Citizens Inc. Earnings Rebound.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)--Nov. 9, 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). ) announced a substantial improvement in earnings for the third quarter ended Sept. 30, 1999, compared to the previous year. Earnings for the quarter were $890,000 or $0.04 per share, compared to a loss of $8.6 million, or $(0.40) per share for the same period in 1998. A non-recurring write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of $9.5 million of goodwill contributed to the 1998 loss. Revenues decreased to $17.9 million, compared to $19.0 million for the third quarter of 1998. The Company has elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. not to renew a block of group dental dental /den·tal/ (den´t'l) pertaining to a tooth or teeth. den·tal adj. 1. Of, relating to, or for the teeth. 2. Of, relating to, or intended for dentistry. and individual major medical business, which contributed to the decline in revenues. The terminations began in September September: see month. 1999 and will continue through the balance of the year. Decreases in claims and policy benefit reserves related to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of these blocks of business contributed to the improved profits. A gain of $1.1 million or $0.05 per share was incurred during the first nine months of 1999, compared to a loss of $8.3 million or $(0.39) cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the same period in 1998. Revenues during the period decreased slightly to $53.0 million from $53.7 million due to fewer realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. on investments during the period and the above-described terminations. The Company previously announced a 7% stock dividend payable on Dec. 31, 1999, to holders of its Class A and Class B common stock. Citizens Inc. is a Colorado-domiciled life insurance holding company with headquarters in Austin, Texas. The Company was incorporated in 1977 and is listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. where it trades under the symbol "CIA". -0-
CITIZENS INC.
COMPARATIVE CONSOLIDATED FINANCIAL HIGHLIGHTS
OPERATING STATEMENTS
--------------------
(Unaudited) (Unaudited)
Nine-Months Ended Three-Months Ended
September 30, September 30,
------------- -------------
1999 1998 1999 1998
---- ---- ---- ----
Premiums and Other
Revenues
Premium income $43,334,017 $43,382,121 $14,941,875 $15,411,935
Net investment
income 8,688,924 8,378,415 2,771,693 2,874,351
Other 971,112 1,911,322 233,248 762,910
----------- ----------- ----------- -----------
Total revenues $52,994,053 $53,671,858 $17,946,816 $19,049,196
Benefits and
Expenses
Increase in future
policy benefit
reserves $3,627,933 $5,779,960 $528,123 $1,944,907
Claims and
surrenders 25,064,170 24,364,150 8,491,343 9,401,832
Policyholder
dividends 2,064,233 2,221,872 825,872 780,337
Commissions 8,908,294 9,161,577 3,213,661 3,204,024
Underwriting and
insurance
expenses 8,085,531 8,351,083 2,699,213 2,470,486
Net change in
deferred policy
acquisition
costs 1,955,047 (102,326) 440,686 (639,645)
Other 2,049,308 11,912,304 618,012 10,325,895
----------- ----------- ----------- -----------
Total benefits and
expenses $51,754,516 $61,688,620 $16,816,910 $27,487,836
----------- ----------- ----------- -----------
Income (loss) before
federal income tax $1,239,537 $(8,016,762) $1,129,906 $(8,438,640)
Federal income tax
expense 182,427 310,308 239,427 200,870
----------- ----------- ----------- -----------
Net income (loss) $1,057,110 $(8,327,070) $890,479 $8,639,510
=========== =========== =========== ===========
INCOME PER SHARE
----------------
Net income (loss)
per share $0.05 $(0.39) $0.04 $(0.40)
===== ======= ===== =======
Average shares
outstanding 21,939,612 21,386,137 21,995,406 21,386,137
BALANCE SHEETS
--------------
Sept. 30, June 30, March 31,
1999 1999 1999
--------- -------- ---------
Total assets $252,728,467 $252,974,823 $254,380,103
Total invested
assets $174,928,897 $177,240,791 $177,172,069
Stockholders'
equity $73,774,290 $74,066,445 $76,383,725
Dec. 31, Sept. 30,
1998 1998
-------- ---------
Total assets $253,384,195 $251,495,726
Total invested
assets $176,272,123 $179,099,245
Stockholders'
equity $74,903,679 $74,582,837
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