-----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, N0319yiBxwa1BdXS+bNcoZa7ALD1LG7a/MEjwLvth7diEGERmAFlmkKaHyGR4O0B jlpOka/3YPOZ1Zb7DAp4pg== 0000100716-06-000001.txt : 20060324 0000100716-06-000001.hdr.sgml : 20060324 20060324144338 ACCESSION NUMBER: 0000100716-06-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060324 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20060324 DATE AS OF CHANGE: 20060324 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: 06708877 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, 2006 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, 2006, the registrant issued a news release announcing its results of operations for the year ended December 31, 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: March 24, 2006 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, 2006 3 EX-99.1 2 news1205.txt NEWS RELEASE 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, 2005 Woodland Hills, California, March 24, 2006 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended December 31, 2005, revenues were $14,834,650 and the net income was $1,855,053 ($0.33 diluted income per share) compared with revenues of $15,501,751 and net income of $1,763,900 ($0.32 diluted income per share) for the quarter ended December 31, 2004. Revenues for the twelve months ended December 31, 2005, were $61,182,522 and the net income was $6,715,004 ($1.20 diluted income per share) compared with revenues of $61,903,310 and a net income of $5,681,500 ($1.02 diluted income per share) for the twelve months ended December 31, 2004. Stockholders' equity was $48,394,373 at December 31, 2005, or $8.80 per common share including unrealized after-tax investment losses of $382,224 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 Twelve Months Ended Ended December 31 December 31 ----------- ----------- 2005 2004 2005 2004 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $15,457 $17,279 $64,713 $67,891 Premium ceded 3,334 4,586 14,235 17,784 ------ ------ ------ ------ Net premium earned 12,123 12,693 50,478 50,107 Investment income 1,111 1,036 4,249 4,204 Other income 31 31 107 104 ------ ------ ------ ------ Total Insurance Company Revenues 13,265 13,760 54,834 54,415 Other Revenues from Insurance Operations Gross commissions and fees 1,366 1,508 5,508 6,504 Investment income 25 10 69 38 Finance charges and fees earned 178 219 758 933 Other income 1 4 14 13 ------ ------ ------ ------ Total Revenues 14,835 15,501 61,183 61,903 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 7,058 8,122 31,514 34,451 Policy acquisition costs 2,566 2,580 10,513 10,319 Salaries and employee benefits 1,272 1,299 5,141 4,869 Commissions to agents/brokers 157 206 675 935 Other operating expenses 901 655 2,874 2,657 ------ ------ ------ ------ Total Expenses 11,954 12,862 50,717 53,231 ------ ------ ------ ------ Income Before Income Taxes 2,881 2,639 10,466 8,672 Income Tax Provision 1,026 875 3,751 2,991 ----- ----- ----- ----- Net Income $1,855 $1,764 $6,715 $5,681 ===== ===== ===== ===== PER SHARE DATA - -------------- Basic Earning Per Share $0.34 $0.32 $1.22 $1.03 Weighted Average Shares (000) 5,496 5,492 5,496 5,490 Diluted Earning Per Share $0.33 $0.32 $1.20 $1.02 Weighted Average Shares (000) 5,610 5,597 5,612 5,581 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses 57.9% 63.7% 62.2% 68.5% Underwriting Expenses 30.7% 29.0% 29.8% 28.9% ---- ---- ---- ---- Combined Ratio 88.6% 92.7% 92.0% 97.4% ==== ==== ==== ====
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