-----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, B2I4mhFiTc8Fj+470ozXwfSkbKkespEyE8tUX7Zf8Zj2CLj8dST0rg9m7/S4PHOR GPqbT8McTQfW8M5XcfGaYw== 0000100716-03-000016.txt : 20031107 0000100716-03-000016.hdr.sgml : 20031107 20031107162347 ACCESSION NUMBER: 0000100716-03-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031106 ITEM INFORMATION: FILED AS OF DATE: 20031107 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: 03985496 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): November 6, 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 12. Results of Operations and Financial Condition. - ------------------------------------------------------- On November 6, 2003, the registrant issued a press release announcing its results of operations for the quarter ended September 30, 2003. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into the Item 12. 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: November 7, 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 November 6, 2003 3 EX-99.1 2 news0903.txt NEWS RELEASE NEWS RELEASE CONTACT: Lester A. Aaron Chief Financial Officer (818) 591-9800 UNICO AMERICAN CORPORATION REPORTS RESULTS FOR ITS THIRD QUARTER ENDED SEPTEMBER 30, 2003 Woodland Hills, California, November 6, 2003 - Unico American Corporation (NASDAQ - "UNAM") announced today that for its quarter ended September 30, 2003, revenues were $13,228,806 and the net loss was $733,562 ($0.13 diluted loss per share) compared with revenues of $12,080,314 and net income of $146,345 ($0.03 diluted income per share) for the quarter ended September 30, 2002. Revenues for the nine months ended September 30, 2003, were $36,937,413 and the net income was $60,797 ($0.01 diluted income per share) compared with revenues of $34,060,762 and a net loss of $3,410,475 ($0.62 diluted loss per share) for the nine months ended September 30, 2002. Stockholders' equity was $38,051,324 at September 30, 2003, or $6.93 per common share including unrealized after-tax investment gains of $2,699,299 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. The quarter ended September 30, 2003, was adversely effected by an August 2003 binding arbitration decision on a 1993 claim that exceeded Crusader's reinsurance coverage. As a result of this decision, the Company incurred adverse development on this claim, net of reinsurance, of approximately $2,000,000 or approximately $1,320,000 net of taxes. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share)
Three Months Ended Ended Nine Months Ended September 30 September 30 ------------ ------------ 2003 2002 2003 2002 ---- ---- ---- ---- Revenues Insurance Company Revenues Premium earned $14,174 $10,386 $38,247 $29,427 Premium ceded 4,460 1,474 11,839 4,668 ----- ------ ------ ------ Net premium earned 9,714 8,912 26,408 24,759 Investment income 1,168 1,324 3,649 4,082 Other income 28 19 71 27 ------ ------ ------ ------ Total Insurance Company Revenues 10,910 10,255 30,128 28,868 Other Revenues from Insurance Operations Gross commissions and fees 2,055 1,585 6,062 4,473 Investment income 12 15 38 43 Finance charges and late fees earned 247 220 698 659 Other income 5 5 11 18 ------ ------ ------ ------ Total Revenues 13,229 12,080 36,937 34,061 ------ ------ ------ ------ Expenses Losses and loss adjustment expenses 9,710 7,208 23,386 26,034 Policy acquisition costs 2,132 2,364 5,786 6,794 Salaries and employee benefits 1,290 1,198 3,769 3,237 Commissions to agents/brokers 375 299 1,160 905 Other operating expenses 747 732 2,629 2,213 ------ ------ ------- ------- Total Expenses 14,254 11,801 36,730 39,183 ------ ------ ------ ------ Income (Loss) Before Income Taxes (1,025) 279 207 (5,122) Income Tax Provision (Benefit) (291) 133 146 (1,711) --- --- --- ----- Net Income (Loss) $(734) $146 $61 $(3,411) === === == ===== PER SHARE DATA Basic Earnings (Loss) Per Share $(0.13) $0.03 $0.01 $(0.62) Weighted Average Shares (000) 5,490 5,490 5,490 5,487 Diluted Earnings (Loss) Per Share $(0.13) $0.03 $0.01 $(0.62) Weighted Average Shares (000) 5,490 5,490 5,523 5,487 INSURANCE COMPANY STATUTORY OPERATING RATIOS Losses and Loss Adjustment Expenses 99.7% 80.5% 88.2% 104.8% Underwriting Expenses 29.5% 33.4% 29.3% 34.6% ----- ----- ----- ----- Combined Ratio 129.2% 113.9% 117.5% 139.4% ===== ===== ===== =====
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