-----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, Aid2CutGWqhq7QK83iMcqG20AqgaqYpn1Oepn9f4eeGk/pRHO98W40HHxkrINLxC Ar62eK/x1pLEo03t5nu/5g== 0000950123-05-009621.txt : 20050809 0000950123-05-009621.hdr.sgml : 20050809 20050809104750 ACCESSION NUMBER: 0000950123-05-009621 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050809 DATE AS OF CHANGE: 20050809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLEGHANY CORP /DE CENTRAL INDEX KEY: 0000775368 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 510283071 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09371 FILM NUMBER: 051008005 BUSINESS ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 3201 CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 2127521356 MAIL ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 3201 CITY: NEW YORK STATE: NY ZIP: 10152 FORMER COMPANY: FORMER CONFORMED NAME: ALLEGHANY FINANCIAL CORP DATE OF NAME CHANGE: 19870115 8-K 1 y11757e8vk.txt ALLEGHANY CORPORATION 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): AUGUST 8, 2005 ---------------------- ALLEGHANY CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-9371 51-0283071 - ------------------------------- ---------------- ------------------- (STATE OR OTHER JURISDICTION OF (COMMISSION FILE (IRS EMPLOYER INCORPORATION) NUMBER) IDENTIFICATION NO.) 7 TIMES SQUARE TOWER 17TH FLOOR NEW YORK, NEW YORK 10036 - ------------------------------- -------- (ADDRESS OF PRINCIPAL EXECUTIVE (ZIP CODE) OFFICES) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 752-1356 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On August 8, 2005, Alleghany Corporation issued a press release on the subject of its 2005 second quarter consolidated earnings. A copy of such release is furnished herewith as Exhibit 99.1. The information hereunder shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.1 2005 Second Quarter Earnings Release, dated August 8, 2005 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. ALLEGHANY CORPORATION /s/ Peter R. Sismondo ----------------------- By:Peter R. Sismondo Vice President, Controller, Treasurer and Assistant Secretary Date: August 9, 2005 INDEX TO EXHIBITS
Exhibit Number Exhibit Description - -------------- ------------------- 99.1 2005 Second Quarter Earnings Release, dated August 8, 2005
EX-99.1 2 y11757exv99w1.txt 2005 SECOND QUARTER EARNINGS RELEASE Exhibit 99.1 NEW YORK, NY, August 8, 2005 -- Net earnings from continuing operations of Alleghany Corporation (NYSE-Y) in the second quarter of 2005 were $36.9 million, or $4.67 per share (per share information throughout is presented on a diluted basis), compared with $44.0 million, or $5.61 per share, in the second quarter of 2004, Weston M. Hicks, President and chief executive officer of Alleghany, announced today. Alleghany common stockholders' equity per share at June 30, 2005 was $233.29, an increase of 3.0% from common stockholders' equity per share of $226.50 as of December 31, 2004 (as adjusted for the stock dividend declared in March 2005). On a consolidated basis, cash and invested assets were approximately $2.65 billion at June 30, 2005, an increase of 7.3% from approximately $2.47 billion at December 31, 2004. Alleghany had net catastrophe losses after tax of $3.6 million, or $0.46 per share, in the 2005 second quarter, compared with $1.7 million, or $0.22 per share in the corresponding 2004 period. In the second quarter of 2005, net gains on investment transactions after tax were $0.4 million, or $0.05 per share, compared with $2.8 million, or $0.36 per share, in the 2004 second quarter. Second quarter 2005 net earnings from continuing operations adjusted to exclude net catastrophe losses after tax and net gains on investment transactions after tax were $40.1 million, or $5.08 per share, compared with $42.9 million, or $5.47 per share, in the corresponding 2004 period. Three Months Ended June 30,
