-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D8q/ptoBrp3rS5Lkj1kEA+sIGsCZss1BmzCzzK2+NZljoYH3TXFJh8gtdYSnhF2Z rF1lVRIqpys+Er3hPC6rWw== 0000100716-96-000005.txt : 19961115 0000100716-96-000005.hdr.sgml : 19961115 ACCESSION NUMBER: 0000100716-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNICO AMERICAN CORP CENTRAL INDEX KEY: 0000100716 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 952583928 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03978 FILM NUMBER: 96660258 BUSINESS ADDRESS: STREET 1: 23251 MULHOLLAND DR CITY: WOODLAND HILLS STATE: CA ZIP: 91364 BUSINESS PHONE: 8185919800 MAIL ADDRESS: STREET 1: 23251 MULHOLLAND DRIVE CITY: WOODLAND HILLS STATE: CA ZIP: 91364 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSAL COVERAGE CORP DATE OF NAME CHANGE: 19730823 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period from July 1, 1996 to September 30, 1996 Commission File No. 0-3978 UNICO AMERICAN CORPORATION (Exact name of registrant as specified in its charter) Nevada 95-2583928 (State or other jurisdiction of (I.R.S. Employee incorporation or organization) Identification No.) 23251 Mulholland Drive, Woodland Hills, California 91364 (Address of Principal Executive Offices) (Zip Code) (818) 591-9800 Registrant's telephone number Securities registered pursuant to Section 12(b) of the Act: None (Title of each class) Securities registered pursuant to section 12(g) of the Act: Common Stock, No Par Value (Title of Class) No Change (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No 5,972,868 Number of shares of common stock outstanding as of November 8 , 1996 1 of 11 FINANCIAL STATEMENTS FINANCIAL INFORMATION PART 1 UNICO AMERICAN CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, March 31, 1996 1996 ------------- ----------- ASSETS Investments Available for sale: Fixed maturities, at market value (amortized cost: September 30, 1996 $74,604,987; March 31, 1996 $68,085,376 $75,185,115 $68,888,277 Equity securities at market (cost: September 30, 1996 $989,450; March 31, 1996 $995,237) 930,000 998,075 Short-term investments, at cost 3,299,548 3,466,032 ---------- ---------- Total Investments 79,414,663 73,352,384 Cash 367,804 154,346 Accrued investment income 1,295,075 1,261,049 Accounts and notes receivable, net 8,693,348 8,141,243 Reinsurance recoverable: Paid losses and loss adjustment expenses 95,033 212,368 Unpaid losses and loss adjustment expenses 3,424,968 4,324,305 Prepaid reinsurance premiums 1,474,501 1,363,624 Deferred policy acquisition costs 4,615,668 4,333,708 Property and equipment (net of accumulated 247,570 278,618 depreciation) Deferred income taxes 1,722,084 1,523,778 Other assets 372,217 871,954 ----------- ---------- Total Assets $101,722,931 $95,817,377 =========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Unpaid losses and loss adjustment expenses $39,762,333 $37,006,458 Unearned premiums 20,955,161 19,646,502 Advance premiums 1,538,285 1,588,628 Funds held as security for performance 753,769 758,135 Accrued expenses and other liabilities 2,379,656 2,332,398 Income taxes payable 28,735 98,097 Note payable - bank 1,100,001 2,000,001 ---------- ---------- Total Liabilities $66,517,940 $63,430,219 ---------- ---------- STOCKHOLDERS' EQUITY Common stock, no par - authorized 10,000,000 shares issued and outstanding shares 5,972,868 at September 30, 1996 and 5,957,738 at March 31, 1996 2,836,026 2,834,801 Net unrealized investment gains 343,647 531,787 Retained earnings 32,025,318 29,020,570 ---------- ---------- Total Stockholders' Equity 35,204,991 32,387,158 ---------- ---------- Total Liabilities and Stockholders' Equity $101,722,931 $95,817,377 =========== ==========
See notes to consolidated financial statements. 2 of 11 UNICO AMERICAN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended September 30, September 30, ---------------------- ---------------------- 1996 1995 1996 1995 ---------- --------- --------- --------- REVENUES Insurance Company Revenues Premium earned $9,847,786 $9,394,397 $19,229,918 $18,907,572 Premium ceded 953,363 1,725,645 1,969,295 3,726,469 Net premium earned 8,894,423 7,668,752 17,260,623 15,181,103 Investment income 1,043,134 898,222 2,021,313 1,792,068 Net realized investment gains - 7,192 191,174 7,192 Other income 60 - 120 713 --------- --------- ---------- ---------- Total Insurance Company Revenues 9,937,617 8,574,166 19,473,230 16,981,076 Other Revenues from Insurance Operations Gross commissions and fees 1,499,851 1,443,159 2,972,956 2,850,792 Investment income 47,515 37,969 80,831 76,004 Finance charges and late fees earned 298,460 341,419 591,632 653,284 Other income 1,456 3,488 4,947 8,637 ---------- ---------- ---------- ---------- Total Revenues 11,784,899 10,400,201 23,123,596 20,569,793 ---------- ---------- ---------- ---------- EXPENSES Losses & loss adjustment expenses 5,159,096 4,272,103 9,874,998 8,394,877 Policy acquisition costs 2,269,463 2,127,910 4,518,914 4,213,557 Salaries and employee benefits 928,726 904,675 1,849,583 1,828,996 Commissions to agents/brokers 312,200 331,882 643,690 657,772 Other operating expenses 598,293 760,043 1,325,194 1,643,154 ---------- --------- ---------- ---------- Total Expenses 9,267,778 8,396,613 18,212,379 16,738,356 ---------- --------- ---------- ---------- Income Before Taxes 2,517,121 2,003,588 4,911,217 3,831,437 Income Tax Provision 768,380 589,443 1,488,382 1,089,986 --------- --------- --------- --------- Net Income $1,748,741 $1,414,145 3,422,835 2,741,451 ========== ========= Retained Earnings April 1, 29,020,570 23,490,124 Dividends Paid to Stockholders (418,087) (417,035) ---------- ---------- Retained Earnings September 30, $32,025,318 $25,814,540 ========== ========== PER SHARE DATA Weighted Average Shares Outstanding 6,248,511 6,141,924 6,236,677 6,117,200 Earnings Per Share $0.28 $0.23 $0.55 $0.45
