FORM 10-Q/A No.1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[x] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarterly Period Ended March 31, 1997
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OR
[_] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Transition Period from ______________________ to _____________________
Commission file 0-18298
number -----------------------------------------------------------
Unitrin, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 95-4255452
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(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
One East Wacker Drive, Chicago, Illinois 60601
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(Address of principal executive offices) (Zip Code)
(312) 661-4600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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37,335,245 shares of common stock, $0.10 par value, were outstanding as of
March 31, 1997.
Note 3 to the Notes to the Condensed Consolidated Financial Statements
(Unaudited) included in Item 1 of Part I to the Company's Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 1997 is hereby amended to
replace the second sentence of the last paragraph of Note 3 with the following
sentences:
"The case involves an accident in which Ronnie Bleeker, a former insured of
Trinity under a $40 thousand automobile insurance policy, while driving his
truck struck another truck parked alongside a road, killing one person and
injuring several others. Suit was filed against Bleeker by the injured parties
(the "Claim Case"). In 1993, the plaintiffs in the Claim Case were awarded
damages in excess of $9 million. In 1994, these plaintiffs, acting as assignees
of a purported claim by Bleeker against Trinity, filed suit against Trinity (the
"Bad Faith Case") alleging that negligent claim handling by Trinity led to the
large verdict against Bleeker in the Claim Case. The Bad Faith Case was tried in
1995 and resulted in the judgment against Trinity described above."
The Notes to the Condensed Consolidated Financial Statements (Unaudited)
included in Item 1 of Part I to the Company's Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 1997 is hereby amended to add the following
Note 5 Investment in Investees:
Unitrin accounts for its Investments in Investees under the equity method of
accounting using the most recent publicly-available financial reports.
Summarized financial information for Litton and Western Atlas is presented
below.
The amounts included in Unitrin's financial statements for Litton represent
amounts reported by Litton for periods ending two months earlier. Accordingly,
amounts included in these financial statements represent the amounts reported by
Litton for the three-months ending January 31, 1997 and 1996. Summarized
financial information reported by Litton for such periods was:
[Dollars in Millions] 1997 1996
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Revenues $ 960 $ 739
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Cost of Sales $ 750 $ 568
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Income from Continuing Operations $ 36 $ 33
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Net Income $ 36 $ 33
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1
The amounts included in Unitrin's financial statements for Western Atlas
represent amounts reported by Western Atlas for periods ending three months
earlier. Accordingly, amounts included in these financial statements represent
the amounts reported by Western Atlas for the three-months ending December 31,
1996 and 1995. Summarized financial information reported by Western Atlas for
such periods was:
[Dollars in Millions] 1996 1995
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Revenues $ 735 $ 585
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Cost of Sales $ 513 $ 407
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Income from Continuing Operations $ 37 $ 27
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Net Income $ 37 $ 27
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2
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 thereunto duly authorized.
Unitrin, Inc.
Date: September 22,1997 /s/ Eric J. Draut
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Eric J. Draut
Treasurer and Chief Financial Officer
(Principal Accounting Officer)
3