Per Share(1) ------------ (in millions, except for per share and share amounts) 2005 2004 2005 2004 ----- ----- ---------- ---------- Net earnings from continuing operations $36.9 $44.0 $ 4.67 $ 5.61 Adjustments: Add: Net catastrophe losses after tax 3.6 1.7 0.46 0.22 Deduct: Net gains on investment transactions after tax (0.4) (2.8) (0.05) (0.36) ----- ----- ---------- ---------- Net earnings from continuing operations, as adjusted (2) $40.1 $42.9 $ 5.08 $ 5.47 Average number of outstanding shares of common stock (3) 7,917,555 7,854,462
(1) Represents diluted earnings per share of common stock and includes the impact on net earnings resulting from the inclusion of dilutive securities under the "if-converted method". (2) Adjusted to exclude net catastrophe losses after tax and net gains on investment transactions after tax. (3) Adjusted to reflect the dividend of common stock declared in March 2005. Six Months Ended June 30,
Per Share(1) ------------ (in millions, except for per share and share amounts) 2005 2004 2005 2004 ----- ------ ---------- ---------- Net earnings from continuing operations $98.2 $102.0 $ 12.43 $ 13.00 Adjustments: Add: Net catastrophe losses after tax 9.1 2.0 1.15 0.26 Deduct: Net gains on investment transactions after tax (31.1) (24.4) (3.93) (3.11) ----- ------ ---------- ---------- Net earnings from continuing operations, as adjusted (2) $76.2 $ 79.6 $ 9.65 $ 10.15 Average number of outstanding shares of common stock (3) 7,905,073 7,844,981
(1) Represents diluted earnings per share of common stock and includes the impact on net earnings resulting from the inclusion of dilutive securities under the "if-converted method". (2) Adjusted to exclude net catastrophe losses after tax and net gains on investment transactions after tax. (3) Adjusted to reflect the dividend of common stock declared in March 2005. The comparative contributions to earnings from continuing operations before taxes made by Alleghany Insurance Holdings LLC ("AIHL," a holding company for Alleghany's property and casualty insurance businesses consisting of RSUI Group, Inc. ("RSUI"), Capitol Transamerica Corporation ("CATA") and Darwin Professional Underwriters, Inc. ("Darwin")), and corporate activities (consisting of Alleghany Properties LLC and corporate activities at the parent level), were as follows (in millions):
Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- 2005 2004 2005 2004 ----- ------ ------ ------ AIHL $58.0 $ 75.3 $135.2 $165.9 Corporate activities (5.5) (9.1) 9.6 (11.5) ----- ------ ------ ------ Total $52.5 $ 66.2 $144.8 $154.4 ===== ====== ====== ======
AIHL recorded pre-tax earnings of $58.0 million on revenues of $234.0 million in the 2005 second quarter, compared with pre-tax earnings of $75.3 million on revenues of $217.0 million in the second quarter of 2004, and pre-tax earning of $135.2 million on revenues of $487.0 million in the first six months of 2005, compared with pre-tax earnings of $165.9 million on revenues of $448.3 million in the corresponding 2004 period. AIHL's 2005 second quarter pre-tax earnings include investment income before tax of $14.7 million and net gains on investment transactions before tax of $0.6 million, compared with $9.4 million and $4.4 million, respectively, in the corresponding 2004 period. AIHL's 2005 first half pre-tax earnings include investment income before tax of $29.0 million and net gains on investment transactions before tax of $25.8 million, compared with $19.7 million and $35.8 million, respectively, in the first six months of 2004. The comparative pre-tax contributions to AIHL's results made by its operating units RSUI, CATA and Darwin were as follows (in millions, except ratios): Three Months Ended June 30,