See notes to consolidated financial statements 3 of 11 UNICO AMERICAN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED SEPTEMBER 30,
Net Income $3,422,835 $2,741,451 Adjustments to reconcile net income to net cash from operations Depreciation & amortization 55,071 53,880 Bond amortization, net 289,430 295,974 Net realized (gain) on sale of securities (191,174) (7,192) Changes in assets and liabilities Premium, notes & investment income receivable (586,131) (553,577) Reinsurance recoverable 1,016,672 (594,215) Prepaid reinsurance premiums (110,877) 1,133,124 Deferred policy acquisitions costs (281,960) (12,114) Other assets 499,737 (194,154) Reserve for unpaid losses & loss adjustment expenses 2,755,875 2,870,228 Unearned premium reserve 1,308,659 (576,523) Funds held as security & advanced premiums (54,709) 28,606 Accrued expenses & other liabilities 47,258 357,338 Income taxes current/deferred (170,747) (457,273) ---------- --------- Net Cash Provided from Operations 7,999,939 5,085,553 --------- ---------- Investing Activities Purchase of fixed maturity investments (10,950,919) (12,504,658) Proceeds from maturity of fixed maturity investments 4,128,378 8,442,840 Purchase of equity securities - cost (2,253,112) (299,840) Proceeds from sale of fixed securities 2,450,073 324,189 Net decrease in short-term investments 179,983 174,614 Additions to property & equipment (24,022) (20,981) ---------- --------- Net Cash (Used) by Investing Activities (6,469,619) (3,883,836) ---------- ---------- Financing Activities Proceeds from issuance of common stock 1,225 - Repayment of note payable - bank (900,000) (305,000) Repayment of note payable - related - party - (500,000) Dividends paid to shareholders (418,087) (417,035) -------- -------- Net Cash (Used) by Financing Activities (1,316,862) (1,222,035) ---------- ---------- Net increase (decrease) in cash 213,458 (20,318) Cash at beginning of period 154,346 173,232 -------- ------- Cash at End of Period $367,804 $152,914 ======== ======== Supplemental cash flow information Cash paid during the period for: Interest $60,867 $175,497 Income taxes $1,665,000 $1,234,615
See notes to consolidated financial statements. 4 of 11 UNICO AMERICAN CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Unico American Corporation is an insurance holding company. Unico American and its subsidiaries, all of which are wholly owned (the "Company"), provide, primarily in California, property, casualty, health and life insurance, and related premium financing. Principles of Consolidation The consolidated financial statements include the accounts of Unico American Corporation and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. Basis of Presentation The consolidated financial statements have been prepared in conformity with generally accepted accounting principles (GAAP) which differ in some respects from those followed in reports to insurance regulatory authorities. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosure of certain assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While every effort is made to ensure the integrity of such estimates, actual results could differ from those estimates. Investments Although all of the Company's fixed maturity investments are classified as available-for-sale and are stated at market value, the Company's investment guidelines place primary emphasis on buying and holding high-quality investments. Investments in equity securities are carried at market value. The unrealized gains or losses from fixed maturities and equity securities are reported as a separate component of stockholders' equity, net of any deferred tax effect. Short-term investments are carried at cost which approximates market value. When a decline in the value of a fixed maturity or equity security is considered other than temporary, a loss is recognized in the consolidated statement of operations. Realized gains and losses are included in the consolidated statements of operations based upon the specific identification method. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using accelerated depreciation methods over the estimated useful lives of the related assets. Income Taxes The provision for income taxes is computed on the basis of income as reported for financial reporting purposes under generally accepted accounting principles. Deferred income taxes arise principally from certain assets and liabilities which are recognized for income tax purposes in different periods than for financial statements. 