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News and Information Article
AUSTIN, Texas, Nov. 8 /-FirstCall/ -- National Western Life
Insurance Company (Nasdaq: NWLIA), announced today revised consolidated net
earnings of $16.1 million, or $4.40 per diluted share, for the third
quarter ended September 30, 2006. The Company had previously reported via a
press release on November 6th third quarter consolidated net earnings of
$15.4 million, or $4.22 per diluted share. The Company determined that the
results previously announced had overstated compensation expense associated
with its stock option plan. Consolidated net earnings for the first nine
months of 2006 were revised to $52.3 million, or $14.32 per diluted share,
compared with $51.7 million, or $14.14 per diluted share, previously
reported. The Companys book value per share at September 30, 2006 was
revised to $253.54.
Summary of Consolidated
Operating Results
(In thousands except per Three Months Ended Nine Months Ended
share data) September 30, September 30,
2006 2005 2006 2005
Revenues:
Revenues, excluding
realized investment
gains and derivative
income (loss) $113,858 112,253 349,869 331,442
Derivative income
(loss) 15,832 6,344 13,680 (10,056)
Realized gains on
investments 190 1,430 3,229 10,014
Total revenues $129,880 120,027 366,778 331,400
Earnings:
Earnings from
operations $15,948 19,240 50,245 53,960
Net realized gains
on investments 124 929 2,099 6,509
Net earnings $16,072 20,169 52,344 60,469
Basic Earnings Per
Share:
Earnings from operations $4.41 5.33 13.88 14.99
Net realized gains on
investments 0.03 0.26 0.58 1.81
Net earnings $4.44 5.59 14.46 16.80
Basic Weighted Average
Shares 3,621 3,610 3,620 3,600
Diluted Earnings Per
Share:
Earnings from operations $4.37 5.27 13.75 14.85
Net realized gains on
investments 0.03 0.26 0.57 1.79
Net earnings $4.40 5.53 14.32 16.64
Diluted Weighted Average
Shares 3,655 3,647 3,656 3,634
Investor Relations Contact:
Brian M. Pribyl
Senior Vice President, Chief Financial & Administrative Officer
(512) 836-1010
bpribyl@nationalwesternlife.com
http://www.nationalwesternlife.com
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