SALT LAKE CITY--(BUSINESS WIRE)--
Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA")
announced financial results for the first quarter ended March 31, 2013.
For the three months ended March 31, 2013, SNFC's pre-tax earnings from
operations increased 38% from $2,328,592 in 2012 to $3,227,623 on a 16%
increase in revenues to $54,852,234. After tax earnings increased 22%
from $1,562,183 in 2012 to $2,033,266 in 2013.
Scott Quist, Chairman of the Board, President and Chief Executive
Officer of the Company, said, "We are pleased with the first quarter
results of our company. This quarter represents our ninth consecutive
quarter-over-prior-year-quarter improvement in net income and is the
second best first quarter in our company's experience. In addition, in
this quarter we also passed the $600,000,000 mark in total assets, which
is a tremendous milestone. Going to specific business segments, our life
insurance segment continues to give excellent operational results even
though the earnings were essentially flat. Due to the Mothe Life
Reinsurance acquisition last December and several investments paying
off, our cash balances have increased to nearly $80,000,000, which as we
invest will improve earnings significantly. At present, our idle cash
represents a drag on profitability. Our Death Care segment did
experience weakness with a 30% decrease in operational income due to
lower case counts and lower pre-need sales for the quarter. Our mortgage
segment had a 30% improvement in volume which demonstrates the ongoing
advantage of our purchase mortgage emphasis as we continued to increase
market share. That 30% volume improvement translated into a nearly 80%
profitability improvement as we achieved greater operational leverage."
SNFC has three business segments. The following table shows the revenues
and earnings before taxes for the three months ended March 31, 2013 as
compared to 2012 for each of the three business segments:
|
|
|
|
|
|
|
|
|
Revenues
|
|
Earnings before Taxes
|
|
|
|
2013
|
|
2012
|
|
%
|
|
2013
|
|
2012
|
|
%
|
|
Life Insurance
|
|
$
|
17,243,892
|
|
$
|
17,627,349
|
|
(2.2
|
%)
|
|
$
|
814,331
|
|
$
|
837,564
|
|
(2.8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries
|
|
|
2,980,031
|
|
|
2,959,640
|
|
0.7
|
%
|
|
|
76,765
|
|
|
226,555
|
|
(66.1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages
|
|
|
34,628,311
|
|
|
26,736,234
|
|
29.5
|
%
|
|
|
2,336,527
|
|
|
1,264,473
|
|
84.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
54,852,234
|
|
$
|
47,323,223
|
|
15.9
|
%
|
|
$
|
3,227,623
|
|
$
|
2,328,592
|
|
38.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
The net gain per common share was $.19 for the three months ended March
31, 2013, compared to a net gain of $.17 per share for the prior year as
adjusted for the effect of annual stock dividends. Book value per common
share was $7.44 as of March 31, 2013, compared to $7.36 as of December
31, 2012. The Company has two classes of common stock outstanding, Class
A and Class C. The Class C shares share in distribution of earnings and
capital on a 10-for-1 basis with the Class A shares; therefore, for
earnings per share and book value per share calculations, the Class C
shares are converted to Class A shares on a 10-for-1 basis. There were
10,996,873 Class A equivalent shares outstanding as of March 31, 2013.
If there are any questions, please contact Mr. Scott M. Quist or Mr.
Garrett S. Sill at:
Security National Financial Corporation
P.O. Box 57250
Salt
Lake City, Utah 84157
Security National Financial Corporation
Scott M. Quist or Garrett
S. Sill
801-264-1060
fax: 801-265-9882
Source: Security National Financial Corporation
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