EXHIBIT 99.1
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NEWS RELEASE
CONTACT: Lester A. Aaron
Chief Financial Officer
(818) 591-9800
UNICO AMERICAN CORPORATION REPORTS RESULTS
FOR THE FIRST QUARTER ENDED MARCH 31, 2004
Woodland Hills, California, MAY 12, 2004 - Unico American Corporation (NASDAQ -
"UNAM") announced today that for its quarter ended March 31, 2004, revenues were
$15,680,191 and the net income was $1,257,997 ($0.23 diluted income per share)
compared with revenues of $11,416,591 and net income of $233,083 ($0.04 diluted
income per share) for the quarter ended March 31, 2003.
Stockholders' equity was $39,870,106 at March 31, 2004, or $7.26 per common
share including unrealized after-tax investment gains of $2,252,231 compared to
stockholders' equity of $38,470,857 or $7.01 per common share including
unrealized after-tax investment gains of $2,110,979 at December 31, 2003.
Unico American Corporation is an insurance holding company that provides
property, casualty, health and life insurance, and related premium financing
through its wholly owned subsidiaries.
(Table Follows)
UNICO AMERICAN CORPORATION AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
($ in thousands, except per share)
Three Months Ended Ended
March 31
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2004 2003
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Revenues
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Insurance Company Revenues
Premium earned $16,475 $11,425
Premium ceded 3,889 3,464
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Net premium earned 12,586 7,961
Investment income 1,092 1,267
Other income 30 19
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Total Insurance Company Revenues 13,708 9,247
Other Revenues from Insurance Operations
Gross commissions and fees 1,711 1,937
Investment income 10 13
Finance charges and late fees earned 247 220
Other income 4 -
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Total Revenues 15,680 11,417
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Expenses
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Losses and loss adjustment expenses 8,957 6,680
Policy acquisition costs 2,479 1,784
Salaries and employee benefits 1,216 1,193
Commissions to agents/brokers 271 403
Other operating expenses 789 997
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Total Expenses 13,712 11,057
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Income Before Income Taxes 1,968 360
Income Tax Provision 710 127
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Net Income $1,258 $233
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PER SHARE DATA
Basic
Earnings Per Share $0.23 $0.04
Weighted Average Shares (000) 5,490 5,490
Diluted
Earnings Per Share $0.23 $0.04
Weighted Average Shares (000) 5,578 5,507
INSURANCE COMPANY STATUTORY
OPERATING RATIOS
Losses and Loss Adjustment Expenses 71.0% 83.5%
Underwriting Expenses 28.0% 29.6%
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Combined Ratio 99.0% 113.1%
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