Next year, according to a report from the International Energy Agency, global, non-OPEC oil production will see the most growth and output in four decades, writes Grant Smith of The National.
The International Energy Agency (IEA) estimated on Friday that non-Opec oil producers, led by the United States, Canada, and Kazakhstan will bolster supplies next year by the most since the 1970s, undermining the need for Opec’s crude.
Non-Opec producers will increase output in 2014 by a near-record 1.7 million barrels a day to 56.4m, the IEA said, boosting its forecasts from a month ago by 300,000 barrels a day.
Supply losses in the Opec members Libya and Iraq, which reduced the group’s output to a two-year low, are preventing the new shipments from calming oil prices, the Paris-based adviser to energy-consuming nations said.
“Non-Opec crude and other liquids supply scaled new heights lately” and this “surge looks less like a one-off than a preview,” the IEA said in its monthly market report. “Amid exceptional outages in Libya and Iraq, this gusher didn’t do much to douse oil markets, though. With Opec losses partly cancelling out North American gains, crude prices have remained well-supported.”
Hot Heal Care Companies To Invest In 2014: Auxilio Inc (AUXO)
Auxilio, Inc. (Auxilio), incorporated on August 29, 1995, is engaged in the business of providing fully outsourced print management services to the healthcare industry. The Company is engaged in the business of providing fully-outsourced managed print services to the healthcare industry, working exclusively with hospitals throughout the United States. It provides solutions, a program and savings. It helps hospitals and health systems reduce expenses and create manageable, dependable document image management programs by managing their back-office processes. The process is initiated through a detailed assessment. The assessment is a strategic, operational and financial analysis that is performed at the customer’s premises using a combination of processes and technology for data collection and report generation. The Company’s customers include hospitals and integrated health delivery networks (IDN). Its subsidiaries include Auxilio Solutions, Inc. and e-Perception Techno logies, Inc.
The Company helps hospitals and health systems to create image management programs by managing their back-office processes. The process is initiated through a detailed Image Management Assessment (IMA). The IMA is a strategic, operational and financial analysis that is performed at the customer’s premises using a combination of processes and Web-based technology for data collection and report generation. After the assessment and upon engagement, it charged the customer on a per print basis.
The Company competes with Xerox, Canon, Konica Minolta, Ricoh and Sharp.
- [By CRWE]
Today, AUXO surged (+3.26%) up +0.030 at $.950 with 200 shares in play thus far (ref. google finance Delayed: 9:30AM EDT August 23, 2013).
AUXILIO, Inc. previously reported financial results for its quarter ended June 30, 2013.
For the three months ended June 30, 2013, AUXILIO reported that recurring service revenues increased by $1.4 million from new contracts closed between May 2012 and April 2013; however revenues were $9.8 million, a decrease of 8% when compared to revenues of $10.7 million in the same period of 2012, due to a drop in equipment revenue. Equipment sales were $800,000 as compared to $3.1 million for the same period in 2012. Cost of revenues were $8.2 million for the three months ended June 30, 2013, as compared to $9.3 million for the same period in 2012. This drop was due to the drop in equipment sales offset by additional staffing and service costs from the higher recurring service revenue. Gross profit for the second quarter of 2013 was $1.6 million, or 17% of sales, compared to $1.4 million, or 13% of sales, for the same period of 2012. This improvement is a direct result of the large growth in new facilities that we added in 2012 coupled with the reduction in costs as AUXI LIO’s program matures within these new accounts.
Hot Heal Care Companies To Invest In 2014: CGG SA (CGG)
CGG SA, formerly Compagnie Generale de Geophysique-Veritas, is a manufacturer of geophysical equipment and a provider of a range of seismic services in data acquisition and processing both onshore and offshore, principally to clients in the oil and gas exploration and production industry. The Company operates in two segments: Services and Equipment.
The services segment includes land contract, marine contract, multi-client land and marine, and processing, imaging and reservoir. The land contract includes seismic data acquisition for land, transition zones and shallow water undertaken by the Company on behalf of a specific client. The marine contract includes seismic data acquisition offshore undertaken by the Company on behalf of a specific client. The multi-client land and marine includes seismic data acquisition undertaken by the Company and licensed to a number of clients on a non-exclusive basis. The processing, imaging and reservoir includes processing, imaging and interpretation of geophysical data, data management and reservoir studies for clients.
