UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): |
April 9, 2004 |
MGIC Investment Corporation
(Exact name of registrant as specified in its charter)
| Wisconsin | 1-10816 | 39-1486475 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices including zip code)
(Registrant’s telephone number)
Item 7. Financial Statements and Exhibits
(c) Exhibits
Pursuant to General Instruction B.6 to Form 8-K, the Company’s April 8, 2004 press release is furnished as Exhibit 99 and is not filed.
Item 12. Results of Operations and Financial Condition
The Company issued a press release on April 8, 2004 providing quarterly income statement information for 2003 in the same format as in the annual income statement for 2003. The press release is furnished as Exhibit 99.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MGIC INVESTMENT CORPORATION | ||||
Date: April 9, 2004
|
By: | \s\ Joseph J. Komanecki | ||
| Joseph J. Komanecki Senior Vice President, Controller and Chief Accounting Officer |
INDEX TO EXHIBITS
| Exhibit | ||
| Number |
Description of Exhibit |
|
99
|
Press Release dated April 8, 2004. (Pursuant to General Instruction B.6 to Form 8-K, this press release is furnished and is not filed.) |
Exhibit 99
Investor Contact:
|
Michael J. Zimmerman, Investor Relations, (414) 347-6596, mike_zimmerman@mgic.com | |
Media Contact:
|
Amy Goller, Corporate Relations, (414) 347-6436, amy_goller@mgic.com |
MGIC Releases Additional Information for 2003
MILWAUKEE (April 8, 2004)—In the 10-K filed by MGIC Investment Corporation (NYSE:MTG) on March 15, 2004 with the SEC , the company changed the presentation format of income from joint ventures on the consolidated statement of operations for the years 2001 through 2003. Prior to this presentation format change, income from joint ventures was included in Other revenue; it is now being presented as a separate line item net of tax. This change was made in order to provide readers of the consolidated statement of operations with additional information. In order to enable readers to make quarterly comparisons, the company is publishing its quarterly results for 2003 in the same format as in the 10-K. Since the changes were to formatting only there is no change to the previously reported net income and diluted earnings per share.
MGIC ( www.mgic.com ), the principal subsidiary of MGIC Investment Corporation, is the nation’s leading provider of private mortgage insurance coverage with $189.6 billion primary insurance in force covering 1.55 million mortgages as of December 31, 2003. MGIC serves 5,000 lenders with locations across the country and in Puerto Rico, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (1)
| Three Months Ended |
||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | |||||||||||||
| 2003 |
2003 |
2003 |
2003 |
|||||||||||||
| (in thousands of dollars, except per share data) | ||||||||||||||||
Net premiums written |
$ | 341,566 | $ | 320,522 | $ | 346,612 | $ | 355,931 | ||||||||
Net premiums earned |
$ | 332,156 | $ | 337,135 | $ | 346,605 | $ | 350,115 | ||||||||
Investment income |
51,083 | 50,314 | 50,049 | 51,435 | ||||||||||||
Realized gains |
5,591 | 21,044 | 6,740 | 3,487 | ||||||||||||
Other revenue (1) |
19,667 | 23,594 | 23,987 | 12,410 | ||||||||||||
Total revenues |
408,497 | 432,087 | 427,381 | 417,447 | ||||||||||||
Losses and expenses: |
||||||||||||||||
Losses incurred |
142,211 | 173,120 | 220,726 | 229,971 | ||||||||||||
Underwriting, other expenses |
74,937 | 80,147 | 77,704 | 73,081 | ||||||||||||
Interest expense |
10,411 | 10,290 | 10,191 | 10,221 | ||||||||||||
Ceding commission |
(654 | ) | (926 | ) | (904 | ) | (912 | ) | ||||||||
Total losses and expenses |
226,905 | 262,631 | 307,717 | 312,361 | ||||||||||||
Income before tax and joint ventures (1) |
181,592 | 169,456 | 119,664 | 105,086 | ||||||||||||
Provision for income tax (1) |
50,774 | 44,671 | 27,504 | 23,079 | ||||||||||||
Income from joint ventures, net of tax (1) |
10,292 | 18,992 | 12,969 | 21,856 | ||||||||||||
Net income |
$ | 141,110 | $ | 143,777 | $ | 105,129 | $ | 103,863 | ||||||||
Weighted average common shares outstanding
(Shares in thousands) |
99,624 | 98,781 | 98,825 | 98,817 | ||||||||||||
Diluted earnings per share |
$ | 1.42 | $ | 1.46 | $ | 1.06 | $ | 1.05 | ||||||||
| (1) | Line item change by reclassification of joint venture revenue from ‘Other revenue’ to a separate line, ‘Income from joint ventures, net of tax’. |