5 of 11 UNICO AMERICAN CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 NOTE 2 - RESTRICTED FUNDS As required by law, the Company segregates from its operating accounts premiums collected from insureds into separate trust accounts. As of September 30, 1996, these trust funds represent $2,674,524 of the Company's cash and short-term investments. In addition, $725,000 of the Company's investments represent statutory deposits of Crusader which are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for Crusader to write certain lines of business in California and for its admission in states other than California. NOTE 3 - FUNDS HELD AS SECURITY Funds held as security for performance represent funds received in order to guarantee the contractual obligations entered into with customers. NOTE 4 - STATUTORY CAPITAL AND SURPLUS As of September 30, 1996, Crusader's statutory capital and surplus were deemed sufficient to support its present insurance premium writings. NOTE 5 - INCENTIVE STOCK OPTION PLAN The Company's 1985 stock option plan provided for the grant of "incentive stock options" to officers and key employees. The plan covers an aggregate of 1,500,000 shares of the Company's common stock (subject to adjustment in the case of stock splits, reverse stock splits, stock dividends, etc.). As of September 30, 1996, 646,620 options were outstanding of which 519,147 were currently exercisable. During the quarter ended September 30, 1996, options on 200 shares of common stock were exercised and 4,650 options expired. There are no additional options available for future grant under the 1985 plan. NOTE 6 - CLAIMS AND LITIGATION The Company, by virtue of the nature of the business conducted by it, becomes involved in numerous legal proceedings in which it may be named as either plaintiff or defendant. The Company is required to resort to legal proceedings from time-to-time in order to enforce collection of premiums and other commissions or fees for the services rendered to customers or to their agents. These routine items of litigation do not materially affect the Company and are handled on a routine basis by the Company through its general counsel. Likewise, the Company is sometimes named as a cross-defendant in litigation which is principally directed against that insurer who has issued a policy of insurance directly or indirectly through the Company. Incidental actions are sometimes brought by customers or other agents which relate to disputes concerning the issuance or non-issuance of individual policies. These items are also handled on a routine basis by the Company's general counsel, and the do not materially affect the operations of the Company. Management is confident that the ultimate outcome of pending litigation should not have an adverse effect on the Company's consolidated operation or financial position. 6 of 11 UNICO AMERICAN CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1996 NOTE 7 - LEASE COMMITMENTS AND CONTINGENCIES The Company presently occupies a 46,000 square foot building located at 23251 Mulholland Drive, Woodland Hills, California, under a master lease expiring March 31, 2007. The lease provides for an annual gross rental of $1,025,952. Erwin Cheldin, the Company's president, chairman and principal stockholder, is the owner of the building. The terms of the lease at inception and at the time the lease extension was executed were at least as favorable to the Company as could have been obtained from unaffiliated third parties. The Company utilizes for its own operation 100% of the space it leases. NOTE 8 In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which consist of normal recurring adjustments, to present fairly the results of operations for the three and six months ended September 30, 1996, and September 30, 1995. NOTE 9 The results of operations for the three and six months ended September 30, 1996, should not be considered as necessarily indicative of the results to be expected for the full year. 7 of 11 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (a) Liquidity and Capital Resources: Due to the nature of the Company's business (insurance and insurance services) and whereas Company growth does not normally require material reinvestment of profits into property or equipment, the cash flow generated from operations usually results in improved liquidity for the Company. Crusader's losses and loss adjustment expense payments are the most significant cash flow requirement of the Company. These payments are continually monitored and projected to ensure that the Company has the liquidity to cover these payments without the need to liquidate its investments. As of September 30, 1996, the Company had cash and cash investments of $79,261,789 (at amortized cost) of which $75,900,556 (96%) were investments of Crusader. As of the quarter ended September 30, 1996, the Company had invested $74,604,987 (at amortized cost) or 95% of its invested assets in fixed maturity