Presidential Life earnings plummet in quarter
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- November
- 14
Presidential Life Corp. reported much lower earnings in the third quarter and cut its dividend payment to shareholders by half, citing an “uncertain economic climate.”
For the quarter ending Sept. 30, the Nyack-based insurer reported Thursday earnings fell to $625,000 from $14.6 million in the year-ago quarter. On a per-share basis, the company reported it earned 2 cents a share compared to 49 cents a share a year ago, a drop of 96 percent.
Presidential Life also said it was cutting its quarterly dividend payment, due to paid shareholders Jan. 1, to 6.25 cents a share from 12.5 cents a share.
The 50-percent decrease in the dividend marks the first change in the amount paid shareholders since February 2007, when Presidential Life boosted the quarterly payment to 12.5 cents a share from 10 cents a share.
Shares of the company, traded on the Nasdaq stock market, ended yesterday’s trading down 11 percent to $7.37 a share.
For the year, Presidential Life shares have lost 58 percent of their value.
This entry was posted
on Friday, November 14th, 2008 at 4:51 pm by David Schepp.
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