PMI Reschedules Release of 4Q, '07 Results

The PMI Group Inc., Walnut Creek, Calif., has again rescheduled the release of its fourth-quarter and year-end financial results because of problems in obtaining final 2007 financial results from FGIC Corp., in which it owns a 42% stake. Originally, PMI had announced March 12 as the rescheduled release date. Now the company says it will issue its financial results before the financial markets open on March 17, followed by a conference call at 11:30 a.m. EDT. PMI also said it plans to complete and file its Form 10-K on March 17. In connection with the preparation of its consolidated financial statements, PMI says it is conducting an analysis to determine whether the value of its investment in FGIC was impaired as of Dec. 31, 2007. The analysis cannot be completed until it receives the final information from FGIC necessary to complete its consolidated financial statements, PMI said. The company previously released preliminary results, which indicated that its U.S. mortgage insurance operations lost $236.0 million in the fourth quarter and $190.8 million for all of 2007.