-----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, RLgyvXOAL2P2RLlDwo6dOOAVpIUNyYJrgyPOQ3U3ma5TH++sPMck+1p6MI7FVYE1 tGDe2V0pFB2ukfCcLQ3G7A== 0000100716-08-000002.txt : 20080327 0000100716-08-000002.hdr.sgml : 20080327 20080327162228 ACCESSION NUMBER: 0000100716-08-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080327 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20080327 DATE AS OF CHANGE: 20080327 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: 08715339 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 form8k1207.htm FORM 8K form8k1207.htm
 
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):  March 27, 2008


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 March 27, 2008, the registrant issued a news release announcing its results of operations for the year ended December 31, 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: March 27, 2008                        By:   /s/ Lester A. Aaron

                                                                     Name:   Lester A. Aaron
                                                                    Title:   Chief Financial Officer
 
 
2
 

                                  EXHIBIT INDEX


Exhibit Number        Description

99.1                            News release dated March 27, 2008


                                   
 
3
 

EX-99.1 2 news1207.htm NEWS RELEASE news1207.htm
EXHIBIT 99.1
 



NEWS RELEASE


 
CONTACT:     :
Lester A. Aaron
   
Chief Financial Officer
   
(818) 591-9800


UNICO AMERICAN CORPORATION REPORTS RESULTS
 FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2007

Book value Per Share Increased 14% for the Year
Return on Average Equity for the Year was 10.1%

Woodland Hills, California, March 27, 2008 - Unico American Corporation (NASDAQ - “UNAM”) announced today that for its quarter ended December 31, 2007, revenues were $12,258,103 and net income was $1,764,544 ($0.31 diluted income per share) compared with revenues of $13,317,228 and net income of $5,735,825 ($1.01 diluted income per share) for the quarter ended December 31, 2006.  Revenues for the twelve months ended December 31, 2007, were $50,223,293 and the net income was $6,613,707 ($1.16 diluted income per share) compared with revenues of $54,717,381 and a net income of $11,794,241 ($2.09 diluted income per share) for the twelve months ended December 31, 2006.

Stockholders’ equity was $69,863,818 at December 31, 2007, or $12.42 per common share including unrealized after-tax investment gains of $1,916,154 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.

“During 2007, Unico continued to improve shareholder value in the midst of a soft insurance environment,” said Mr. Erwin Cheldin, Chairman and Chief Executive Officer of Unico.  “We increased book value per share, maintained an excellent loss ratio, and produced a solid return on equity.”

Unico American Corporation is an insurance holding company that provides property, casualty, and health insurance, and related premium financing through its wholly owned subsidiaries.



(Table Follows)
 

UNICO AMERICAN CORPORATION AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED FINANCIAL DATA
 ($ in thousands, except per share)

   
Three Months Ended
    
Twelve Months Ended
  
   
December 31
    
December 31
  
   
  2007
    
  2006
    
  2007
    
  2006
  
                         
Revenues
                        
Insurance Company Revenues
                        
   Premium earned
   $ 11,476     $ 13,547     $ 48,662     $ 56,692  
   Premium (ceded)
     (2,739 )     (3,310 )     (11,532 )     (13,758 )
      Net premium earned
     8,737       10,237       37,130       42,934  
   Investment income
     1,695       1,627       6,695       5,903  
Realized investment gains
     -       3       -       3  
   Other income
     255       33       312       103  
      Total Insurance Company Revenues
     10,687       11,900       44,137       48,943  
                                 
Other Revenues from Insurance Operations
                                
   Gross commissions and fees
     1,400       1,221       5,366       4,987  
   Investment income
     37       30       152       101  
   Finance charges and fees earned
     130       165       554       678  
   Other income
     4       1       14       8  
      Total Revenues
     12,258       13,317       50,223       54,717  
                                 
Expenses
                                
Losses and loss adjustment expenses
     5,079       (463 )     22,182       17,827  
Policy acquisition costs
     2,068       2,232       8,465       9,251  
Salaries and employee benefits
     1,393       1,744       5,709       5,861  
Commissions to agents/brokers
     296       164       1,003       611  
Other operating expenses
      648        818       2,940       3,013  
   Total Expenses
     9,484       4,495       40,299       36,563  
                                 
   Income Before Taxes
     2,774       8,822       9,924       18,154  
Income Tax Expense
     1,009       3,086       3,310       6,360  
                                 
   Net Income
   $ 1,765     $ 5,736     $ 6,614     $ 11,794  
                                 
                                 
PER SHARE DATA
                                
Basic
                                
  Earning Per Share
   $ 0.31     $ 1.03     $ 1.18     $ 2.12  
  Weighted Average Shares (000)
     5,625       5,592       5,614       5,568  
Diluted
                                
  Earning Per Share
   $ 0.31     $ 1.01     $ 1.16     $ 2.09  
  Weighted Average Shares (000)
     5,679       5,667       5,682       5,653  

INSURANCE COMPANY STATUTORY OPERATING RATIOS
                        
Losses and Loss Adjustment Expenses
     57.8 %     (4.8 )%     59.4 %     41.2 %
Underwriting Expenses
     30.7 %     30.0 %     30.4 %     29.9 %
  Combined Ratio
     88.5 %     25.2 %     89.8 %     71.1 %
 
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