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UNICO AMERICAN REPORTS FIRST QUARTER 1994 EARNINGS OF $883,445, OR $0.15 PER SHARE

 WOODLAND HILLS, Calif., Aug. 10 /PRNewswire/ -- Unico American Corporation (NASDAQ: UNAM) today reported unaudited financial results for its first quarter of fiscal 1994, ended June 30, 1993.
 Net income for the quarter was $883,445, or $0.15 per share, compared with a loss of $8.6 million, or $1.53 per share, in the year ago period, due to claims related to the April 1992 Los Angeles riots. Revenues totaled $7.2 million, a 16 percent increase from $6.2 million in the year-ago period.
 Crusader Insurance Company, Unico American's property and casualty insurance subsidiary, had total statutory capital and surplus of $16.5 million as of June 30, 1993, and had a statutory combined ratio of 94.3 percent for the recent quarter. Crusader's gross premiums written for the first fiscal quarter were $9.1 million, rising 59% from $5.7 million in the year-ago period.
 The company attributed its strong quarterly performance primarily to: increased business in its commercial liability and commercial property lines, new business opportunities in California resulting from recent legislative changes favoring admitted insurance carriers, the commencement of operations in the state of Washington, new products in the commercial auto and special risk areas, and increased product marketing efforts.
 Commenting on the results, Erwin Cheldin, chairman and chief executive officer, said, "We are very pleased with our performance for the first quarter. While Unico made a significant turnaround from the year-ago period, which was negatively impacted by the Los Angeles riots, we also improved over the fourth quarter of last fiscal year. Compared with the quarter ended March 31, 1993, total revenues were up 15 percent, gross premiums written rose 25 percent and net income increased 28 percent.
 "We are excited about our prospects for the future and feel that the strategies we have in place have positioned Unico well for continued growth. We look forward to a strong financial performance for the remainder of the fiscal year," Mr. Cheldin added.
 Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance and related premium financing through its wholly-owned subsidiaries.
 UNICO AMERICAN CORPORATION (NASDAQ: UNAM)
 Condensed Consolidated Statement of Operations
 (unaudited, $ in thousands, except per share)
 Three Months
 Periods ended June 30 1993 1992
 Insurance Company:
 Gross Premiums Written $ 9,074 $ 5,707
 Net Premiums Written 6,443 3,972
 Revenues
 Insurance Company Revenues
 Premium Earned $ 6,456 $ 5,324
 Net Premium Earned 4,490 3,697
 Investment Income 745 865
 Other Income (Expense)(a) (6) --
 Total Insurance Company
 Revenues 5,229 4,562
 Non-Insurance Company
 Revenues 1,937 1,617
 Total Revenues 7,166 6,179
 Costs and expenses
 Loss and Loss Adjustment
 Expenses 2,406 16,053
 Policy Acquisition Costs(a) 1,397 1,153
 Salaries and Employee
 Benefits 1,058 1,015
 Commissions to Agents/
 Brokers 296 270
 Other Operating Expenses 633 740
 Total Costs and Expenses 5,790 19,231
 Income (Loss) Before Taxes 1,376 (13,052)
 Income Tax Provision
 (Benefit) 493 (4,489)
 Net Income (Loss) $ 883 $ (8,563)
 Earnings (Loss) Per Share $ 0.15 $ ($1.53)
 Weighted Average Shares
 Outstanding 6,050 5,578
 Total Stockholders' Equity $ 20,178 $ 17,513
 Book Value Per Share $ 3.39 $ 3.02
 NOTE: (a) Figures for period ended June 30, 1992 were restated for FASB 113.
 Insurance Company Statutory Operating Ratios
 Loss Ratio 57.8 pct. 436.9 pct.
 Expense Ratio 36.5 pct. 38.1 pct.
 Combined Ratio 94.3 pct. 475.0 pct.
 -0- 8/10/93
 /CONTACT: Edward Nebb or Joel Herskovits, both of Morgen-Walke Associates, 212-850-5600/
 (UNAM)


CO: Unico American Corporation ST: California IN: INS SU: ERN

TM -- NY006 -- 0995 08/10/93 07:33 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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