American Financial Group Announces Completion of Sale of Chatham Bars Inn
03 6월 2006 - 6:30AM
PR Newswire (US)
CINCINNATI, June 2 /PRNewswire-FirstCall/ -- American Financial
Group, Inc. (NYSE:AFG) Nasdaq today announced that its 81%-owned
subsidiary, Great American Financial Resources, Inc. ("GAFRI"), has
completed the sale of Chatham Bars Inn, its resort-hotel property
located on Cape Cod, Massachusetts, for approximately $166 million.
AFG expects to recognize an after-tax gain of approximately $23 -
$26 million ($0.29 - $.33 per share), after transaction costs and
contingencies, the write-off of certain deferred annuity
acquisition costs associated with the gain recognition and minority
interest. The gain will be included in the Company's results for
the second quarter of 2006. GAFRI has owned and operated the hotel
since 1993. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO) Craig
Lindner, AFG's Co-Chief Executive Officer and GAFRI's CEO,
commented, "We are pleased to have completed the sale of Chatham
Bars Inn. We intend to continue our efforts to grow GAFRI's core
businesses organically and through acquisitions and will look for
opportunities to utilize the proceeds of this sale as part of those
growth efforts." Through the operations of the Great American
Insurance Group, AFG is engaged primarily in property and casualty
insurance, focusing on specialized commercial products for
businesses, and in the sale of retirement annuities and
supplemental insurance products. This press release contains
certain statements that may be deemed to be "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements in this press release not dealing with historical
results are forward-looking and are based on estimates, assumptions
and projections. Examples of such forward-looking statements
include statements relating to: the Company's expectations
concerning the amount of gain to be realized, transaction costs to
be incurred and the amount of deferred acquisition costs associated
with the gain recognition. Actual results could differ materially
from those expected by AFG.
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO
http://photoarchive.ap.org/ DATASOURCE: American Financial Group,
Inc. CONTACT: Anne N. Watson, Vice President-Investor Relations of
American Financial Group, Inc., +1-513-579-6652 Web site:
http://www.afginc.com/
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