RSUI CATA Darwin(1) AIHL ------ ----- --------- ------ 2005 Gross premiums written (2) $325.3 $45.7 $ 36.7 $407.7 Net premiums written (2) 168.2 43.7 20.8 232.7 Net premiums earned $158.2 $40.5 $ 20.0 $218.7 Loss and loss adjustment expenses 83.0 17.8 13.5 114.3 Underwriting expenses 31.4 17.9 6.1 55.4 ------ ----- --------- ------ Underwriting profit (3) $ 43.8 $ 4.8 $ 0.4 49.0 ====== ===== ========= Interest, dividend and other income 14.7 Net gain on investment transactions 0.6 Other expenses (6.3) ------ Earnings before income taxes $ 58.0 ====== Loss ratio (4) 52.5% 44.0% 67.6% 52.3% Expense ratio (5) 19.8% 44.1% 30.9% 25.3% Combined ratio (6) 72.3% 88.1% 98.5% 77.6% 2004 Gross premiums written (2) $308.1 $46.7 $ 20.2 $375.0 Net premiums written (2) 171.8 42.2 14.6 228.6 Net premiums earned $154.0 $39.5 $ 9.7 $203.2 Loss and loss adjustment expenses 63.4 22.6 6.0 92.0 Underwriting expenses 23.5 15.6 3.7 42.8 ------ ----- --------- ------ Underwriting profit (3) $ 67.1 $ 1.3 $ -- 68.4 ====== ===== ========= Interest, dividend and other income 9.4 Net gain on investment transactions 4.4 Other expenses (6.9) ------ Earnings before income taxes $ 75.3 ====== Loss ratio (4) 41.2% 57.2% 62.3% 45.3% Expense ratio (5) 15.2% 39.4% 38.0% 21.0% Combined ratio (6) 56.4% 96.6% 100.3% 66.3%
Six Months Ended June 30,
RSUI CATA Darwin(1) AIHL ------ ----- --------- ------ 2005 Gross premiums written (2) $596.3 $88.9 $ 70.5 $755.7 Net premiums written (2) 309.8 84.8 41.4 436.0 Net premiums earned $313.7 $79.8 $ 38.7 $432.2 Loss and loss adjustment expenses 165.4 37.8 26.4 229.6 Underwriting expenses 61.3 35.6 11.5 108.4 ------ ----- --------- ------ Underwriting profit (3) $ 87.0 $ 6.4 $ 0.8 94.2 ====== ===== ========= Interest, dividend and other income 29.0 Net gain on investment transactions 25.8 Other expenses (13.8) ------ Earnings before income taxes $135.2 ====== Loss ratio (4) 52.7% 47.4% 68.2% 53.1% Expense ratio (5) 19.6% 44.6% 29.7% 25.1% Combined ratio (6) 72.3% 92.0% 97.9% 78.2% 2004 Gross premiums written (2) $602.5 $88.4 $ 40.8 $731.7 Net premiums written (2) 309.5 79.0 28.6 417.1 Net premiums earned $302.3 $74.0 $ 16.6 $392.9 Loss and loss adjustment expenses 133.4 41.4 10.4 185.2 Underwriting expenses 47.0 30.8 6.6 84.4 ------ ----- --------- ------ Underwriting profit (loss) (3) $121.9 $ 1.8 $ (0.4) 123.3 ====== ===== ========= Interest, dividend and other income 19.7 Net gain on investment transactions 35.8 Other expenses (12.9) ------ Earnings before income taxes $165.9 ====== Loss ratio (4) 44.1% 56.0% 62.4% 47.1% Expense ratio (5) 15.5% 41.6% 40.0% 21.5% Combined ratio (6) 59.6% 97.6% 102.4% 68.6%
(1) Although Darwin is an underwriting manager for Platte River and certain subsidiaries of CATA, Darwin is managed on an operating unit basis and therefore, the results of business generated by Darwin have been separated from CATA's results for purposes of this table. (2) Amounts do not reflect the impact of an inter-company pooling agreement. (3) Represents net premiums earned less loss and loss adjustment expenses and underwriting expenses, all as determined in accordance with U.S. generally accepted accounting principles ("GAAP"), and does not include interest, dividend and other income or net gains on investment transactions. Underwriting profit (loss) does not replace net earnings (loss) determined in accordance with GAAP as a measure of profitability; rather, Alleghany believes that underwriting profit (loss), which does not include interest, dividend and other income or net gains on investment transactions, enhances the understanding of AIHL's insurance operating units' operating results by highlighting net earnings attributable to their underwriting performance. With the addition of