Please wait while we load the requested 10-K report or click the link below:
EX-99.1 2 a4814191ex991.txt ADVANTA CORP. EXHIBIT 99.1 Exhibit 99.1 Advanta Receives Final IRS Approval Regarding Settlement with Bank of America SPRING HOUSE, Pa.--(BUSINESS WIRE)--Feb. 3, 2005--Advanta Corp. (NASDAQ:ADVNB;ADVNA) announced today that the Internal Revenue Service has given final approval of the settlement of the tax disputes between Advanta Corp. and FleetBoston Financial Corporation, which was acquired by Bank of America Corporation (NYSE:BAC) in 2004. The settlement of the tax disputes is part of Advanta's agreement with Bank of America. As a result of the IRS approval, Advanta received $63.8 million in cash from Bank of America, representing a return of the payments that were made to Fleet in the Delaware state court litigation in early 2004. Consistent with the terms of the settlement, all outstanding litigation between the two companies is being dismissed. The settlement results in a net after-tax gain of approximately $61 million and an increase in book value of approximately $2.45 per share, as previously outlined. The impact of the settlement, which will be reflected in Advanta's first quarter 2005 results, was not included in the Company's previously announced 2005 guidance estimates. Advanta focuses on the small business market and related community, providing funding and support to the nation's small businesses through innovative products and services. Using its direct marketing and information based expertise, Advanta identifies potential customers and provides a high level of service tailored to the unique needs of small businesses. Advanta is one of the nation's largest issuers (through Advanta Bank Corp.) of MasterCard business credit cards to small businesses. Since 1951, Advanta has pioneered many of the marketing techniques common in the financial services industry today, including remote lending and direct mail, affinity and relationship marketing. Learn more about Advanta at www.advanta.com. CONTACT: Advanta Corp. Chris Curran Vice President Investor Relations 215-444-5335 firstname.lastname@example.org or Jennifer Lyons Communications 215-444-5073 AdvantaCommunications@advanta.com
The following information was filed by Advanta Corp on Thursday, February 3, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Advanta Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Advanta Corp.