Printer Friendly

UNICO AMERICAN REPORTS SECOND QUARTER EARNINGS OF $0.17 PER SHARE; REVENUES INCREASE 33 PERCENT

 WOODLAND HILLS, Calif., Nov. 1 /PRNewswire/ -- Unico American Corporation (NASDAQ: UNAM) today reported financial results for its second quarter of fiscal 1994, ended September 30, 1993. Net income for the second quarter ended September 30, 1993 totaled $1,037,000, or $0.17 per share, as compared to $335,000, or $0.06 per share, in the second quarter ended September 30, 1992. Net income for the six months ended September 30, 1993 equaled $1,921,000, or $0.32 per share, compared with a loss of $8.2 million, or $1.44 per share, in the year ago period, due to claims related to the April 1992 Los Angeles riots.
 Revenues increased 33 percent in the September 1993 quarter to $8.1 million, up from $6.1 million for the quarter ended September 30, 1992. Revenues for the six months ended September 30, 1993 totaled $15.3 million, a 24 percent increase from $12.3 million in the year ago six- month period.
 Crusader Insurance Company, Unico American's property and casualty insurance subsidiary, had a 86 percent increase in gross premiums written for the second quarter to $10.6 million, up from $5.7 million in the year-ago period. Crusader's gross premiums written for the six months ended September 30, 1993 totaled $19.7 million, a 71 percent increase from $11.5 million for the six months ended September 30, 1992.
 Erwin Cheldin, Chairman and Chief Executive Officer, commented, "We are extremely pleased with the Company's performance for the second quarter of our fiscal year. We experienced strong revenue increases in both our insurance and non-insurance operations. We attribute the strong quarterly performance primarily to increased business in our commercial liability and commercial property lines, new business opportunities in California resulting from 1993 legislative changes, the commencement of operations in the state of Washington, new products in the commercial auto and special risk areas, and increased product marketing efforts."
 Mr. Cheldin further commented, "Our underwriting results were very favorable, with a quarterly statutory combined ratio of only 94.2 percent."
 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 ENDED SIX MONTHS ENDED
 09/30/93 09/30/92 09/30/93 09/30/92
 INSURANCE COMPANY:
 Gross Premiums Written $10,644 $5,728 $19,718 $11,512
 REVENUES
 Insurance Company Revenues
 Premium Earned $ 7,596 $5,414 $14,052 $10,738
 Net Premium Earned 5,478 3,770 9,969 7,468
 Investment Income 799 848 1,543 1,713
 Other Income (Expense)(1) 4 (96) (2) (97)
 Total Insurance Company
 Revenues 6,281 4,522 11,510 9,084
 Non-Insurance Company
 Revenues 1,840 1,585 3,777 3,202
 TOTAL REVENUES 8,121 6,107 15,287 12,286
 COSTS AND EXPENSES
 Loss and Loss Adjustment
 Expense 2,939 2,561 5,345 18,615
 Policy Acquisition Costs(1) 1,591 1,167 2,988 2,320
 Salaries and Employee
 Benefits 1,101 1,055 2,158 2,070
 Commissions to Agents/
 Brokers 314 283 610 553
 Other Operating Expenses 572 651 1,206 1,391
 Total Costs and Expenses 6,517 5,717 12,307 24,949
 Income (Loss) Before Taxes 1,604 390 2,980 (12,663)
 Income Tax Provision
 (Benefit) 567 55 1,059 (4,435)
 Net Income (Loss) $ 1,037 $ 335 $ 1,921 ($8,228)
 Earnings (Loss) Per
 Share $ 0.17 $ 0.06 $ 0.32 ($1.44)
 Weighted Average Shares
 Outstanding 6,108 5,843 6,079 5,711
 Total Stockholders'
 Equity $21,232 $17,804
 Book Value Per Share $3.57 $3.07


(1) Figures for period ended September 30, 1992 were reclassified.
 INSURANCE COMPANY STATUTORY OPERATING RATIOS
 Loss Ratio 58.5 pct 70.5 pct 59.3 pct 251.7 pct
 Expense Ratio 35.7 pct 38.5 pct 36.5 pct 38.3 pct
 Combined Ratio 94.2 pct 109.0 pct 95.8 pct 290.0 pct
 -0- 11/01/93
 /CONTACT: Erwin Cheldin, Chairman and CEO of Unico, 818-591-9800 or Michele Katz, Joel Herskovits of Morgen-Walke Associates, 212-850-5600/
 (UNAM)


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

LG -- NY015 -- 8964 11/01/93 08:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 1, 1993
Words:724
Previous Article:TIG HOLDINGS REPORTS THIRD QUARTER RESULTS; TRANSAMERICA TO SELL ITS REMAINING 27 PERCENT INTEREST IN TIG
Next Article:HANOVER DIRECT ANNOUNCES THIRD QUARTER RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters