Citizens Inc. reports strong growth.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)--April 2, 1996--Citizens Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :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, Tuesday Tuesday: see week. reported substantial increases in total assets, capital and revenue growth for both its fourth quarter and the year ended Dec. 31, 1995. Net earnings for the fourth quarter ended last December December: see month. , were $564,000 or $.05 per share, compared to $878,000 or $.04 per share for the same period in 1994. Revenues for the quarter were $16.1 million, compared to $13.8 million reported in the same three-month period in 1994. 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. in September September: see month. 1995 contributed to the growth in revenues. Lower sales of new premium and increased 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. as a result of recent growth were the primary reasons for the lower earnings in 1995. For the year ended Dec. 31, 1995, net earnings were $2.7 million or $.16 per share, a decrease of 34 percent from the $4.2 million or the $.25 per share reported for the same period in 1994. Decreased writing of new life insurance premiums, coupled with increased operating expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc recent growth and the cost of data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a systems conversion of American Liberty Financial Corp. were the reasons for the decline in earnings. Revenues for the year reached $53.3 million, an 8 percent increase over the same period in 1994 when total revenues were $49.2 million. Premium income in 1995 was $46.1 million compared to $43.8 million, a 5 percent increase. Total assets at Dec. 31, 1995, reached $205.5 million, a 37 percent increase since Dec. 31, 1994 when total assets were $149.8 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. has risen 84 percent since Dec. 31, 1994, from $35.1 million to $64.7 million. During 1995, the company 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. the acquisition of American Liberty Financial Corp. of Baton Rouge Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La., for shares of its common
stock. That acquisition boosted assets by approximately $26 million,
capital by $27 million and will add annual revenues of more than $9
million. In March 1996, Citizens announced the closing of its purchase
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. "This past year was a pivotal point in our long term growth plan," said Harold E. Riley, chairman of Citizens. "The American Liberty acquisition opens the door for Citizens' entry to the domestic life insurance market which is a key to our long term objectives." -0-
CITIZENS INC.
COMPARATIVE CONSOLIDATED FINANCIAL HIGHLIGHTS
OPERATING STATEMENTS
(Unaudited)
Year Ended Three Months Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
Premiums and Other
Revenues
Premium income $46,125,093 $43,785,361 $13,958,204 $12,119,111
Net investment
income 7,026,909 5,295,784 2,128,412 1,390,663
Other 119,335 75,564 29,106 16,907
Total revenues 53,271,337 49,156,709 16,115,722 13,526,681
Benefits and Expenses
Increase in future
policy benefit
reserves 11,033,763 11,910,751 3,678,209 3,531,553
Claims and
surrenders 19,282,954 16,635,259 5,491,572 4,339,065
Policyholder
dividends 2,422,168 2,381,581 641,662 641,303
Commissions 10,273,173 12,382,372 2,714,678 3,522,835
Underwriting and
insurance expenses 7,102,401 5,079,538 2,688,772 1,495,410
Net change in
deferred policy
acquisition costs (2,067,828) (5,924,456) (131,722) (1,881,197)
Other 1,364,042 915,417 629,151 122,237
Total benefits
and expenses 49,410,673 43,380,462 15,712,322 11,771,206
Operating Income 3,860,664 5,776,247 403,400 1,755,475
Realized gains on investments (109,096) (9,356) (14,903) 36,091 Income before federal income tax 3,751,568 5,766,891 388,497 1,791,566 Federal income tax expense 1,001,356 1,592,333 (169,793) 343,871 Net income $ 2,750,212 $ 4,174,558 $ 558,290 $ 1,447,695
INCOME PER SHARE
Operating income per share $0.22 $0.34 $0.02 $0.11 Net income per share $0.16 $0.25 $0.03 $0.09 Average shares outstanding 17,668,047 16,882,164 17,668,047 16,085,500
BALANCE SHEETS
Dec. 31, Sept. 30, June 30,
1995 1995 1995
Total assets $205,486,727 $199,336,938 $157,348,570 Total invested assets $130,024,739 $124,165,312 $100,606,260 Stockholders' equity $ 64,712,990 $ 64,589,258 $ 38,572,242
March 31, Dec. 31,
1995 1994
Total assets $152,477,360 $149,797,604 Total invested assets $ 95,600,298 $ 93,828,650 Stockholders' equity $ 36,622,785 $ 35,055,373 CONTACT: Citizens Inc., Austin Mark A. Oliver, Chief Financial Officer 512/837-7100 |
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