-----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, S1PCOB66kbIokPFF4mcSYN2+LdPPpwbcJYGbyODN6fkknarnvs4Y0QhFwTkPHwt7 mpcMPoRhpucWsG3nlCdJKA== 0000100716-04-000001.txt : 20040326 0000100716-04-000001.hdr.sgml : 20040326 20040326161531 ACCESSION NUMBER: 0000100716-04-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040325 ITEM INFORMATION: FILED AS OF DATE: 20040326 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: 04693167 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 form8k.txt FORM 8K 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): March 25, 2004 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 March 25, 2004, 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: March 26, 2004 By: /s/ Lester A. Aaron ------------------- Name: Lester A. Aaron Title: Chief Financial Officer 2 EXHIBIT INDEX ------------- Exhibit Number Description - -------------- ----------- 99.1 News release dated March 25, 2004 3 EX-99.1 3 news1203.txt NEWS RELEASE DATED 3-25-04 NEWS RELEASE CONTACT: Lester A. Aaron Chief Financial Officer (818) 591-9800 UNICO AMERICAN CORPORATION REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2003 Woodland Hills, California, March 25, 2004 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended December 31, 2003, revenues were $14,193,026 and the net income was $1,007,853 ($0.18 diluted income per share) compared with revenues of $11,967,880 and net income of $185,786 ($0.03 diluted income per share) for the quarter ended December 31, 2002. Revenues for the twelve months ended December 31, 2003, were $51,130,439 and the net income was $1,068,650 ($0.19 diluted income per share) compared with revenues of $46,028,642 and a net loss of $3,224,689 ($0.59 diluted loss per share) for the twelve months ended December 31, 2002. Stockholders' equity was $38,470,857 at December 31, 2003, or $7.01 per common share including unrealized after-tax investment gains of $2,110,979 compared to stockholders' equity of $38,408,990 or $7.00 per common share including unrealized after-tax investment gains of $3,117,762 at December 31, 2002. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share)
Three Months Ended Ended Twelve Months Ended Ended December 31 December 31 ----------- ----------- 2003 2002 2003 2002 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $15,506 $11,142 $53,754 $40,569 Premium ceded 4,809 2,542 16,648 7,210 ------ ----- ------ ------ Net premium earned 10,697 8,600 37,106 33,359 Investment income 1,152 1,320 4,801 5,402 Net realized investment gains - 4 - 4 Other income 28 22 98 49 ------ ----- ------ ------ Total Insurance Company Revenues 11,877 9,946 42,005 38,814 Other Revenues from Insurance Operations Gross commissions and fees 2,048 1,788 8,110 6,261 Investment income 9 13 47 56 Finance charges and fees earned 255 220 953 879 Other income 4 1 16 19 ------ ------ ------ ------ Total Revenues 14,193 11,968 51,131 46,029 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 8,334 6,693 31,720 32,727 Policy acquisition costs 2,155 2,480 7,941 9,274 Salaries and employee benefits 1,192 1,137 4,961 4,374 Commissions to agents/brokers 301 314 1,461 1,219 Other operating expenses 269 1,036 2,898 3,249 ------ ------ ------ ------ Total Expenses 12,251 11,660 48,981 50,843 ------ ------ ------ ------ Income (Loss) Before Income Taxes 1,942 308 2,150 (4,814) Income Tax Provision (Benefit) 934 122 1,081 (1,589) ----- --- ----- ----- Net Income (Loss) $1,008 $ 186 $1,069 $(3,225) ===== === ===== ===== PER SHARE DATA Basic Earning (Loss) Per Share $0.18 $0.03 $0.19 $(0.59) Weighted Average Shares (000) 5,490 5,490 5,490 5,487 Diluted Earning (Loss) Per Share $0.18 $0.03 $0.19 $(0.59) Weighted Average Shares (000) 5,562 5,490 5,533 5,487 INSURANCE COMPANY STATUTORY OPERATING RATIOS Losses and Loss Adjustment Expenses 77.6% 77.4% 85.2% 97.8% Underwriting Expenses 29.1% 35.9% 29.2% 34.9% ----- ----- ----- ----- Combined Ratio 106.7% 113.3% 114.4% 132.7% ===== ===== ===== =====
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