Summit records profit

Journal Record, The (Oklahoma City),  Mar 19, 2002  

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OKLAHOMA CITY (JR) -- Summit Life Corp. on Monday reported net income of $34,723, or 1 cents per share, for the fourth quarter.

Summit Life had a net loss of $243,528, or 11 cents per share, for the fourth quarter of 2000.

"The improving trend in assets, revenues, and new business growth, plus stabilization of expenses, resulted in a strong close for the year," James L. "Jim" Smith, chairman and CEO, said.

Revenues for the quarter totaled $200,737, up from $28,057 a year earlier. Expenses for the quarter totaled $166,014, down from $271,585 in the fourth quarter of 2000.

After dividends on preferred shares, Summit Life reported net income available to common shareholders for the quarter totaled $22,223, compared with a net loss of $256,028 a year earlier.

Copyright 2002
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