10-Q/APeriod: Q1 FY2003

PROGRESSIVE CORP/OH/ Quarterly Report (Amendment) for Q1 Ended Mar 31, 2003

Filed July 22, 2003For Securities:PGR

Summary

Progressive Corporation filed an amended quarterly report (10-Q/A) for the period ending March 31, 2003, primarily to correct an error in the calculation of its ratio of earnings to fixed charges. The original filing incorrectly used net income instead of income before income taxes. This amendment revises that specific exhibit, ensuring a more accurate representation of the company's earnings coverage for its fixed charges. Investors should note that this amendment does not alter the company's core financial performance or operational results reported in the original 10-Q. The focus remains on the accuracy of the financial reporting disclosures, particularly concerning leverage and debt servicing capabilities. While the correction itself might not materially impact the overall financial health perception, it highlights the importance of precise financial reporting and the company's commitment to rectifying disclosure errors.

Key Highlights

  • 1The filing is an amendment to the previous 10-Q for the quarter ended March 31, 2003, specifically to correct Exhibit 12, the Computation of Ratio of Earnings to Fixed Charges.
  • 2The error involved using net income (after income taxes) instead of 'Income before income taxes' in the original calculation.
  • 3The amendment corrects the 'Income before income taxes' figure and consequently revises the ratio of earnings to fixed charges.
  • 4This amendment does not change the underlying operational or financial performance reported in the initial 10-Q.
  • 5The company has 217,660,740 common shares outstanding as of April 30, 2003.
  • 6Progressive Corporation has met all filing requirements for the preceding 12 months and 90 days and is classified as an accelerated filer.

Frequently Asked Questions

The primary reason for this amended filing is to correct an error in the calculation of the Ratio of Earnings to Fixed Charges presented in the original 10-Q. The company mistakenly used net income instead of income before income taxes in the calculation.

No, this amendment does not change the reported financial performance or operational results of Progressive Corporation for the quarter ended March 31, 2003. It only corrects a specific calculation error in a financial ratio disclosure.

The correction ensures a more accurate representation of the company's ability to cover its fixed charges with its earnings. While the revised ratio might differ from the original, the amendment underscores the company's commitment to accurate financial reporting. Investors should review the corrected ratio to assess the company's leverage and debt servicing capacity.

The original 10-Q for the quarter ended March 31, 2003, was filed on May 12, 2003.