-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QXyJa5M2YEbP1ekyw0KbEPWf7Flf5OjDQXMCvMWAanxQ3Wpaf3j+35xPc0NuwBNX sBpyH/4cX61MGZBumASFzw== /in/edgar/work/20000814/0001054236-00-000149/0001054236-00-000149.txt : 20000921 0001054236-00-000149.hdr.sgml : 20000921 ACCESSION NUMBER: 0001054236-00-000149 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DANIELSON HOLDING CORP CENTRAL INDEX KEY: 0000225648 STANDARD INDUSTRIAL CLASSIFICATION: [6331 ] IRS NUMBER: 956021257 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-06732 FILM NUMBER: 700442 BUSINESS ADDRESS: STREET 1: 767 THIRD AVE 5TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128880347 MAIL ADDRESS: STREET 1: 767 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017-2023 FORMER COMPANY: FORMER CONFORMED NAME: MISSION INSURANCE GROUP INC DATE OF NAME CHANGE: 19900826 FORMER COMPANY: FORMER CONFORMED NAME: MISSION EQUITIES CORP DATE OF NAME CHANGE: 19770921 10-Q 1 0001.txt FORM 10Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO ------------------------- ---------------- COMMISSION FILE NUMBER: 1-6732 DANIELSON HOLDING CORPORATION (Exact Name of Registrant as Specified in its Charter) DELAWARE 95-6021257 (State of Incorporation) (I.R.S. Employer Identification No.) 767 THIRD AVENUE, NEW YORK, NEW YORK 10017-2023 (Address of Principal Executive Offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 888-0347 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------- ------ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS OUTSTANDING AT AUGUST 4, 2000 ----- ----------------------------- Common Stock, $0.10 par value 18,476,265 shares PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements. DANIELSON HOLDING CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per share information) (Unaudited)
For the Three For the Six Months Ended June 30, Months Ended June 30, ------------------------------- ------------------------------- 2000 1999 2000 1999 ----------- ----------- ------------ ------- Revenues: Gross premiums earned $ 17,170 $ 15,030 $ 33,967 $ 30,393 Ceded Premiums Earned (1,669) (2,681) (2,958) (5,550) ---------- ---------- ---------- ---------- Net premiums earned 15,501 12,349 31,009 24,843 Net investment income 2,153 1,876 4,210 3,783 Net realized investment gains (losses) 1,027 (154) 4,090 (154) Other Income 271 241 502 425 --------- --------- --------- --------- Total Revenues 18,952 14,312 39,811 28,897 --------- --------- --------- --------- Losses and Expenses: Gross losses and loss adjustment expenses 12,844 11,462 24,498 22,071 Ceded Losses and Loss Adjustment Expenses (1,506) (3,031) (1,892) (5,168) ---------- ---------- ---------- ---------- Net losses and loss adjustment expenses 11,338 8,431 22,606 16,903 Policyholder dividends 26 81 96 360 Policy acquisition expenses 4,003 3,269 7,912 6,600 General and Administrative Expenses 2,217 2,257 4,353 4,645 --------- --------- --------- --------- Total Losses and Expenses 17,584 14,038 34,967 28,508 --------- --------- --------- --------- Income before provision for income taxes 1,368 274 4,844 389 Income Tax Provision 44 8 85 23 --------- --------- --------- --------- Net Income $ 1,324 $ 266 $ 4,759 $ 366 ========= ========= ========= ========= Earnings Per Share of Common Stock Basic $ .07 $ .01 $ .26 $ .02 ========= ========== ========== ========== Diluted $ .07 $ .01 $ .25 $ .02 ========= ========== ========== ==========
See accompanying Notes to Consolidated Financial Statements.
