StanCorp Financial Group, Inc. Reports First Quarter 2010 Earnings MarketWatch (press release)
Today reported net income for the first quarter of 2010 of $49.7 million, or $1.04 per diluted share, compared to net income for the first quarter of 2009 of $32.7 million, or $0.67 per diluted share. After-tax net capital losses were $4.4 million for the first quarter of 2010, compared to after-tax net capital losses of $17.3 million for the first quarter of 2009. Earnings for the first quarter of 2010 included a non-cash charge of $1.0 million, or $0.02 per share, resulting from reduced deductibility of retiree health care costs under the recently passed federal health care legislation.Net income excluding after-tax net capital gains and losses was $1.13 per diluted share for the first quarter of 2010, compared to $1.13 per diluted share for the first quarter of 2009. Results for the first quarter of 2009 excluded after-tax one-time costs of $5.4 million for operating expense reduction initiatives (see discussion of non-GAAP financial measures below). Results for the first quarter of 2010 reflected lower premiums in the Insurance Services segment, offset by comparatively favorable earnings in the Asset Management segment.
For others, like Scott Cahaly, a trade could be a painting for, say, dental work. The 24-year-old artist doesn't have dental insurance. Sales have been slow, and his studio is packed with canvases and stone sculptures.
