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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 | 322.6 | 524.9 | | 725.8 | 777.8 | 731.1 | | 770.2 |
| Personal Insurance | 238.9 | 311.3 | | 382.7 | 395.2 | 392.3 | | 400.5 |
| Reciprocal Exchanges | 140.7 | 142.6 | | 140.7 | 143.8 | 146.7 | | 149.6 |
| Assumed Reinsurance Segment | 82.6 | 112.6 | | 145.9 | 118.9 | 73.4 | | 24.0 |
| Total revenues | 1,107.1 | 1,419.7 | 1,724.2 | 1,837.5 | 1,869.5 | 1,924.4 | 1,922.9 | 1,902.4 |
| Revenue growth | -40.8% | -26.2% | -10.3% | -3.4% | -0.7% | 6.2% | 8.3% | 9.1% |
| Loss and loss adjustment expenses | 881.7 | 1,346.7 | 1,519.8 | 1,609.8 | 1,482.1 | 1,272.0 | 1,263.8 | 1,159.3 |
| Investment expenses | 4.1 | 4.5 | | 5.3 | 4.8 | 4.7 | | 5.8 |
| Other operating expenses | 714.0 | 1,016.1 | 1,095.0 | 1,119.6 | 901.8 | 683.5 | 658.4 | 654.7 |
| Equity in earnings | | | 16.5 | 3.3 | 6.5 | -1.3 | -1.5 | |
| EBITDA | -1,414.8 | -2,081.4 | -2,004.7 | -1,613.4 | -1,050.6 | -362.2 | -351.8 | -99.7 |
| EBITDA margin | -127.8% | -146.6% | -116.3% | -87.8% | -56.2% | -18.8% | -18.3% | -5.2% |
| Depreciation | 10.2 | 21.5 | 29.7 | 58.8 | 39.7 | 34.0 | 33.6 | 31.7 |
| EBIT | -1,425.0 | -2,102.9 | -2,034.4 | -1,672.2 | -1,090.3 | -396.2 | -385.4 | -131.4 |
| EBIT margin | -128.7% | -148.1% | -118.0% | -91.0% | -58.3% | -20.6% | -20.0% | -6.9% |
| Interest income, net [+] | 115.1 | 133.4 | 148.3 | 166.8 | 171.8 | 174.9 | 177.3 | 100.8 |
| Interest expense | 55.9 | 56.2 | 57.0 | 56.1 | 56.3 | 56.6 | 57.4 | 34.1 |
| Interest income | 171.0 | 189.7 | 205.4 | 222.8 | 228.1 | 231.4 | 234.7 | 135.0 |
| Other income (expense), net | 103.4 | 91.4 | 75.7 | 72.4 | 47.9 | 47.5 | 46.3 | 15.4 |
| Pre-tax income | -548.7 | -1,003.9 | -952.9 | -953.2 | -575.6 | -92.4 | -61.0 | 48.5 |
| Income taxes | 13.7 | 11.0 | 8.4 | -40.5 | -32.9 | -39.9 | -29.1 | 6.9 |
| Tax rate | | | | | 5.7% | | 47.7% | 14.1% |
| Minority interest | -18.9 | -12.9 | -18.7 | -12.4 | -11.6 | -12.0 | 2.3 | 8.4 |
| Net income | -536.7 | -995.4 | -936.2 | -909.0 | -540.2 | -49.8 | -43.8 | 31.0 |
| Net margin | -48.5% | -70.1% | -54.3% | -49.5% | -28.9% | -2.6% | -2.3% | 1.6% |
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| Basic EPS | ($9.51) | ($17.64) | ($17.48) | ($17.93) | ($11.49) | ($1.14) | ($1.02) | $0.71 |
| Diluted EPS | ($9.51) | ($17.64) | ($17.48) | ($17.92) | ($11.48) | ($1.14) | ($1.02) | $0.71 |
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| Shares outstanding (basic) | 56.4 | 56.4 | 53.5 | 50.7 | 47.0 | 43.6 | 43.0 | 43.6 |
| Shares outstanding (diluted) | 56.4 | 56.4 | 53.6 | 50.7 | 47.1 | 43.6 | 43.0 | 43.6 |
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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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