-----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, EUYxoCRTFQy7NJ6YrGB+ycoQSkwtsmY/jlIByuO97GwVkYzO3hEM4wi4zOTbOfQ7 h5QJmO1dEpuNuhquol/QBg== 0000100716-07-000009.txt : 20070514 0000100716-07-000009.hdr.sgml : 20070514 20070514153139 ACCESSION NUMBER: 0000100716-07-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070511 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070514 DATE AS OF CHANGE: 20070514 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: 07846145 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): May 11, 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 May 11,2007, the registrant issued a news release announcing its results of operations for the quarter ended March 31, 2007. 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: May 11, 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 May 11, 2007 3 EX-99.1 2 news0307.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 FIRST QUARTER ENDED MARCH 31, 2007 Woodland Hills, California, May 11, 2007 - Unico American Corporation (NASDAQ - "UNAM") announced today that for its quarter ended March 31, 2007, revenues were $12,845,975 and net income was $1,688,588 ($0.30 diluted income per share) compared with revenues of $14,073,675 and net income of $1,887,550 ($0.34 diluted income per share) for the quarter ended March 31, 2006. Stockholders' equity was $62,810,927 at March 31, 2007, or $11.22 per common share including unrealized after-tax investment losses of $11,007 compared to stockholders' equity of $60,871,022 or $10.89 per common share including unrealized after-tax investment losses of $216,074 at December 31, 2006. Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance, and related premium financing through its wholly owned subsidiaries. (Table Follows) UNICO AMERICAN CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED FINANCIAL DATA (UNAUDITED) ($ in thousands, except per share) Three Months Ended Ended March 31 -------- 2007 2006 ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $12,740 $14,845 Premium ceded 3,031 3,631 ----- ------ Net premium earned 9,709 11,214 Investment income 1,622 1,334 Other income 10 28 ------ ------ Total Insurance Company Revenues 11,341 12,576 Other Revenues from Insurance Operations Gross commissions and fees 1,315 1,300 Investment income 38 21 Finance charges and fees earned 149 173 Other income 3 4 ------ ------ Total Revenues 12,846 14,074 ------ ------ Expenses - -------- Losses and loss adjustment expenses 5,934 6,518 Policy acquisition costs 1,996 2,451 Salaries and employee benefits 1,422 1,285 Commissions to agents/brokers 204 158 Other operating expenses 765 748 ------ ------ Total Expenses 10,321 11,160 ------ ------ Income Before Income Taxes 2,525 2,914 Income Tax Provision 836 1,026 ----- ----- Net Income $1,689 $1,888 ===== ===== PER SHARE DATA - -------------- Basic Earnings Per Share $0.30 $0.34 Weighted Average Shares (000) 5,596 5,506 Diluted Earnings Per Share $0.30 $0.34 Weighted Average Shares (000) 5,679 5,626 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses 60.8% 57.9% Underwriting Expenses 30.7% 30.6% ---- ---- Combined Ratio 91.5% 88.5% ==== ==== -----END PRIVACY-ENHANCED MESSAGE-----