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Penn Treaty Delays 1st Quarter Earnings Release

By Staff Writer

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NU Online News Service, May 13, 2003, 12:12 p.m. EDT – Penn Treaty American Corp., Allentown, Pa., says it expects to report $3.1 million in net income for the first quarter on $84 million in revenue, up from a $19 million net loss on $84 million in revenue for the first quarter of 2002.

But Penn Treaty says it is postponing the release of final first quarter results while it determines how to value and treat derivatives embedded within its newly issued subordinated debt.

“The company’s earnings expectations appropriately recognize all aspects of its normal operations,” Penn Treaty says in a statement about the delay. “The company does not expect the resolution of these technical issues to have any material negative effect upon its financial condition or results of operations.”