-----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, DAQbJFPJOTpPHPS6XfMNLH0urfkRAUPIqvzCyYJxXxa47HyZihB+4IbdN8XMvgC5 ylItnOVlegnHEgTlM1w1rg== 0000356130-05-000013.txt : 20050224 0000356130-05-000013.hdr.sgml : 20050224 20050224150248 ACCESSION NUMBER: 0000356130-05-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050224 DATE AS OF CHANGE: 20050224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMC INSURANCE GROUP INC CENTRAL INDEX KEY: 0000356130 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 426234555 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10956 FILM NUMBER: 05637222 BUSINESS ADDRESS: STREET 1: 717 MULBERRY ST CITY: DES MOINES STATE: IA ZIP: 50309 BUSINESS PHONE: 5152802902 MAIL ADDRESS: STREET 1: 717 MULBERRY STREET CITY: DES MOINES STATE: IA ZIP: 50309 8-K 1 pressfeb24.txt 8-K UNITED STATES 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): February 24, 2005 ----------------- EMC INSURANCE GROUP INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Iowa 0-10956 42-623455 - ------------------------------- ------------ -------------------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation) File Number) Identification No.) 717 Mulberry Street, Des Moines, Iowa 50309 - --------------------------------------- ---------- (Address of principal executive office) (Zip Code) (515) 280-2902 ---------------------------------------------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. Item 7.01 Regulation FD Disclosure. On February 24, 2005, EMC Insurance Group Inc. issued a press release reporting its earnings for the fourth quarter and year ended December 31, 2004 and announced a dividend of $0.15 per share payable March 15, 2005 to shareholders of record as of March 8, 2005. A teleconference was conducted in conjunction with the press release issued today. The press release is furnished as Exhibit 99. The information contained in this Current Report 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 Exhibit No. Description - ----------- ---------------------------------------------------- 99 Press release 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. EMC INSURANCE GROUP INC. Registrant /s/ Bruce G. Kelley ------------------------- Bruce G. Kelley President & Chief Executive Officer /s/ Mark E. Reese ------------------------- Mark E. Reese Sr. Vice President & Chief Financial Officer February 24, 2005 EXHIBIT INDEX ------------- Exhibit No. Description - ----------- ---------------------------------------------------- 99 Press release EX-99 2 exh99.txt PRESS RELEASE EXHIBIT 99 ---------- EMC INSURANCE GROUP INC. REPORTS 2004 FOURTH QUARTER RESULTS AND DECLARES 93RD CONSECUTIVE QUARTERLY DIVIDEND DES MOINES, Iowa (February 24, 2005) - EMC Insurance Group Inc. (Nasdaq/NM:EMCI) today reported an operating loss of $0.02 per share for the fourth quarter ended December 31, 2004 compared to operating income of $0.46 per share for the fourth quarter ended December 31, 2003(1). Operating income for the year ended December 31, 2004 was $0.87 per share compared to $1.71 per share for the same period in 2003. Net loss, including realized investment gains/losses, was $489,000 ($0.04 per share) for the fourth quarter ended December 31, 2004 compared to net income of $6,091,000 ($0.53 per share) for the fourth quarter ended December 31, 2003. Net income for the year ended December 31, 2004 totaled $13,185,000 ($1.10 per share) compared to $20,349,000 ($1.78 per share) for the same period in 2003. As previously reported on February 11, 2005, fourth quarter results were significantly impacted by adverse development on prior years' reserves totaling $15,419,000. The after tax impact of this adverse development was $10,022,000 or $0.76 per share. This adverse development represents approximately 3.8 percent of the total loss and settlement expense reserves carried at September 30, 2004. "Our results for 2004 are disappointing," stated President and CEO Bruce G. Kelley. "We did not anticipate the large amount of adverse development that occurred in the fourth quarter and catastrophe and storm losses remained at an unusually high level due to the active hurricane season. However, our balance sheet is strong and we are well positioned for improved performance in 2005." Premiums earned increased 7.6 percent to $90,448,000 for the three months ended December 31, 2004 from $84,053,000 for the same period in 2003. For the twelve months ended December 31, 2004, premiums earned increased 4.5 percent to $345,478,000 from $330,623,000 for the same period in 2003 with most of the increase being derived from earlier rate increases. Policy counts for commercial lines business declined approximately one percent in 2004, while personal lines business declined approximately ten percent; however, most of the decline