% of GMS and 50% of Vessel Leasing.
 
2   ACL, which was acquired on May 29, 2002, and certain of its subsidiaries, filed a petition on January 31, 2003 with the U.S. Bankruptcy Court for the Southern District of Indiana, New Albany Division to reorganize under Chapter 11 of the U.S. Bankruptcy Code. As a result of this filing, while the Company continues to exercise significant influence over the operating and financial policies of ACL, it no longer maintains control of the activities of ACL. Accordingly, the Company no longer includes ACL and its subsidiaries as consolidated subsidiaries in DHC’s financial statements. The Company’s investments in these entities are presented using the equity method effective as of the beginning of the year ending December 31, 2003. Other (loss) income above consists of the Company’s equity in the net loss of ACL, GMS and Vessel Leasing in 2003.
 
3   Does not give effect to currently exercisable options, and, in 2001, 2000 and 1999, warrants to purchase shares of Common Stock.
 
4   Basic and diluted earnings per share and the average shares used in the calculation of basic and diluted earnings per share and book value per share of common stock and shares of common stock outstanding for all periods have been adjusted retroactively to reflect the bonus element contained in the rights offering issued on May 18, 2004.