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Tower Group International, Ltd. (TWGP)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Jun-30-14 | Mar-31-14 | Dec-31-13 | Sep-30-13 | Jun-30-13 | Mar-31-13 | Dec-31-12 | Sep-30-12 |
| | 10-Q | 10-Q/A | 10-K | 10-Q | 10-Q | 10-Q/A | 10-K | 10-Q |
| Revenues: |
| Commercial Insurance | 38.8 | 59.4 | | 224.4 | 241.1 | 260.2 | | 276.4 |
| Personal Insurance | 60.8 | 49.6 | | 128.6 | 133.2 | 120.9 | | 141.1 |
| Reciprocal Exchanges | 44.4 | 49.2 | | 47.1 | 46.3 | 47.3 | | 50.2 |
| Assumed Reinsurance Segment | 15.5 | 16.0 | | 51.0 | 45.5 | 49.4 | | 24.0 |
| Total revenues | 138.8 | 163.2 | 362.1 | 442.9 | 451.5 | 467.8 | 475.4 | 474.9 |
| Revenue growth | -69.2% | -65.1% | -23.8% | -6.7% | -10.8% | 0.3% | 4.5% | 4.3% |
| Loss and loss adjustment expenses | 94.9 | 102.6 | 300.4 | 383.8 | 559.9 | 275.7 | 390.4 | 256.1 |
| Investment expenses | 1.0 | 1.0 | | 2.0 | 1.4 | 1.8 | | 1.6 |
| Other operating expenses | 88.8 | 103.5 | 129.8 | 391.8 | 391.0 | 182.4 | 154.4 | 174.0 |
| Equity in earnings | | | 11.7 | -3.2 | 7.8 | 0.1 | -1.5 | |
| EBITDA | -82.6 | -95.6 | -676.5 | -560.1 | -749.2 | -18.8 | -285.3 | 2.7 |
| EBITDA margin | -59.5% | -58.6% | -186.8% | -126.5% | -165.9% | -4.0% | -60.0% | 0.6% |
| Depreciation | 1.3 | 1.3 | -20.6 | 28.2 | 12.6 | 9.5 | 8.5 | 9.1 |
| EBIT | -83.8 | -96.9 | -655.9 | -588.3 | -761.7 | -28.3 | -293.8 | -6.4 |
| EBIT margin | -60.4% | -59.4% | -181.1% | -132.8% | -168.7% | -6.1% | -61.8% | -1.4% |
| Interest income, net [+] | 3.9 | 9.4 | 82.2 | 19.7 | 22.2 | 24.3 | 100.6 | 24.8 |
| Interest expense | 7.3 | 7.0 | 33.6 | 8.0 | 7.6 | 7.8 | 32.6 | 8.2 |
| Interest income | 11.2 | 16.4 | 115.8 | 27.7 | 29.8 | 32.1 | 133.2 | 33.0 |
| Other income (expense), net | 14.5 | 23.2 | 38.5 | 27.3 | 2.4 | 7.5 | 35.1 | 2.9 |
| Pre-tax income | -53.2 | -50.9 | -101.8 | -342.7 | -508.5 | 0.0 | -102.1 | 35.0 |
| Income taxes | 0.8 | 1.0 | 10.5 | 1.4 | -1.9 | -1.6 | -38.4 | 9.0 |
| Tax rate | | | | | 0.4% | | 37.6% | 25.8% |
| Minority interest | -5.3 | -5.4 | -11.8 | 3.5 | 0.8 | -11.3 | -5.4 | 4.3 |
| Net income | -48.7 | -46.5 | -93.8 | -347.7 | -507.4 | 12.7 | -66.7 | 21.1 |
| Net margin | -35.1% | -28.5% | -25.9% | -78.5% | -112.4% | 2.7% | -14.0% | 4.4% |
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| Basic EPS | ($0.85) | ($0.81) | ($1.73) | ($6.08) | ($8.88) | $0.28 | ($1.55) | $0.50 |
| Diluted EPS | ($0.85) | ($0.81) | ($1.73) | ($6.08) | ($8.88) | $0.28 | ($1.55) | $0.50 |
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| Shares outstanding (basic) | 57.2 | 57.2 | 54.3 | 57.1 | 57.1 | 45.6 | 42.9 | 42.4 |
| Shares outstanding (diluted) | 57.2 | 57.2 | 54.3 | 57.1 | 57.1 | 45.7 | 42.9 | 42.5 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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