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% ==== =====