SECURITY NATIONAL FINANCIAL CORPORATION REPORTS FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019
For the twelve months ended
“In addition to the excellent operational performance in 2019, we were able to accomplish a significant acquisition. In December we closed on the purchase of
“Of course, the world today is a much different place than it was in 2019, and much different even than it was a month ago. I believe our company has reacted well to the tremendous challenges placed upon it and our staff over that last month. A month ago, we had probably 85-90% of our staff working in our offices, today, we have probably 20-25% working at our offices. The remaining approximately 75-80% are now working remotely from their homes. I am very proud of how quickly our IT staff was able to install such functionality.
“Financial markets have reacted with wide swings in both the fixed income and equity markets. Interest rates have dropped precipitously with the two-year treasury bill even dipping into negative interest rate territory briefly. While the lowered rates have sparked additional activity in our mortgage segment, profitably deploying cash has become more troublesome.
“We are fortunate that most, if not all, of our businesses to date have been considered not “non-essential”. However, even such formerly simple tasks as deed recordings and professional licensing have now become problematic. Traditionally a large percentage of our new customer sales activity has been consumer direct in-home sales. Such in-home transactions are becoming increasingly rare. We have reacted speedily with video and other remotely based sales presentation capabilities. The training of our sales force and the market acceptance of such new sales methods remains to be seen. Even where there is consistent demand, such as in funeral services, providing those services in today’s environment has been challenging. While it is hazardous to guess how long such conditions will linger it is nevertheless our job to understand and react to the present environment and continue to provide our needed services and products on a profitable basis.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended
|Revenues||Earnings before Taxes|
Net earnings per common share was
The Company has two classes of common stock outstanding, Class A and Class C. There were 18,117,843 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