Land seismic acquisition includes all seismic surveying techniques where the recording sensor is either in direct contact with, or in close proximity to, the ground. The Company’s land business line offers integrated services, including the acquisition and on site processing of seismic data on land, in transition zones and on the ocean floor (shallow water and seabed surveys). It undertakes land surveys with both a contract and multi-client basis. The land operations include surveying and recording crews. Surveying crews lay out the lines to be recorded and mark the sites for shot-hole placement or equipment location. Recording crews produce acoustic impulses and use recording units to synchronize the shooting and record the seismic signals through geophones.
The Company provides a range of three-dimensional (3D) marine seismic s ervices, principally in the Gulf of Mexico, the North Sea an! d off the coasts of West Africa and Brazil, as well as in the Asia-Pacific region. As of December 31, 2011, the Company had a fleet of 19 vessels, including 11 three dimension (3D) high capacity vessels (12 or more streamers), two 10 streamer 3D vessels, three eight streamer 3D vessels and three 3D/two dimension (2D) vessels of lower capacity. Marine seismic surveys are conducted through the deployment of submersible cables (streamers) and acoustic sources (airguns) from marine vessels.
Seismic data processing operations transform seismic data acquired in the field into 2D cross-sections, or 3D images of the earth’s subsurface or four-dimensional (4D) time-lapse seismic data using Geovation and Hampson-Russell software, or third party applications. These images are then interpreted by geophysicists and geologists for use by oil and gas companies in evaluating prospective areas, selecting drilling sites and managing producing reservoirs. The Company provides s eismic data processing and reservoir services through the network of data processing centers and reservoir teams located worldwide. As of December 31, 2011, it operated 43 worldwide processing and imaging centers, including 13 dedicated client centers.
The Company conducts its equipment development and production operations through Sercel and its subsidiaries. Sercel operates five seismic equipment manufacturing facilities, located in Nantes and Saint Gaudens in France, Houston, Singapore and Alfreton in England. In China, Sercel operates through Hebei Sercel-JunFeng Geophysical Equipment Co. Ltd, based in Hebei. Sercel offers and supports worldwide a range of geophysical equipment for seismic data acquisition, including seismic recording equipment, software and seismic sources, and provides its clients with integrated solutions. Sercel’s principal product line is seismic recording equipment, particularly the 400 family of recording syst ems, the 408UL and the 428XL. Sercel also markets for vibros! eismic ve! hicles and for vibrator electronic systems (VE 464). Sercel develops and produces a range of geophysical equipment for seismic data acquisition and other ancillary geophysical products, such as geophones, cables and connectors.
The Company competes with WesternGeco, Global Geophysical Services, BGP, Geokinetics, PGS, Fugro and Ion Geophysical Inc.
- [By Holly LaFon]
The largest detractor from the Fund’s performance for the past quarter – and one of the largest detractors in the calendar year – was a holding just added in June: CGG (CGG), an operator and provider of seismic acquisition and data processing. As a seismic company, CGG relies directly on oil and gas companies’ investments. During the second half of 2013, in an environment with flat oil prices and continuing inflation across the supply chain, several oil and gas companies decided to further postpone their investments and wait until the economy improves to sanction new projects. Positioned at the beginning of the supply chain, CGG has been hurt by the cancellation of several projects, as well as lower-than-expected price increases. As a result, management smartly decided to launch a three-year plan to downsize CGG’s fleet in order to lower fixed costs and to focus on the most profitable segments. Despite these conditions, we think our investment case remains valid. With the end of “easy oil,” we believe that this offshore seismic company still offers an attractive investment opportunity.
- [By Ben Levisohn]
As a result, the knives have come out. Cowen’s analysts downgraded six stocks–Baker Hughes (BHI), Cameron International (CAM), Nabors Industries (NBR), CGG (CGG), Superior Energy Services (SPN) and Helmerich & Payne (HP)–and cut their estimates on even more. Its analysts explain why:
- [By David Smith]
Despite Craighead’s relative ebullience regarding North America, it nevertheless appears that the sizzle at Baker Hughes lies in the international markets. As I noted last week, the company has teamed up with CGGVeritaz (NYSE: CGG ) to add substantial seismic capabilities to its global repertoire. Further, it’s working with Norway’s Statoil (NYSE: STO ) on new projects in the North Sea, the Norwegian Sea, and the Barents Sea. It’s also been contracted by Chevron (NYSE: CVX ) for work on the giant Gorgon project in Australia, and its gearing up with Russia’s Lukoil and Statoil on the West Qurna-2 oil fields in Iraq.
