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April 17, 2008 05:28 PM Eastern Daylight Time

Clean Harbors Announces Follow-On Offering of Common Stock

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (NASDAQ: CLHB), the leading provider of environmental and hazardous waste management services throughout North America, announced it has filed today a shelf registration statement, which became effective on filing, and a preliminary prospectus supplement with the Securities and Exchange Commission for a proposed follow-on public offering of 2,500,000 shares of its common stock. All shares will be offered by the Company. In addition, the Company has granted the underwriters an option to purchase up to an additional 375,000 shares to cover over allotments, if any. The public offering price has not yet been determined. The Company expects to use the net proceeds of the offering toward one or more of the following: potential future acquisitions, repayment of debt and working capital.

Goldman, Sachs & Co. is acting as the sole book-running manager of the offering. Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. are acting as senior co-managers, and RBC Capital Markets Corporation, Needham & Company, LLC and Wedbush Morgan Securities Inc. are acting as co-managers.

The common stock will be offered only pursuant to a prospectus supplement to the effective registration statement (including a prospectus) filed April 17, 2008. The preliminary prospectus supplement related to the offering as filed with the Securities and Exchange Commission is available on the SEC’s website www.sec.gov. A printed copy of the preliminary prospectus supplement relating to the offering may be obtained by contacting Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad Street, New York, NY 10004, Fax: 212-902-9316 or email at prospectus-ny@ny.email.gs.com

This release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Clean Harbors, Inc.

Clean Harbors is North America's leading provider of environmental and hazardous waste management services. Headquartered in Norwell, Massachusetts, Clean Harbors has more than 100 locations strategically positioned throughout North America in 36 U.S. states, six Canadian provinces, Mexico and Puerto Rico. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions.

These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its various filings with the Securities and Exchange Commission.

Furthermore, all financial information in this press release is based on preliminary data and is subject to the final closing of the Company’s books and records.

A variety of factors beyond the control of the Company may affect the Company’s performance, including, but not limited to:

The Company’s ability to manage the significant environmental liabilities that it assumed in connection with the CSD and other acquisitions;

The availability and costs of liability insurance and financial assurance required by governmental entities relating to our facilities;

The effects of general economic conditions in the United States, Canada and other territories and countries where the Company does business;

The effect of economic forces and competition in specific marketplaces where the Company competes;

The possible impact of new regulations or laws pertaining to all activities of the Company’s operations;

The outcome of litigation or threatened litigation or regulatory actions;

The effect of commodity pricing on overall revenues and profitability;

Possible fluctuations in quarterly or annual results or adverse impacts on the Company’s results caused by the adoption of new accounting standards or interpretations or regulatory rules and regulations;

The effect of weather conditions or other aspects of the forces of nature on field or facility operations;

The effects of industry trends in the environmental services and waste handling marketplace; and

The effects of conditions in the financial services industry on the availability of capital and financing.

Any of the above factors and numerous others not listed nor foreseen may adversely impact the Company’s financial performance. Additional information on the potential factors that could affect the Company’s actual results of operations is included in its filings with the Securities and Exchange Commission, which may be viewed on the Investor portal of the Company’s Web Page at www.cleanharbors.com

April 17, 2008 05:21 PM Eastern Daylight Time

Chavez Family Pushes Falcon Ridge Financial Past $1.4 Million Mark

ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Falcon Ridge Financial is proud to announce 1st quarter loans in excess of 1.4 million dollars.

“Last Thursday, we were so proud to be the first to congratulate Chavez family after closing their loan,” said Falcon Ridge Vice President Julie Kruger. “$1.4 million is a very significant milestone for a young company such as Falcon Ridge and, of course, we know that this is just the beginning. Right now it’s a very rewarding feeling to personally congratulate each of our customers on the financing of their homes.”

Falcon Ridge Development is a publicly-traded company (OTCBB: FCNR), fully regulated by the Securities and Exchange Commission.

