Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2019
For the three months ended
“Looking at our operations by segment, our life insurance operations continue their upward trend with a 6% increase in revenue which translated into 14% increase in profitability, consistent with 2018’s first quarter improvement. We have seen first year premiums flatten out a bit, but we continue to see a rotation by our sales force into a more profitable product mix, which we believe will yield dividends into the future. Our Memorial segment delivered a stellar quarter with a 15% increase in revenue which translated into a 38% improvement in profitability. That improvement was broad-based in both cemetery and mortuary operations and investment returns. We finalized the acquisition of Probst Family Funerals & Cremations mid first quarter and it is delivering its expected profitability. Our mortgage segment showed remarkable improvement. The first quarter of 2018 saw a decrease in volume of 18%, which translated into a decrease in revenue of 34%, demonstrating the margin compression that was so rampant in late 2017 and throughout 2018. This year, while our volume slipped 10%, our revenue decreased only 3% giving a profitability improvement of
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended
Revenues | Earnings before Taxes | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Life Insurance | $ | 30,506,000 | $ | 50,860,000 | (40.0%) | $ | 2,085,000 | $ | 23,711,000 | (91.2%) | |||||||
Cemeteries/Mortuaries | $ | 4,359,000 | $ | 3,776,000 | 15.4% | $ | 1,185,000 | $ | 861,000 | 37.6% | |||||||
Mortgages | $ | 26,629,000 | $ | 27,440,000 | (3.0%) | $ | (838,000 | ) | $ | (3,385,000 | ) | (75.2%) | |||||
Total | $ | 61,494,000 | $ | 82,076,000 | (25.1%) | $ | 2,432,000 | $ | 21,187,000 | (88.5%) | |||||||
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 17,241,664 Class A equivalent shares outstanding as of
If there are any questions, please contact Mr.
P.O. Box 57250
Phone: (801) 264-1060
Fax: (801) 265-9882
Source: Security National Financial Corporation