Citizens Inc. reports quarterly loss.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 15, 1997--Citizens Inc. (AMEX-CIA), a life insurance holding company, reported a $121,000 first quarter loss resulting from non-recurring charges related to the acquisition of First American First American may refer to:
For the quarter ended March 31, 1997, a loss of $121,000, or 1 cent per share was incurred, down from a gain of $485,000, or the $.03 per share reported for the same period in 1996. Revenues for the quarter increased to $14.1 million, a 3.4 percent increase over the same period in 1996 when total revenues were $13.7 million. Premium income was $11.5 million in both 1997 and 1996. The company took a $400,000 non-recurring charge during the first quarter of 1997 related to the acquisition of a remaining minority interest of a 95 percent owned subsidiary. Total assets at March 31, 1997 were $215.5 million, up from Dec. 31, 1996 when total assets were $214.5 million. A $4 million decline in the market value of the company's available-for-sale bond portfolio as a result of decreasing yields in the bond market during the quarter minimized min·i·mize tr.v. min·i·mized, min·i·miz·ing, min·i·miz·es 1. a. To reduce to the smallest possible amount, extent, size, or degree. b. Usage Problem To reduce. See Usage Note at minimal. asset growth. 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 $66.9 million at March 31, 1997. The company further disclosed that a meeting of stockholders 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. (AIN Ain, in the Bible Ain (ā`ĭn), in the Bible. 1 Town, N ancient Palestine. 2 See En-rimmon. Ain, department, France Ain (ăN), department (1990 pop. ) has been called for June June: see month. 19, 1997 to consider the merger of AIN with Citizens. The transaction, announced in October October: see month. 1996, received 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 April. -0-
Citizens Inc.
Comparative Consolidated Financial Highlights
Operating Statements
(Unaudited)
Three Months Ended
March 31,
1997 1996
Premiums and Other
Revenues
Premium income $11,510,447 $11,521,304
Net investment income 2,353,826 2,078,688
Other 157,880 79,633
Total revenues $14,022,153 $13,679,673
Benefits and Expenses
Increase in future
policy benefit
reserves $1,427,297 $2,230,975
Claims and surrenders 7,019,684 5,529,339
Policyholder dividends 479,687 450,241
Commissions 2,288,367 2,643,086
Underwriting and
insurance expenses 2,226,492 1,458,497
Net change in deferred
policy acquisition
costs 283,019 (108,662)
Other 606,103 732,376
Total benefits and
expenses $14,330,649 $12,935,852
Operating income(loss) (308,496) 743,773
Realized gains on
investments 117,840 (8,928)
Income (loss) before
federal income tax $ (190,656) $ 734,845
Federal income tax
expense $ (68,972) $ 249,848
Net income(loss) $ (121,684) $ 484,997
Income Per Share
Operating income per share ($0.02) $0.03
Net income per share ($0.01) $0.03
Average shares
outstanding 19,849,662 19,602,887
Balance Sheets
March 31, Dec. 31, Sept. 30, June 30,
1997 1996 1996 1996
Total assets $215,454,432 $214,454,826 $214,192,098 $208,953,204
Total invested
assets $139,061,357 $138,311,136 $134,231,444 $130,970,187
Stockholders'
equity $ 66,904,464 $ 66,883,016 $ 66,760,232 $ 65,687,839
March 31,
1996
Total assets $204,685,825
Total invested
assets $128,219,922
Stockholders'
equity $ 64,259,767
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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