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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (98076)4/26/2001 7:56:01 AM
From: stomper  Read Replies (2) of 436258
 
Look at the loan loss reserves for MBI...14mm. Am I out of my mind or is that insanely ludicrous!?

MBIA to Miss Earnings Forecasts for Quarter, Year (Update1)
By Dan Lonkevich

Armonk, New York, April 25 (Bloomberg) -- MBIA Inc., the No. 1 U.S. financial guaranty insurer, said it expects its first- quarter and year-end 2001 operating earnings to fall below the range of analyst estimates because of an increase in loan reserves and a loss from investments.

MBIA had been expected to report operating earnings of between 91 cents and 93 cents for the quarter and between $3.83 and $3.88 for the year, according to a company statement. It reported earnings per share, adjusted for stock splits, of 83 cents in the first quarter of 2000.

`There are several components of net income which could fluctuate substantially from quarter to quarter and year to year,'' said Neil Budnick, MBIA's chief financial officer, in the statement.

The insurer will post a loss of $2.1 million from investments in the quarter. It also said it increased the loan-loss reserve to $14.2 million from $8.6 million.

The Armonk, New York-based company said its core earnings, which exclude premiums from refundings of bond issues, will rise within the range of analyst estimates. Refunding activity refers to bond issues that are refinanced to take advantage of lower interest rates.

Core earnings had been expected to be between 85 cents and 89 cents for the quarter and between $3.63 and $3.70 for the year.

MBIA shares gained 19 cents to $47.02 in New York trading. They have lost 5 percent this year.

-dave
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