-----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, GjOGvk40uz4ttC+a0oY1DAQyjDc/mBmT7+2uzB01CoQOmbEJgyBplvA0ERzgALO+ btm6917SEYrSZXg8ZFd8Gg== 0000100716-04-000008.txt : 20040813 0000100716-04-000008.hdr.sgml : 20040813 20040813154448 ACCESSION NUMBER: 0000100716-04-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040811 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20040813 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: 04974236 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 EXHIBIT 99.1 ------------ 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 11, 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 August 11, 2004, the registrant issued a news release announcing its results of operations for the quarter ended June 30, 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: August 13, 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 August 11, 2004 3 EX-99.1 2 news0604.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, 2004 Woodland Hills, California, August 11, 2004 - Unico American Corporation (NASDAQ- "UNAM") announced today that for its quarter ended June 30, 2004, revenues were $15,243,414 and net income was $1,233,390 ($0.22 diluted income per share) compared with revenues of $12,292,016 and net income of $561,276 ($0.10 diluted income per share) for the quarter ended June 30, 2003. Revenues for the six months ended June 30, 2004, were $30,923,605 and net income was $2,491,387 ($0.45 diluted income per share) compared with revenues of $23,708,607 and net income of $794,359 ($0.14 diluted income per share) for the six months ended June 30, 2003. Stockholders' equity was $39,609,812 at June 30, 2004, or $7.22 per common share including unrealized after-tax investment gains of $758,547 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 Six Months Ended June 30 June 30 ------- ------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $16,839 $12,648 $33,314 $24,073 Premium ceded 4,511 3,915 8,400 7,379 ------ ------ ------ ------ Net premium earned 12,328 8,733 24,914 16,694 Investment income 1,023 1,214 2,115 2,481 Other income 19 24 49 43 ------ ----- ------ ------ Total Insurance Company Revenues 13,370 9,971 27,078 19,218 Other Revenues from Insurance Operations Gross commissions and fees 1,629 2,070 3,340 4,007 Investment income 8 13 18 26 Finance charges and fees earned 235 231 482 451 Other income 1 7 6 7 ------ ------ ------ ------ Total Revenues 15,243 12,292 30,924 23,709 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 8,652 6,996 17,609 13,676 Policy acquisition costs 2,645 1,870 5,123 3,654 Salaries and employee benefits 1,097 1,286 2,314 2,479 Commissions to agents/brokers 231 382 502 785 Other operating expenses 673 886 1,462 1,883 ------ ------ ------ ------ Total Expenses 13,298 11,420 27,010 22,477 ------ ------ ------ ------ Income Before Income Taxes 1,945 872 3,914 1,232 Income Tax Provision 712 311 1,423 438 ----- --- ----- ---- Net Income $1,233 $561 $2,491 $794 ===== === ===== === PER SHARE DATA - -------------- Basic Earnings Per Share $0.22 $0.10 $0.45 $0.14 Weighted Average Shares (000) 5,490 5,490 5,490 5,490 Diluted Earnings Per Share $0.22 $0.10 $0.45 $0.14 Weighted Average Shares (000) 5,573 5,526 5,575 5,517 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses 69.9% 79.7% 70.4% 81.6% Underwriting Expenses 29.0% 28.9% 28.5% 29.1% ---- ----- ---- ----- Combined Ratio 98.9% 108.6% 98.9% 110.7% ==== ===== ==== =====
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