Business Services Industry
CEO Says Phoenix Cos. Is Not For Sale.
Knight Ridder/Tribune Business News, May, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
May 5--The Phoenix Cos. Inc.'s operating earnings barely budged in the first quarter, and chief executive Dona D. Young tried Tuesday to quell speculation that the Hartford company is up for sale.
Also Tuesday, Phoenix, which has cut 370 jobs, or 17 percent of its workforce, in two years, said it is looking to trim expenses further.
Phoenix reported that net income improved to $16.6 million, or 16 cents a share, for the first quarter, from $1.3 million, or a penny a share, a year earlier when investment losses offset most of the profits.
However, Phoenix's operating, or "segment income," which excludes realized investment results and certain other...
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