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15.11.2018 22:30
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Unico American Corporation Reports Third Quarter 2018 Financial Results

DRUCKEN

Unico American Corporation (NASDAQ: UNAM) ("Unico” or the "Company”), announced today its consolidated financial results for the three and nine months ended September 30, 2018. For the three months ended September 30, 2018, revenues were $8.2 million and net loss was $0.7 million ($0.12 diluted loss per share) compared with revenues of $9.3 million and net loss of $2.9 million ($0.55 diluted loss per share) for the three months ended September 30, 2017. For the nine months ended September 30, 2018, revenues were $25.6 million and net loss was $2.7 million ($0.51 diluted loss per share) compared with revenues of $27.5 million and net loss of $5.9 million ($1.12 diluted loss per share) for the nine months ended September 30, 2017.

Stockholders’ equity was $55.9 million as of September 30, 2018, or $10.53 per common share including unrealized after-tax investment losses of $1.6 million, compared to stockholders’ equity of $59.9 million as of December 31, 2017, or $11.30 per common share including unrealized after-tax investment losses of $0.2 million.

"While the third quarter of 2018 was not profitable, our loss experience during this quarter was significantly better than during the same quarter a year ago, and our margins improved year over year,” said Cary L. Cheldin, Unico’s President and Chief Executive Officer. "We are pleased with increased investment income. Our management remains focused on the urgency of achieving immediate and sustainable profits.”

About Unico

Headquartered in Calabasas, California, Unico is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty and health insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services. Unico has conducted the majority of its operations through its subsidiary, Crusader Insurance Company, since 1985. For more information concerning Crusader Insurance Company, please visit the Crusader’s Web site at www.crusaderinsurance.com.

Forward-Looking Statements

This press release may contain "forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (or "the Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (or "the Exchange Act”). In this context, forward-looking statements are not historical facts and include statements about the Company plans, objectives, beliefs and expectations. Forward-looking statements include statements preceded by, followed by, or that include the words "believes,” "expects,” "anticipates,” "seeks,” "plans,” "estimates,” "intends,” "projects,” "targets,” "should,” "could,” "may,” "will,” "can,” "can have,” "likely,” the negatives thereof or similar words and expressions.

Forward-looking statements are only predictions and are not guarantees of future performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statement. Many of these factors are beyond the Company’s ability to control or predict. The Company’s actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors. Such factors include, but are not limited to, failure to meet minimum capital and surplus requirements; vulnerability to significant catastrophic property loss; a change in accounting standards issued by the Financial Accounting Standards Board; ability to adjust claims accurately; insufficiency of loss and loss adjustment expense reserves to cover future losses; changes in federal or state tax laws; ability to realize deferred tax assets; ability to accurately underwrite risks and charge adequate premium; ability to obtain reinsurance or collect from reinsurers and or losses in excess of reinsurance limits; extensive regulation and legislative changes; reliance on subsidiaries to satisfy obligations; downgrade in financial strength rating by A.M. Best; changes in interest rates; investments subject to credit, prepayment and other risks; geographic concentration; reliance on independent insurance agents and brokers; insufficient reserve for doubtful accounts; litigation; enforceability of exclusions and limitations in policies; reliance on information technology systems; single operating location; ability to prevent or detect acts of fraud with disclosure controls and procedures; change in general economic conditions; dependence on key personnel; ability to attract, develop and retain employees and maintain appropriate staffing levels; insolvency, financial difficulties, or default in performance of obligations by parties with significant contracts or relationships; ability to effectively compete; maximization of long-term value and no focus on short-term earnings expectations; control by a small number of shareholders; limited trading of stock; failure to maintain effective system of internal controls; and difficulty in effecting a change of control or sale of any subsidiaries.

Please see Part I - Item 1A – "Risk Factors” in the Company’s 2017 Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission ("SEC”), as well as other documents the Company files with the SEC from time-to-time, for other important factors that could cause the Company’s actual results to differ materially from its current expectations and from the forward-looking statements discussed herein. Because of these and other risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

 

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in thousands)

   
September 30 December 31

2018

2017

(Unaudited)

ASSETS

Investments
Available-for-sale:
Fixed maturities, at fair value (amortized cost: $74,869 at
September 30, 2018, and $58,153 at December 31, 2017) $ 72,856 $ 57,849
Held-to-maturity:
Fixed maturities, at amortized cost (fair value: $14,864 at
September 30, 2018, and $28,098 at December 31, 2017) 14,864 28,098
Short-term investments, at fair value   200     1,848  
Total Investments 87,920 87,795
Cash, cash equivalents, and restricted cash 4,413 9,367
Accrued investment income 468 491
Receivables, net 4,153 6,006
Reinsurance recoverable:
Paid losses and loss adjustment expenses 152 127
Unpaid losses and loss adjustment expenses 8,291 8,394
Deferred policy acquisition costs 3,604 4,163
Property and equipment, net 9,694 10,015
Deferred income taxes 4,385 3,381
Other assets   512     560  
Total Assets $ 123,592   $ 130,299  
 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

