-----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, TQciiu/cTgWg/57PRW0MP92JpXDjFVQNLkeLjzNEx/mbAMi05PyqJnL/owhMCUly 1NZw65MrFzKwvMpnaYfeTg== 0000950144-97-009085.txt : 19970815 0000950144-97-009085.hdr.sgml : 19970815 ACCESSION NUMBER: 0000950144-97-009085 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOBILE AMERICA CORP CENTRAL INDEX KEY: 0000067199 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 591218935 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06764 FILM NUMBER: 97660188 BUSINESS ADDRESS: STREET 1: P O BOX 10729 CITY: JACKSONVILLE STATE: FL ZIP: 32247-0729 BUSINESS PHONE: 9043636339 MAIL ADDRESS: STREET 1: P O BOX 10729 CITY: JACKSONVILLE STATE: FL ZIP: 32247-0729 10-Q 1 MOBILE AMERICA CORPORATION 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended June 30, 1997_________Commission File No. 0-6764 MOBILE AMERICA CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Florida 59-1218935 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 Fortune Parkway, Jacksonville, Florida 32256 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (904) 363-6339 ------------------------------ N/A - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . ----- ----- (APPLICABLE ONLY TO CORPORATE ISSUERS) There were 7,147,334 shares of common stock, par value $.025 per share, outstanding as of the close of business on August 8, 1997. 2 PART I MOBILE AMERICA CORPORATION INDEX
Financial Statements: Page Part I Unaudited Consolidated Balance Sheets 1 Unaudited Consolidated Statements of Operations 2 Unaudited Consolidated Statements of Cash Flows 3 Unaudited Consolidated Statements of Changes in Stockholders' Equity 4 Notes to Financial Statements 5-7 Management's Discussion and Analysis of the Unaudited Consolidated Statements of Operations 8-9 Exhibit 11 - Computations of Earnings Per Share 10 Part II Other Information, and Signatures 11
3 MOBILE AMERICA CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS June 30, 1997 and December 31, 1996
ASSETS 1997 1996 - -------------------------------------------------------------------------- Investments: Securities held to maturity at amortized cost (fair value $48,432,008 and $48,991,063) $ 48,690,505 $ 49,094,824 Securities available for sale at fair value (amortized cost $36,584,444 and $38,651,393) 37,018,586 38,955,502 Notes receivable less unearned discount 157 157 Short-term investments 12,550,217 22,231,475 --------------------------- Total investments 98,259,465 110,281,958 --------------------------- Cash 5,455,070 1,802,644 Receivables: Insurance premiums 4,228,453 3,916,439 Accrued investment income 1,456,748 1,601,798 Reinsurance on paid losses 35,793 31,935 Reinsurance Recoverable 21,273,030 27,638,632 --------------------------- Total receivables 26,994,024 33,188,804 --------------------------- Deferred income tax 2,125,440 2,043,257 Prepaid reinsurance premiums 19,795,008 20,347,436 Inventory of mobile homes 27,878 27,878 Deferred policy acquisition costs (2,331,248) (2,734,995) Property and Equipment: Land, at cost 524,043 524,043 Modular office equipment, at cost less accumulated depreciation of $7,982 and $7,982 3,000 3,000 Equipment and leasehold improvements at cost less accumulated depreciation and amortization of $2,160,634 and $2,070,009 623,302 544,663 --------------------------- Total property and equipment: 1,150,345 1,071,706 --------------------------- Equity in pools and associations 1,185,842 1,185,843 other assets 725,624 872,370 --------------------------- $153,387,448 $168,086,901 =========================== LIABILITIES AND STOCKHOLDERS' EQUITY 1997 1996 - -------------------------------------------------------------------------- Insurance loss reserves, including future policy benefits $ 38,871,121 $ 47,695,655 Unearned premium 38,390,183 38,118,629 Reinsurance funds withheld and balances payable 10,786,794 17,353,367 Accrued expenses and other liabilities 15,380,723 15,636,751 Deferred income tax on net unrealized gains on securities available for sale 147,608 103,397 Unearned service fee 953,250 1,329,632 Note payable 12,000,000 12,000,000 Current income taxes payable (197,620) (327,551) -------------------------- Total liabilities 116,332,059 131,909,880 -------------------------- Stockholders' equity: Common stock, $.025 par value per share Authorized-18,000,000 shares Issued - 7,644,414 and 6,720,396 shares 191,110 168,010 Capital in excess of par value 3,699,807 2,729,588 Net unrealized appreciation on securities available for sale net of deferred income taxes 286,534 200,712 Treasury stock at cost, 497,080 and 465,356 shares (894,907) (510,122 Retained earnings 33,772,845 33,588,833 -------------------------- Total stockholders' equity 37,055,389 36,177,021 -------------------------- $153,387,448 $168,086,901 ==========================