obligations. Although all of the Company's fixed maturity investments are classified as available-for-sale, the Company's investment guidelines place primary emphasis on buying and holding high quality investments. The balance of the Company's investments were in equity securities of a regional telephone company and a regional utility company and high-quality short-term investments that include a U.S. treasury bill, bank money market accounts, certificates of deposit, commercial paper and a short-term treasury money market fund. The Company's investments in fixed maturity obligations of $74,604,987 (at amortized cost) include $39,793,222 (53%) of tax exempt, pre-refunded state and municipal bonds, $21,442,793 (29%) of U.S. treasury securities, $12,570,972 (17%) of high quality industrial bonds and $798,000 (1%) of FDIC insured certificates of deposit. The tax exempt interest income earned for the three and six months ended September 30, 1996, was $454,961 and $898,218 respectively. The tax exempt interest income earned for the three and six months ended September 30, 1995, was $432,558 and $927,013 respectively. The Company's investment policy limits investments in any one company to no more than $1,000,000. This limitation excludes bond premiums paid in excess of par value and U.S. Government or U.S. Government guaranteed issues. All Unico investments are high-grade investment quality. On August 14, 1996, the Company paid the $0.07 (seven cents) per common share cash dividend which was declared by the Board of Directors on May 14, 1996, to shareholders of record at the close of business on July 31, 1996. The Company's premium finance subsidiary, American Acceptance Corporation ("AAC"), has a bank credit line of $6,000,000 with a variable rate of interest based on fluctuations in the London Inter Bank Offered Rate ("LIBOR"). This credit line is only used to provide AAC with the additional funds it requires to finance insurance premiums. AAC has been paying down its bank note payable from its internal cash flow as well as from intercompany loans from Unico. The bank note payable has been reduced from $2,000,001 as of March 31, 1996 to $1,100,001 as of September 30, 1996. 8 of 11 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) (a) Liquidity and Capital Resources (continued) Although material capital expenditures may also be funded through borrowings, the Company believes that cash generated from operations, plus cash and short-term investments at the quarter end, net of trust restrictions of $2,674,524 and statutory deposits of $725,000, should be sufficient to meet its operating requirements during the next twelve months without the necessity of borrowing additional funds. Crusader is restricted in the amount of dividends it may pay to its parent, Unico, without prior regulatory approval by the California Insurance Department. Crusader anticipates that it will not be required to obtain prior regulatory approval for any dividend which it may pay to Unico in the next twelve months. There are no material commitments for capital expenditures as of the date of this report. (b) Results of Operations: All comparisons made in this discussion are comparing the three and six months ended September 30, 1996 to the three and six months ended September 30, 1995, unless otherwise indicated. The Company recognized net income of $1,748,741 for the three months and $3,422,835 for the six months ended September 30, 1996, compared to net income of $1,414,145 for the three months and $2,741,451 for the six months ended September 30, 1995. Total revenues increased $1,384,698 (13%) for the three months and $2,553,803 (12%) for the six months ended September 30, 1996, when compared to the three and six months ended September 30, 1995. The increase in net income was primarily the result of: a) An increase in Crusader's underwriting profit (net earned premium less loss and loss adjustment expenses and policy acquisition costs) of $197,125 (16%) for the three months and $294,042 (11%) for the six months ended September 30, 1996. b) An increase in investment income (excluding realized investment gains) of $154,458 (16%) for the three months and $234,072 (13%) for the six months ended September 30, 1996. c) An decrease in other operating expenses of $161,750 (21%) for the three months and $317,960 (19%) for the six months ended September 30, 1996. d) An increase in realized investment gains for the six months ended September 30, 1996 of $183,982. Premium earned before reinsurance increased $453,389 (5%) for the three months and $322,346 (2%) for the six months ending September 30, 1996. Crusader's primary line of business is its Commercial Package business, representing 96% of all premiums earned in the three months and 97% of all premiums earned in the six months ended September 30, 1996. The Commercial Package business continued to grow, with earned premium increasing $563,562 (6%) to $9,495,710 for the three months and $1,270,403 (7%) to $18,694,071 for the six months ended September 30, 1996 as compared to the corresponding periods of the prior year. Crusader