Conseco Posts Third Consecutive Loss
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Conseco Inc. had a third consecutive loss in the fourth quarter, reflecting losses on consumer loans and investments in Enron Corp. and other debt.
The insurance and finance company’s loss narrowed to $58 million, or 17 cents a share, from $378.7 million, or $1.16, a year earlier, when it had $420 million in one-time costs. Revenue fell 6% to $2.04 billion.
Conseco said it had $47.8 million in losses in the quarter on debt it held of Enron, Kmart Corp. and Global Crossing Ltd.--all of which have declared bankruptcy--and some Argentine companies. The company also had costs of $71.5 million related to loan guarantees that backed an executive share purchase program, and $13 million to settle a securities lawsuit.
Conseco shares, down 17% year to date, rose 10 cents to close at $3.68 on the New York Stock Exchange.
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