Hot Heal Care Companies To Invest In 2014: Brookfield Asset Management Inc (BAM)
Brookfield Asset Management Inc. is a publicly owned asset management holding company. Through its subsidiaries the firm invests in the property, power, and infrastructure sectors. Its property business include owning and managing office properties, developing master planned residential communities, and offering clients bridge and mezzanine lending; alternative assets funds; and financial and advisory services. Through its power generation business the firm operates hydroelectric power facilities, interconnections and transmission facilities in Northeast North America, and development of wind power in Canada. Through its funds and private capital business the firm invests in specialty funds including private equity and makes direct investments in real estate, energy, and resource assets. It also makes investments in privately held investment management and equity and fixed income mutual funds. The firm was formerly known as Brascan Corp. Brookfield Asset Management is base d in Toronto, Canada with additional offices across North America, South America, Europe, Asia, and Australia.
- [By Matt DiLallo]
Over the weekend Brookfield Asset Management (NYSE: BAM ) announced that it and its affiliate Brookfield Infrastructure Partners (NYSE: BIP ) are selling the Longview Timber business to Weyerhaeuser (NYSE: WY ) for $2.65 billion. The deal consisted of 645,000 acres of high-quality timberlands in the Pacific Northwest. While these timber assets are located in the U.S., as you will see this deal is all about China.
- [By Dan Caplinger]
Weyerhaeuser hasn’t hesitated, though, to make some smart strategic moves. Last month, the company agreed to pay $2.65 billion to buy the Longview Timber business from Brookfield Asset Management (NYSE: BAM ) and Brookfield Infrastructure Partners (NYSE: BIP ) . By selling, Brookfield will be able to reinvest proceeds into areas that are more consistent with its current focus. Meanwhile, Weyerhaeuser picks up timberland in the Pacific Northwest that has easy access to Asian export markets, letting it take further advantage of tight supply conditions caused by the mountain pine beetle’s huge presence further north in British Columbia.
- [By Holly LaFon]
Berkowitz’s top holdings continue to be: American International Group Inc. (AIG), AIA Group Ltd. (AAIGF.PK), Sears Holdings Corp. (SHLD), Berkshire Hathaway Inc. (BRK.B) and Brookfield Asset Management Inc. (BAM).
- [By GuruFocus]
5. Brookfield Asset Management Inc (BAM) – 3,116,419 shares, 4.0% of the total portfolio. Shares added by 1.65%
New Purchase: Synalloy Corporation (SYNL)
Hot Heal Care Companies To Invest In 2014: Wells Fargo Advantage Income Opportunities Fund (EAD)
Evergreen Income Advantage Fund (the Fund) is a diversified closed-end management investment company. The primary investment objective of the Fund is to seek a high level of current income.
During the fiscal year ended April 30, 2005, the Fund’s investment portfolio included Marquee Holdings, Inc., Mediacom LLC, American Achievement Corp., CSK Auto, Inc., Oxford Industries, Inc., B&G Foods Holdings Corp. and Chiquita Brands International, Inc.
- [By Inyoung Hwang]
EADS (EAD) declined 1.2 percent to 51.54 euros. UBS said in a note that investing in the company is “less compelling” after shares rallied 77 percent in 2013 through yesterday and orders were announced following the Dubai Air Show.
- [By Sarah Jones]
Daimler AG jumped 6.2 percent to 52.35 euros. The world’s third-largest maker of luxury cars posted second-quarter profit that beat analyst predictions following the sale of its final holding in the parent company of planemaker Airbus SAS. (EAD)
Hot Heal Care Companies To Invest In 2014: Legg Mason Inc (LM)
Legg Mason, Inc. (Legg Mason), incorporated in 1981, is a global asset management company. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles. It offers these products and services directly and through various financial intermediaries. The Company provides its asset management services through a number of asset managers, each of which generally markets its products and services under its own brand name and, in many cases, distributes retail products and services through a centralized retail distribution network. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in a number of investment styles for institutional and individual investors. Legg Mason’s investment products include mutual funds ranging from money market and other liquidity products to fixed inc ome and equity funds managed in a variety of investment styles, other domestic and offshore funds offered to both retail and institutional investors and funds-of-hedge funds. As of March 31, 2012, assets under management were $643.3 billion. During the fiscal year ended March 31, 2012 (fiscal 2012), the Company sold Bartlett & Co., a Cincinnati-based wealth manager.