interest, dividend and other income and net gains on investment transactions, reported pre-tax net earnings (a GAAP measure) may show a profit despite an underlying underwriting loss. Where such underwriting losses persist over extended periods, an insurance company's ability to continue as an ongoing concern may be at risk. Therefore, Alleghany views underwriting (loss) profit as an important measure in the overall evaluation of performance. (4) Loss and loss adjustment expenses divided by net premiums earned, all as determined in accordance with GAAP. (5) Underwriting expenses divided by net premiums earned, all as determined in accordance with GAAP. (6) The sum of the Loss Ratio and Expense Ratio, all as determined in accordance with GAAP, representing the percentage of each premium dollar an insurance company has to spend on losses (including loss adjustment expenses) and underwriting expenses. The decrease in RSUI's underwriting profit in the second quarter and first half of 2005 compared with the corresponding 2004 periods primarily reflects an increase in the percentage of total business written by RSUI attributable to casualty lines of business as such business is recorded at a higher loss ratio compared with property lines of business, an increase in loss and loss adjustment expenses in property due primarily to one large non-catastrophe weather-related loss and higher underwriting expenses mainly due to the absence of profit sharing payments under certain property reinsurance treaties resulting from catastrophe losses in 2004. The increase in CATA's underwriting profit in the second quarter and first half of 2005 compared with the corresponding 2004 periods primarily reflects a $2.4 million pre-tax reduction in prior year loss reserves in the 2005 second quarter (compared with a $2.9 million increase in prior year loss reserves in the 2004 second quarter) and a decrease in reinsurance costs. Darwin reported an increase in underwriting profits in the second quarter and first half of 2005 from the corresponding 2004 periods, primarily reflecting a significant increase in net premiums earned due to increased levels of gross premiums written across all lines of business, partially offset by increased loss and loss adjustment expenses and underwriting expenses primarily attributable to such premium growth. Corporate activities recorded a pre-tax loss of $5.5 million on revenues of $6.8 million in the 2005 second quarter, compared with a pre-tax loss of $9.1 million on revenues of $2.2 million in the corresponding period in 2004, and pre-tax earnings of $9.6 million on revenues of $32.3 million in the first six months of 2005, compared with a pre-tax loss of $11.5 million on revenues of $10.1 million in the corresponding 2004 period. Corporate activities' 2005 and 2004 second quarter results include no gains on investment transactions before tax, and corporate activities' 2005 first half results include $22.0 million of net gains on investment transactions before tax, compared with $1.7 million in the first six months of 2004. On July 14, 2005, Alleghany completed the sale of its world-wide industrial minerals business, World Minerals Inc., to Imerys USA, Inc., a wholly owned subsidiary of Imerys, S.A., for a purchase price of $216.8 million The sale resulted in a modest after-tax gain that will be reported in the 2005 third quarter. As mentioned above, Alleghany has classified the operations of World Minerals as a discontinued operation in its financial statements for all periods presented. Alleghany's net loss from discontinued operations was $5.9 million in the first six months of 2005, compared with net earnings from discontinued operations of $8.8 million in the corresponding period in 2004. World Minerals was unprofitable in the