Royal Bank of Scotland (RBS.L: Quote, Profile, Research), whose consortium has launched a 71.1 billion euro ($98.2 billion) takeover offer for Dutch bank ABN AMRO (AAH.AS: Quote, Profile, Research), said first-half profit would be at least 5 billion pounds ($10.3 billion).
"Profit before tax, intangibles amortisation and integration costs for the six months to June 30, 2007, is expected to be not less than 5,000 million pounds," RBD said in a statement.
RBS said the profit estimate was based on its account for the first five months of 2007 and was consistent with guidance it gave in a trading statement on June 5. RBS is scheduled to release its first-half results on August 3.
Thursday, August 2, 2007
Thursday, July 26, 2007
Ambac Financial Group, Inc. Announces Second Quarter Net Income of $173.0 Million, Down 27%
Ambac Financial Group, Inc. (NYSE: ABK - News; Ambac) today announced second quarter 2007 net income of $173.0 million, or $1.67 per diluted share. This represents a 27% decrease from second quarter 2006 net income of $238.6 million, and a 25% decrease in net income per diluted share from $2.22. The decrease is primarily due to unrealized mark-to-market losses amounting to ($56.9) million, or ($0.36) per diluted share, related to credit derivative exposures in the second quarter 2007. The comparable quarter of 2006 included net realized gains on investment securities of $44.4 million, or $0.27 per diluted share, primarily resulting from cash recoveries received related to a security in the investment agreement portfolio that had been written down in prior years. The second quarter 2007 unrealized mark-to-market losses on credit derivative exposures is the result of unfavorable market pricing of collateralized debt obligations with significant amounts of sub-prime residential mortgage collateral. As further described below, net mark-to-market gains and losses on credit derivatives and net gains and losses from sales of investment securities are excluded from the earnings measures used by research analysts.
Net Income Per Diluted Share
Net income and net income per diluted share are computed in conformity with U.S. generally accepted accounting principles (GAAP). However, many research analysts and investors do not limit their analysis of our earnings to a strictly GAAP basis. In order to assist investors in their understanding of quarterly results, Ambac provides other information.
Earnings measures reported by research analysts exclude the net income impact of net gains and losses from sales of investment securities and mark-to-market gains and losses on credit, total return and non-trading derivative contracts (collectively "net security gains and losses") and certain other items. Certain research analysts and investors further exclude the net income impact of accelerated premiums earned on guaranteed obligations that have been refunded and other accelerated earnings ("accelerated earnings"). During the second quarter 2007, net security gains and losses had the effect of decreasing net income by ($34.6) million, or ($0.34) on a per diluted share basis. Accelerated earnings had the effect of increasing net income by $25.6 million, or $0.25 per diluted share during the quarter. Table I, below, provides second quarter and six-month comparisons of earnings for 2007 and 2006.
Net Income Per Diluted Share
Net income and net income per diluted share are computed in conformity with U.S. generally accepted accounting principles (GAAP). However, many research analysts and investors do not limit their analysis of our earnings to a strictly GAAP basis. In order to assist investors in their understanding of quarterly results, Ambac provides other information.
Earnings measures reported by research analysts exclude the net income impact of net gains and losses from sales of investment securities and mark-to-market gains and losses on credit, total return and non-trading derivative contracts (collectively "net security gains and losses") and certain other items. Certain research analysts and investors further exclude the net income impact of accelerated premiums earned on guaranteed obligations that have been refunded and other accelerated earnings ("accelerated earnings"). During the second quarter 2007, net security gains and losses had the effect of decreasing net income by ($34.6) million, or ($0.34) on a per diluted share basis. Accelerated earnings had the effect of increasing net income by $25.6 million, or $0.25 per diluted share during the quarter. Table I, below, provides second quarter and six-month comparisons of earnings for 2007 and 2006.
Sunday, July 22, 2007
Airbus says Brazil jet OK to fly without reverser
Planemaker Airbus (EAD.PA: Quote, Profile, Research) (EAD.DE: Quote, Profile, Research) said on Friday that the type of aircraft involved in Tuesday's air crash in Sao Paulo can fly for up to 10 days with a broken thrust reverser.
Debate over the cause of Brazil's worst air crash has shifted from the slick runway to the aircraft's braking systems after it was disclosed one of the A320 airliner's thrust reversers was not operating at the time of the accident.
