Citizens Earnings Jump 85%.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas --(BUSINESS WIRE)--March 31, 1998--Citizens Inc. (AMEX AMEX See: American Stock Exchange :CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). ) a life insurance holding company, today reported a substantial increase in net income for the fourth quarter and year ended Dec. 31, 1997. Net earnings for the fourth quarter ended Dec. 31, 1997 were $1.7 million, or $.08 per share, an 85% increase compared to $902,000 or $.04 per share for the same period in 1996. Revenues for the quarter were $16.8 million, compared to $17.7 million reported in 1996. A substantial decrease in expenses on a comparative basis contributed to the increased earnings. For the year ended Dec. 31, 1997, net earnings were $3.4 million or $.16 per same period in 1996. Decreases in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. during the year and a reduction in Federal income tax expense were the reasons for the improvement in earnings in 1997, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a non-recurring charge of $400,000 related to an acquisition in the first quarter of the year. Revenues for the year reached $65 million, a 2% increase over the same period in 1996 when total revenues were $63.8 million. Premium income in 1997 was $55.4 million compared to $54.3 million, a 2% increase. The acquisition of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Investment Network and National Security Life and Accident Insurance Company, both consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. during 1997, made only nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. contributions to revenues during the year due to the dates of their respective acquisition. Total assets at Dec. 31, 1997, reached $249.5 million, a 14% increase over Dec. 31, 1996 when total assets were $218.3 million. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. grew to $79.6 million in 1997, a 19% increase from $66.9 million at Dec. 31, 1996. The acquisition of the two companies named above primarily for shares of the company's stock contributed to the substantial growth in equity.
Citizens Inc.
Comparative Consolidated Financial Highlights
Operating Statements
(Unaudited)
Year Ended Three-Months Ended
December 31, December 31,
1997 1996 1997 1996
Premiums and Other
Revenues
Premium income $55,362,616 $54,303,445 $15,059,677 $14,729,313
Net investment
income 10,038,736 9,185,506 2,471,043 2,603,415
Other (374,054) 333,209 (734,784) 193,264
Total revenues 65,027,298 63,822,160 16,795,936 17,525,992
Benefits and Expenses
Increase in future
policy benefit
reserves 8,958,166 8,198,243 2,427,021 1,648,385
Claims and
surrenders 27,852,907 25,919,054 7,080,008 6,635,789
Policyholder
dividends 2,782,215 2,363,201 520,504 629,961
Commissions 11,918,192 12,447,664 3,151,102 3,816,712
Underwriting and
insurance
expenses 6,992,402 9,500,973 708,750 3,126,039
Net change in
deferred policy
acquisition costs (173,317) (309,305) 445,660 (308,790)
Other 2,666,989 2,083,299 976,392 627,116
Total benefits
and expenses 60,997,554 60,203,129 15,309,437 16,175,212
Income before
federal income
tax 4,029,744 3,619,031 1,486,499 1,350,780
Federal income tax
expense 604,221 1,405,305 (178,033) 449,052
Net income $ 3,425,523 $ 2,213,726 $ 1,664,532 $ 901,728
Income Per Share
Operating income
per share $0.21 $0.17 $0.07 $0.06
Net income per share $0.16 $0.11 $0.08 $0.04
Average shares
outstanding 20,868,921 20,236,469 20,712,937 20,236,469
Balance Sheets
Dec. 31, Sept. 30, June 30,
1997 1997 1997
Total assets $249,519,435 $235,500,797 $229,791,541
Total invested assets $162,651,692 $155,556,423 $142,475,096
Stockholders' equity $ 79,581,698 $ 77,206,259 $ 73,937,496
March 31, Dec. 31,
1997 1996
Total assets $215,454,432 $218,277,171
Total invested assets $139,061,357 $138,311,136
Stockholders' equity $ 66,904,464 $ 66,883,016
-0- CONTACT: Citizens Inc., Austin Mark A. Oliver Ol·i·ver , Joseph Known as "King Oliver." 1885?-1938. American jazz musician and composer who had a great influence on the style of Louis Armstrong. His Creole Jazz Band was the first Black group to make jazz recordings. , 512/837-7100 |
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