second quarter of 2005 due to competitive pricing pressures, rising energy and other operating costs, a $5.7 million after-tax write-off related to foreign tax credits that will not be used as a result of the sale of World Minerals and a $2.8 million after-tax write-off related to the termination of a major systems project in connection with the sale of World Minerals. As of June 30, 2005, Alleghany beneficially owned 8.0 million shares, or approximately 2.1 percent, of the outstanding common stock of Burlington Northern Santa Fe Corporation, which had an aggregate market value on that date of approximately $376.6 million, or $47.08 per share. The aggregate cost of such shares is approximately $96.6 million, or $12.07 per share. Alleghany has previously announced that it may purchase shares of its common stock in open market transactions from time to time. In the second quarter of 2005, Alleghany did not make any such purchases of shares of its common stock. As of June 30, 2005, Alleghany had 7,889,136 shares of common stock outstanding (which includes the stock dividend declared in March 2005). Additional information regarding the 2005 second quarter results of Alleghany and its operating units is contained in Alleghany's Report on Form 10-Q for the quarter ended June 30, 2005, which will be filed with the U.S. Securities and Exchange Commission on August 9, 2005. Comment on Regulation G This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures are included herein. Throughout the press release Alleghany presents its operations in the way it believes will be most meaningful and useful to the investing public and others who use such information in evaluating Alleghany's results. In addition to the GAAP presentations of net earnings (loss), Alleghany also shows net earnings (loss) as adjusted to exclude both net catastrophe losses after tax and net gains on investment transactions after tax, a non-GAAP financial measure, which is intended to assist investors in analyzing the impact of such items. Catastrophe losses and gains on investment transactions can fluctuate significantly from period to period, which could distort the analysis of trends and comparability of reported periods. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. ### ALLEGHANY CORPORATION COMBINING STATEMENTS OF EARNINGS (dollars in thousands) (unaudited)
THREE MONTHS ENDED 6/30/05 THREE MONTHS ENDED 6/30/04 ------------------------------------ ------------------------------------ ALLEGHANY ALLEGHANY INSURANCE CORPORATE INSURANCE CORPORATE HOLDINGS ACTIVITIES COMBINED HOLDINGS ACTIVITIES COMBINED --------- ----------- -------- --------- ---------- --------- REVENUES Net premiums earned $ 218,654 $ 0 $218,654 $ 203,215 $ 0 $ 203,215 Interest, dividend and other income 14,738 6,836 21,574 9,387 2,261 11,648 Net gain (loss) on investments transactions 620 (3) 617 4,363 (11) 4,352 --------- ----------- -------- --------- ---------- --------- Total revenues 234,012 6,833 240,845 216,965 2,250 219,215 COSTS AND EXPENSES Loss and loss adjustment expenses 114,305 0 114,305 92,016 0 92,016 Commissions and brokerage 55,378 0 55,378 42,750 0 42,750 Salaries, administrative and other operating expenses 6,229 821 7,050 6,842 752 7,594 Corporate administration 99 10,532 10,631 106 9,986 10,092 Interest expense 0 1,000 1,000 0 591 591 --------- ----------- -------- --------- ---------- --------- Total costs and expenses 176,011 12,353 188,364 141,714 11,329 153,043 --------- ----------- -------- --------- ---------- --------- EARNINGS (LOSS) FROM CONTINUING OPERATIONS, BEFORE INCOME TAXES $ 58,001 ($ 5,520) 52,481 $ 75,251 ($ 9,079) 66,172 ========= =========== ======== ========= ========== INCOME TAXES 15,554 22,126 -------- --------- EARNINGS FROM CONTINUING OPERATIONS 36,927 44,046 DISCONTINUED OPERATIONS Operations (including loss on disposal of $1,166 in 2005) (2,178) 8,282 Income taxes 3,347 3,605 -------- --------- (LOSS) EARNINGS FROM DISCONTINUED OPERATIONS, NET (5,525) 4,677 -------- --------- NET EARNINGS $ 31,402 $ 48,723 ======== =========