Falcon Ridge subsidiaries include: Residential and Commercial Real Estate Development, Mortgage Financing, Realty Services, and Real Estate Acquisition.

Forward-Looking Statements: This release may contain forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our communities or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings.

Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. Additional information about the Company can be found in periodic filings with the Securities and Exchange Commission available at the Securities commission site.

April 17, 2008 05:00 PM Eastern Daylight Time 

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Reinsurance Group of America Reports First-Quarter Results; Adverse Effect of High Claims

ST. LOUIS--(BUSINESS WIRE)--Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the first quarter of $31.5 million, or $0.49 per diluted share, compared to $76.3 million, or $1.19 per diluted share, in the prior-year quarter. RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. The definition of operating income and reconciliations to GAAP net income are provided in the following tables. Operating income decreased to $71.0 million, or $1.10 per diluted share, from $82.1 million, or $1.28 per diluted share in the year-ago quarter, primarily reflecting adverse claims experience in the U.S. and UK. First-quarter net premiums rose 15 percent, to $1,298.1 million, from $1,125.5 million a year ago. Net investment income totaled $199.5 million versus $215.7 million the year before.

The company’s conference call, previously scheduled for April 22, will be held tomorrow, April 18, at 9 a.m. Eastern Time. Telephone numbers and webcast information can be found later in this press release.

A. Greig Woodring, president and chief executive officer, commented, “The level of claims in both the U.S. and UK, our two largest mortality markets, was well above expectations, and as such, is not expected to continue on an ongoing basis. As we have pointed out in the past, our business is prone to periodic mortality fluctuations; however, when measured over longer periods of time, our mortality experience is stable.

“The U.S. segment reported pre-tax net income totaling $15.3 million for the quarter versus $93.2 million the year before. The current quarter includes a $44.9 million pre-tax loss, net of deferred acquisition costs (DAC), due to a decline in the value of various embedded derivatives, including $32.6 million associated with modified coinsurance and funds withheld treaty structures. The change in value of this embedded derivative is reflected in investment related gains (losses) before DAC offset and represents a non-cash, unrealized change due primarily to the impact of widening credit spreads on the investment portfolios underlying certain of our funds withheld annuity reinsurance treaties. Additionally, the impact of changes in risk free rates used in the present value calculations of embedded derivatives associated with equity-indexed annuity treaties resulted in a $14.1 million loss after DAC offset. We consider these items to be non-operating since they are unrealized and do not affect current cash flows, crediting rates or spread performance on the underlying treaties.

“Pre-tax operating income decreased to $64.4 million from $93.5 million the year before. The total claim count and the level of large claims in our traditional mortality segment were higher than expected by approximately $50.0 million, pretax. We have performed an extensive review of the claims and the mix of claims is consistent with prior periods, implying no obvious change in the expected ongoing performance of the underlying business. Rather, we view the results as random volatility that is an expected part of our business. Net premiums were up 8 percent to $727.1 million from $671.0 million in the prior-year quarter.

“Europe and South Africa results were adversely affected by poor claims experience in the UK and South Africa, with pre-tax net income decreasing to $6.0 million from $21.1 million a year ago. Pre-tax operating income decreased to $5.3 million versus $21.3 million last year, when we experienced favorable mortality. This represents a continuation of some degree of adverse mortality that began in the second half of 2007, effectively offsetting the positive mortality experience from the first half of 2007. On an inception-to-date basis, the business in this segment continues to perform within our pricing expectations. Net premiums increased 13 percent to $189.2 million. Foreign currency exchange fluctuations favorably affected reported net premiums and pre-tax operating income by approximately $4.2 million and $0.7 million, respectively, due to relatively strong British pound and euro currencies.

“Our Canada operations reported a strong quarter, with pre-tax net income of $23.7 million compared to $15.0 million a year ago. Pre-tax operating income more than doubled to $28.2 million from $12.5 million a year ago, due in part to favorable claims experience. Net premiums increased 40 percent to $139.0 million from $99.5 million in the prior year. Net premiums and pre-tax operating income for the first quarter of 2008 were favorably affected by currency exchange rates relative to the prior year by approximately $19.8 million and $4.7 million, respectively, as the Canadian dollar has strengthened significantly since last-year’s first quarter.

