InterContinental Life Corporation Reports Net Income for 1997
InterContinental Life Corporation reported a net income of $20,540,000 for the year ended December 31, 1997, on revenues of $127,683,000. This represents a decrease from the 1996 net income of $26,938,000 on revenues of $138,244,000. The sale of Bridgepoint Square Offices contributed $9.1 million to net income in 1997, while the sale of the Austin Centre contributed $15.3 million to net income in 1996. The company's insurance subsidiaries reported statutory earnings of $19.7 million for the year 1997, down from $21.9 million in 1996 and $24.5 million in 1995.
Key Takeaways:
- Net income for 1997 was $20,540,000, a decrease from the 1996 net income of $26,938,000.
- The sale of Bridgepoint Square Offices contributed $9.1 million to net income in 1997, while the sale of the Austin Centre contributed $15.3 million to net income in 1996.
- The company's insurance subsidiaries reported statutory earnings of $19.7 million for the year 1997, down from $21.9 million in 1996 and $24.5 million in 1995.
- Earnings per share were calculated on both a basic and diluted basis, reflecting the potential dilution of securities or contracts to issue common stock.
- The company markets and underwrites individual life insurance and annuity products through its various subsidiaries.
Statistics:
- Net income for 1997: $20,540,000
- Revenues for 1997: $127,683,000
- Statutory earnings of the company's insurance subsidiaries for 1997: $19.7 million
- Statutory earnings of the company's insurance subsidiaries for 1996: $21.9 million
- Statutory earnings of the company's insurance subsidiaries for 1995: $24.5 million
- Earnings per share for 1997: $4.75 basic, $4.70 diluted
- Earnings per share for 1996: $6.36 basic, $6.07 diluted
- Earnings per share for 1995: $2.57 basic, $2.47 diluted
Sources:
- Business Wire, "InterContinental Life Corporation Reports Net Income for 1997" (March 30, 1998)
- InterContinental Life Corp. CONTACT: Robert S. Cox, 512/404-5128