DANIELSON HOLDING CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (In thousands, except share information) June 30, 2000 December 31, (UNAUDITED) 1999 ----------------- -------------- Assets: Fixed maturities, available for sale at fair value (Cost: $123,215 and $113,641) $ 120,270 $ 110,841 Equity securities, at fair value (Cost: $22,007 and $20,614) 25,023 21,316 Short term investments, at cost which approximates fair value 6,456 8,234 -------- --------- Total Investments 151,749 140,391 Cash 42 105 Accrued investment income 1,536 1,499 Premiums and fees receivable, net of allowances of $286 and $274 13,953 11,619 Reinsurance recoverable on paid losses, net of allowances of $591 and $402 6,573 6,060 Reinsurance recoverable on unpaid losses, net of allowances of $140 and $246 14,112 15,628 Prepaid reinsurance premiums 2,259 1,767 Property and equipment, net of accumulated depreciation of $9,168 and $8,225 1,518 1,762 Deferred acquisition costs 3,129 2,522 Receivable on reinsurance treaty rescission - 11,459 Other Assets 1,722 1,940 -------- --------- Total Assets $ 196,593 $ 194,752 ========== ========== Liabilities and Stockholders' Equity: Unpaid losses and loss adjustment expenses $ 86,733 $ 94,934 Unearned premiums 19,703 16,239 Policyholder dividends 803 814 Reinsurance premiums payable 1,164 905 Funds withheld on ceded reinsurance 1,670 1,708 Other Liabilities 3,366 3,926 -------- --------- Total Liabilities 113,439 118,526 Preferred stock ($0.10 par value; authorized 10,000,000 shares; none issued and outstanding) - - Common stock ($0.10 par value; authorized 100,000,000 shares; issued 18,486,994 shares; outstanding 18,476,265 shares) 1,849 1,849 Additional paid-in capital 59,491 59,491 Accumulated other comprehensive income (loss) 71 (2,098) Retained earnings 21,809 17,050 Treasury Stock (Cost of 10,729 Shares) (66) (66) -------- --------- Total Stockholders' Equity 83,154 76,226 -------- --------- Total Liabilities and Stockholders' Equity $ 196,593 $ 194,752 ========== ==========
See accompanying Notes to Consolidated Financial Statements.
DANIELSON HOLDING CORPORATION AND SUBSIDIARIES Consolidated Statement of Stockholders' Equity (In Thousands, Except Share Amounts) (Unaudited) Comprehensive Comprehensive Income for the Income (Loss) for the Three Months Ended Six Months Ended June 30, June 30, JUNE 30, 2000 2000 1999 2000 1999 ------------- ---- ---- ---- ---- Common Stock Balance, Beginning of Year $ 1,849 ------ Balance, End of Period 1,849 ----- Additional Paid-in Capital Balance, Beginning of Year 59,491 ------ Balance, End of Period 59,491 ------ Retained Earnings Balance, Beginning of Year 17,050 Net Income 4,759 $1,324 $266 $4,759 $ 366 ------ ------ ---- ------ ------- Balance, End of Period 21,809 ------ Accumulated Other Comprehensive Income (Loss) Balance, Beginning of Year (2,098) Net Unrealized Gain (Loss) On Available- For-sale Securities (1) 826 347 2,169 (1,642) ---- --- ----- ------- Other Comprehensive Income (Loss) 2,169 826 347 2,169 (1,642) ----- ------ ----- ----- ------- Total Comprehensive Income (Loss) $2,150 $613 $6,928 $(1,276) ======= ==== ======= ======= Balance, End of Period 71 --------- Treasury Stock Balance, Beginning of Year (66) ----- Balance, End of Period (66) ----- Total Stockholders' Equity $ 83,154 ====== Common Stock, Shares Balance, Beginning of Year 18,486,994 ---------- Balance, End of Period 18,486,994 ========== Treasury Stock, Shares Balance, Beginning of Year 10,729 ------ Balance, End of Period 10,729 ====== For the Three Months Ended For the Six Months Ended June 30, June 30, (1) Disclosure of Reclassification Amount: 2000 1999 2000 1999 ---- ---- ---- ---- Unrealized holding gains (losses) arising during the period $1,853 $ 193 $ 6,259 $ (1,796) Less: reclassification adjustment for net gains (losses )included in net income 1,027 (154) 4,090 (154) ------- ------- ------- --------- Net Unrealized Gains (Losses) On Securities $ 826 $ 347 $ 2,169 $ (1,642) ======= ======== ======= =========
See accompanying Notes to Consolidated Financial Statements.