See notes to consolidated financial statements. 4 MOBILE AMERICA CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS QUARTERS ENDED JUNE 30, 1997 AND 1996, SIX MONTHS ENDED JUNE 30, 1997 AND 1996
Quarters Ended June 30 Six Months Ended June 30 1997 1996 1997 1996 ------------------------- ------------------------ Revenues: Insurance premiums earned net of premiums ceded of $12,306,563, $13,372,205, $24,758,735 and $27,064,138 $11,125,519 $9,491,528 $22,552,522 $19,102,365 Service fees earned 2,638,161 3,553,546 4,921,222 6,068,112 Investment income 1,442,349 1,672,300 2,961,869 3,309,685 Other 9,254 (3,907) 13,794 7,592 Net realized gains on investments 7,013 81,255 22,509 222,494 ------------------------- ------------------------ Total revenues 15,222,296 14,794,722 30,471,916 28,710,248 ------------------------- ------------------------ Expenses: Losses and loss adjustment expenses, net of reinsurance recoveries of $10,449,037, $14,963,801, $19,829,411 and $24,829,162. 8,184,631 7,357,383 16,806,019 14,074,895 Policy acquisition costs 82,031 750,116 1,172,521 2,438,610 Salaries and wages 1,709,520 1,498,768 3,792,541 3,273,845 General and administrative 1,921,162 1,915,684 2,903,024 3,476,237 Interest expense 258,448 251,766 508,542 507,266 ------------------------- ------------------------ Total expenses 12,155,792 11,773,717 25,182,647 23,770,853 ------------------------- ------------------------ Income before provision for income taxes 3,066,504 3,021,005 5,289,269 4,939,395 ------------------------- ------------------------ Provision and (benefit) for income taxes: Current 1,034,729 1,513,704 1,719,071 2,023,704 Deferred (53,914) (530,046) (82,183) (555,046) ------------------------- ------------------------ Total provision for income taxes 980,815 983,658 1,636,888 1,468,658 ------------------------- ------------------------ Net income $ 2,085,689 $ 2,037,347 $ 3,652,381 $ 3,470,737 ========================= ======================== Earnings per share: Net income $0.33 $0.32 $0.58 $0.55 ========================= ======================== Weighted average number of common stock and common stock equivalents 6,271,888 6,296,379 6,271,888 6,296,379 ========================= ========================
See notes to consolidated financial statements. -2- 5 MOBILE AMERICA CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 1997 AND 1996
1997 1996 ------------------------ Cash Flows from Operating Activities: Net Income $ 3,652,381 $ 3,470,737 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation 72,699 95,267 Gain on sale of investments (22,509) (222,494) Increase in insurance premiums receivable (312,014) (708,529) Decrease in accrued investment income 145,050 156,597 Decrease in prepaid reinsurance premiums 552,427 3,298,929 Decrease in reinsurance recoverable 6,361,744 4,184,209 Increase in deferred policy acquisition costs (403,747) (2,210,945) Decrease in prepaid expenses and other assets 146,746 63,077 Decrease in insurance loss reserves (8,824,534) (5,457,748) Increase (decrease) in unearned premium 271,554 (1,733,771) Decrease in reinsurance funds held and balances payable (6,566,573) (4,939,460) Decrease in accrued expenses and other liabilities (256,028) (4,445,969) Increase in current income taxes 129,931 203,879 Increase in deferred income taxes (82,183) (1,059,121) Decrease in unearned service fees (376,382) (687,127) ------------------------- Net cash used by operating activities ($5,511,438) ($9,992,469) ------------------------- Cash Flows from Investing Activities: Net change in short term investments 9,681,258 10,870,863 Purchase of investments (6,601,407) (23,709,328) Proceeds from sale and maturity of investments 9,113,141 16,022,260 Purchase of property and equipment (169,264) (227,846) Sale of modular offices and equipment 0 4,600 Notes receivable 0 1,476 ------------------------- Net cash provided by investing activities 12,023,728 2,962,025 ------------------------- Cash Flows from Financing Activities: Stock Dividend, fractional shares (663) 0 Purchase of Treasury Stock (384,785) 0 Dividends paid to stockholders (2,474,416) (2,171,236) ------------------------- Net cash used by financing activities (2,859,864) (2,171,236) ------------------------- Net increase (decrease) in cash 3,652,426 (9,201,680) Cash, beginning of period 1,802,644 6,510,457 ------------------------- Cash, end of period $ 5,455,070 ($2,691,223) =========================