The Company conducts its business primarily through 12 asset managers. Its asset managers are individual businesses, each of which generally focuses on a portion of the asset management industry in terms of the types of assets managed (primarily equity or fixed income), the types of products and services offered, the investment styles utilized, the distribution channels used, and the types and geographic locations of its clients. The Company’s asset managers provide a range of separate account investment management services to institutional clients, including pension and other retirement plans, corporations, insurance companies, ! endowments and foundations and governments, and to high-net-worth individuals and families. In addition, its asset managers also sponsor and manage various groups of the United States mutual funds, including the Legg Mason Funds, The Royce Funds and the Western Asset Funds, funds-of-hedge funds and a number of equity, fixed income, liquidity and balanced funds that are domiciled and distributed in countries worldwide, and provide investment advisory services to a number of retail separately managed account programs. Western Asset Management Company is a global fixed income asset manager for institutional clients. Western Asset’s operations include investment operations in New York City, the United Kingdom, Japan, Brazil, Australia and Singapore. Western Asset offers a range of products spanning the yield curve and encompassing the bond markets, including a suite of limited duration and core products, emerging market and high yield portfolios, municipal portfolios and a varie ty of sector-oriented and global products. Among the services Western Asset provides are management of separate accounts and management of mutual funds, closed-end funds, international funds and other structured investment products.
ClearBridge Advisors is an equity asset management firm. ClearBridge Advisors provides asset management services to 29 of the equity funds (including balanced funds and closed-end funds) in the Legg Mason Funds, to retail separately managed account programs, to certain of its international funds and, primarily through separate accounts, to institutional clients. ClearBridge also sub-advises domestic mutual funds that are sponsored by third parties. Royce & Associates is investment advisor to all of The Royce Funds and to certain of the Company’s international funds. In addition, Royce & Associates manages other pooled and separate accounts, primarily institutional. Brandywine Global Investment Management manages fixed income, inclu ding global and international fixed income, and equity portf! olios for! institutional and, through wrap accounts, high-net-worth individual clients.
Batterymarch Financial Management manages the United States, international and emerging markets equity portfolios for institutional clients. Permal Group Ltd. is a global funds-of-hedge funds management firm. With a headquarters in London and other offices in New York City, Boston, Dubai, Paris, Tokyo, Hong Kong, Singapore and Nassau, Permal manages products, which include both directional and absolute return strategies, and are available through multi-manager and single manager funds, separately managed accounts and structured products sponsored by a number of financial institutions. Legg Mason Capital Management is an equity asset management business that manages both institutional separate accounts and mutual funds. Legg Mason Capital Management manages 12 Legg Mason Funds, and also sub-advises the mutual fund managed by the joint venture described below and investment products spon sored by its other subsidiaries, including certain of the Company’s international funds.
Legg Mason Investment Counsel & Trust Company, National Association is a national banking association with authority to exercise trust powers. Legg Mason Investment Counsel & Trust Company provides services as a trustee for trusts established by its individual and employee benefit plan clients and manages fixed income and equity assets. Legg Mason Investment Counsel, LLC, a subsidiary of Legg Mason Investment Counsel & Trust, manages equity, fixed income and balanced portfolios for high-net-worth individual and institutional clients and a number of its mutual funds. Legg Mason Investment Counsel operates out of offices in New York City, Cincinnati, Philadelphia, Easton, Maryland, and Bryn Mawr, Pennsylvania. Esemplia Emerging Markets is an emerging markets equities investment manager. Esemplia offers a range of portfolio management strategies, including core long-only and alpha-extension portfolios, to institutional investors worl! dwide, in! cluding pension funds and sovereign wealth funds.
Private Capital Management manages equity assets for high-net-worth individuals and families, institutions, endowments and foundations in separate accounts and through limited partnerships. Legg Mason’s business in Poland engages in portfolio management, servicing and distribution of both separate account management services and local funds in Poland. The firm provides portfolio management services primarily for equity assets to institutions, including corporate pension plans and insurance companies, and, through funds distributed through banks and insurance companies, individual investors. Legg Mason Australian Equities is an Australian asset management business that offers Australian equity products, Australian property trusts and asset allocation products. As of March 31, 2012, Legg Mason Australian Equities managed assets with a value of $1billion.
United States Mutual Funds
The Com pany’s United States mutual funds business primarily consists of three groups of mutual and closed-end funds, the Legg Mason Funds, The Royce Funds and the Western Asset Funds. The Legg Mason Funds invest in a range of domestic and international equity and fixed income securities. The Royce Funds invest primarily in smaller-cap company stocks using a value investment approach. The Western Asset Funds invest primarily in fixed income securities. The Legg Mason Funds consist of 113 mutual funds and 27 closed-end funds in the United States, almost all of which are sub-advised by its subsidiary asset managers. The mutual funds and closed-end funds within the Legg Mason Funds include 63 equity funds (including balanced funds) that invest in a spectrum of equity securities. The fixed income and liquidity mutual funds and closed-end funds within the Legg Mason Funds include 77 funds. As of March 31, 2012 , the Legg Mason Funds included $114.7 billion in assets, respectively, in t heir mutual funds and closed-end funds, of which approximate! ly 30% an! d 27%, respectively, were equity assets, approximately 24% and 18%, respectively, were fixed income assets and approximately 46% and 55%, respectively, were liquidity assets.
