Lincoln National: Tough To Sell These Days
February 11, 2009 at 5:23 AM (PT)
After a fourth-quarter decline from a profit of $112.5 million (41 cents/share) to a loss of $505.5 million ($1.98/share), LINCOLN NATIONAL CFO FRED CRAWFORD told the company's conference call that a divestiture of "non-core assets unrelated to the insurance businesses" is a possibility, but "the only caveat I would give there is that it's a fairly difficult market right now to attract fair value on assets these days. And so, it's a process where you have to be patient and conservative in what you believe you can get done and when you can get done."
The insurance giant owns the LINCOLN FINANCIAL MEDIA group of radio stations, which would be considered "non-core" to the company's business; the overall loss includes a $166 million non-cash after-tax charge for impairment of intangibles, mostly related to the media division.