LIABILITIES

Unpaid losses and loss adjustment expenses $ 49,240 $ 49,077
Unearned premiums 16,158 18,768
Advance premium and premium deposits 367 208
Accrued expenses and other liabilities   1,933     2,301  
Total Liabilities $ 67,698   $ 70,354  
 
Commitments and contingencies
 

STOCKHOLDERS' EQUITY

Common stock, no par – authorized 10,000,000 shares; 5,307,103
and 5,307,133 shares issued and outstanding at
September 30, 2018, and at December 31, 2017, respectively $ 3,773 $ 3,773
Accumulated other comprehensive loss (1,590 ) (240 )
Retained earnings   53,711     56,412  
Total Stockholders’ Equity $ 55,894   $ 59,945  
 
Total Liabilities and Stockholders' Equity $ 123,592   $ 130,299  
 

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

($ in thousands, except per share)

   
Three Months Ended Nine Months Ended

September 30

September 30

2018

 

2017

2018

 

2017

REVENUES

Insurance company operation:
Net premium earned $ 6,924 $ 8,168 $ 21,969 $ 24,309
Investment income 488 310 1,385 785
Net realized investment gains - - - 1
Other income   126     108     294     244  
Total Insurance Company Operation 7,538 8,586 23,648 25,339
 
Other insurance operations:
Gross commissions and fees 578 685 1,856 2,098
Finance charges and fees earned 45 22 97 58
Other income   -     -     10     -  
Total Revenues   8,161     9,293     25,611     27,495  
 

EXPENSES

Losses and loss adjustment expenses 5,639 9,918 18,370 24,352
Policy acquisition costs 1,375 1,854 4,512 4,943
Salaries and employee benefits 1,143 1,221 3,557 4,535
Commissions to agents/brokers 43 40 125 127
Other operating expenses   773     696     2,384     2,592  
Total Expenses   8,973     13,729     28,948     36,549  
 
Loss before taxes (812 ) (4,436 ) (3,337 ) (9,054 )
Income tax benefit   150     1,509     636     3,105  
Net Loss $ (662 ) $ (2,927 ) $ (2,701 ) $ (5,949 )
 
 
 

PER SHARE DATA:

Basic
Loss per share $ (0.12 ) $ (0.55 ) $ (0.51 ) $ (1.12 )
Weighted average shares 5,307,113 5,307,133 5,307,126 5,307,133
Diluted
Loss per share $ (0.12 ) $ (0.55 ) $ (0.51 ) $ (1.12 )
Weighted average shares 5,307,113 5,307,133 5,307,126 5,307,133
 

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

($ in thousands)

 
Nine Months Ended

September 30

2018

 

2017

Cash flows from operating activities:
Net loss $ (2,701 ) $ (5,949 )
Adjustments to reconcile net loss to net cash from operations:
Depreciation and amortization 417 386
Bond amortization, net 161 (533 )
Bad debt expense - 16
Non-cash stock based compensation - 12
Realized investment gains - (1 )
Changes in assets and liabilities:
Net receivables and accrued investment income 1,875 (305 )
Reinsurance recoverable 77 (3,801 )
Deferred policy acquisitions costs 559 201
Other assets 53 478
Unpaid losses and loss adjustment expenses 163 6,011
Unearned premiums (2,610 ) 97
Advance premium and premium deposits 159 206
Accrued expenses and other liabilities (368 ) (505 )
Income taxes current/deferred   (648 )   (3,109 )
Net Cash Used by Operating Activities   (2,863 )   (6,796 )
 
Cash flows from investing activities:
Purchase of fixed maturity investments (21,034 ) (44,322 )
Proceeds from maturity of fixed maturity investments 16,121 39,354
Proceeds from sale or call of fixed maturity investments 1,270 1,594
Net decrease (increase) in short-term investments 1,648 (2,274 )
Additions to property and equipment   (96 )   (221 )
Net Cash Used by Investing Activities   (2,091 )   (5,869 )
 
Cash flows from financing activities:
Repurchase of common stock   -     -  
Net Cash Used by Financing Activities   -     -  
 
Net decrease in cash, cash equivalents, and restricted cash (4,954 ) (12,665 )
Cash, cash equivalents, and restricted cash at beginning of period   9,367     22,603  
Cash, Cash Equivalents, and Restricted Cash at End of Period $ 4,413   $ 9,938  
 
Supplemental Cash Flow Information
Cash paid during the period for:
Interest - -
Income taxes $ 9 $ 9

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