The Royce Funds consist of 32 mutual funds and three closed-end funds, most of which invest primarily in smaller-cap company stocks. The Royce Funds are distributed through non-affiliated fund supermarkets, its centralized funds distribution operations, non-affiliated wrap programs, and direct distribution. In addition, two of the portfolios in The Royce Funds are distributed only through insurance companies. The Company’s mutual funds business also includes the Western Asset Funds, a family of nine mutual funds and two closed-end funds. The mutual funds are marketed primarily to institutional investors and retirement plans through the Company’s institutional funds marketing group. Western Asset Management Company manages these funds. The funds primarily invest in fixed income securitie s.
The Company, outside the United States, manages, supports and distributes a number of funds across an array of global fixed income, liquidity and equity investment strategies. Its international funds include a range of cross border funds that are domiciled in Ireland and Luxembourg and are sold in a number of countries across Asia, Europe and Latin America. The Company’s international funds also include local fund ranges that are available for distribution in the United Kingdom, Australia, Japan, Singapore, Poland, Hong Kong and Canada. All of its international funds are distributed and serviced by Legg Mason’s global distribution group. Its international funds include equity, fixed income, liquidity and balanced funds that are primarily managed or sub-advised by Batterymarch Financial Management, Brandywine Global, ClearBridge, Esemplia, Legg Mason Capital Management, Private Capital Management, Royce & Associates, Western Asset Management and its global asset allocation team. In a! ggregate,! the Company sponsors and manages more than 220 of these international funds.
Retail Separately Managed Account Programs
The Company is a provider of asset management services to retail separately managed account programs, commonly known as managed account or wrap programs. These programs typically allow securities brokers or other financial intermediaries to offer their clients the opportunity to choose from a number of asset management services. It provides investment management services to a number of retail separately managed account programs sponsored by a number of financial institutions.
The Company’s centralized global distribution group distributes and supports its United States and international funds and retail separately managed account program business. The United States-based operations of the Company’s global distribution group support and distribute the Legg Mason Funds, The Royce Funds and the Western Asset Funds, and include its mutual fund wholesalers and its institutional funds marketing group. The Company’s mutual fund wholesalers distribute the Legg Mason Funds through a number of third-party distributors. The Company’s institutional funds marketing group distributes institutional share classes of the Legg Mason Funds and the Western Asset Funds to institutional clients and also distributes variable annuity sub-advisory services provided by its asset managers to insurance companies. Its institutional liquidity funds are primarily distributed by Western Asset’s distributors. In addition to its centralized funds distribution group, Royce & Associates’ distributors also distribute The Royce Funds. In addition to distributing funds, the wholesalers in the Company’s global distribution operations also support its retail separately managed account program services. These services are provided through programs sponsored by Morgan Stanley Smith Barney’s re tail business, as well as other financial institutions.
! The international distributors within the Company’s global distribution group offer its investment management services to individual and institutional investors across Asia, Europe and the Americas. These distributors operate out of distribution offices in 18 cities in 14 countries and are the sole distributors of its cross border funds globally and its international local funds in their respective countries. Legg Mason Investments is responsible for the distribution and servicing of cross border and local fund ranges across Europe, the Americas and Asia. Legg Mason Investments has offices in locations including London, Paris, Milan, Geneva, Frankfurt, Madrid, Singapore, Hong Kong, Taipei, Miami, Santiago and New York. In addition to Legg Mason Investments, the Company’s global distribution group includes separate distribution operations in Australia, Canada and Japan. In Australia, its distribution operations distribute local and cross border pooled investment vehicles sub-advised by the Company’s asset managers primarily to retail investors, pension plans, fund-of-funds managers, insurance companies and government funds/agencies. In Canada, its distribution operations distribute Legg Mason-managed products primarily to pension plans, endowments, foundations, banks and mutual fund companies and separately managed account programs. In Japan, the Company’s distribution operations distribute domestic investment funds, cross border funds and institutional separate accounts primarily to the retail market, which includes retail banks, private banks, asset managers, funds platforms and insurance companies.
- [By MONEYMORNING.COM]
So it’s no surprise that on Thursday, none other than Bill Miller, the Chairman and CEO of Legg Mason Inc. (NYSE: LM) subsidiary LMM, told Bloomberg Television that “Bitcoin is like making a venture bet. The potential return is huge.”