has been intentionally reducing its Other Liability line of business in an effort to improve the utilization of its surplus. This has resulted in a reduction of Other Liability earned premium of $187,582 for the three months and $972,701 for the six months ended September 30, 1996 as compared to the corresponding periods of the prior year. 9 of 11 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) (b) Results of Operations (continued) Ceded premium decreased from 18% of premium earned to 10% for the three months and decreased from 20% of premium earned to 10% for the six months primarily as a result of the reduction in Other Liability premium which cedes a higher percentage of premium than Crusader's other lines, and to reduced reinsurance rates due to favorable reinsurance loss experience and an increase in loss retention from $100,000 to $150,000 on April 1, 1995. Losses and loss adjustment expenses were 58% of net premium earned for the three months and 57% for the six months ended September 30, 1996, compared to 56% of net premium earned for the three months and 55% of net premiun earned for the six months ended September 30, 1995. Crusader has continued to experience favorable development of prior period losses. Policy acquisition costs consist of commissions, premium taxes, inspection fees, and certain other underwriting costs which are directly or indirectly related to the production of Crusader insurance policies. These costs include both Crusader expenses and allocated expenses of other Unico subsidiaries. Crusader's reinsurer pays Crusader a ceding commission which is primarily a reimbursement of the acquisition cost related to the ceded premium. Policy acquisition costs, net of ceding commission, are deferred and amortized as the related premiums are earned. These costs increased by $141,553 (7%) for the three months ended September 30, 1996 and $305,357 (7%) for the six months ended September 30, 1996, compared to the three and six months ended September 30, 1995. The increase in costs is due to the related increase in Crusader's net earned premium. Investment income, excluding realized investment gains, increased $154,458 (16%) to $1,090,649 for the three months and increased $234,072 (13%) to $2,102,144 for the six months ended September 30, 1996, compared to the three and six months ended September 30, 1995. This increase was primarily due to a 16% increase (at amortized cost) in invested assets. Other operating expenses decreased $161,750 (21%) for the three months and $317,960 (19%) for the six months ended September 30, 1996 compared to the three and six months ended September 30, 1995. The decrease in expenses for the three months was primarily due to a $48,286 decrease in interest expense due to decreased borrowings, and a $38,175 decrease in insurance department examination fees. The decrease in expenses for the six months was primarily due to a $114,630 decrease in interest expense due to decreased borrowings, and a $54,289 decrease in insurance department examination fees. There were no significant changes in other revenue or expense items. The effect of inflation on net income of the Company during the three and six months ended September 30, 1996, and 1995 was not significant. 10 of 11 PART II - OTHER INFORMATION ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) On September 6, 1996 the Company held its Annual Meeting of Stockholders. (b) Proxies for the meeting were solicited pursuant to Regulation 14 under the Securities Exchange Act of 1934; there was no solicitation in opposition to nominees of the Board of Directors as listed in the Proxy Statement and all such nominees were elected. (c) At the meeting, the following persons were elected by the vote indicated (there were no abstentions or broker non-votes) as directors to serve until the next annual meeting of shareholders and until their successors are duly elected and qualified:
Against or Name For Withheld ---- --------- ---------- Erwin Cheldin 5,646,818 3,431 Lester A. Aaron 5,646,815 3,434 Cary L. Cheldin 5,644,306 5,943 George C. Gilpatrick 5,645,845 4,404 Roger H. Platten 5,645,845 4,404 David A. Lewis 5,645,858 4,391 Bernard R. Gans 5,573,058 77,191
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits: Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K: None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned there unto authorized. UNICO AMERICAN CORPORATION Date: November 11, 1996 By: /s/ ERWIN CHELDIN Erwin Cheldin Chairman of the Board, President and Chief Executive Officer, (Principal Executive Officer) Date: November 11, 1996 By: /s/ LESTER A. AARON Lester A. Aaron Treasurer, Chief Financial Officer,(Principal Accounting and Principal Financial Officer) 11 of 11 EX-27 2
7 6-MOS MAR-31-1997 SEP-30-1996 75,185,115 0 0 930,000 0 0 79,414,663 367,804 95,033 4,615,668 101,722,931 39,762,333 20,955,161 0 2,292,054 1,100,001 0 0 2,836,026 32,368,965 101,722,931 17,260,623 2,102,144 191,174 3,569,655 9,874,998 4,518,914 3,818,467 4,911,217 1,488,382 3,422,835 0 0 0 3,422,835 0.55 0.55 0 0 0 0 0 0 0
-----END PRIVACY-ENHANCED MESSAGE-----