in the personal lines was a result of efforts to enhance underwriting discipline. Management expects to achieve overall premium growth in 2005, but pricing opportunities are likely to be limited by increased levels of competition. Even so, rate increases continue to be implemented in the commercial liability, commercial property and workers' compensation lines of business as warranted. The size of these increases is determined by state and individual account experience, but tends to be more modest than in prior periods. Personal lines are experiencing increased competition, as well, but the extent of that competition varies by territory. Premium growth for 2005 will be directed toward profitable new business and will include an expansion of the medallion series, which targets specialty groups, and the safety dividend program, which targets large groups and associations. Other initiatives include diversifying the workers' compensation book of business, and heightened product and agency management. In addition, more competitive personal lines rates are being considered in those territories where current experience and recent studies suggest that business can be written profitably. Catastrophe and storm losses generated a benefit of $511,000 ($0.03 per share after tax) in the fourth quarter of 2004 due to a decline in the reserve carried for Hurricane Jeanne in the reinsurance segment; however, this benefit was offset by a reinstatement premium of $540,000 in the property and casualty insurance segment related to Hurricane Ivan. For the fourth quarter of 2003, catastrophe and storm losses amounted to $811,000 ($0.05 per share after tax). For the year ended December 31, 2004, catastrophe and storm losses amounted to $18,492,000 ($1.01 per share after tax) compared to $20,942,000 ($1.19 per share after tax) for the same period in 2003. The Company's GAAP combined ratio was 110.8 percent in the fourth quarter of 2004 compared to 100.1 percent in the fourth quarter of 2003. For the year ended December 31, 2004, the GAAP combined ratio was 104.9 percent compared to 100.2 percent for the year ended December 31, 2003. Net book value of the Company's stock as of December 31, 2004 was $16.84 per share, an increase of 7.1 percent from $15.72 per share at December 31, 2003. The Board of Directors of EMC Insurance Group Inc. has declared a quarterly dividend of $0.15 per share of common stock payable March 15, 2005 to shareholders of record as of March 8, 2005. This is the ninety-third consecutive quarterly dividend paid since EMC Insurance Group Inc. became a publicly held company in February 1982. The Company will host an earnings call in conjunction with today's release. The teleconference begins at 12:30 p.m. central time today, February 24, 2005. Dial-in information for the call is toll-free 1-877-407-8290. The event will be archived and available for digital replay through February 25, 2006. The replay access information is toll-free 1-877-660-6853; account number 1628; conference ID number 136133. EMC Insurance Group Inc., the publicly-held insurance holding company of EMC Insurance Companies, owns subsidiaries with operations in property and casualty insurance and reinsurance. EMC Insurance Companies is one of the largest property and casualty entities in Iowa and among the top 60 insurance entities nationwide. For more information, visit our website www.emcinsurance.com. The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements regarding forward-looking statements. Accordingly, any forward-looking statement contained in this report is based on management's current beliefs, assumptions and expectations of the Company's future performance, taking into account all information currently available to management. These beliefs, assumptions and expectations can change as the result of many possible events or factors, not all of which are known to management. If a change occurs, the Company's business, financial condition, liquidity, results of operations, plans and objectives may vary materially from those expressed in the forward-looking statements. The risks and uncertainties that may affect the actual results of the Company include, but are not limited to the following: catastrophic events and the occurrence of significant sever weather conditions; the adequacy of loss and settlement expense reserves; state and federal legislation and regulations; changes in our industry, interest rates or the performance of financial markets and the general economy; rating agency actions and other risks and uncertainties inherent to the Company's business. When we use the words "believe," "expect," anticipate," "estimate," or similar expressions, we intend to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. (1)The Company uses a non-GAAP financial