-----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, NLe1775j52nR0gk/pP3WkSfuLdYj3iT35vwfa1mhDci3RHlTle1H4x0Y+lfqL+YL zka93Ta2/B/Llmrdx6sgog== 0000100716-03-000011.txt : 20030815 0000100716-03-000011.hdr.sgml : 20030815 20030815134335 ACCESSION NUMBER: 0000100716-03-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030814 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030815 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: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03978 FILM NUMBER: 03850259 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 8-K 1 form8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 13, 2003 Unico American Corporation (Exact Name of Registrant as Specified in its Charter) Nevada (State or Other Jurisdiction of Incorporation) 0-3978 95-2583928 (Commission File Number) (IRS Employer Identification No.) 23251 Mulholland Drive Woodland Hills, California 91364 (Address of Principal Executive Offices) (Zip Code) (818) 591-9800 (Registrant's Telephone Number, Including Area Code) (Former name or former address, if changed since last Report.) 1 Item 7. Financial Statements and Exhibits. - ------------------------------------------ (c) Exhibits 99.1 News release dated August 13, 2003 Item 12. Results of Operations and Financial Condition. - ------------------------------------------------------- On August 13, 2003, the registrant issued a press release announcing its results of operations for the quarter ended June 30, 2003. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. 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 hereunto duly authorized. UNICO AMERICAN CORPORATION (Registrant) Date: August 15, 2003 By: /s/ Lester A. Aaron ------------------- Name: Lester A. Aaron Title: Chief Financial Officer 2 EXHIBIT INDEX ------------- Exhibit Number Description - -------------- ----------- 99.1 News release dated August 13, 2003 3 EX-99.1 3 news0603.txt NEWS RELEASE EXHIBIT 99.1 NEWS RELEASE CONTACT: Lester A. Aaron Chief Financial Officer (818) 591-9800 UNICO AMERICAN CORPORATION REPORTS RESULTS FOR ITS SECOND QUARTER ENDED JUNE 30, 2003 Woodland Hills, California, August 13, 2003 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended June 30, 2003, revenues were $12,292,016 and the net income was $561,276 ($0.10 diluted income per share) compared with revenues of $11,328,455 and net loss of $3,662,872 ($0.67 diluted loss per share) for the quarter ended June 30, 2002. Revenues for the six months ended June 30, 2003, were $23,708,607 and the net income was $794,359 ($0.14 diluted income per share) compared with revenues of $21,980,448 and a net loss of $3,556,820 ($0.65 diluted loss per share) for the six months ended June 30, 2002. Stockholders' equity was $39,309,033 at June 30, 2003, or $7.16 per common share including unrealized after-tax investment gains of $3,223,446 compared to stockholders' equity of $38,408,990 or $7.00 per common share including unrealized after-tax investment gains of $3,117,762 at December 31, 2002. In August 2003, an adverse binding arbitration decision on a 1993 claim exceeded Crusader's reinsurance coverage. As a result of this decision, the Company will incur adverse development on this claim, net of reinsurance, of approximately $2,000,000 or approximately $1,320,000 net of taxes. The adverse development on this claim will be recognized in the quarter ending September 30, 2003, and may result in the Company incurring a net loss for that quarter. This release contains forward-looking statements and information relating to the Unico American Corporation that are based on our beliefs as well as assumptions made by and information currently available to us. The words "anticipate", "may" and similar expressions, as they relate to us, are intended to identify forward-looking statements. Actual results could differ materially from those projected in such forward-looking statements. Information concerning certain factors that could cause actual results to differ materially is included in the Unico American's Form 10-K for the year ended 2002, as filed with the SEC. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) 1 UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share)
Three Months Ended Ended Six Months Ended June 30 June 30 ------- ------- 2003 2002 2003 2002 ---- ---- ---- ---- Revenues Insurance Company Revenues Premium earned $12,648 $9,788 $24,073 $19,041 Premium ceded 3,915 1,533 7,379 3,194 ----- ----- ------ ------ Net premium earned 8,733 8,255 16,694 15,847 Investment income 1,214 1,368 2,481 2,758 Other income 24 7 43 9 ----- ----- ------ ------ Total Insurance Company Revenues 9,971 9,630 19,218 18,614 Other Revenues from Insurance Operations Gross commissions and fees 2,070 1,449 4,007 2,888 Investment income 13 21 26 27 Finance charges and late fees earned 231 220 451 439 Other income 7 8 7 12 ------ ------ ------ ------ Total Revenues 12,292 11,328 23,709 21,980 ------ ------ ------ ------ Expenses Losses and loss adjustment expenses 6,996 12,496 13,676 18,826 Policy acquisition costs 1,870 2,279 3,654 4,429 Salaries and employee benefits 1,286 1,052 2,479 2,039 Commissions to agents/brokers 382 303 785 606 Other operating expenses 886 735 1,883 1,481 ------ ------ ------ ------ Total Expenses 11,420 16,865 22,477 27,381 ------ ------ ------ ------ Income (Loss) Before Income Taxes 872 (5,537) 1,232 (5,401) Income Tax Provision (Benefit) 311 (1,874) 438 (1,844) --- ----- ---- ----- Net Income (Loss) $561 $(3,663) $794 $(3,557) === ===== === ===== PER SHARE DATA Basic Earnings (Loss) Per Share $0.10 $(0.67) $0.14 $(0.65) Weighted Average Shares (000) 5,490 5,488 5,490 5,485 Diluted Earnings (Loss) Per Share $0.10 $(0.67) $0.14 $(0.65) Weighted Average Shares (000) 5,526 5,488 5,517 5,485 INSURANCE COMPANY STATUTORY OPERATING RATIOS Losses and Loss Adjustment Expenses 79.7% 151.0% 81.6% 118.4% Underwriting Expenses 28.9% 34.7% 29.1% 35.4% ----- ----- ----- ----- Combined Ratio 108.6% 185.7% 110.7% 153.8% ===== ===== ===== =====
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