Exhibit 99.1
NEWS RELEASE
CONTACT: Lester A. Aaron
Chief Financial Officer
(818) 591-9800
UNICO AMERICAN CORPORATION REPORTS RESULTS
FOR THE FIRST QUARTER ENDED MARCH 31, 2003
Woodland Hills, California, May 14, 2003 - Unico American Corporation (NASDAQ -
"UNAM") announced today that for its quarter ended March 31, 2003, revenues were
$11,416,591 and the net income was $233,083 ($0.04 diluted income per share)
compared with revenues of $10,651,993 and net income of $106,052 ($0.02 diluted
income per share) for the quarter ended March 31, 2002.
Stockholders' equity was $38,617,503 at March 31, 2003, or $7.03 per common
share including unrealized after-tax investment gains of $3,093,192 compared to
stockholders' equity of $38,408,990 or $7.00 per common share including
unrealized after-tax investment gains of $3,117,762 at December 31, 2002.
Unico American Corporation is an insurance holding company that provides
property, casualty, health and life insurance, and related premium financing
through its wholly owned subsidiaries.
(Table Follows)
1
UNICO AMERICAN CORPORATION AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
($ in thousands, except per share)
Three Months Ended
March 31
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2003 2002
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Revenues
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Insurance Company Revenues
Premium earned $11,425 $9,253
Premium ceded 3,464 1,661
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Net premium earned 7,961 7,592
Investment income 1,267 1,390
Other income 19 2
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Total Insurance Company Revenues 9,247 8,984
Other Revenues from Insurance Operations
Gross commissions and fees 1,937 1,439
Investment income 13 6
Finance charges and late fees earned 220 219
Other income - 4
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Total Revenues 11,417 10,652
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Expenses
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Losses and loss adjustment expenses 6,680 6,330
Policy acquisition costs 1,784 2,150
Salaries and employee benefits 1,235 987
Commissions to agents/brokers 403 303
Other operating expenses 955 746
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Total Expenses 11,057 10,516
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Income Before Income Taxes 360 136
Income Tax Provision 127 30
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Net Income $233 $106
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PER SHARE DATA
Basic
Earning Per Share $0.04 $0.02
Weighted Average Shares (000) 5,490 5,482
Diluted
Earning Per Share $0.04 $0.02
Weighted Average Shares (000) 5,507 5,487
INSURANCE COMPANY STATUTORY
OPERATING RATIOS
Losses and Loss Adjustment Expenses
to Net Premiums Earned 83.5% 83.0%
Other Underwriting Expenses
to Net Premiums Written 29.6% 36.1%
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Combined Ratio 113.1% 119.1%
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