The St. Paul Cos. advised today that the second-quarter 2003 earnings impact related to a surety exposure, with a total aggregate face amount of $120 million as previously described in a Report on Form 8-K filed on April 30, 2003, will be $86 million pretax and $56 million after tax, at a 35 percent tax rate, or 23 cents per fully diluted share.
“Our business remains solidly on track, and we have not changed our profitability objective for 2003,” said Jay Fishman, chairman and chief executive officer.
The St. Paul expects to release second-quarter 2003 earnings on Wednesday, July 30, before the market opens. The news release and supplemental financial information will be available shortly thereafter on the St. Paul’s Web site at www.stpaul.com.
The quarterly conference call, which will involve discussion of second-quarter 2003 financial results and may include forward-looking information, will be held Wednesday, July 30, at 9 a.m. EDT. The call will be available in live audio on the investor section of the St. Paul’s Web site at 9 a.m. EDT, and will remain available on the Web site for one week.
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