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% ==== ===== ==== =====