-----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, HXEXplCdxwM35o9OojoiQfHR+CRErAEA7SuSR6zsHyO8f2KPG137YXs4SPivxVUD FNQP2lMiOAD3C4zSj5/8YA== 0000100716-07-000011.txt : 20070813 0000100716-07-000011.hdr.sgml : 20070813 20070810173138 ACCESSION NUMBER: 0000100716-07-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070810 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070813 DATE AS OF CHANGE: 20070810 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: 071046492 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 10, 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 August 10, 2007, the registrant issued a news release announcing its results of operations for the quarter ended June 30, 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: August 10, 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 August 10, 2007 3 EX-99.1 2 news0607.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 SECOND QUARTER ENDED JUNE 30, 2007 Woodland Hills, California, August 10, 2007 - Unico American Corporation (NASDAQ - - "UNAM") announced today that for its quarter ended June 30, 2007, revenues were $12,638,966 and net income was $1,626,324 ($0.29 diluted income per share) compared with revenues of $13,667,146 and net income of $1,956,720 ($0.35 diluted income per share) for the quarter ended June 30, 2006. Revenues for the six months ended June 30, 2007, were $25,484,941 and net income was $3,314,912 ($0.58 diluted income per share) compared with revenues of $27,740,821 and net income was $3,844,270 ($0.68 diluted income per share) for the six months ended June 30, 2006. Stockholders' equity was $64,323,798 at June 30, 2007, or $11.45 per common share including unrealized after-tax investment losses of $274,404 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 Six Months Ended June 30 June 30 ------- ------- 2007 2006 2007 2006 ---- ---- ---- ---- Revenues - -------- Insurance Company Revenues Premium earned $12,392 $14,294 $25,133 $29,139 Premium ceded 2,909 3,489 5,940 7,119 ----- ------ ------ ------ Net premium earned 9,483 10,805 19,193 22,020 Investment income 1,661 1,421 3,283 2,754 Other income 20 20 30 47 ------ ------ ------ ------ Total Insurance Company Revenues 11,164 12,246 22,506 24,821 Other Revenues from Insurance Operations Gross commissions and fees 1,289 1,225 2,604 2,525 Investment income 40 24 78 45 Finance charges and fees earned 143 172 291 345 Other income 3 - 6 5 ------ ------ ------ ------ Total Revenues 12,639 13,667 25,485 27,741 ------ ------ ------ ------ Expenses - -------- Losses and loss adjustment expenses 5,484 6,053 11,418 12,572 Policy acquisition costs 2,305 2,315 4,301 4,766 Salaries and employee benefits 1,463 1,398 2,885 2,683 Commissions to agents/brokers 236 153 440 311 Other operating expenses 699 735 1,464 1,482 ------ ------ ------ ------ Total Expenses 10,187 10,654 20,508 21,814 ------ ------ ------ ------ Income Before Income Taxes 2,452 3,013 4,977 5,927 Income Tax Provision 826 1,056 1,662 2,083 ------ ----- ----- ----- Net Income $1,626 $1,957 $3,315 $3,844 ===== ===== ===== ===== PER SHARE DATA - -------------- Basic Earnings Per Share $0.29 $0.35 $0.59 $0.69 Weighted Average Shares (000) 5,611 5,583 5,603 5,545 Diluted Earnings Per Share $0.29 $0.35 $0.58 $0.68 Weighted Average Shares (000) 5,683 5,658 5,681 5,642 INSURANCE COMPANY STATUTORY OPERATING RATIOS - -------------------------------------------- Losses and Loss Adjustment Expenses 57.5% 55.7% 59.2% 56.8% Underwriting Expenses 30.1% 29.4% 30.4% 30.0% ---- ---- ---- ---- Combined Ratio 87.6% 85.1% 89.6% 86.8% ==== ==== ==== ====
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