-----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, O38IFCXP+QCKdNK9tE+WMH5rXO1Q0K7B/wmlxRd2JvSQO96bgC2ML2vavcn4woWZ z4zlCxxpsfZ3Y/JLRXxiIQ== 0000100716-07-000004.txt : 20070326 0000100716-07-000004.hdr.sgml : 20070326 20070326161546 ACCESSION NUMBER: 0000100716-07-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070326 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070326 DATE AS OF CHANGE: 20070326 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: 07718300 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 26, 2007 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 26, 2007, the registrant issued a news release announcing its results of operations for the year ended December 31, 2006. 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 26, 2007 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 26, 2007 3 EX-99.1 2 news1206.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, 2006 Woodland Hills, California, March 26, 2007 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended December 31, 2006, revenues were $13,317,228 and the net income was $5,735,825 ($1.01 diluted income per share) compared with revenues of $14,834,650 and net income of $1,855,053 ($0.33 diluted income per share) for the quarter ended December 31, 2005. Revenues for the twelve months ended December 31, 2006, were $54,717,381 and the net income was $11,794,241 ($2.09 diluted income per share) compared with revenues of $61,182,522 and a net income of $6,715,004 ($1.20 diluted income per share) for the twelve months ended December 31, 2005. Stockholders' equity was $60,871,022 at December 31, 2006, or $10.89 per common share including unrealized after-tax investment losses of $216,074 compared to stockholders' equity of $48,394,373 or $8.80 per common share including unrealized after-tax investment losses of $382,224 at December 31, 2005. As previously reported, due to favorable loss experience, the company reduced its provision for losses and related loss adjustment expenses for prior accident years by $7,699,017 and $12,170,683 for the three and twelve months ended December 31, 2006, respectively, as compared to a reduction of $1,439,190 and $3,824,464 for the three and twelve months ended December 31, 2005, respectively. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share)
Three Months Ended Ended Twelve Months Ended Ended December 31 December 31 ----------- ----------- 2006 2005 2006 2005 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $13,547 $15,457 $56,692 $64,713 Premium ceded 3,310 3,334 13,758 14,235 ------ ------ ------ ------ Net premium earned 10,237 12,123 42,934 50,478 Investment income 1,627 1,111 5,903 4,249 Realized investment gains 3 - 3 - Other income 33 31 103 107 ------ ------ ------ ------ Total Insurance Company Revenues 11,900 13,265 48,943 54,834 Other Revenues from Insurance Operations Gross commissions and fees 1,221 1,366 4,987 5,508 Investment income 30 25 101 69 Finance charges and fees earned 165 178 678 758 Other income 1 1 8 14 ------ ------ ------ ------ Total Revenues 13,317 14,835 54,717 61,183 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses (463) 7,058 17,827 31,514 Policy acquisition costs 2,232 2,566 9,251 10,513 Salaries and employee benefits 1,744 1,272 5,861 5,141 Commissions to agents/brokers 164 157 611 675 Other operating expenses 818 901 3,013 2,874 ----- ------ ------ ------ Total Expenses 4,495 11,954 36,563 50,717 ----- ------ ------ ------ Income Before Taxes 8,822 2,881 18,154 10,466 Income Tax Expense 3,086 1,026 6,360 3,751 ----- ----- ------ ----- Net Income $5,736 $1,855 $11,794 $6,715 ===== ===== ====== ===== PER SHARE DATA - -------------- Basic Earning Per Share $1.03 $0.34 $2.12 $1.22 Weighted Average Shares (000) 5,592 5,496 5,568 5,496 Diluted Earning Per Share $1.01 $0.33 $2.09 $1.20 Weighted Average Shares (000) 5,667 5,610 5,653 5,612 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses (4.8)% 57.9% 41.2% 62.2% Underwriting Expenses 30.0% 30.7% 29.9% 29.8% ---- ---- ---- ---- Combined Ratio 25.2% 88.6% 71.1% 92.0% ==== ==== ==== ====
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