-----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, K/PFTRYkb7gysrcqBzXCBTAKG7CkTeMZf7RY98v8WBfPy77/YaUOGBBL3uMozpho ATKNwuXcvLZiu05HGjD0Sg== 0000100716-05-000009.txt : 20050812 0000100716-05-000009.hdr.sgml : 20050812 20050812142235 ACCESSION NUMBER: 0000100716-05-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050811 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050812 DATE AS OF CHANGE: 20050812 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: 051020768 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): August 11, 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 August 11, 2005, the registrant issued a news release announcing its results of operations for the quarter ended June 30, 2005. A copy of the press 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: August 11, 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 August 11, 2005 3 EX-99.1 2 news0605.txt NEWS RELEASE NEWS RELEASE CONTACT: Lester A. Aaron Chief Financial Officer (818) 591-9800 UNICO AMERICAN CORPORATION REPORTS RESULTS FOR ITS SECOND QUARTER ENDED JUNE 30, 2005 Woodland Hills, California, August 11, 2005 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended June 30, 2005, revenues were $15,662,323 and net income was $1,693,313 ($0.30 diluted income per share) compared with revenues of $15,243,414 and net income of $1,233,390 ($0.22 diluted income per share) for the quarter ended June 30, 2004. Revenues for the six months ended June 30, 2005, were $31,143,437 and net income was $3,198,493 ($0.57 diluted income per share) compared with revenues of $30,923,605 and net income was $2,491,387 ($0.45 diluted income per share) for the six months ended June 30, 2004. Stockholders' equity was $45,219,036 at June 30, 2005, or $8.23 per common share including unrealized after-tax investment losses of $41,050 compared to stockholders' equity of $42,425,325 or $7.72 per common share including unrealized after-tax investment gains of $376,172 at December 31, 2004. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share)
Three Months Ended Ended Six Months Ended June 30 June 30 ------- ------- 2005 2004 2005 2004 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $16,534 $16,839 $33,210 $33,314 Premium ceded 3,543 4,511 7,393 8,400 ------ ------ ------ ------ Net premium earned 12,991 12,328 25,817 24,914 Investment income 1,054 1,023 2,090 2,115 Other income 19 19 44 49 ------ ------ ------ ------ Total Insurance Company Revenues 14,064 13,370 27,951 27,078 Other Revenues from Insurance Operations Gross commissions and fees 1,391 1,629 2,765 3,340 Investment income 15 8 28 18 Finance charges and fees 189 235 392 482 Other income 3 1 7 6 ------ ------ ------ ------ Total Revenues 15,662 15,243 31,143 30,924 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 8,183 8,652 16,556 17,609 Policy acquisition costs 2,722 2,645 5,327 5,123 Salaries and employee benefits 1,272 1,097 2,559 2,314 Commissions to agents/brokers 172 231 357 502 Other operating expenses 669 673 1,344 1,462 ------ ------ ------ ------ Total Expenses 13,018 13,298 26,143 27,010 ------ ------ ------ ------ Income Before Income Taxes 2,644 1,945 5,000 3,914 Income tax provision 951 712 1,802 1,423 ----- ----- ----- ----- Net Income $1,693 $1,233 $3,198 $2,491 ===== ===== ===== ===== PER SHARE DATA - -------------- Basic Earnings Per Share $0.31 $0.22 $0.58 $0.45 Weighted Average Shares (000) 5,496 5,490 5,496 5,490 Diluted Earnings Per Share $0.30 $0.22 $0.57 $0.45 Weighted Average Shares (000) 5,615 5,573 5,614 5,575 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses 62.8% 69.9% 63.9% 70.4% Underwriting Expenses 29.1% 29.0% 29.5% 28.5% ---- ---- ---- ---- Combined Ratio 91.9% 98.9% 93.4% 98.9% ==== ==== ==== ====
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