-----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, HyvVgoDpqocVGHmt+maKtzPCfHdnEzWdQzdHuzkEHL3fRUa4Wzx7it+OQ7M6nHvH qTglBA81unD8knWVub0fnw== 0000100716-05-000015.txt : 20051108 0000100716-05-000015.hdr.sgml : 20051108 20051108122204 ACCESSION NUMBER: 0000100716-05-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051108 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20051108 DATE AS OF CHANGE: 20051108 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: 051185429 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): November 8, 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 November 8, 2005, the registrant issued a news release announcing its results of operations for the quarter ended September 30, 2005. 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: November 9, 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 November 8, 2005 3 EX-99.1 2 news0905.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 THIRD QUARTER ENDED SEPTEMBER 30, 2005 Woodland Hills, California, November 8, 2005 - Unico American Corporation (NASDAQ - "UNAM") announced today that for its quarter ended September 30, 2005, revenues were $15,204,435 and net income was $1,661,458 ($0.30 diluted income per share) compared with revenues of $15,477,954 and net income of $1,426,213 ($0.26 diluted income per share) for the quarter ended September 30, 2004. Revenues for the nine months ended September 30, 2005, were $46,347,872 and net income was $4,859,951 ($0.87 diluted income per share) compared with revenues of $46,401,559 and net income was $3,917,600 ($0.70 diluted income per share) for the nine months ended September 30, 2004. Stockholders' equity was $46,588,295 at September 30, 2005, or $8.48 per common share including unrealized after-tax investment losses of $333,249 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 Nine Months Ended September 30 September 30 ------------ ------------ 2005 2004 2005 2004 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $16,047 $17,298 $49,256 $50,612 Premium ceded 3,508 4,798 10,901 13,198 ----- ------ ------ ------ Net premium earned 12,539 12,500 38,355 37,414 Investment income 1,047 1,053 3,138 3,168 Other income 31 24 76 73 ------ ------ ------ ------ Total Insurance Company Revenues 13,617 13,577 41,569 40,655 Other Revenues from Insurance Operations Gross commissions and fees 1,378 1,656 4,142 4,996 Investment income 15 10 44 28 Finance charges and fees earned 188 232 580 714 Other income 6 3 13 9 ------ ------ ------ ------ Total Revenues 15,204 15,478 46,348 46,402 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 7,900 8,720 24,456 26,329 Policy acquisition costs 2,620 2,616 7,947 7,739 Salaries and employee benefits 1,310 1,256 3,869 3,570 Commissions to agents/brokers 160 227 518 729 Other operating expenses 629 540 1,973 2,002 ------ ------ ------ ------ Total Expenses 12,619 13,359 38,763 40,369 ------ ------ ------ ------ Income Before Income Taxes 2,585 2,119 7,585 6,033 Income Tax Provision 924 693 2,725 2,115 ----- ----- ----- ----- Net Income $1,661 $1,426 $4,860 $3,918 ===== ===== ===== ===== PER SHARE DATA - -------------- Basic Earnings Per Share $0.30 $0.26 $0.88 $0.71 Weighted Average Shares (000) 5,496 5,490 5,496 5,490 Diluted Earnings Per Share $0.30 $0.26 $0.87 $0.70 Weighted Average Shares (000) 5,611 5,581 5,613 5,577 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses 62.8% 69.5% 63.5% 70.1% Underwriting Expenses 29.5% 29.6% 29.5% 28.9% ---- ---- ---- ---- Combined Ratio 92.3% 99.1% 93.0% 99.0% ==== ==== ==== ====
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