Citizens Inc. Earnings Rebound in 2nd Quarter.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)--Aug. 15, 1997--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). ), announced a significant increase in earnings for the quarter ended June June: see month. 30. Net income for the six-month period ended June 30, 1997 was $521,059 or $0.03 per share, up 187% over the $181,466, or $0.01 per share earned the previous year. Revenues increased to $15,750,154, compared to $15,510,145 for the second quarter of 1996. Premium income decreased slightly to $13,079,433 during the period from $13,160,847 in 1996. Investment income grew to $2.5 million in the quarter, compared to $2.3 million in 1996, the increase indicative of returns on the company's larger asset base. Earnings for the first half of 1997 were $399,375 or $0.02 per share, compared to $666,463 or $0.04 per share for the same period in 1996. A non-recurring charge of $400,000 in the first quarter of 1997 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of a remaining minority interest in a 95% owned subsidiary caused earnings to trail the prior year. Revenues during the period increased to $29.7 million from $29.1 million. Total assets increased to $229.8 million at June 30, 1997 from $208.9 million at June 30, 1996. 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 $73.9 million up from $65.7 million this time last year, primarily due to 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 Inc., which was 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. in June 1997. Additionally, the company announced that it had reached a definitive agreement to acquire all of the outstanding shares of National Security Life and Accident Insurance Company of Arlington, Texas Arlington is a city in Tarrant County, Texas (USA) within the Dallas-Fort Worth-Arlington metropolitan area. According to a U.S Census Bureau release, as of July 1, 2006 Arlington has an estimated population of 367,197. . Citizens will pay $1.7 million in cash and stock for the privately owned life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . National Security has total assets of approximately $5.5 million and revenues of $5 million. The agreement is subject to the approval of regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in Texas and is expected to close before year end 1997. -0-
CITIZENS INC.
COMPARATIVE CONSOLIDATED FINANCIAL HIGHLIGHTS
OPERATING STATEMENTS
(Unaudited) (Unaudited)
Six-Months Ended Three-Months Ended
June 30 June 30
1997 1996 1997 1996
Premiums and Other
Revenues
Premium income $ 24,589,880 $ 24,682,151 $ 13,079,433 $ 13,160,847
Net investment
income 4,894,712 4,404,543 2,540,886 2,325,855
Other 193,812 36,078 129,835 23,443
Total revenues 29,678,404 29,122,772 15,750,154 15,510,145
Benefits and Expenses
Increase in future
policy benefit
reserves $ 3,665,985 $ 4,008,622 $ 2,238,688 $ 1,777,647
Claims and surrenders 13,794,268 11,963,561 6,774,584 6,434,222
Policyholder dividends 1,058,127 1,104,161 578,440 653,920
Commissions 5,449,162 5,448,907 3,160,795 2,805,821
Underwriting and
insurance expenses 4,017,980 4,401,275 1,791,488 2,942,778
Net change in deferred
policy acquisition
costs 334,159 (226,411) 51,140 (117,749)
Other 916,262 1,194,950 404,062 462,574
Total benefits
and expenses 29,235,943 27,895,065 14,999,197 14,959,213
Operating Income 442,461 1,292,038 750,957 548,265
Realized gains
on investments 195,805 12,709 77,965 21,637
Income before federal
income tax 638,266 1,304,747 828,922 569,902
Federal income tax expense 238,891 638,284 307,863 388,436
Net income 399,375 666,463 521,059 181,466
INCOME PER SHARE
Operating income per share $ 0.02 $ 0.07 $ 0.04 $ 0.03
Net income per share $ 0.02 $ 0.04 $ 0.03 $ 0.01
Average shares
outstanding 20,245,799 19,459,167 20,591,574 19,530,864
BALANCE SHEETS
June 30 March 31 Dec. 31 Sept. 30 June 30
1997 1997 1996 1996 1996
Total assets $229,791,541 $215,454,432 $214,454,826 $214,192,098 $208,953,204
Total
invested
assets 142,475,096 139,061,357 138,311,136 134,231,444 130,970,187
Stockholders'
equity 73,937,496 66,904,464 66,883,016 66,760,232 65,687,839
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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