I just found the news:
OCTOBER 7, 1998
Goran Capital Inc. Third Quarter 1998 Results To Be Below
Analysts' Forecasts
TORONTO, ONTARIO--Goran Capital Inc., a leading provider of crop
and non-standard automobile insurance, today announces that its
results for the third quarter of 1998 will be below analysts'
estimates.
Today, Goran announces that its financial results for the third
quarter of 1998 are expected to be below consensus analysts'
forecasts for the Company and that the Company expects to record a
loss for the quarter. These operating results are due primarily
to catastrophic weather events affecting the Company's crop
operations. These losses are mainly due to wind and hail losses
incurred due to Hurricanes Bonnie and Georges and other weather
related events. The Company will, therefore, record the results
for its crop company at break-even for the nine months ended
September 30, 1998. The non-standard auto insurance companies
continue to be profitable. The Company expects to release more
detailed estimates of its third quarter results on Monday, October
12, 1998, and the Company further expects to release a full report
on its third quarter 1998 earnings during the first week of
November.
Conference Call: There will be a conference call to discuss the
Company's results of operations for the third quarter at 4:00 p.m.
Eastern Daylight Time on Monday, October 12, 1998; dial
1-800-275-3210 and ask for the "SIG Conference Call." A digital
replay of this call will be available immediately after the call
and anyone who misses the call can call 1-800-951-9642 and listen
to the replay. The replay will be available until midnight,
October 16, 1998.
GORAN CAPITAL INC. (TSE - GNC; NASDAQ/NM - GNCNF) of Toronto is
primarily engaged in the non-standard automobile insurance,
reinsurance, crop insurance and surplus lines underwriting. Goran
subsidiaries maintain active insurance licenses in 39 U.S. states.
The company derives more than 95 percent of gross revenue from the
United States.
/T/
Anyone wishing further information may contact:
Alan G. Symons
President and Chief Executive Officer
Indianapolis (317)259-6302 or Toronto (416) 594-1155
Websites: IGF www.igfinsurance.com
/T/
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FOR FURTHER INFORMATION PLEASE CONTACT:
Goran Capital Inc.
Media Contact: Alan G. Symons
President/CEO
(317) 259-6302
E-mail: agsymons@aol.com
or
CIBC Wood Gundy
Analyst Contact: Mark Maxwell
(416) 594-7446
INDUSTRY: FIS
SUBJECT: ERN
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