-----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, EmCPwPNP4hORtEMPs1QLzyUPF6dyH0SfaDz3K0uxkrwmaOQZ+yEyemRpe++QTlK7 yuqUcexXSs9AGqaKjZ6EzA== 0000100716-04-000006.txt : 20040514 0000100716-04-000006.hdr.sgml : 20040514 20040513175306 ACCESSION NUMBER: 0000100716-04-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040512 ITEM INFORMATION: FILED AS OF DATE: 20040514 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: 04804051 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): May 12, 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 May 12, 2004, the registrant issued a news release announcing its results of operations for the quarter ended March 31, 2004. 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: May 12, 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 May 12, 2004 3 EX-99.1 2 news0304.txt NEWS RELEASE EXHIBIT 99.1 ------------ NEWS RELEASE CONTACT: Lester A. Aaron Chief Financial Officer (818) 591-9800 UNICO AMERICAN CORPORATION REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2004 Woodland Hills, California, MAY 12, 2004 - Unico American Corporation (NASDAQ - "UNAM") announced today that for its quarter ended March 31, 2004, revenues were $15,680,191 and the net income was $1,257,997 ($0.23 diluted income per share) compared with revenues of $11,416,591 and net income of $233,083 ($0.04 diluted income per share) for the quarter ended March 31, 2003. Stockholders' equity was $39,870,106 at March 31, 2004, or $7.26 per common share including unrealized after-tax investment gains of $2,252,231 compared to stockholders' equity of $38,470,857 or $7.01 per common share including unrealized after-tax investment gains of $2,110,979 at December 31, 2003. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share) Three Months Ended Ended March 31 -------- 2004 2003 ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $16,475 $11,425 Premium ceded 3,889 3,464 ------- ----- Net premium earned 12,586 7,961 Investment income 1,092 1,267 Other income 30 19 ------ ----- Total Insurance Company Revenues 13,708 9,247 Other Revenues from Insurance Operations Gross commissions and fees 1,711 1,937 Investment income 10 13 Finance charges and late fees earned 247 220 Other income 4 - ------ ------ Total Revenues 15,680 11,417 ------ ------ Expenses - -------- Losses and loss adjustment expenses 8,957 6,680 Policy acquisition costs 2,479 1,784 Salaries and employee benefits 1,216 1,193 Commissions to agents/brokers 271 403 Other operating expenses 789 997 ------ ------ Total Expenses 13,712 11,057 ------ ------ Income Before Income Taxes 1,968 360 Income Tax Provision 710 127 ----- --- Net Income $1,258 $233 ===== === PER SHARE DATA Basic Earnings Per Share $0.23 $0.04 Weighted Average Shares (000) 5,490 5,490 Diluted Earnings Per Share $0.23 $0.04 Weighted Average Shares (000) 5,578 5,507 INSURANCE COMPANY STATUTORY OPERATING RATIOS Losses and Loss Adjustment Expenses 71.0% 83.5% Underwriting Expenses 28.0% 29.6% ---- ----- Combined Ratio 99.0% 113.1% ==== ===== -----END PRIVACY-ENHANCED MESSAGE-----