DANIELSON HOLDING CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands) (Unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2000 1999 --------- --------- Cash Flows From Operating Activities: Income from continuing operations $ 4,759 $ 366 Adjustments to reconcile net income to net cash provided by operating activities: Net realized investment (gains) losses (4,090) 154 Depreciation and amortization 442 367 Change in accrued investment income (37) (45) Change in premiums and fees receivable (2,334) (837) Change in reinsurance recoverables (513) 4,848 Change in reinsurance recoverable on unpaid losses 1,516 (2,232) Change in prepaid reinsurance premiums (492) 208 Change in deferred acquisition costs (607) (231) Change in unpaid losses and loss adjustment expenses (8,201) (4,666) Change in unearned premiums 3,464 1,305 Change in reinsurance payables and funds withheld 221 683 Change in policyholder dividends payable (11) 8 Change in receivable on reinsurance treaty rescission 11,459 -- Other, Net (434) 162 --------- --------- Net Cash Provided by Operating Activities 5,142 90 --------- --------- Cash Flows From Investing Activities: Proceeds from sales: Fixed income maturities available-for-sale 7,500 741 Equity securities 12,553 -- Investments, matured or called: Fixed income maturities available-for-sale 12,007 13,726 Investments, purchased: Fixed income maturities available-for-sale (29,134) (13,950) Equity securities (9,844) -- Purchases of Property and Equipment (65) (214) --------- -------- Net Cash Provided by (Used In) Investing Activities (6,983) 303 --------- --------- Net increase (decrease) in cash and short term investments (1,841) 393 Cash and Short Term Investments At Beginning of Period 8,339 4,157 --------- --------- Cash and Short Term Investments At End of Period $ 6,498 $ 4,550 ======== ========
See accompanying Notes to Consolidated Financial Statements. DANIELSON HOLDING CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) 1) BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Danielson Holding Corporation ("DHC" or "Registrant") and subsidiaries (collectively with DHC, the "Company") have been prepared in accordance with generally accepted accounting principles. However, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2000 are not necessarily indicative of the results that may be expected for the year ending December 31, 2000. For further information, reference is made to the Consolidated Financial Statements and footnotes thereto included in DHC's Annual Report on Form 10-K for the year ended December 31, 1999. 2) PER SHARE DATA Per share data is based on the weighted average number of shares of common stock of DHC, par value $0.10 per share ("Common Stock"), outstanding during a particular year or other relevant period. Diluted earnings per share computations, as calculated under the treasury stock method, include the average number of shares of additional outstanding Common Stock issuable for stock options and warrants, whether or not currently exercisable. Such average shares were 19,030,634 and 19,119,115 for the three and six months ended June 30, 2000, respectively, and 15,932,147 and 15,849,466 for the three and six months ended June 30, 1999, respectively. Basic earnings per share are calculated using only the average number of outstanding shares of Common Stock and disregarding the average number of shares issuable for stock options and warrants. Such average shares were 18,476,265 for both the three and six months ended June 30, 2000, and 15,576,276 for both the three and six months ended June 30, 1999. 3) INCOME TAXES DHC files a Federal consolidated income tax return with its subsidiaries and certain trusts that assumed various liabilities of certain present and former subsidiaries of DHC. The Company records its interim tax provisions based upon estimated effective tax rates for the year. The Company has made provisions for certain state and local taxes. Tax filings for these jurisdictions do not consolidate the activities of the trusts referred to above. For further information, reference is made to Note 8 of the Notes to Consolidated Financial Statements included in DHC's Annual Report on Form 10-K for the year ended December 31, 1999. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 1. GENERAL Danielson Holding Corporation ("DHC") is organized as a holding company with substantially all of its operations conducted by subsidiaries (collectively with DHC, the "Company"). DHC, on a parent-only basis, has limited continuing expenditures for rent and administrative expenses and derives revenues primarily from investment returns on portfolio securities. Therefore, the analysis of the Company's financial condition is generally done on an operating subsidiary basis. This Management's Discussion and Analysis of Financial Condition and Results of Operations and the information in Item 3, " Qualitative and Quantitative Disclosures About Market Risk" contain forward-looking statements, including statements concerning capital adequacy, adequacy of reserves, goals, future events and underlying assumptions and other statements which are other than statements of historical facts. Such forward-looking statements may be identified, without limitation, by the use of the words "believes", "anticipates", "expects", "intends", "plans" and similar expressions. All such statements represent only current estimates or expectations as to future results and are subject to risks and uncertainties which could cause actual results to materially differ from current estimates or expectations. See "RISK FACTORS THAT MAY AFFECT FUTURE RESULTS". 2. RESULTS OF NAICC'S OPERATIONS The operations of DHC's principal subsidiary, National American Insurance Company of California ("NAICC"), are primarily in specialty property and casualty insurance. PROPERTY AND CASUALTY INSURANCE OPERATIONS Net premiums earned were $15.5 million and $31.0 million for the three and six months ended June 30, 2000, respectively, compared to $12.3 million and $24.8 million for the three and six months ended June 30, 1999, respectively. The increase in net premiums earned is directly related to the change in net premiums written. Net premiums written were $17.3 million and $34.1 million for the three and six months ended June 30, 2000, respectively, compared to $13.0 million and $26.4 million for the three and six months ended June 30, 1999, respectively. The overall increase in net written premiums for 2000 over the comparable periods in 1999 is attributable to increased production and decreased reinsurance coverage associated with the rescission of a treaty effective in 1999. Net investment income was $1.9 million and $3.7 million for the three and six months ended June 30, 2000, respectively, compared to $1.8 million and $3.6 million for the three and six months ended June 30, 1999, respectively. The slight growth in investment income is attributable to increased cash flow from operations of $6.0 million over the comparable year-to-date period in 1999. Realized gains increased by $3.7 million from the comparable period in 1999 due primarily to the sale of equity securities. Net losses and loss adjustment expenses ("LAE") were $11.3 million and $22.6 million for the three and six months ended June 30, 2000, respectively, compared to $8.4 million and $16.9 million for the three and six months ended June 30, 1999, respectively. The resulting loss and LAE ratios for the corresponding year-to-date periods were 72.9 percent and 68.0 percent, respectively for 2000 and 1999. The loss and LAE ratio increased in 2000 over 1999 due primarily to the rescission of several treaties in 1999 that increased the Company's workers' compensation retention. Policy acquisition costs were $4.0 million and $7.9 million for the three and six months ended June 30, 2000, respectively, compared to $3.3 million and $6.6 million for the three and six months ended June 30, 1999, respectively. As a percentage of net premiums earned, policy acquisition expenses were 25.5 percent and 26.6 percent for the six months ended June 30, 2000 and 1999, respectively. The decrease in the policy acquisition expense ratio in 2000 is due primarily to the overall increase in premium volume while fixed underwriting expenses of policy acquisition costs remained relatively constant. General and administrative expenses were $1.6 million and $3.1 million for the three and six months ended June 30, 2000, respectively. General and administrative expenses were $1.8 million and $3.6 million for the three and six months ended June 30, 1999, respectively. General and administrative expenses decreased slightly in 2000 over 1999 due to cost reduction measures initiated at the end of 1999. The combined ratios (which represent a ratio of losses and expenses to net earned premiums in a particular period) were 108.9 percent and 110.8 percent for the six months