Citizens Inc. Earnings Jump 146 Percent.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)--May 17, 1999-- 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, reported a 146.7% increase in earnings for the quarter ended March 31, 1999. Net income for the period was $278,000 or $0.01 per share, compared to $113,000 or $0.01 per share for the same period in 1998. During the first quarter of 1997, a loss of $121,000 was incurred. Reduced 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. were the primary reason for the increased earnings in 1999. The first quarter of the year has historically been the lowest earnings quarter for the Company. Revenues for the quarter increased to $16.8 million compared to the same period in 1998 when total revenues were $16.5 million. Premium income increased from $13.4 million in 1998 to $13.5 million in 1999. The revenue increases were partially offset by an increase in accident and health claims on domestic business. Expenses decreased 17.9% to $2.3 million from $2.8 million due to the economies of scale achieved following the consolidation of operations of companies acquired over the previous two years. Total assets at March 31, 1999, were $254.4 million, up 15.9% from March 31, 1998, when total assets were $249.7 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. was $76.4 million at March 31, 1999, compared to $74.9 at Dec. 31, 1998. Declines in the fair value of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has due to higher yields in the bond market reduced the growth in stockholders' equity by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.3 million at the end of March 1999. The Company will be conducting its Annual Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. at its Corporate Headquarters in Austin, Texas, on June June: see month. 1, 1999. -0-
CITIZENS INC.
COMPARATIVE CONSOLIDATED FINANCIAL HIGHLIGHTS
OPERATING STATEMENTS
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(Unaudited)
Three Months Ended
March 31,
---------
1999 1998
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Premiums and Other Revenues
Premium income $13,534,935 $13,420,674
Net investment income 3,004,958 2,842,631
Other 278,177 196,976
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Total revenues $16,818,070 $16,460,281
Benefits and Expenses
Increase in future policy
benefit reserves $1,173,649 $1,511,674
Claims and surrenders 8,207,261 6,771,493
Policyholder dividends 501,634 690,280
Commissions 2,866,678 2,886,216
Underwriting and insurance
expenses 2,347,720 2,859,351
Net change in deferred policy
acquisition costs 898,882 599,307
Other 486,011 992,454
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Total benefits and
expenses $16,481,835 $16,310,775
----------- -----------
Income (loss) before federal
income tax $336,235 $149,506
Federal income tax expense $36,922 $36,922
-------- -------
Net income (loss) $277,751 $112,584
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INCOME PER SHARE
----------------
Operating income per share $0.01 $0.01
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Net income per share $0.01 $0.01
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Average shares outstanding 21,824,263 21,386,137
BALANCE SHEETS
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March 31, Dec. 31, Sept. 30,
1999 1998 1998
--------- -------- ---------
Total assets $254,380,103 $253,384,195 $251,495,726
Total invested
assets $177,172,069 $176,572,123 $179,099,245
Stockholders'
equity $76,383,725 $74,903,679 $74,582,837
June 30, March 31,
1998 1998
-------- ---------
Total assets $250,978,541 $249,677,615
Total invested
assets $164,040,981 $165,595,375
Stockholders'
equity $79,296,266 $79,773,008
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