See notes to consolidated financial statements. -3- 6 MOBILE AMERICA CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY SIX MONTHS ENDED JUNE 30, 1997 AND 1996
1997 1996 ---------------------------- Common Stock: Balance at beginning of period $ 168,010 $ 168,010 Stock dividend 23,100 0 ---------------------------- Balance at end of period 191,110 168,010 ---------------------------- Preferred Stock: No Change during period 0 0 ---------------------------- Capital in excess of par value: Balance at beginning of period 2,729,588 2,686,060 Stock dividend 970,219 0 ---------------------------- Balance at end of period 3,699,807 2,686,060 ---------------------------- Net unrealized appreciation on securities available for sale: Balance at beginning of period 200,712 691,185 Increase (decrease) 130,033 (717,782) Deferred taxes on unrealized gains (44,211) 243,000 ---------------------------- Balance at end of period 286,534 216,403 ---------------------------- Treasury Stock: Balance at beginning of period (510,122) (420,944) Purchases of 31,724 and 0 shares (384,785) 0 ---------------------------- Balance at end of period (894,907) (420,944) ---------------------------- Retained earnings: Balance at beginning of period 33,588,833 28,188,679 Net income 3,652,380 3,470,737 Stock Dividend (993,952) 0 Cash dividends $.40 and $.35 per share (2,474,416) (2,171,236) ---------------------------- Balance at end of period 33,772,845 29,488,180 ---------------------------- Total stockholders' equity at end of period $37,055,389 $32,137,709 ============================
See notes to consolidated financial statements. -4- 7 MOBILE AMERICA CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 In the opinion of Mobile America Corporation (the Company), the accompanying unaudited, consolidated, condensed financial statements contain all adjustments (consisting of only normal occurring accruals) necessary to present fairly its financial position and operating results for the interim periods. Note 2 The results of operations for the six months ended June 30, 1997 are not necessarily indicative of the results to be expected for the full year or any future interim period. Note 3 - Summary of Significant Accounting Policies (a) Basis of Financial Statement Presentation The consolidated financial statements have been prepared on the basis of generally accepted accounting principles which vary from statutory reporting practices prescribed or permitted for insurance companies by regulatory authorities. (b) Principles of Consolidation The accompanying consolidated financial statements include Mobile America Corporation and its subsidiaries, all of which are wholly-owned. All significant intercompany transactions have been eliminated in consolidation. (c) Method for Valuing Investments Investments in debt and equity securities are accounted for in accordance with Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities". Management determines the appropriated classification of its investments at time of purchase. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Debt securities for which the Company does not have the intent or ability to hold to maturity are classified as available for sale, along with investments in equity securities. Securities available for sale are carried at fair value, with unrealized gains and losses, net of income taxes, reported as a separate component of Shareholders' Equity. The Company has no investments which qualify as trading. Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. -5- 8 (d) Realized Investment Gains and Losses The cost of securities sold is based upon the specific identification method and any gains or losses are reflected in the accompanying statements of operations. (e) Deferred Policy Acquisition Costs The costs, primarily commissions, associated with acquiring new insurance contracts have been deferred. Such costs are being amortized in proportion to premiums earned on the underlying contracts or over the contracts premium paying period. (f) Depreciation and Amortization Depreciation and amortization of properties, equipment and leasehold improvements are calculated principally under the straight-line method based on the estimated useful life of the asset for financial reporting purposes. Maintenance and repairs are charged to expenses as incurred; additions and major betterment's