ended June 30, 2000 and 1999, respectively. Net income from insurance operations for the six months ended June 30, 2000 and 1999 was $5.3 million and $1.2 million, respectively. The increase in net income from insurance operations during the first six months of 2000 compared to the same period for 1999 is primarily attributable to realized gains, and to a lesser extent, the increase in premium volume in our non-standard commercial automobile line. CASH FLOW FROM INSURANCE OPERATIONS Cash provided by operations was $5.7 million and $1.0 million for the six months ended June 30, 2000 and 1999, respectively. The increase in cash provided by operations is primarily attributable to the collection of amounts due, as a result of the rescission of the several reinsurance treaties, in excess of $11 million. Overall cash and invested assets, at market value, at June 30, 2000 were $134.0 million, compared to $122.4 million at December 31, 1999. LIQUIDITY AND CAPITAL RESOURCES The Company's insurance subsidiaries require both readily liquid assets and adequate capital to meet ongoing obligations to policyholders and claimants, as well as to pay ordinary operating expenses. The primary sources of funds to meet these obligations are premium revenues, investment income, recoveries from reinsurance and, if required, the sale of invested assets. NAICC's investment policy guidelines require that all liabilities be matched by a comparable amount of investment grade invested assets. Management of NAICC believes that NAICC has both adequate capital resources and sufficient reinsurance to meet any unforeseen events such as natural catastrophes, reinsurer insolvencies or possible reserve deficiencies. 3. RESULTS OF DHC'S OPERATIONS CASH FLOW FROM PARENT-ONLY OPERATIONS Operating cash flow of DHC on a parent-only basis is primarily dependent upon the rate of return achieved on its investment portfolio and the payment of general and administrative expenses incurred in the normal course of business. For the six months ended June 30, 2000 and 1999, cash used in parent-only operating activities was $0.6 million and $0.9 million, respectively. The decrease in cash used in operating activities is attributable to an increase in DHC's investment portfolio and the income it generates. For information regarding DHC's operating subsidiaries' cash flow from operations, SEE "2. RESULTS OF NAICC'S OPERATIONS, CASH FLOW FROM INSURANCE OPERATIONS." LIQUIDITY AND CAPITAL RESOURCES At June 30, 2000 cash and investments of DHC were approximately $17.8 million, compared to $18.1 million at December 31, 1999. As described above, the primary use of funds was the payment of general and administrative expenses in the normal course of business. For information regarding DHC's operating subsidiaries' liquidity and capital resources, see "2. RESULTS OF NAICC'S OPERATIONS, LIQUIDITY AND CAPITAL RESOURCES." 4. RISK FACTORS THAT MAY AFFECT FUTURE RESULTS As noted above, the foregoing discussion may include forward-looking statements that involve risks and uncertainties. In addition to other factors and matters discussed elsewhere herein, some of the important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements include the following: 1. The insurance products sold by the Company are subject to intense competition from many competitors, many of whom have substantially greater resources than the Company. There can be no assurance that the Company will be able to successfully compete and generate sufficient premium volume at attractive prices to be profitable. 2. In order to implement its business plan, the Company has been seeking to enter into strategic partnerships and/or make acquisitions of businesses that would enable the Company to earn an attractive return on investment. Restrictions on the Company's ability to issue additional equity in order to finance any such transactions exist which could significantly affect the Company's ability to finance any such transaction. The Company may have limited other resources with which to implement its strategy and there can be no assurance that any transaction will be successfully consummated. 3. The insurance industry is highly regulated and it is not possible to predict the impact of future state and federal regulation on the operations of the Company. 