|
|
DIF
Income Statement -
Third Quarter 2006
| Fund Financial Results |
($ in millions – All data is unaudited) |
| Income Statement |
DIF |
| |
09/30/06 |
12/31/05 |
09/30/05 |
Year-Over-Year
Change |
| Assessments earned |
$ 22 |
$ 61 |
$ 47 |
(25) |
| Interest earned on investment securities |
1,765 |
2,342 |
1,668 |
97 |
| Exit fees earned |
345 |
0 |
0 |
345 |
| Other revenue |
22 |
18 |
14 |
8 |
| Total Revenue |
$ 2,154 |
$ 2,421 |
$ 1,729 |
$ 425 |
| Operating expenses (includes depreciation
expense) |
703 |
966 |
715 |
(12) |
| Provision for insurance losses |
(101) |
(160) |
(141) |
40 |
| Other expenses |
5 |
4 |
3 |
2 |
| Total Expenses & Losses |
$ 607 |
$ 810 |
$ 577 |
$ 30 |
| Net Income |
$ 1,547 |
$ 1,611 |
$ 1,152 |
$ 395 |
| Unrealized (loss)/gain on available-for-sale
securities |
(152) |
(521) |
(286) |
134 |
| YTD Comprehensive
Income |
$ 1,395 |
$ 1,090 |
$ 866 |
$ 529 |
| The
Effects of Unrealized Gains/Losses on Quarterly Comprehensive Income |
| Quarter |
Unrealized
Gains/Losses |
Net
Income |
| 3rd Quarter 2003 |
-60.4 |
825.4 |
| 4th Quarter 2003 |
-142.8 |
516.8 |
| 1st Quarter 2004 |
234.6 |
301.4 |
| 2nd Quarter 2004 |
-441.7 |
404.7 |
| 3rd Quarter 2004 |
100.6 |
368.4 |
| 4th Quarter 2004 |
-42.2 |
559.2 |
| 1st Quarter 2005 |
-167.1 |
277.1 |
| 2nd Quarter 2005 |
-72.4 |
478.4 |
| 3rd Quarter 2005 |
-46.6 |
396.6 |
| 4th Quarter 2005 |
-235.3 |
458.3 |
| 1st Quarter 2006 |
-57.0 |
653.0 |
| 2nd Quarter
2006 |
-77.0 |
448.0 |
| 3rd Quarter
2006 |
-18.0 |
446.0 |
| DIF
Coverage Ratio (Interest Revenue/Operating Expenses) |
| Year |
Interest
on Obligations |
Operating
Expense |
Coverage
Ratio |
| 2001 |
$2,469 |
$888 |
2.78 |
| 2002 |
$2,256 |
$945 |
2.39 |
| 2003 |
$2,062 |
$934 |
2.21 |
| 2004 |
$2,108 |
$942 |
2.24 |
| 2005 |
$2,341 |
$965 |
2.42 |
| September 2006 |
$1,765 |
$703 |
2.51 |
|