measure called "operating income" that management believes is useful to investors because it illustrates the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While this measure is consistent with measures utilized by investors to evaluate performance, it is not a substitute for the U.S. GAAP financial measure of net income. Therefore, we have provided a reconciliation of this non-GAAP financial measure to the U.S. GAAP financial measure of net income in the Consolidated Statements of Income schedule contained in this release. Management also uses non-GAAP financial measures for goal setting, determining employee and senior management awards and compensation, and evaluating performance. CONSOLIDATED STATEMENT OF INCOME Property Three Months Ended and Casualty Parent December 31, 2004 Insurance Reinsurance Company Consolidated - ----------------------------------------------------------------------------- Revenues: Premiums earned ..... $ 63,125,910 $ 27,321,991 $ - $ 90,447,901 Investment income, net ............... 5,394,344 2,576,052 107,115 8,077,511 Other income ........ 122,914 - - 122,914 ------------ ------------ ------------ -------------- 68,643,168 29,898,043 107,115 98,648,326 ------------ ------------ ------------ -------------- Losses and expenses: Losses and settlement expenses .......... 59,663,037 9,842,983 - 69,506,020 Dividends to policyholders ..... 1,487,442 - - 1,487,442 Amortization of deferred policy acquisition costs 15,374,347 5,453,488 - 20,827,835 Other underwriting expenses .......... 5,310,060 3,091,314 - 8,401,374 Interest expense .... 193,125 84,975 - 278,100 Other expenses ...... (84,639) - 191,847 107,208 ------------ ------------ ------------ -------------- 81,943,372 18,472,760 191,847 100,607,979 ------------ ------------ ------------ -------------- Operating income (loss) before income taxes .... (13,300,204) 11,425,283 (84,732) (1,959,653) ------------ ------------ ------------ -------------- Realized investment gain (loss) ......... (256,662) 6,223 - (250,439) ------------ ------------ ------------ -------------- Income (loss) before income taxes ........... (13,556,866) 11,431,506 (84,732) (2,210,092) ------------ ------------ ------------ -------------- Income tax expense (benefit): Current ........... (3,238,074) 3,287,635 (17,885) 31,676 Deferred .......... (2,202,494) 460,445 (10,911) (1,752,960) ------------ ------------ ------------ -------------- (5,440,568) 3,748,080 (28,796) (1,721,284) ------------ ------------ ------------ -------------- Net income (loss) $ (8,116,298)$ 7,683,426 $ (55,936)$ (488,808) ============ ============ ============ ============== Average shares outstanding ......... 13,152,209 Earnings per share .... $ (0.62)$ 0.58 $ 0.00 $ (0.04) GAAP Combined Ratio: Loss Ratio .......... 94.5% 36.0% 76.8% Expense Ratio ....... 35.1% 31.3% 34.0% ------------ ------------ ------------ -------------- 129.6% 67.3% 110.8% Property Three Months Ended and Casualty Parent December 31, 2003 Insurance Reinsurance Company Consolidated - ----------------------------------------------------------------------------- Revenues: Premiums earned ..... $ 60,367,178 $ 23,685,759 $ - $ 84,052,937 Investment income, net ............... 5,104,752 2,339,654 10,193 7,454,599 Other income ........ 233,919 - - 233,919 ------------ ------------ ------------ -------------- 65,705,849 26,025,413 10,193 91,741,455 ------------ ------------ ------------ -------------- Losses and expenses: Losses and settlement expenses .......... 41,585,496 15,561,564 - 57,147,060 Dividends to policyholders ..... 482,271 - - 482,271 Amortization of deferred policy acquisition costs 14,086,732 5,042,552 - 19,129,284 Other underwriting expenses .......... 5,760,342 1,646,034 - 7,406,376 Interest expense .... 193,125 84,975 - 278,100 Other expenses ...... 233,112 - 127,559 360,671 ------------ ------------ ------------ -------------- 62,341,078 22,335,125 127,559 84,803,762 ------------ ------------ ------------ -------------- Operating income (loss) before income taxes .... 3,364,771 3,690,288 (117,366) 6,937,693 ------------ ------------ ------------ -------------- Realized investment gain (loss) ......... 1,197,607 (38,886) - 1,158,721 ------------ ------------ ------------ -------------- Income (loss) before income taxes ........... 4,562,378 3,651,402 (117,366) 8,096,414 ------------ ------------ ------------ -------------- Income tax expense (benefit): Current ........... 1,084,112 1,075,587 161,639 2,321,338 Deferred .......... 3,617 (116,972) (202,718) (316,073) ------------ ------------ ------------ -------------- 1,087,729 958,615 (41,079) 2,005,265 ------------ ------------ ------------ -------------- Net income (loss) $ 3,474,649 $ 2,692,787 $ (76,287)$ 6,091,149 ============ ============ ============ ============== Average shares outstanding ......... 