4. Unpaid losses and loss adjustment expenses ("LAE") are based on estimates of reported losses, historical Company experience of losses reported by reinsured companies for insurance assumed from such insurers, and estimates based on historical Company and industry experience for unreported claims. Such liability is, by necessity, based upon estimates which may change in the near term, and there can be no assurance that the ultimate liability will not exceed, or even materially exceed, such estimates. ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK The Company's objectives in managing its investment portfolio are to maximize investment income and investment returns while minimizing overall credit risk. Investment strategies are developed based on many factors including underwriting results, overall tax position, regulatory requirements, and fluctuations in interest rates. Investment decisions are made by management and approved by the Board of Directors. Market risk represents the potential for loss due to adverse changes in the fair value of securities. The market risks related to the Company's fixed maturity portfolio are primarily interest rate risk and prepayment risk. The market risks related to the Company's equity portfolio are foreign currency risk and equity price risk. There have been no material changes to the Company's market risk for the six months ended June 30, 2000. For further information, reference is made to Management's Discussion and Analysis of Financial Condition and Results of Operations included in DHC's Annual Report on Form 10-K for the year ended December 31, 1999. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. NAICC is a party to various legal proceedings which are considered routine and incidental to its business and are not material to the financial condition and operation of its business. DHC is not a party to any legal proceeding which is considered material to the financial condition and operation of its business. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS. Not applicable. ITEM 3. DEFAULTS UPON SENIOR SECURITIES. Not applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. On June 15, 2000, the Company held its Annual Meeting of Stockholders. At the meeting, Richard Krenz was newly elected as director, and the term of office of each of Martin J. Whitman, Samuel Zell, David Barse, Eugene M. Isenberg, Joseph F. Porrino, Frank B. Ryan, Wallace O. Sellers, Stanley J. Garstka, and William Pate continued after the meeting. In addition, the stockholders confirmed the appointment of KPMG LLP as the independent public accountants for the Company for the fiscal year ending December 31, 2000. The votes with respect to each of the foregoing matters was as follows: 1. With respect to the election of directors:
NAME FOR WITHHELD Martin J. Whitman 16,231,995 62,575 Samuel Zell 15,610,938 683,632 David M. Barse 16,219,329 75,241 Eugene M. Isenberg 16,232,330 62,240 Joseph F. Porrino 16,232,329 62,241 Frank B. Ryan 16,222,330 72,240 Wallace O. Sellers 16,232,329 62,241 Stanley J. Garstka 16,219,330 75,240 William Pate 15,610,946 683,624 Richard Krenz 16,222,330 72,240
2. With respect to the appointment of KPMG LLP as the independent public accountants for the Company for the fiscal year ending December 31, 2000: FOR AGAINST ABSTAIN Totals: 16,228,633 54,311 11,626 ITEM 5. OTHER INFORMATION. Not applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. Not applicable. 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. Date: August 14, 2000 DANIELSON HOLDING CORPORATION (Registrant) BY: /S/ DAVID BARSE -------------------------------------------- David Barse PRESIDENT & CHIEF OPERATING OFFICER BY: /S/ MICHAEL CARNEY ----------------------------------- Michael Carney CHIEF FINANCIAL OFFICER EX-27 2 0002.txt FDS
7 THIS SCHEDULE CONTAINS SUMMARY FINANACIAL INFORMATION EXTRACTED FROM THE QUARTERLY PERIOD ENDED JUNE 30, 2000 AND IS QUALIFIED IN ITS ENTIRETLY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000225648 DANIELSON HOLDING CORPORATION 1000 U.S. DOLLARS 6-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 1 120,270 0 0 25,023 0 0 151,749 42 20,685 3,129 196,593 86,733 19,703 0 803 0 0 0 1,849 81,305 196,593 31,009 4,210 4,090 502 22,606 5,765 6,500 4,844 85 4,759 0 0 0 4,759 .26 .25 79,306 22,606 0 9,031 20,260 72,621 (2,491) INCLUDES REINSURANCE RECOVERABLES ON UNPAID LOSSES OF 14,112 AND REINSURANCE RECOVERABLES ON PAID LOSSES OF 6,573. INCLUDES TREASURY STOCK OF (66). REPRESENTS EARNINGS PER SHARE-BASIC. REPRESENTS EARNINGS PERSHARE-DILUTED.
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