are capitalized and depreciated. At the time of retirement or other disposition of property, equipment or leasehold improvements, the accounts are relieved of the cost and the related accumulated depreciation and any gains or losses are reflected in income. (g) Insurance Contracts The insurance contracts accounted for in these financial statements include both short-duration contracts and long-duration contracts. Short-duration contracts provide insurance protection for a fixed period of short duration and enable the insurer to cancel the contract or to adjust the provisions at the end of any contract period. Most property-liability insurance contracts and certain term life insurance contracts are short-duration contracts. Long-duration contracts generally are not subject to unilateral changes in their provisions and require the performance of various functions and services, including insurance protection, for an extended period. Long-duration contracts include whole-life contracts and guaranteed renewable term life contracts The Company has not issued any participating policies. (h) Insurance Loss Reserves The liability for future policy benefits of long-duration contracts has been provided for on a net level premium method based on estimated investment yields, withdrawals, mortality, terminations, morbidity, and other assumptions which were appropriate at the time the contracts were issued. Such estimates were based on past experience as adjusted to provide for possible adverse deviation from the estimates. Interest assumptions are -6- 9 based on historical assumptions and experience, and range from 3% to 4.5%. The liabilities for unpaid claims of short-duration contracts and related adjustment expenses are determined using case basis evaluations and statistical analysis and represent estimates of the ultimate net cost of all reported and unreported claims relating to insured events which are unpaid at the balance sheet date. The liabilities include estimates of future trends in claims severity and frequency and other factors which could vary as the claims are ultimately settled. Although such estimates may vary, management believes that the liabilities for unpaid claims and related adjustment expenses are adequate. The estimates are continually reviewed, and as adjustments to these liabilities become necessary, they are reflected in current operations. (i) Recognition of Premium Revenues and Costs Premiums for long-duration contracts are recognized as revenues when due from the policyholders. A liability for the expected costs relating to such long-duration contracts is accrued over the current and expected renewal periods. Premiums for short-duration contracts are recognized as revenues over the period of the contract in proportion to the amount and duration of insurance protection provided. (j) Recognition of Service Fees Service fees represent proceeds from servicing insurance policies for third parties on a fee-for-service basis. Fees are recognized as revenue over the expected service life of the underlying insurance policies. (k) Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Note 4: Stock Dividend On June 10,1997 the Company announced a 15% stock dividend on it's $.025 par value common stock effective for shareholders of record on June 23,1997. Under this plan 924,018 shares are to be issued at a market value of $10.75. Weighted average shares outstanding used in the earnings per share calculations have been adjusted to reflect this stock dividend. -7- 10 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS JUNE 30, 1997. Six Months Ended June 30, 1997 Compared to Six Months Ended June 30, 1996 Net income increased 5.2% to $3,652,381 for the first six months of 1997, compared to $3,470,737 in 1996. Consolidated revenues were $30,471,916 for the six month period, a 6.1% increase over the $28,710,248 reported during the comparable period in 1996. Earnings per share improved 5.5% to $.058 per share in the current year, from $.55 per share reported in 1996. The improved earnings performance resulted primarily from increased revenue in the automobile lines of business, the result of rate increases instituted in late 1995 and 1996, higher earnings in the Company's property surplus lines-business segment and lower acquisition costs. Insurance premiums earned increased 18.1% to $22,552,522 in 1997 from $19,102,365 reported in 1996. This increase is due to premium rate increases on personal injury protection and property damage liability business instituted in