- [By MONEYMORNING]
Take a look at these other Nelson Peltz activist investing success stories:
H.J. Heinz: When Peltz got involved with Heinz, the stock had been slumping. He encouraged management to cut costs, buy back shares, and refocus the company on its core brands. By the time Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B) bought it last year for $23 billion, the stock had shot up 75%. “Management did a great job executing the turnaround, but Peltz was the catalyst for a lot of the change,” John Sini, a portfolio manager at Douglas C. Lane & Associates Inc., told Bloomberg News last year. “We are looking at this price now and saying, ‘Thank you, thank you, thank you.'” Ingersoll-Rand PLC (NYSE: IR): Peltz took an interest in this manufacturer of industrial and commercial goods back in mid-2012; the stock is up 77% since then. Among the moves Peltz influenced was a spinoff of IR’s security division, a $2 billion share repurchase program, and a 31% increase in the dividend. Legg Mason Inc. (NYSE: LM): Peltz owns 10% and has a seat on the board of the once high-flying financial firm that fell on hard times after the departure in 2008 of founder Raymond “Chip” Mason. Peltz helped get Legg Mason back on track by playing a leading role in selecting current Chief Executive Officer Joseph A. Sullivan, who assumed the top post in February 2013. The change in leadership worked; since December 2012, LM is up 75%.
This “Peltzing” is a phenomenon of particular interest now that he has a new top holding…
- [By Zacks]
Currently, shares of T. Rowe Price carry a Zacks Rank #2 (Buy). Among other investment managers, Invesco Ltd. (NYSE: IVZ) is scheduled to report December quarter end results on Jan 30, Legg Mason Inc. (NYSE: LM) on Jan 31 and Ameriprise Financial, Inc. (NYSE: AMP) on Feb 4.
- [By Jason Zweig]
As he likes to say, “If the choice is between being first and being best, being first is better.” Mr. LeBaron founded Batterymarch Financial Management(LM) in Boston in 1969, investing mainly in small-company stocks, an opportunity almost nobody else was yet interested in. Batterymarch also pioneered quantitative investing, which uses statistical analysis–not human judgment–to pick stocks. In the 1970s, he says, every employee at the firm had three computers: “We had 90 machines when many firms didn’t have one.”
Hot Heal Care Companies To Invest In 2014: Kemper Corp (KMPR)
Kemper Corporation (Kemper), formerly Unitrin, Inc., incorporated in 1990, is a diversified insurance holding company, with subsidiaries that provide life, health, automobile, homeowners and other insurance products to individuals and small businesses. The Company is engaged, through its subsidiaries, in the property and casualty insurance, life and health insurance and automobile finance businesses. The Company conducts its operations through four operating segments: Kemper Preferred (Preferred), Unitrin Specialty (Specialty), Unitrin Direct (Direct) and Life and Health Insurance. On September 14, 2011, its subsidiary, Fireside Bank sold its loan portfolio to a subsidiary of Consumer Portfolio Services, Inc.
Property and Casualty Insurance Business
The Company’s property and casualty insurance business operations are primarily conducted through the Preferred, Specialty and Direct segments. In addition, the Life and Health Insurance segment’s ca reer agents also sell property insurance to its customers. Its insurance subsidiaries operating in the Preferred, Specialty and Direct segments provide automobile, homeowners, fire, and other types of property and casualty insurance to individuals and commercial automobile insurance to businesses. During the year ended December 31, 2011, automobile insurance in these segments accounted for 54% of its consolidated insurance premiums earned from continuing operations, and 47% of its consolidated revenues from continuing operations. During 2011, homeowners insurance in these segments accounted for 14% of its consolidated insurance premiums earned from continuing operations, and 11% of its consolidated revenues from continuing operations.
Preferred and Specialty segments distribute their products through independent agents who are paid commissions for their services. Direct segment distributes its products directly to consumers and through employer-sponsored voluntary benefit programs and other affinity relationships.! Preferred, based in Jacksonville, Florida, conducts business in 38 states and the District of Columbia. During 2011, the states, which provided over half of the premium revenues in Preferred segment included New York (19%), California (12%), North Carolina (13%) and Texas (10%). Preferred segment primarily sells preferred and standard risk automobile and homeowners insurance. During 2011, Preferred’s insurance products accounted for 53% of the aggregate insurance premium revenues of the Company’s property and casualty insurance business. Its products are marketed by approximately 2,700 independent insurance agents. Specialty, based in Dallas, Texas, conducts business in 21 states, principally in the southwest and western United States. During 2011, the states, which provided more than three-fourths of the premium revenues in Specialty segment included California (42%), Texas (18%), Washington (8%), Louisiana (4%) and Oregon (3%). Specialty provides personal and commerci al automobile insurance. During 2011, Specialty’s insurance products accounted for 28% of the aggregate insurance premium revenues of the Company’s property and casualty insurance business. Specialty’s products are marketed through approximately 8,000 independent agents and brokers.
