Unico American Corp (UNAM) 10-K Annual Report March 2014

– Unico American Corporation (NASDAQ – “UNAM”) (“Unico,” the “Company”), announced today its consolidated financial results for the three and twelve months ended December 31, 2013. For the three months ended December 31, 2013, revenues were $7.7 million and net income was $0.7 million ($0.13 diluted income per share) compared with revenues of $7.9 million and net income of $0.6 million ($0.10 diluted income per share) for the three months ended December 31, 2012. For the twelve months ended December 31, 2013, revenues were $31.1 million and net income was $0.6 million ($0.11 diluted income per share) compared with revenue of $32.8 million and net income of $2.0 million ($0.36 diluted income per share) for the twelve months ended December 31, 2012.

Stockholders’ equity was $70.9 million as of December 31, 2013, or $13.27 per common share including unrealized after-tax investment losses of $0.006 million, compared to Stockholders’ equity of $70.4 million as of December 31, 2012, or $13.18 per common share including unrealized after-tax investment gains of $0.1 million.

Headquartered in Woodland Hills, 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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained herein that are not historical facts are forward-looking. These statements, which may be identified by forward-looking words or phrases such as “anticipate,” “believe,” ”expect,” “intend,” “may,” “should,” and “would,” involve risks and uncertainties, many of which are beyond the control of the Company. Such risks and uncertainties could cause actual results to differ materially from these forward-looking statements. Factors which could cause actual results to differ materially include underwriting actions not being effective, rate increases for coverages not being sufficient, premium rate adequacy relating to competition or regulation, actual versus estimated claim experience, regulatory changes or developments, unforeseen calamities, general market conditions, and the Company’s ability to introduce new profitable products.

Financial Tables Follow –

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in thousands)

		December 31			December 31
		2013			2012
		(Unaudited)
ASSETS
Investments
Available for sale:
Fixed maturities, at fair value (amortized cost: December 31, 2013 $11,945; December 31, 2012 $33,444)	$	11,936		$	33,628
Short-term investments, at fair value		93,807			86,256
Total Investments		105,743			119,884
Cash		376			161
Accrued investment income		5			156
Receivables, net		5,157			5,745
Reinsurance recoverable:
Paid losses and loss adjustment expenses		184			305
Unpaid losses and loss adjustment expenses		4,428			6,584
Deferred policy acquisition costs		3,636			3,785
Property and equipment, net		10,170			857
Deferred income taxes		1,373			1,894
Other assets		1,781			637
Total Assets	$	132,853		$	140,008

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Unpaid losses and loss adjustment expenses	$	43,877		$	49,785
Unearned premiums		15,261			16,030
Advance premium and premium deposits		465			756
Accrued expenses and other liabilities		2,354			3,041
Total Liabilities	$	61,957		$	69,612

Commitments and contingencies

STOCKHOLDERS' EQUITY
Common stock, no par – authorized 10,000,000 shares; issued and outstanding shares 5,341,147 at December 31, 2013, and 5,341,147 at at December 31, 2012	$	3,709		$	3,686
Accumulated other comprehensive (loss) income		(6	)		121
Retained earnings		67,193			66,589
Total Stockholders’ Equity	$	70,896		$	70,396

Total Liabilities and Stockholders' Equity	$	132,853		$	140,008

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share)

	Three Months Ended				Twelve Months Ended
	December 31				December 31
	2013		2012		2013		2012
	(Unaudited)		(Unaudited)		(Unaudited)
REVENUES
Insurance Company Revenues
Net premium earned	$	6,657	$	6,882	$	26,862	$	27,318
Investment income		31		169		332		1,528
Other income		275		52		612		490
Total Insurance Company Revenues		6,963		7,103		27,806		29,336

Other Revenues from Insurance Operations
Gross commissions and fees		749		803		3,240		3,339
Investment income		—		—		1		1
Finance charges and fees earned		20		19		77		70
Other income		3		1		7		11
Total Revenues		7,735		7,926		31,131		32,757