late 1995 and 1996 as well as a 1005.8% increase in earned premium from the property business produced through the Company's surplus-lines subsidiary. The Company plans to continue expansion in the surplus-lines market. Investment income decreased 10.5% to $2,961,869 from $3,309,685 reported during the same period in 1996 primarily due to a reduction of invested assets to meet claim payment requirements. Service fees earned decreased 18.9% to $4,921,222 in 1997 compared to $6,068,112 reported in 1996. The reduction in earned service fees results from the renewal of certain Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) agreements at a less favorable price, a delay in receiving policies to service under these agreements, a reduction in the FRPCJUA policy base due to the State of Florida Take Out Program and a change, mandated by statute, in the term of the policies issued resulting in a significant reduction in policy renewals during the period December 1996 to June 1997. The Company has reached an agreement to process an additional 6,000 policies and is currently negotiating for an additional 25,000 policies. If successful, fees from the FRPCJUA business will increase over the next twelve months, albeit at a lower price per policy. The Company is currently in the process of making a bid to continue as a servicing carrier for the Florida Automobile Joint Underwriting Association. Consolidated expenses increased 5.9% to $25,182,647 during the first six months of 1997 from $23,770,853 reported during the comparable period of 1996. Loss and loss adjustment expenses increased 19.4% due to continued strengthening of loss and loss adjustment expense reserves relating to minimum limits automobile personal injury protection business. The Company believes that it's current reserves are adequate and proper; however, additional reserve increases may be required in the future. In it's efforts to reduce loss and loss adjustment expenses, as it relates to earned premium, the Company initiated a significant rate increase in the minimum limits personal injury protection line of business during the fourth quarter of 1996. This increase follows closely behind a similar sized rate increase in the fourth quarter of 1995. These rate increases have not adversely affected premium production or market position. Due to the inherent uncertainty in estimating reserves for losses and loss adjustment expenses there can be no assurance that the ultimate liability will not exceed the amounts reserved, resulting in an adverse effect on the Company. Policy acquisition costs decreased 51.9% in the first six months of 1997, the result of lower commission rates and adjustments to certain reinsurance contracts. Salary and wages increased 15.8% due to additional salary positions associated with the growth in the Company's premium finance, fee for service and surplus-lines businesses, an increase in the number of key management personnel to manage the Company into the next century and an increase in the number of participants in the Company's Variable Compensation Plan based on the Company's year end income after federal income taxes. General expenses declined 16.4%, the result of reclassifying certain overhead expenses to loss expense. Second Quarter Ended June 30, 1997 Compared to Second Quarter Ended June 30, 1996 Net income rose 2.4% to $2,085,689 on revenues of $15,222,296 during the second quarter of 1997, compared to $2,037,347 on revenues of $14,794,722 in 1996. Earnings per share increased to $.33 per share, from the $.32 reported in 1996. The same factors discussed in the year-to-date comparison were responsible for the quarter-to-quarter earnings improvement. -8- 11 Insurance premiums earned increased 17.2% to $11,125,519 in 1997 from $9,491,528 reported in 1996, due to premium rate increases on personal injury protection and property damage liability business and an increase in earned premium from the property business produced in the surplus-lines market. Investment income decreased 13.8% to $1,442,349 from $1,672,300 reported during the same period in 1996 primarily due to a reduction of invested assets to meet claim payment requirements. Service fees earned decreased 25.7% to $2,638,161 in 1997 compared to $3,553,546 reported in 1996. The same factors discussed in the year-to-date comparison were responsible for the quarter-to-date earnings improvement. Consolidated expenses increased 3.3% to $12,155,793 during the second quarter of 1997, from $11,773,717 reported during the comparable period