11,495,768 Earnings per share .... $ 0.30 $ 0.23 $ (0.01)$ 0.53 GAAP Combined Ratio: Loss Ratio .......... 68.9% 65.7% 68.0% Expense Ratio ....... 33.7% 28.2% 32.1% ------------ ------------ ------------ -------------- 102.6% 93.9% 100.1% Property Year Ended and Casualty Parent December 31, 2004 Insurance Reinsurance Company Consolidated - ----------------------------------------------------------------------------- Revenues: Premiums earned ..... $250,034,561 $ 95,443,900 $ - $ 345,478,461 Investment income, net ............... 20,236,342 9,498,925 164,936 29,900,203 Other income ........ 600,732 - - 600,732 ------------ ------------ ------------ -------------- 270,871,635 104,942,825 164,936 375,979,396 ------------ ------------ ------------ -------------- Losses and expenses: Losses and settlement expenses .......... 196,460,047 53,346,163 - 249,806,210 Dividends to policyholders ..... 4,478,169 - - 4,478,169 Amortization of deferred policy acquisition costs 55,746,217 19,698,620 - 75,444,837 Other underwriting expenses .......... 25,612,121 7,171,565 - 32,783,686 Interest expense .... 772,500 339,900 - 1,112,400 Other expenses ...... 495,783 - 666,628 1,162,411 ------------ ------------ ------------ -------------- 283,564,837 80,556,248 666,628 364,787,713 ------------ ------------ ------------ -------------- Operating income (loss) before income taxes .... (12,693,202) 24,386,577 (501,692) 11,191,683 ------------ ------------ ------------ -------------- Realized investment gain (loss) ......... 3,270,862 1,108,452 - 4,379,314 ------------ ------------ ------------ -------------- Income (loss) before income taxes ........... (9,422,340) 25,495,029 (501,692) 15,570,997 ------------ ------------ ------------ -------------- Income tax expense (benefit): Current ........... (2,797,911) 7,748,202 (366,786) 4,583,505 Deferred .......... (2,508,701) 120,315 191,195 (2,197,191) ------------ ------------ ------------ -------------- (5,306,612) 7,868,517 (175,591) 2,386,314 ------------ ------------ ------------ -------------- Net income (loss) $ (4,115,728)$ 17,626,512 $ (326,101)$ 13,184,683 ============ ============ ============ ============== Average shares outstanding ......... 11,948,710 Per Share Data: Net income per share - basic and diluted $ (0.34)$ 1.47 $ (0.03)$ 1.10 Increase (decrease) in provision for insured events of prior years (after tax) .............. $ 1.29 $ (0.19)$ - $ 1.10 Catastrophe and storm losses (after tax) .............. $ 0.74 $ 0.27 $ - $ 1.01 Dividends per share $ 0.60 Book value per share $ 16.84 Effective tax rate .. 15.3% Net income (loss) as a percent of beg. SH equity ......... 7.3% Other Information of Interest: Increase (decrease) in provision for insured events of prior years ..... $ 23,738,375 $ (3,599,941)$ - $ 20,138,434 Catastrophe and storm losses .... $ 13,480,858 $ 5,010,673 $ - $ 18,491,531 GAAP Combined Ratio: Loss Ratio .......... 78.6% 55.9% - 72.3% Expense Ratio ....... 34.3% 28.1% - 32.6% ------------ ------------ ------------ -------------- 112.9% 84.0% - 104.9% Property Year Ended and Casualty Parent December 31, 2003 Insurance Reinsurance Company Consolidated - ----------------------------------------------------------------------------- Revenues: Premiums earned ..... $241,237,313 $ 89,385,497 $ - $ 330,622,810 Investment income, net ............... 20,724,017 8,948,076 30,368 29,702,461 Other income ........ 862,070 - - 862,070 ------------ ------------ ------------ -------------- 262,823,400 98,333,573 30,368 361,187,341 ------------ ------------ ------------ -------------- Losses and expenses: Losses and settlement expenses .......... 168,238,623 58,265,927 - 226,504,550 Dividends to policyholders ..... 3,011,433 - - 3,011,433 Amortization of deferred policy acquisition costs 52,932,215 19,027,017 - 71,959,232 Other underwriting expenses .......... 24,548,745 5,376,197 - 29,924,942 Interest expense .... 919,362 400,904 - 1,320,266 Other expenses ...... 1,044,757 - 609,563 1,654,320 ------------ ------------ ------------ -------------- 250,695,135 83,070,045 609,563 334,374,743 ------------ ------------ ------------ -------------- Operating income (loss) before income taxes .... 12,128,265 15,263,528 (579,195) 26,812,598 ------------ ------------ ------------ -------------- Realized investment gain (loss) ......... 1,312,252 (142,554) - 1,169,698 ------------ ------------ ------------ -------------- Income (loss) before income taxes ........... 13,440,517 15,120,974 (579,195) 27,982,296 ------------ ------------ ------------ -------------- Income tax expense (benefit): Current ........... 