Filed On 4/28/04 12:24pm ET · SEC File 0-05534 · Accession Number 9346-4-8
As Of Filer Filing As/For/On Docs:Pgs
4/28/04 Baldwin & Lyons Inc 8-K{9,12} 3/31/04 2:4
Current Report · Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Form 8-K Press Release 2 12K
2: EX-99 Earnings Press Release 2 17K
EX-99 · Earnings Press Release
| EX-99 | 1st Page of 2 | TOC | Top | Previous | Next | Bottom | Just 1st |
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Exhibit 99.1
[COMPANY LOGO]
BALDWIN & LYONS, INC.
PROTECTIVE INSURANCE COMPANY
SAGAMORE INSURANCE COMPANY
B & L INSURANCE, LTD. (BERMUDA)
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1099 NORTH MERIDIAN STREET
INDIANAPOLIS, IN 46204
(317) 636-9800
Subj: Baldwin & Lyons, Inc. April 27, 2004
Unaudited First Quarter Report Press Contact: G. Patrick Corydon
(317) 636-9800
corydon@baldwinandlyons.com
FOR IMMEDIATE RELEASE
BALDWIN & LYONS, INC. REPORTS RECORD FIRST QUARTER
OPERATING INCOME AND NET INCOME
INDIANAPOLIS, INDIANA, APRIL 27, 2004--Baldwin & Lyons, Inc. (NASD:
BWINA, BWINB) today announced record first quarter operating income, defined as
net income before capital gains or losses, of $7.1 million, or $.48 per share,
compared to the previous first quarter record of $6.1 million, or $.42 per
share, for the first quarter of 2003. Capital gains of $3.8 million, or $.26 per
share, were realized during the current quarter compared to capital losses of
$1.6 million, or $.11 per share in the prior year quarter. Including capital
gains, first quarter net income was a record $10.9 million, or $.74 per share,
compared to $4.5 million, or $.31 per share, for the first quarter of 2003.
Direct and assumed premiums written increased 13% from the first quarter of
2003, to a record $64.2 million, with the Company's subsidiaries, Protective and
Sagamore Insurance Companies, registering gains of 13% and 12%, respectively.
Net premiums earned during the first quarter totaled $38.5 million, an increase
of 21% from the $31.7 million reported for the first quarter of 2003.
Pre-tax investment income declined 6% from the 2003 first quarter. Average
invested assets increased 12% from the prior year resulting from positive cash
flow; however, overall pretax yields declined 14% reflecting lower available
rates, some shifting to tax exempt bonds and a shortening of average maturities
this quarter in the belief that meaningful interest rate increases are imminent.
The consolidated combined ratio of 92.4% produced an underwriting gain of $2.9
million compared to a combined ratio of 91.9% and an underwriting gain of $2.6
million for the first quarter of 2003. The consolidated loss and loss expense
ratio increased marginally from 64.7% in the prior year period to 65.6%. The
consolidated underwriting expense ratio of 26.8% compares to 27.2% for the 2003
first quarter. With the exception of small business workers' compensation, which
showed improved results, all products had an underwriting profit for the
quarter.
Shareholders' equity increased $4.0 million from December 31, 2003 even though
record dividends of $.50 per share ($.10 regular and $.40 extra) were paid in
the quarter. Book value per common share outstanding increased to $22.28 at
March 31, 2004, an increase of $.28, or 1.3%, from year end 2003.
CONFERENCE CALL INFORMATION:
Baldwin & Lyons, Inc. has scheduled a conference call for April 28, 2004 at
11:00 AM ET (New York Time) to discuss results for the first quarter ended March
31, 2004. To gain access to the webcast of this call, please log on to
HTTP://WWW.VIAVID.NET/DEFAULT.ASPX at least 15 minutes prior to the call to
register and to download the necessary audio software. The webcast will be
archived on the site until July 28, 2004.
You may also access the webcast through a link on our investor relations page at
WWW.BALDWINANDLYONS.COM.
-2-
To participate via teleconference, investors may dial 877-780-2271 (U.S./Canada)
or 973-582-2737 (International or local) at least five minutes prior to the
beginning of the call. A replay of the call will be available through May 5,
2004 by calling 877-519-4471 or 973-341-3080 and referencing passcode 4557017.
Also available on our investor relations page are complete interim financial
statements, information regarding our business segments, and copies of our
filings with the Securities and Exchange Commission.
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FINANCIAL HIGHLIGHTS (UNAUDITED)
Baldwin & Lyons, Inc. and Subsidiaries
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
March 31,
---------------------------
2004 2003
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Operating revenue $43,575 $36,576
Realized gains (losses) 5,818 (2,452)
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TOTAL REVENUE $49,393 $34,124
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Income before realized capital transactions $ 7,117 $ 6,126
Realized net gains (losses) on investments,
net of federal income taxes 3,782 (1,594)
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NET INCOME $10,899 $ 4,532
============ ===========
Per share data - diluted:
Average number of shares 14,815 14,656
Income before realized capital transactions $ .48 $ .42
Realized net gains (losses) on investments .26 (.11)
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NET INCOME $ .74 $ .31
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Dividends paid to shareholders $ .50 $ .10
Annualized return on average
shareholders' equity:
Operating income 10.1% 9.5%
Net income 15.5% 7.1%
Consolidated combined ratio of insurance
subsidiaries (GAAP basis) 92.4% 91.9%
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NOTE: ALL DATA PRESENTED HAS BEEN RESTATED TO REFLECT A FIVE-FOR-FOUR STOCK
SPLIT ISSUED IN FEBRUARY, 2003.
FORWARD-LOOKING STATEMENTS IN THIS REPORT ARE MADE PURSUANT TO THE SAFE HARBOR
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. INVESTORS
ARE CAUTIONED THAT SUCH FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND
UNCERTAINTIES. READERS ARE ENCOURAGED TO REVIEW THE COMPANY'S ANNUAL REPORT FOR
ITS FULL STATEMENT REGARDING FORWARD-LOOKING INFORMATION.
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