Nearly 200 people were killed in the crash.
"The A320 Master Minimum Equipment List approved by the certification authorities stipulates that the aircraft can fly for up to 10 days with a thrust reverser inoperative," said an Airbus spokeswoman at its Toulouse, France, headquarters.
Aviation experts say thrust reversers complement the brakes but are not the aircraft's primary braking system and that it is usually safe to fly without them.
That means reversers are not part of the mandatory features on an aircraft -- known as the "Minimum Equipment List," or MEL.
But the advantage to airlines and pilots is that they reduce wear on brakes and can shorten landing distances when needed. Brakes are among the costliest items to maintain.
"Thrust reversers are considered to be nice to have but are not essential kit," said David Learmount, Operations and Safety Editor at Flight International magazine.
"Thrust reversers are not on the MEL so no rules were broken, said Learmount, who is also a former professional pilot.
Debate over the cause of Brazil's worst air crash has shifted from the slick runway to the aircraft's braking systems after it was disclosed one of the A320 airliner's thrust reversers was not operating at the time of the accident.
Nearly 200 people were killed in the crash.
"The A320 Master Minimum Equipment List approved by the certification authorities stipulates that the aircraft can fly for up to 10 days with a thrust reverser inoperative," said an Airbus spokeswoman at its Toulouse, France, headquarters.
Aviation experts say thrust reversers complement the brakes but are not the aircraft's primary braking system and that it is usually safe to fly without them.
That means reversers are not part of the mandatory features on an aircraft -- known as the "Minimum Equipment List," or MEL.
But the advantage to airlines and pilots is that they reduce wear on brakes and can shorten landing distances when needed. Brakes are among the costliest items to maintain.
"Thrust reversers are considered to be nice to have but are not essential kit," said David Learmount, Operations and Safety Editor at Flight International magazine.
"Thrust reversers are not on the MEL so no rules were broken, said Learmount, who is also a former professional pilot.
Tuesday, July 10, 2007
SeaBright Insurance Holdings to Release 2007 Second Quarter Results on July 24, 2007
SEATTLE--(BUSINESS WIRE)--SeaBright Insurance Holdings, Inc. (Nasdaq:SEAB - News), announced today that it plans to release financial results for the second quarter ended June 30, 2007, shortly after the close of market trading on Tuesday, July 24, 2007. Management will host a conference call on the same day at 4:30 p.m. Eastern Time featuring remarks by John G. Pasqualetto, President and CEO, Richard J. Gergasko, Executive Vice President -- Operations, and Joseph S. De Vita, Senior Vice President and CFO.
The conference call will be available via webcast and can be accessed through the Investor Relations section of the Company's website at http://investor.sbic.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is 888-202-2422. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through July 31, 2007, at 888-203-1112 (domestic) or 719-457-0820 (international), (passcode: 6842336). The online archive of the webcast will be available on the Company's website for 30 days following the call. SeaBright Insurance Holdings, Inc., is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Company, operates as a specialty underwriter of multi-jurisdictional workers' compensation insurance. SeaBright Insurance Company distributes its maritime, alternative dispute resolution and state act products through selected independent insurance brokers and through its in-house wholesale broker affiliate, PointSure Insurance Services. SeaBright Insurance Company provides workers' compensation coverage to employers in selected regions nationwide. To learn more about SeaBright Insurance Company and SeaBright Insurance Holdings, visit our website at www.sbic.com.
The conference call will be available via webcast and can be accessed through the Investor Relations section of the Company's website at http://investor.sbic.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is 888-202-2422. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through July 31, 2007, at 888-203-1112 (domestic) or 719-457-0820 (international), (passcode: 6842336). The online archive of the webcast will be available on the Company's website for 30 days following the call. SeaBright Insurance Holdings, Inc., is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Company, operates as a specialty underwriter of multi-jurisdictional workers' compensation insurance. SeaBright Insurance Company distributes its maritime, alternative dispute resolution and state act products through selected independent insurance brokers and through its in-house wholesale broker affiliate, PointSure Insurance Services. SeaBright Insurance Company provides workers' compensation coverage to employers in selected regions nationwide. To learn more about SeaBright Insurance Company and SeaBright Insurance Holdings, visit our website at www.sbic.com.
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