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Conseco profit at high end of estimates

J.K. Wall
August 4, 2009
Keywords
Conseco/CNO Financial, Financial Results, Health Care & Insurance, Health Care & Life Sciences, Insurance, Public Companies
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Conseco Inc. recorded profit at the high-end of its preliminary estimates, the company announced today.

In its official second-quarter financial report, the Carmel-based insurer said it earned 22 cents per share, excluding investment losses, which met its and analysts' estimates. The company earned 13 cents per share, before investment losses, in the same quarter a year ago.

Its net income, excluding investment losses, was $27.6 million. On July 28, Conseco predicted it would earn from $16 million to $28 million for the quarter.

In the same quarter a year ago, Conseco earned $8 million, excluding investment losses.

Conseco realized $16.3 million in losses, before taxes, in the second quarter. A year ago, it recorded $30.5 million in losses. It also took restructuring charges of nearly $500 million last year.

"We are pleased to report that Conseco's second quarter results are at the high end of the preliminary earnings range we announced last week," said CEO Jim Prieur in a statement.

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

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