EXPENSES
Losses and loss adjustment expenses		2,876		3,613		16,089		15,234
Policy acquisition costs		1,516		1,616		6,032		6,744
Salaries and employee benefits		1,234		1,262		5,011		5,180
Commissions to agents/brokers		54		60		232		236
Other operating expenses		713		626		2,526		2,508
Total Expenses		6,393		7,177		29,890		29,902

Income before taxes		1,342		749		1,241		2,855
Income tax expense		629		198		637		901
Net Income	$	713	$	551	$	604	$	1,954



PER SHARE DATA:
Basic
Earnings Per Share	$	0.13	$	0.10	$	0.11	$	0.37
Weighted Average Shares		5,341		5,333		5,341		5,339
Diluted
Earnings Per Share	$	0.13	$	0.10	$	0.11	$	0.36
Weighted Average Shares		5,345		5,342		5,344		5,353

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in thousands)

	For the Twelve Months Ended
	December 31
	2013			2012
	(Unaudited)
Cash flows from operating activities:
Net Income	$	604		$	1,954
Adjustments to reconcile net income to net cash from operations
Depreciation and amortization		307			139
Bond amortization, net		4			78
Non-cash stock based compensation		23			23
Tax benefit from disqualified incentive stock options		—			(16	)
Changes in assets and liabilities
Net receivables and accrued investment income		738			84
Reinsurance recoverable		2,277			1,146
Deferred policy acquisition costs		150			373
Other assets		(1,034	)		(122	)
Unpaid losses and loss adjustment expenses		(5,908	)		(4,702	)
Unearned premiums		(769	)		118
Advance premium and premium deposits		(291	)		(62	)
Accrued expenses and other liabilities		(686	)		(269	)
Income taxes current/deferred		476			42
Net Cash Used by Operating Activities		(4,109	)		(1,214	)

Cash flows from investing activities:
Purchase of fixed maturity investments		(9,395	)		(1,700	)
Proceeds from maturity of fixed maturity investments		30,890			58,080
Net increase in short-term investments		(7,551	)		(48,117	)
Acquisition of land and building		(9,000	)		—
Additions to property and equipment		(620	)		(765	)
Net Cash Provided by Investing Activities		4,324			7,498

Cash flows from financing activities:
Repurchase of common stock		—			(243	)
Dividends paid to stockholders		—			(6,409	)
Proceeds from exercise of stock options		—			46
Tax benefit from disqualified incentive stock options		—			16
Net Cash (Used) Provided by Financing Activities		—			(6,590	)

Net (decrease) increase in cash		215			(306	)
Cash at beginning of period		161			467
Cash at End of Period	$	376		$	161

Supplemental Cash Flow Information
Cash paid during the period for:
Interest		—			—
Income taxes	$	159		$	859

The following information was filed by Unico American Corp (UNAM) on Friday, March 28, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/100716/000010071614000005/form-10k.htm

View differences made from one year to another to evaluate Unico American Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Unico American Corp.

Continue

Assess how Unico American Corp's management team is paid from their Annual Proxy

Unico American Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Unico American Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Certification

Exhibit 31.2: Certification

Exhibit 32.1: Certification Under Section 906

Exhibit 32.2: Certification Under Section 906

Ticker: UNAM
CIK: 100716
Form Type: 10-K Annual Report
Accession Number: 0000100716-14-000005
Submitted to the SEC: Fri Mar 28 2014 3:05:59 PM EST
Accepted by the SEC: Fri Mar 28 2014
Period: Tuesday, December 31, 2013
Industry: Fire Marine And Casualty Insurance

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/unam/0000100716-14-000005.htm

Unico American Corp (UNAM) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

SEC Filings

UNAM Valuations

UNAM Annual Reports

UNAM Quarterly Reports

UNAM Corporate News