3,822,652 4,512,987 742 8,336,381 Deferred .......... (610,411) 103,877 (196,674) (703,208) ------------ ------------ ------------ -------------- 3,212,241 4,616,864 (195,932) 7,633,173 ------------ ------------ ------------ -------------- Net income (loss) $ 10,228,276 $ 10,504,110 $ (383,263)$ 20,349,123 ============ ============ ============ ============== Average shares outstanding ......... 11,453,324 Per Share Data: Net income per share - basic and diluted $ 0.89 $ 0.92 $ (0.03)$ 1.78 Increase (decrease) in provision for insured events of prior years (after tax) .............. $ 0.51 $ (0.09)$ - $ 0.42 Catastrophe and storm losses (after tax) .............. $ 1.00 $ 0.19 $ - $ 1.19 Dividends per share $ 0.60 Book value per share $ 15.72 Effective tax rate .. 27.3% Net income (loss) as a percent of beg. SH equity ......... 12.9% Other Information of Interest: Increase (decrease) in provision for insured events of prior years ..... $ 9,014,984 $ (1,538,670)$ - $ 7,476,314 Catastrophe and storm losses .... $ 17,530,848 $ 3,411,363 $ - $ 20,942,211 GAAP Combined Ratio: Loss Ratio .......... 69.7% 65.2% - 68.5% Expense Ratio ....... 33.4% 27.3% - 31.7% ------------ ------------ ------------ -------------- 103.1% 92.5% - 100.2% CONSOLIDATED BALANCE SHEET December 31, December 31, 2004 2003 ------------ ------------ ASSETS Investments: Fixed maturities: Securities held-to-maturity, at amortized cost (fair value $16,908,726 and $21,167,655) .... $ 15,895,607 $ 19,423,013 Securities available-for-sale, at fair value (amortized cost $541,401,950 and $382,326,388) ............................... 565,000,931 405,758,798 Fixed maturity securities on loan: Securities held-to-maturity, at amortized cost (fair value $13,684,880 and $32,686,769) ... 13,310,264 30,422,335 Securities available-for-sale, at fair value (amortized cost $54,389,046 and $117,184,150) .............................. 54,653,472 118,026,960 Equity securities available-for-sale, at fair value (cost $59,589,434 and $38,998,075) ..... 78,692,893 49,008,498 Other long-term investments, at cost ........... 5,550,093 4,758,019 Short-term investments, at cost ................ 46,238,853 63,568,064 ------------ ------------ Total investments .......................... 779,342,113 690,965,687 Balances resulting from related party transactions with Employers Mutual: Reinsurance receivables ..................... 26,316,358 15,861,754 Prepaid reinsurance premiums ................ 3,682,676 3,297,228 Intangible asset, defined benefit retirement plan ........................... - 1,016,492 Defined benefit retirement plan, prepaid asset ..................................... 2,684,463 - Other assets ................................ 1,877,564 1,857,284 Cash ............................................. 61,088 (14,069,102) Accrued investment income ........................ 8,726,292 7,821,652 Accounts receivable (net of allowance for uncollectible accounts of $0 and $0) ........... 216,836 379,423 Income taxes recoverable ......................... 3,399,485 - Deferred policy acquisition costs ................ 27,940,583 26,737,784 Deferred income taxes ............................ 9,504,193 10,345,429 Goodwill, at cost less accumulated amortization of $2,616,234 and $2,616,234 ................... 941,586 941,586 Securities lending collateral .................... 70,122,695 154,556,758 ------------ ------------ Total assets .............................. $934,815,932 $899,711,975 ============ ============ LIABILITIES Balances resulting from related party transactions with Employers Mutual: Losses and settlement expenses ............. $429,677,302 $367,923,881 Unearned premiums .......................... 131,589,365 124,832,607 Other policyholders' funds ................. 2,825,809 1,390,594 Surplus notes payable ...................... 36,000,000 36,000,000 Indebtedness to related party .............. 6,058,848 2,175,118 Employee retirement plans .................. 9,764,406 9,965,600 Other liabilities .......................... 20,304,475 19,336,366 Income taxes payable ............................. - 2,780,500 Securities lending obligation .................... 70,122,695 154,556,758 ------------ ------------ Total liabilities ........................ 706,342,900 718,961,424 ------------ ------------ STOCKHOLDERS' EQUITY Common stock, $1 par value, authorized 20,000,000 shares; issued and outstanding, 13,568,945 shares in 2004 and 11,501,065 shares in 2003 .......... 13,568,945 11,501,065 Additional paid-in capital ....................... 103,467,293 69,113,228 Accumulated other comprehensive income ........... 27,928,463 22,285,668 Retained earnings ................................ 83,508,331 77,850,590 ------------ ------------ Total stockholders' equity ................. 228,473,032 180,750,551 ------------ ------------ Total liabilities and stockholders' equity $934,815,932 $899,711,975 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----