Unico American Corp (UNAM) 10-K Annual Report March 2015

– Unico American Corporation (NASDAQ – “UNAM”) (“Unico,” the “Company”), announced today its consolidated financial results for the three and twelve months ended December 31, 2014. For the three months ended December 31, 2014, revenues were $7.6 million and net loss was $0.05 million ($0.01 diluted loss per share) compared with revenues of $7.7 million and net income of $0.7 million ($0.13 diluted income per share) for the three months ended December 31, 2013. For the twelve months ended December 31, 2014, revenues were $30.5 million and net income was $0.8 million ($0.16 diluted income per share) compared with revenue of $31.1 million and net income of $0.6 million ($0.11 diluted income per share) for the twelve months ended December 31, 2013.

Stockholders’ equity was $71.8 million as of December 31, 2014, or $13.44 per common share including unrealized after-tax investment gains of $0.004 million, compared to Stockholders’ equity of $70.9 million as of December 31, 2013, or $13.27 per common share including unrealized after-tax investment losses of $0.006 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
		2014		2013
		(Unaudited)
ASSETS
Investments
Fixed maturities, at fair value (amortized cost: December 31, 2014 $35,153; December 31, 2013 $11,945)	$	35,159	$	11,936
Short-term investments, at fair value		72,259		93,807
Total Investments		107,418		105,743
Cash		309		376
Accrued investment income		43		5
Receivables, net		5,170		5,157
Reinsurance recoverable:
Paid losses and loss adjustment expenses		201		184
Unpaid losses and loss adjustment expenses		5,163		4,428
Deferred policy acquisition costs		3,883		3,636
Property and equipment, net		10,510		10,170
Deferred income taxes		1,519		1,373
Other assets		1,800		1,781
Total Assets	$	136,016	$	132,853

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Unpaid losses and loss adjustment expenses	$	44,397	$	43,877
Unearned premiums		16,607		15,261
Advance premium and premium deposits		250		465
Accrued expenses and other liabilities		2,986		2,354
Total Liabilities	$	64,240	$	61,957

Commitments and contingencies

STOCKHOLDERS' EQUITY
Common stock, no par – authorized 10,000,000 shares; issued and outstanding shares 5,341,147 at December 31, 2014, and 5,341,147 at December 31, 2013	$	3,732	$	3,709
Accumulated other comprehensive income (loss)		4		(6	)
Retained earnings		68,040		67,193
Total Stockholders’ Equity	$	71,776	$	70,896

Total Liabilities and Stockholders' Equity	$	136,016	$	132,853

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share)

	Three Months Ended					Twelve Months Ended
	December 31					December 31
	2014			2013		2014		2013
	(Unaudited)			(Unaudited)		(Unaudited)
REVENUES
Insurance Company Revenues:
Net premium earned	$	6,814		$	6,657	$	26,373	$	26,862
Investment income		68			31		161		332
Other income		22			275		932		612
Total Insurance Company Revenues		6,904			6,963		27,466		27,806

Other Revenues from Insurance Operations:
Gross commissions and fees		721			749		2,918		3,240
Investment income		—			—		1		1
Finance fees earned		17			20		67		77
Other income		2			3		18		7
Total Revenues		7,644			7,735		30,470		31,131

EXPENSES
Losses and loss adjustment expenses		3,921			2,876		14,617		16,089
Policy acquisition costs		1,527			1,516		5,986		6,032
Salaries and employee benefits		1,213			1,234		4,992		5,011
Commissions to agents/brokers		46			54		193		232
Other operating expenses		1,007			713		3,386		2,526
Total Expenses		7,714			6,393		29,174		29,890

Income (loss) before taxes		(70	)		1,342		1,296		1,241
Income tax expense (benefit)		(22	)		629		450		637
Net Income (loss)	$	(48	)	$	713	$	846	$	604


PER SHARE DATA:
Basic
Earnings (loss) per share	$	(0.01	)	$	0.13	$	0.16	$	0.11
Weighted average shares		5,341			5,341		5,341		5,341
Diluted
Earnings (loss) per share	$	(0.01	)	$	0.13	$	0.16	$	0.11
Weighted average shares		5,341			5,345		5,347		5,344

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in thousands)

	For the Twelve Months Ended
	December 31
	2014			2013
	(Unaudited)
Cash flows from operating activities:
Net Income	$	846		$	604
Adjustments to reconcile net income to net cash from operations:
Depreciation and amortization		540			307
Bond amortization, net		(5	)		4
Non-cash stock based compensation		23			23
Tax benefit from disqualified incentive stock options		—			—
Changes in assets and liabilities:
Net receivables and accrued investment income		(51	)		738
Reinsurance recoverable		(752	)		2,277
Deferred policy acquisition costs		(247	)		150
Other assets		64			(1,034	)
Unpaid losses and loss adjustment expenses		520			(5,908	)
Unearned premiums		1,346			(769	)
Advance premium and premium deposits		(214	)		(291	)
Accrued expenses and other liabilities		632			(686	)
Income taxes current/deferred		(234	)		476
Net Cash Provided (Used) by Operating Activities		2,468			(4,109	)

Cash flows from investing activities:
Purchase of fixed maturity investments		(25,303	)		(9,395	)
Proceeds from maturity of fixed maturity investments		2,100			30,890
Net increase in short-term investments		21,548			(7,551	)
Acquisition of land and building		—			(9,000	)
Additions to property and equipment		(880	)		(620	)
Net Cash (Used) Provided by Investing Activities		(2,535	)		4,324

Cash flows from financing activities:
Net Cash Used by Financing Activities		—			—

Net (decrease) increase in cash		(67	)		215
Cash at beginning of period		376			161
Cash at End of Period	$	309		$	376

Supplemental Cash Flow Information
Cash paid during the period for Income taxes	$	684		$	159

The following information was filed by Unico American Corp (UNAM) on Monday, March 30, 2015 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.

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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: 0000100716-15-000009
Submitted to the SEC: Mon Mar 30 2015 7:26:44 PM EST
Accepted by the SEC: Tue Mar 31 2015
Period: Wednesday, December 31, 2014
Industry: Fire Marine And Casualty Insurance

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Unico American Corp (UNAM) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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