SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2003 (July 31, 2003)
State Auto Financial Corporation
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(Exact name of registrant as specified in its charter)
Ohio
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(State or other jurisdiction of incorporation)
0-19289 31-1324304
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(Commission File Number) (IRS Employer Identification No.)
518 East Broad Street, Columbus, Ohio 43215-3976
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (614) 464-5000
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N/A
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(Former name or former address, if changed since last report)
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ITEM 7: Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Description
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99.1 Press release issued by State Auto Financial
Corporation on July 31, 2003.
ITEM 12: Results of Operations and Financial Condition
On July 31, 2003, the Registrant issued a press release disclosing the
Registrant's results of operations for the three-month and six-month periods
ended June 30, 2003 (the "Release"). The full text of the Release is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference
herein.
The Release included a non-GAAP financial measure, net operational earnings
per share. Net operational earnings per share is equal to GAAP net earnings per
share other than that net operational earnings excludes realized capital gains
and losses, net of applicable taxes, on investment activity for the period being
reported. As disclosed in the Release, for the three-month periods ended June
30, 2003 and June 30, 2002, GAAP net earnings (loss) were $0.21 per diluted
share and ($0.04) per diluted share, respectively, while net operational
earnings (loss) were $0.14 per diluted share and ($0.02) per diluted share for
these same respective periods. For the three-month periods ended June 30, 2003
and June 30, 2002, the difference between GAAP net earnings (loss) per share and
net operational earnings (loss) per share was $0.07 and $0.02, respectively, of
realized capital gains, net of applicable taxes.
Management uses net operational earnings because it believes this
calculation better indicates the Company's operational performance than GAAP net
earnings because net operational earnings exclude sometimes volatile realized
capital gains/losses that are usually one time events. Net operational earnings
provide a more stable platform on which to predict future earnings of the
Company.
SIGNATURES
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 hereunto duly authorized.
STATE AUTO FINANCIAL CORPORATION
Date: August 7, 2003 By: /s/ Robert H. Moone
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Robert H. Moone, President and CEO
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
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99.1 Press release issued by State Auto Financial Corporation on
July 31, 2003.