-----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, O0Xh36sOcSozELDk/3XLAjDHL0UXQb8K2jVzkiYXc6QzDJDOAcbrRggpxz/lzPNL FIFJnm2oSWnnYPsM95uV7g== 0000100716-05-000002.txt : 20050329 0000100716-05-000002.hdr.sgml : 20050329 20050329133511 ACCESSION NUMBER: 0000100716-05-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050324 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050329 DATE AS OF CHANGE: 20050329 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: 05709035 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 24, 2005 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.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1 Item 2.02. Results of Operations and Financial Condition. - ------------------------------------------------------- On March 24, 2005, the registrant issued a news release announcing its results of operations for the forth quarter and year ended December 31, 2004. A copy of the news release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. 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 29, 2005 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 24, 2005 3 EX-99.1 2 news1204.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 FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2004 Woodland Hills, California, March 24, 2005 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended December 31, 2004, revenues were $15,501,751 and the net income was $1,763,900 ($0.32 diluted income per share) compared with revenues of $14,193,026 and net income of $1,007,853 ($0.18 diluted income per share) for the quarter ended December 31, 2003. Revenues for the twelve months ended December 31, 2004, were $61,903,310 and the net income was $5,681,500 ($1.02 diluted income per share) compared with revenues of $51,130,439 and a net income of $1,068,650 ($0.19 diluted income per share) for the twelve months ended December 31, 2003. Stockholders' equity was $42,425,325 at December 31, 2004, or $7.72 per common share including unrealized after-tax investment gains of $376,172 compared to stockholders' equity of $38,470,857 or $7.01 per common share including unrealized after-tax investment gains of $2,110,979 at December 31, 2003. Unico American Corporation is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, health and life insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services (Table Follows)
UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share) Three Months Ended Twelve Months Ended December 31 December 31 ----------- ----------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $17,279 $15,506 $67,891 $53,754 Premium ceded 4,586 4,809 17,784 16,648 ------ ------ ------ ------ Net premium earned 12,693 10,697 50,107 37,106 Investment income 1,036 1,152 4,204 4,801 Other income 31 28 104 98 ------ ------ ------ ------ Total Insurance Company Revenues 13,760 11,877 54,415 42,005 Other Revenues from Insurance Operations Gross commissions and fees 1,508 2,048 6,504 8,110 Investment income 10 9 38 47 Finance charges and fees earned 219 255 933 953 Other income 4 4 13 16 ------ ------ ------ ------ Total Revenues 15,501 14,193 61,903 51,131 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 8,122 8,334 34,451 31,720 Policy acquisition costs 2,580 2,155 10,319 7,941 Salaries and employee benefits 1,299 1,192 4,869 4,961 Commissions to agents/brokers 206 301 935 1,461 Other operating expenses 655 269 2,657 2,898 ------ ------ ------- ------ Total Expenses 12,862 12,251 53,231 48,981 ------ ------ ------ ------ Income Before Income Taxes 2,639 1,942 8,672 2,150 Income Tax Provision 875 934 2,991 1,081 ----- ----- ----- ----- Net Income $1,764 $1,008 $5,681 $1,069 ===== ===== ===== ===== PER SHARE DATA Basic Earning Per Share $0.32 $0.18 $1.03 $0.19 Weighted Average Shares (000) 5,492 5,490 5,490 5,490 Diluted Earning Per Share $0.32 $0.18 $1.02 $0.19 Weighted Average Shares (000) 5,597 5,562 5,581 5,533 INSURANCE COMPANY STATUTORY OPERATING RATIOS Losses and Loss Adjustment Expenses 63.7% 77.6% 68.5% 85.2% Underwriting Expenses 29.0% 29.1% 28.9% 29.2% ---- ----- ---- ----- Combined Ratio 92.7% 106.7% 97.4% 114.4% ==== ===== ==== =====
-----END PRIVACY-ENHANCED MESSAGE-----