Citizens Inc. reports 77% increase in earnings.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 21, 1996--Citizens Inc. (AMEX-CIA) a life insurance holding company, reported a 77.8% increase in net income for its first quarter ended March 31, 1996. For the quarter ended March 31, 1996, net earnings were $485,000 or $.03 per share, up from the $273,000 or the $.02 per share reported for the same period in 1995. Revenues for the quarter reached $13.7 million, a 25.7% increase over the same period in 1995 when total revenues were $10.9 million. Premium income in 1996 was $11.5 million compared to $9.3 million, a 23.7% increase. Premium revenues from 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 Liberty Financial Corp., 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 September September: see month. 1995, made a significant contribution to the increase in both premiums and revenues. Total assets at March 31, 1996 were $204.7 million, representing a slight decline since Dec. 31, 1995 when total assets were $205.5 million. A $4 million decline in the market value of the company's available-for-sale bond portfolio as a result of decreasing prices in the bond market during the quarter contributed to the decrease. Citizens announced in March the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the acquisition of Insurance Investors and Holding Co. of Peoria Peoria (pēôr`ēə). 1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , Ill. The transaction involved the issuance of 171,000 Class A shares for 100% of the shares of Investors, and boosted assets by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3,000,000 and 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. by $1.5 million. The acquisition is not expected to have a material impact on operations. -0-
Citizens, Inc.
Comparative Consolidated Financial Highlights
Operating Statements
(Unaudited)
Three Months Ended
March 31,
1996 1995
Premiums and other
revenues
Premium income $11,521,304 $ 9,273,129
Net investment income 2,078,688 1,503,937
Other 95,148 85,072
Total revenues 13,695,140 10,862,138
Benefits and expenses Increase in future policy benefit reserves 2,230,975 2,398,644 Claims and surrenders 5,529,339 4,314,556 Policyholder dividends 450,241 455,565 Commissions 2,643,086 2,464,168 Underwriting and insurance expenses 1,458,497 1,342,986 Net change in deferred policy acquisition costs (108,662) (653,472) Other 747,891 172,819 Total benefits and expenses 12,951,367 10,495,266 Operating income 743,773 366,872 Realized gains on investments (8,928) (31,017) Income before federal income tax $ 734,845 335,855 Federal income tax expense 249,848 62,972 Net income $ 484,997 $ 272,883
Income Per Share
Operating income per share $0.03 $0.02 Net income per share $0.03 $0.02 Average shares outstanding 19,602,887 17,601,389
Balance Sheets
March 31, Dec. 31, Sept. 30, June 30,
1996 1995 1995 1995
Total assets $204,685,825 $205,486,247 $199,336,938 $157,348,570
Total invested
assets $128,219,922 $130,024,739 $124,165,312 $100,606,260
Stockholders'
equity $64,259,767 $64,712,990 $64,589,258 $38,572,242
March 31,
1995
Total assets $152,477,360
Total invested
assets $95,600,298
Stockholders'
equity $36,622,785
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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