Torchmark Corporation Management's SEC Filings Show Increased Ownership
September 10, 2001
SEC Forms 4 filed today by Torchmark Corporation (NYSE: TMK) senior managers and directors detail the increase in their ownership of Torchmark Corporation shares as a result of an August 10, 2001 option exercise and restoration program as previously announced. The SEC Forms 4 indicate that the Torchmark filers now own in total over 4 million shares of Torchmark common stock. Torchmark Corporation has 125 million outstanding common shares in total.
The SEC Form 4 filing by Torchmark Chairman C. B. Hudson indicate his ownership of Torchmark common shares increased by almost 92 thousand shares as a result of the August 10th option exercise. Hudson exercised 643 thousand options and immediately sold 551 thousand of the new shares to cover the option exercise/strike price of the new shares and the income taxes generated by the transaction. The Company also issued Hudson 520 thousand new options at the market price at the time.
Not all of the Torchmark employees who participated in the August 10th exercise program were required to file SEC Forms 4, but the group of 123 directors and employees who participated increased their net ownership of Torchmark common shares, in total, by 484 thousand shares.
Torchmark Corporation is a financial services holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Subsidiary Globe Life and Accident is a nationally recognized direct-response provider of life insurance known for its administrative efficiencies. United American has been a nationally recognized provider of Medicare supplement health insurance since 1966. Liberty National Life, one of the oldest traditional life insurers in the Southeast, is the largest life insurer in its home state of Alabama. American Income Life is nationally recognized for providing supplemental life insurance to labor union members.
Caution regarding forward-looking statements:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to Torchmark's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10Q for the quarter ended June 30, 2001, on file with the Securities and Exchange Commission. Torchmark specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
SOURCE Torchmark Corporation
Contact: Joyce Lane, Vice President, Investor Relations of Torchmark Corporation, +1-972-569-3627, or fax, +1-972-569-3696, or firstname.lastname@example.org
Web site: http://www.torchmarkcorp.com/