of 1996. Loss and loss adjustment expenses increased 11.2% due to continued strengthening of loss and loss expense reserves relating to minimum limits automobile personal injury protection business. Policy acquisition costs decreased 89.0% in the second quarter of 1997, the result of lower commission rates and adjustments to certain reinsurance contracts. Salary and wages increased 14.0% due to additional salary positions associated with the growth in the Company's premium finance, fee for service and surplus-lines businesses, an increase in the number of key management personnel to manage the Company into the next century and an increase in the number of participants in the Company's Variable Compensation Plan. Financial Position & Liquidity and Capital Resources Cash flow from operations was negative during the first six months of 1997 as loss and loss adjustment expense payments and consolidated operating expense payments exceeded premium and investment revenues. Such negative cash flow resulted in part from continued poor loss development in the minimum limit automobile personal injury protection line of business. The Company's practice of maintaining a highly liquid investment portfolio allowed the Company to meet cash demands with no adverse impact on operating performance. The net cash used by operating activities of $5,511,438 is a significant improvement over the $9,992,469 used during the first six months of 1996 and Management is optimistic that cash flow will improve during 1997 as rate increases take affect and the settlement of losses returns to a more normal pattern. The Company maintains sufficient liquidity to meet operational needs. Cash dividends and capital expenditure requirements are provided by investing activities. The investment policy continues to empathize higher quality securities matched closely with the short liability duration. -9- 12 Part II OTHER INFORMATION Item 4- Submission of Matters to a Vote of Security Holders At the Company's annual meeting of stockholders held on May 23,1997, the following members were elected to the Board of Directors: Allan J. McCorkle Thomas J. McCorkle R. Lee Smith Robert Thomas III Jack Horne Chambers John Michael Garrity Thomas Edwin Perry Approval was granted to increase the number of shares authorized for issuance under the Mobile America Corporation Incentive Plan by 100,000 to a total of 300,000 shares and to change the 25,000 per person option limit to an annual limit. Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits: 11. Unaudited computations of earnings per share. 27. Financial Data Schedule (for SEC use only). (b) Reports on Form 8K No reports on Form 8K were filed for the quarter ended June 30, 1997. SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the Registrant has duly caused this report to be signed on it's behalf by the undersigned thereunto duly authorized. MOBILE AMERICA CORPORATION Registrant August 13, 1997 By /s/ Thomas L. Stinson - --------------- ---------------------- Date Thomas L. Stinson Senior Vice President and Chief Financial Officer -10- EX-11 2 EARNINGS PER SHARE 1 EXHIBIT 11 MOBILE AMERICA CORPORATION AND SUBSIDIARIES UNAUDITED COMPUTATIONS OF EARNINGS PER SHARE QUARTERS ENDED JUNE 30, 1997 AND 1996 AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
Quarters Ended June 30 Six Months Ended June 30 1997 1996 1997 1996 ---------- ---------- ---------- ---------- Net Income $2,085,689 $2,037,347 $3,652,381 $3,470,737 ========== ========== ========== ========== Weighted average Common shares outstanding 6,271,888 6,296,379 6,271,888 6,296,379 Effect of weighting treasury stock acquired 0 0 0 0 ---------- ---------- ---------- ---------- Common and common equivalent shares used in computing earnings per share 6,271,888 6,296,379 6,271,888 6,296,379 ========== ========== ========== ========== Earnings per share $ 0.33 $ 0.32 $ 0.58 $ 0.55 ========== ========== ========== ==========
EX-27 3 FINANCIAL DATA SCHEDULE
7 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q OF MOBILE AMERICA CORPORATION DATED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 35,131,321 48,690,505 48,432,008 1,887,265 0 0 98,259,465 5,455,070 35,793 (2,331,248) 153,387,448 38,871,121 38,390,183 0 0 12,000,000 0 0 191,110 36,864,279 153,387,448 22,552,522 2,961,869 22,509 4,935,016 16,806,019 1,172,521 7,204,107 5,289,269 1,636,888 3,652,381 0 0 0 3,652,381 .58 .58 20,040,739 19,933,294 (3,127,283) 7,195,299 12,069,651 17,581,800 3,127,283
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