Direct, based in Chicago, Illinois, markets personal automobile, homeowners and renters insurance through a range of direct-to-consumer Websites, including its own Websites, marketing partners, employer and other affinity-sponsored relationships. The Direct segment’s automobile insurance products are available in 48 states and the District of Columbia. During 2011, the states, which provided approximately two-thirds of the premium revenues in Unitrin Direct segment included Florida (12%), New York (15%), California (10%), Texas (5%), Connecticut (5%), Michigan (8%), Pennsylvania (5%) and Georgia (5%). During 2011, Direct’s insurance products accounted for 14% of the aggrega te insurance premium revenues of its property and casualty i! nsurance ! business.. Direct also offers homeowners and renters insurance across 47states and the District of Columbia, complementing its direct automobile insurance business. The Company manages its exposure to catastrophes and other natural disasters through a combination of geographical diversification, restrictions on the amount and location of new business production in certain regions, and reinsurance. To limit its exposures to catastrophic events, the Company maintains various primary catastrophe reinsurance programs for its property and casualty insurance businesses.
Life and Health Insurance Business
The Company’s Life and Health Insurance segment consists of Kemper’s wholly owned subsidiaries, United Insurance Company of America (United Insurance), The Reliable Life Insurance Company (Reliable), Union National Life Insurance Company (Union National Life), Mutual Savings Life Insurance Company (Mutual Savings Life), United Casualty Insurance Comp any of America (United Casualty), Union National Fire Insurance Company (Union National Fire), Mutual Savings Fire Insurance Company (Mutual Savings Fire) and Reserve National Insurance Company (Reserve National). As discussed below, United Insurance, Reliable, Union National Life, Mutual Savings Life, United Casualty, Union National Fire and Mutual Savings Fire (the Kemper Home Service Companies) distribute their products through a network of employee, or career, agents. Reserve National distributes its products through a network of exclusive independent agents. Both these career agents and independent agents are paid commissions for their services. During 2011, the states, which provided approximately two-thirds of the Life and Health Insurance segment’s premium revenues included Texas (21%), Louisiana (11%), Alabama (7%), Mississippi (6%), Illinois (4%), Florida (4%), Georgia (4%), Missouri (4%), and North Carolina (4%). During 2011, life insurance accounted for 18% of the Company’s consolidated insurance premiums earned from ! continuing! operations, and 16% of its consolidated revenues from continuing operations.
The Kemper Home Service Companies, based in St. Louis, Missouri, focus on providing individual life and health insurance products to customers of modest incomes who desire basic protection for themselves and their families. Their product is ordinary life insurance, including permanent and term insurance. Face amounts of these policies are lower than those of policies sold to higher income customers by other companies in the life insurance industry. Approximately 79% of the Life and Health Insurance segment’s premium revenues are generated by the Kemper Home Service Companies. The Life and Health Insurance segment’s career agents also distribute certain property insurance products. Reserve National, based in Oklahoma City, Oklahoma, is licensed in 35 states throughout the south, southwest and midwest, and specializes in the sale of Medicare Supplement insurance and limited health in surance coverages, such as fixed indemnity, dental and vision, and accident-only plans, primarily to individuals in rural areas where access to a multitude of health plan options is less prevalent.
The Company’s life and health insurance companies utilize reinsurance arrangements. Included among the segment’s reinsurance arrangements is excess of loss reinsurance coverage specifically designed to protect against losses arising from catastrophic events under the property insurance policies distributed by the Kemper Home Service Companies’ agents and written by Kemper’s subsidiaries, United Casualty, Union National Fire and Mutual Savings Fire, and reinsured by Kemper’s subsidiary, Trinity Universal Insurance Company (Trinity), or written by Capitol County Mutual Fire Insurance Company (Capitol), a mutual insurance company owned by its policyholders, and its subsidiary, Old Reliable Casualty Company (ORCC), and reinsured by Trinity.
- [By Rich Duprey]
The property and casualty business of insurance company Kemper (NYSE: KMPR ) has a new bean counter.
On Monday, the Chicago-based insurance company announced that Elizabeth “Libbie” Bock will take on the role of CFO for the P&C division, where she would be responsible for all aspects of operations, reporting, control, planning and analysis, financial management, and competitive analysis.
