Del City-based Summit Life's profits, revenue increase in second

Journal Record, The (Oklahoma City),  Aug 15, 2002  by staff

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Summit Life on Wednesday reported improved results for the second quarter.

"Increased assets, revenues, and new business growth, plus the continuing reduction in expenses, produced record net earnings during the second quarter and produced the first profitable six-month period in our company's short history," said James L. "Jim" Smith, chairman and CEO.

Net income totaled $155,006, or 5 cents per share, compared with a net loss of $126,434, or 6 cents per share, for the second quarter of 2001. Revenues rose 42 percent to $359,967 from $253,046.

Earnings for the first six months of 2002 totaled $147,672, compared with a net loss of $277,375 for the same period of 2001. Revenues were $536,354, up 72 percent from $310,368.

Summit Life, based in Del City, is a holding company for life insurance companies.

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