ALLEGHANY CORPORATION COMBINING STATEMENTS OF EARNINGS (dollars in thousands) (unaudited)
SIX MONTHS ENDED 6/30/05 SIX MONTHS ENDED 6/30/04 -------------------------------- ---------------------------------- ALLEGHANY ALLEGHANY INSURANCE CORPORATE INSURANCE CORPORATE HOLDINGS ACTIVITIES COMBINED HOLDINGS ACTIVITIES COMBINED --------- ---------- -------- ---------- ---------- -------- REVENUES Net premiums earned $ 432,206 $ 0 $432,206 $ 392,883 $ 0 $392,883 Interest, dividend and other income 28,986 10,312 39,298 19,660 8,432 28,092 Net gain (loss) on investments transactions 25,812 22,032 47,844 35,800 1,735 37,535 --------- ---------- -------- ---------- ---------- -------- Total revenues 487,004 32,344 519,348 448,343 10,167 458,510 COSTS AND EXPENSES Loss and loss adjustment expenses 229,582 0 229,582 185,114 0 185,114 Commissions and brokerage 108,422 0 108,422 84,388 0 84,388 Salaries, administrative and other operating expenses 13,583 1,620 15,203 12,826 1,756 14,582 Corporate administration 201 19,511 19,712 139 18,755 18,894 Interest expense 0 1,665 1,665 0 1,123 1,123 --------- ---------- -------- ---------- ---------- -------- Total costs and expenses 351,788 22,796 374,584 282,467 21,634 304,101 --------- ---------- -------- ---------- ---------- -------- EARNINGS (LOSS) FROM CONTINUING OPERATIONS, BEFORE INCOME TAXES $ 135,216 $ 9,548 144,764 $ 165,876 ($ 11,467) 154,409 ========= ========== ======== ========== ========== INCOME TAXES 46,614 52,452 -------- -------- EARNINGS FROM CONTINUING OPERATIONS 98,150 101,957 DISCONTINUED OPERATIONS Operations (including loss on disposal of $1,166 in 2005) (653) 15,823 Income taxes 5,224 6,993 -------- -------- (LOSS) EARNINGS FROM DISCONTINUED OPERATIONS, NET (5,877) 8,830 -------- -------- NET EARNINGS $ 92,273 $110,787 ======== ========
ALLEGHANY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts)
JUNE 30, 2005 DECEMBER 31, (unaudited) 2004* ----------- ------------ ASSETS Available for sale securities at fair value: Equity securities $ 692,138 $ 645,184 Debt securities 1,491,203 1,179,210 Short-term investments 389,694 374,391 ----------- ------------ 2,573,035 2,198,785 Cash 74,135 267,760 Notes receivable 91,536 91,665 Accounts receivable, net 2,484 16,776 Premium balances receivable 217,976 203,141 Reinsurance recoverables 708,145 623,325 Ceded unearned premium reserves 292,952 286,451 Deferred acquisition costs 56,890 56,165 Property and equipment - at cost, net of accumulated depreciation and amortization 17,753 15,691 Goodwill and other intangibles, net of amortization 171,750 172,707 Deferred tax assets 101,869 98,753 Assets of discontinued operations 335,820 336,584 Other assets 63,967 59,922 ----------- ------------ $ 4,708,312 $ 4,427,725 =========== ============ LIABILITIES AND COMMON STOCKHOLDERS' EQUITY Losses and loss adjustment expenses $ 1,362,593 $ 1,232,337 Unearned premiums 761,407 751,131 Reinsurance payable 152,602 112,479 Deferred tax liabilities 186,500 206,250 Subsidiaries' debt 80,000 80,000 Current taxes payable 38,166 15,713 Liabilities of discontinued operations 146,957 136,397 Other liabilities 139,595 120,002 ----------- ------------ Total liabilities 2,867,820 2,654,309 Common stockholders' equity 1,840,492 1,773,416 ----------- ------------ $ 4,708,312 $ 4,427,725 =========== ============ COMMON SHARES OUTSTANDING (adjusted for stock dividends) 7,889,136 7,829,721
* Certain amounts have been reclassified to conform to the 2005 presentation. -----END PRIVACY-ENHANCED MESSAGE-----