Hot Heal Care Companies To Invest In 2014: Autobytel Inc.(ABTL)
Autobytel Inc. operates as an automotive marketing services company in the United States. It assists automotive retail dealers and manufacturers to market and sell new and used vehicles to consumers through its online purchase request referrals, dealer marketing products and services, and online advertising programs and data products. The company provides vehicle purchase request programs, including new vehicle purchase request program, which allows consumers to submit requests for pricing and availability of specific makes and models; used vehicle purchase request program that allows consumers to search for used vehicles according to specific search parameters, such as the price, make, model, mileage, year, and location of the vehicle; and finance purchase request program designed to provide consumers the opportunity to obtain vehicle financing and other services from dealers or finance institutions. Its network of company-owned consumer-facing automotive Websites compris e Autobytel.com, which provide consumers the information and tools to aid them with their automotive purchase decisions and the ability to submit inquiries requesting dealers to contact the consumers for purchasing or leasing vehicles. In addition, the company provides products and services that assist dealers in connecting with in-market consumers and closing vehicle sales. The company, formerly known as Autobytel.com Inc., was founded in 1995 and is headquartered in Irvine, California.
- [By Louis Navellier]
Here are some candidates for some “best of the best” stock picks that should do well and help lead you to a profitable 2014.
‘Best of the Best’ Stock Picks #1: Autobytel (ABTL)
Autobytel (ABTL) is an automotive marketing services company that helps dealers find customers through its online referral services. ABTL provides vehicle lead programs, including new vehicle search, which essentially allows you and I to submit requests for things like price and availability of specific makes and models of different automobiles. Autobytel also has a used vehicle lead program that allows people to similarly search for used cars.
Hot Heal Care Companies To Invest In 2014: Tornier N.V.(TRNX)
Tornier N.V., a medical device company, designs, manufactures, and markets devices for joint replacement and soft tissue repair that enable surgical specialists to enhance patients? lives by restoring motion and physical vitality. It principally serves surgeons treat musculoskeletal injuries and disorders of the shoulder, elbow, hand, wrist, ankle, and foot. The company offers approximately 90 product lines, including joint replacement, trauma, sports medicine, and biologic products to treat the extremities. It also provides joint replacement products for the hip and knee in certain international markets. Tornier N.V. sells its products in approximately 35 countries worldwide. The company is headquartered in Amsterdam, the Netherlands.
- [By Seth Jayson]
In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to roughly parallel revenue increases. If inventory bloats more quickly than sales grow, this might be a sign that expected sales haven’t materialized. Is the current inventory situation at Tornier (Nasdaq: TRNX ) out of line? To figure that out, start by comparing the company’s inventory growth to sales growth. How is Tornier doing by this quick checkup? At first glance, pretty well. Trailing-12-month revenue increased 7.3%, and inventory increased 5.8%. Comparing the latest quarter to the prior-year quarter, the story looks decent. Revenue increased 11.0%, and inventory grew 5.8%. Over the sequential quarterly period, the trend looks healthy. Revenue grew 4.6%, and inventory dropped 2.7%.
- [By Seth Jayson]
Calling all cash flows
When you are trying to buy the market’s best stocks, it’s worth checking up on your companies’ free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That’s what we do with this series. Today, we’re checking in on Tornier (Nasdaq: TRNX ) , whose recent revenue and earnings are plotted below.
Hot Heal Care Companies To Invest In 2014: Fisher Communications Inc.(FSCI)
Fisher Communications, Inc., an integrated media company, through its subsidiaries, engages in television and radio broadcasting businesses. The company owns and operates network-affiliated television stations in Washington, Oregon, Idaho, and California, as well as engages in Internet business; and radio stations and managed radio stations in Washington and Montana. It also owns and operates Fisher Plaza, a commercial building that includes a data center designed to enable companies to distribute analog and digital media content through various distribution channels, including broadcast, satellite, cable, Internet, broadband, and other wired and wireless communication systems, as well as houses various companies, including media and communications companies. The company owns and operates 13 full power television stations, 7 low power television stations, and 10 owned and managed radio stations in the Western United States. Its television stations reach 4.2 million househo lds. The company was formerly known as Fisher Companies, Inc. and changed its name in March 2001. Fisher Communications, Inc. was founded in 1910 and is based in Seattle, Washington.
- [By Eric Volkman]
In the latest of a string of acquisitions, Sinclair Broadcast Group (NASDAQ: SBGI ) is to buy Fisher Communications (NASDAQ: FSCI ) . The merger transaction will cost the former roughly $373 million. Fisher stockholders are to receive a cash payout of $41.00 per share, which, according to Sinclair, is a 44% premium to the stock’s recent closing price.