The document reconciles non-GAAP measures for the first quarter of 2005 and 2004. It shows that income from continuing operations excluding certain items was $122.3 million in 2005 and $115.6 million in 2004. Net income was $152.2 million in 2005 compared to a net loss of $562.3 million in 2004. Operating income before taxes and realized gains increased 8% year-over-year to $184.8 million in 2005.
Lundin Gold April 2024 Corporate Presentation v4.pdf
Reconciliation of non-GAAP measures for quarterly report
1. RECONCILIATION OF NON-GAAP MEASURES
Three Months Ended March 31 Three Months Ended March 31
2005 2004
(in millions) (per share)* (in millions) (per share)*
Income from Continuing Operations, excluding Net Realized Investment
Gain (Loss), Income Tax Liability Release, and Closed Block Charges $ 122.3 $ 0.40 $ 115.6 $ 0.39
Net Realized Investment Gain (Loss) (3.2) (0.01) 25.4 0.08
Income Tax Benefit (Expense) on Net Realized Investment Gain (Loss) 1.1 - (9.3) (0.03)
Income Tax Liability Release 32.0 0.10 - -
Closed Block Restructuring Charge, Net of Tax - - (701.0) (2.37)
Income (Loss) from Continuing Operations 152.2 0.49 (569.3) (1.93)
Income from Discontinued Operations, Net of Tax - - 7.0 0.02
Net Income (Loss) $ 152.2 $ 0.49 $ (562.3) $ (1.91)
Three Months Ended March 31
2005 2004
(in millions)
Operating Income (Loss) by Segment before Income Tax and
Net Realized Investment Gain (Loss)
Income Protection $ 79.7 $ 74.3
Life and Accident 71.3 56.9
Colonial 43.8 36.6
Individual Income Protection - Closed Block 23.1 (923.8)
Other 6.1 7.1
Corporate (39.2) (46.7)
Operating Income (Loss) by Segment 184.8 (795.6)
Net Realized Investment Gain (Loss) (3.2) 25.4
Income Tax (Benefit) 29.4 (200.9)
Income from Discontinued Operations, Net of Tax - 7.0
Net Income (Loss) $ 152.2 $ (562.3)
Three Months Ended March 31
2005 2004 % Change
(in millions)
Operating Income before Income Tax, Net Realized Investment Gain (Loss),
and Closed Block Charges $ 184.8 $ 171.4 8%
Net Realized Investment Gain (Loss) (3.2) 25.4
Closed Block Restructuring Charges - (967.0)
Income (Loss) from Continuing Operations before Income Tax $ 181.6 $ (770.2)
Three Months Ended
December 31, 2004
(in millions) Benefit Ratio **
Group Income Protection Premium Income $ 785.7
Benefits and Change in Reserves for Future Benefits $ 771.4 98.2%
Less:
Multistate Settlement Impact 80.2
Benefits and Change in Reserves for Future Benefits, excluding
Multistate Settlement $ 691.2 88.0%
* Assuming dilution
** Benefits and Change in Reserves for Future Benefits/Premium Income