SOUTH CAROLINA GOV. NOTES STATE ELIGIBLE FOR FEDERAL FOLLOWING CHARLEY'S VISIT:
South Carolina Gov. Mark Sanford announced that damage to local and state government in South Carolina as a result of Hurricane Charley has met the threshold for receiving federal assistance—topping the $5.1 million mark after Federal Emergency Management Agency (FEMA), state and local emergency management personnel completed a preliminary damage assessment (PDA) at Gov. Sanford's request recently. As a result, the governor sent a letter to President George W. Bush requesting that South Carolina receive a Presidential Disaster Declaration, making the state eligible to begin receiving federal disaster relief funds. "I'd give credit to all the emergency management folks at the federal, state and local level who helped get us ready for this storm and who've helped in its aftermath," Gov. Sanford said. In addition to announcing the completion of the PDA, Gov. Sanford also lifted the State of Emergency he declared in South Carolina when it became clear that Hurricane Charley would impact the state.
SOME WEST VIRGINIA FLOOD VICTIMS GET TAX BREAK:
West Virginia residents in the Fayette, Lincoln, Logan and Mingo Counties who suffered damage in the late July severe storms can be exempted from paying some state sales and use taxes. Deadline for this exemption for both the victims of the Memorial Day storms and the late July storms has reportedly been extended to Oct. 30, 2004. A large number of West Virginia residential and business structures were damaged or destroyed in the floods and landslides and were determined to pose a significant threat to public health, safety and welfare. An executive order issued by West Virginia Gov. Bob Wise exempts disaster victims from the consumer sales and service tax and the use tax on the purchase of mobile homes, modular homes and similar units. It also exempts them from taxes on installing the housing units. In addition, the order exempts purchases of construction materials and supplies used to repair structures damaged by the flooding and landslides. This means materials purchased to repair disaster-related damage are exempt from West Virginia's 6 percent sales tax. It is important that those who qualify fill out a West Virginia flood exemption certificate for each purchase. The certificate can be downloaded from the West Virginia Web site (www.state.wv.us/taxdiv). Some building supply stores have copies of the form. It's also important to remember that an Exemption Certificate is required for each separate purchase of disaster-related building supplies. In addition, applicants for state sales tax exemptions must provide a copy of a Federal Emergency Management Agency housing assistance letter, proof of settlement of an insurance claim for flood damage, or an insurance adjuster's record of damage. Purchase of gasoline or special fuels is not tax exempt.
ATLANTIC AMERICAN CORP. UNVEILS Q2 REPORT:
Atlanta-based Atlantic American Corp. announced net income of $1.1 million, or $0.04 per diluted share, for the second quarter ended June 30, 2004, compared to net income of $1.2 million, or $0.04 per diluted share, for the second quarter ended June 30, 2003. Realized gains included in 2004-second quarter income were $0.1 million compared to $1.3 million in the second quarter of 2003. For the six months ended June 30, 2004, net income was $2.6 million, or $0.09 per diluted share, compared to net income of $1.9 million, or $0.06 per diluted share, for the same period in 2003. Total revenues for the second quarter of 2004 were $47.4 million, increasing 9 percent over 2003 second quarter revenues of $43.5 million. Insurance premiums during this quarter increased 13 percent but were offset by a decline in realized investment gains. For the six months ended June 30, 2004, revenues were $93.8 million, increasing 7 percent over the comparable 2003 revenues of $87.5 million. Substantially all revenue and premium growth during the second quarter and first six months of 2004 occurred in the company's property/casualty businesses. Commenting on the quarter, Hilton Howell Jr., president and CEO, stated, "We are pleased with our results for the second quarter, even though challenges remain. Growth and diversification of risks within our property and casualty businesses have resulted in solid revenue increases. Our regional property and casualty companies continue to make progress with their operating performance; although opportunity remains for increased efficiencies."
OCTOBER EXPERIAN CONFERENCE SET FOR BOCA RATON:
CEO coach Ram Charan, ChoicePoint Chairman and CEO Derek Smith, master motivator Dan Clark and Enron whistleblower Sherron Watkins are among the speakers to headline the Vision 2004 Conference, hosted for the 24th year by Experian, a global information solutions company. The conference will be held Oct. 24 - 28 at the Boca Raton Resort & Club in Boca Raton, Fla. This will reportedly be the largest Vision conference ever, centering on the theme: "Informed Decisions Smart Solutions." The sessions will reportedly help attendees sharpen business strategies with the latest information and solutions for fraud, risk management, bankruptcies, portfolio management and legislative issues as well as current trends in the financial industry. This year's conference features two days of fraud-focused sessions on Oct. 27 - 28. The conference is geared for professionals from diverse industries including insurance, financial services, telecommunications, health care, retail and catalog merchandising, automotive-related businesses, manufacturing, leisure products and services, utilities, e-commerce and government. Along with keynote speakers, Experian has assembled an array of industry experts to lead more than 35 breakout sessions to help professionals to use the power of cutting-edge technology and insightful analysis to become—and remain—profit leaders. One of the features of the Vision 2004 Conference is the opportunity for Experian clients to share their experiences with other conference attendees. As a precursor to the Vision 2004 Conference, Experian offers a seminar on one of the important issues in the financial industry today, risk-based pricing. This seminar will examine the pros and cons of custom credit scores, bureau scores and matrix decision-making models and will explore the difference between predatory lending and risk-based pricing. The seminar will be held on Sunday, Oct. 24. The registration fee is $1,195 if registration is received by Sept. 30, and $1,295 if received after. For more information and to register for the Vision 2004 conference, visit www.experian.com/conferences/vision2004.html.
LEE, MOON CAPTURE IIAJC TITLES:
After four days of intense play and weather delays at Dornick Hills Country Club in Ardmore, Okla., the 36th annual Independent Insurance Agent Junior Classic (IIAJC) concluded recently in thrilling fashion for newly crowned champions, Alina Lee, 14, of Evans, Georgia, and Ji Ho Moon, 15, of Ellicott City, Maryland. The IIAJC, the third longest-running junior golf event in the country, provides young golfers the genuine feel of PGA and LPGA events through a 72-hole, stroke-play event and practice round. By the start of the tournament, more than 7,000 junior golfers had competed in 400 local and state qualifiers for one of the 162 coveted spots at the national finals. The last day of this year's national finals, Lee shot a 5-over-par 76 to finish with a four-day total of 300, four strokes ahead of runner-up Michelle Grilli of Lutherville, Maryland, who finished at 304, and 11 strokes ahead of Ann Laney of Charlotte, North Carolina, who finished third at 311. Corrine Carr of Pinehurst, North Carolina, took fourth with 312. In the boys' division, Moon fought off a late surge by Allen Koon of Bamberg, South Carolina, to take home the championship by five strokes, shooting an even-par 70 and finishing with an even-par 280.