“Asia Pacific also reported a strong quarter with pre-tax net income of $18.6 million compared with $10.3 million in the year-ago quarter. Pre-tax operating income totaled $18.0 million compared with $10.4 million a year ago. Segment-wide claims experience was slightly favorable. Net premium flow increased 29 percent, to $240.9 million from $186.8 million. Foreign currency fluctuations favorably affected net premiums and pre-tax operating income by approximately $22.4 million and $2.1 million, respectively, primarily due to the strength of the Australian dollar and Japanese yen.

“Our balance sheet remains solid and our investment portfolio is conservative. Investment-related writedowns were not significant during the quarter at $5.2 million, pretax. Our subprime mortgage exposure totaled $255.4 million in book value, or less than 2 percent of total invested assets. 77 percent of those subprime-related holdings are rated “AA”or higher, with 43 percent in the “AAA” category. There are no subprime-related securities in the non-investment grade category and we largely avoided investing in securities originated in the second half of 2005 and beyond, which we believe was a period of lessened underwriting quality.

“Net income for the quarter included $5.1 million in losses associated with our discontinued accident and health business. We settled the remaining largest disputed claim situation during the quarter and are now facing no arbitrations or significant claims disputes for the first time in years.

“Our international expansion is moving forward as planned and we are benefiting from increased diversification of our business. During the quarter, new business production outside of the U.S. exceeded the U.S. production, an indication of that continued diversification.”

Woodring concluded, “While we are disappointed with the poor mortality results this quarter, prior to this quarter we had experienced 10 consecutive quarters of expected or better-than-expected mortality experience on a consolidated basis. We are in a long-term business and when measured over longer periods of time, mortality volatility is significantly reduced and mortality rates are predictable. We expect to continue our long-term track record of producing stable returns on our mortality business.”

The company also announced that its board of directors declared a regular quarterly dividend of $0.09, payable May 27 to shareholders of record as of May 5.

A conference call to discuss the company’s first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 18. Interested parties may access the call by dialing 877-718-5092 (domestic) or 719-325-4760 (international). The access code is 3503284. A live audio webcast of the conference call will be available on the company’s investor relations web page at www.rgare.com. A replay of the conference call will be available at the same address for three months following the conference call. A replay of the conference call will also be available via telephone through April 29 at 888-203-1112 (domestic) or 719-457-0820, access code 3503284.

Reinsurance Group of America, Incorporated, through its various operating subsidiaries, is among the largest global providers of life reinsurance. Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, Germany, Hong Kong, India, Ireland, Japan, Mexico, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.2 trillion of life reinsurance in force, and assets of $21.8 billion. MetLife, Inc. is the beneficial owner of approximately 52 percent of RGA’s outstanding shares.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as "we," "us" or "our"). The words "intend," "expect," "project," "estimate," "predict," "anticipate," "should," "believe," and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) changes in our financial strength and credit ratings or those of MetLife, Inc. ("MetLife"), the beneficial owner of a majority of our common shares, or its subsidiaries, and the effect of such changes on our future results of operations and financial condition, (3) inadequate risk analysis and underwriting, (4) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (7) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (8) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (9) adverse litigation or arbitration results, (10) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (11) the stability of and actions by governments and economies in the markets in which we operate, (12) competitive factors and competitors' responses to our initiatives, (13) the success of our clients, (14) successful execution of our entry into new markets, (15) successful development and introduction of new products and distribution opportunities, (16) our ability to successfully integrate and operate reinsurance business that we acquire, (17) regulatory action that may be taken by state Departments of Insurance with respect to us, MetLife, or its subsidiaries, (18) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers and others, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where we or our clients do business, (20) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (21) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (22) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements.

Operating Income

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items tend to be highly variable, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income.