-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, QuGUvcFztqseH3VzI+BzXs6GB4Mua39YecAo9PNZQvMxmChJdgDFJYu8ss7y4WWJ IpwsudaoV3HVN8AcQKQ7NQ== 0000783282-95-000002.txt : 19950515 0000783282-95-000002.hdr.sgml : 19950515 ACCESSION NUMBER: 0000783282-95-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 ITEM INFORMATION: Other events FILED AS OF DATE: 19950201 SROS: BSE SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLONIAL GROUP INC /MA/ CENTRAL INDEX KEY: 0000783282 STANDARD INDUSTRIAL CLASSIFICATION: 6282 IRS NUMBER: 042934627 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09054 FILM NUMBER: 95504507 BUSINESS ADDRESS: STREET 1: ONE FINANCIAL CENTER CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 6174263750 MAIL ADDRESS: STREET 1: ONE FINANCIAL CENTER CITY: BOSTON STATE: MA ZIP: 02111 8-K 1 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) January 26, 1995 THE COLONIAL GROUP, INC. (Exact name of registrant as specified in its charter) MASSACHUSETTS 1-9054 04-2934627 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) ONE FINANCIAL CENTER BOSTON, MASSACHUSETTS 02111 (Address of (Zip Code) Principal Executive Office) Registrant's telephone number, including area code: (617) 426-3750 No Change (Former name or former address, if changed since last report) Item 5. Other Events On January 26, 1995, the Registrant issued the following press release: For Information: Davey S. Scoon (617)426-3750 FOR IMMEDIATE RELEASE The Colonial Group, Inc. Releases Earnings Boston, January 26, 1995 - The Colonial Group, Inc. (NASDAQ:COGRA) announced today revenues and results of operations for the fourth quarter and full year 1994. FOURTH QUARTER RESULTS - - - - ---------------------- Revenues. Revenues were $38.2 million for the fourth quarter of 1994. This represents a decrease of $4.2 million or 10% compared to revenues of $42.4 million for the same period last year. Results of Operations. Operating expenses for the fourth quarter of 1994 include non-recurring expense of $4.1 million and acceleration of stock option expense of $2.5 million related to the planned merger with Liberty Financial Companies, Inc. The after tax effect of these items was $3.6 million and $1.5 million, respectively, resulting in a loss for the period of $2.0 million. This compares to $5.3 million of net income for the same period last year. Results per share. The impact of the accelerated stock option expense and non-recurring expense relating to the planned merger on earnings per share was a negative $0.64 resulting in a net loss per share of $0.25 for the three months ended December 31, 1994, compared to net income per share of $0.69 for the same period last year. FULL YEAR RESULTS - - - - ---------------------- Revenues. Revenues were $161.2 million for 1994. This represents an increase of $10.4 million or 7% compared to revenues of $150.8 million in 1993. Results of Operations. Operating expenses include non- recurring expense of $4.6 million and acceleration of stock option expense of $2.5 million related to merger activity that resulted in the planned merger with Liberty Financial Companies, Inc. The after tax effect of these items of $4.0 million and $1.5 million, respectively, resulted in net income of $11.8 million for 1994. This compares to $20.0 million of net income for 1993. Results per share. The impact of the accelerated stock option expense and non-recurring expense on earnings per share was a negative $0.70 resulting in net income per share of $1.53 for 1994, compared to $2.65 for 1993. Sales of Colonial funds were $201 million in the fourth quarter and $1.6 billion for the year compared to $1.1 billion and $4.6 billion, respectively, in 1993. Assets under management declined further to $13.8 billion at December 31, 1994 from $14.4 billion at September 30, 1994 and $15.6 billion at the end of 1993, largely due to lower bond prices. Chairman and Chief Executive Officer, John A. McNeice, Jr. made these comments: "Despite lower sales and lower assets under management, the Company experienced satisfactory earnings in 1994, although not at the same level experienced in 1993. In connection with the pending merger with Liberty Financial, the registration statement for the combined companies will be a publicly available filing with the Securities and Exchange Commission shortly." - Financials To Follow - THE COLONIAL GROUP, INC. SUMMARY OF RESULTS OF OPERATIONS (In thousands, except per share amounts)
Three Months Ended Year Ended December 31, December 31, ------------------- ---------------------- 1994 1993 1994 1993 -------- -------- -------- -------- Revenues $38,235 $42,386 $161,193 $150,767 Operating Expenses (a) 38,129 32,279 131,266 113,491 ------- ------- -------- -------- Operating Income 106 10,107 29,927 37,276 Interest expense, net (1,143) (1,600) (6,491) (4,485) ------- ------- -------- -------- Income (Loss) before provision for income taxes and cumulative effect of a change in accounting for income taxes (1,037) 8,507 23,436 32,791 Provision for income taxes 935 3,184 11,636 12,853 ------- ------- -------- -------- Income (Loss) before cumulative effect of a change in accounting for income taxes (1,972) 5,323 11,800 19,938 Cumulative effect of a change in accounting for income taxes --- --- --- 72 -------- -------- -------- -------- Net Income (Loss) (b) ($1,972) $5,323 $11,800 $20,010 ======== ======== ======== ======== Net Income (Loss) per share (b) ($0.25) $0.69 $1.53 $2.65 ======== ======== ======== ======== (a) 1994 fourth quarter operating expenses include non-recurring expense of $4,067 and acceleration of stock option expense of $2,512 related to the planned merger with Liberty Financial Companies, Inc. Operating expenses for the full year in 1994 include non-recurring expense of $4,636 and acceleration of stock option expense of $2,512. (b) The after tax effect of items described in Note (a) above was to reduce net income for the fourth quarter and the full year in 1994 by $5,029 or $0.64 per share and $5,457 or $0.70 per share, respectively.
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 hereunto duly authorized. THE COLONIAL GROUP, INC. Date: February 1, 1995 By: John A. McNeice, Jr. Chairman of the Board -----END PRIVACY-ENHANCED MESSAGE-----