checkAd

     120  0 Kommentare Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2020

    SALT LAKE CITY, May 18, 2020 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended March 31, 2020.

    For the three months ended March 31, 2020, SNFC’s after-tax earnings from operations decreased 26.2% from $1,930,000 in 2019 to $1,424,000 in 2020, on a 29.5% increase in revenues to $79,609,000.

    Scott M. Quist, President of the Company, said: “The COVID-19 pandemic had a marked influence on our reported Q1 earnings.  Our Mark to Market common stock losses included in our Q1 results were about $2.5 million and were centered in both our Life Insurance and Cemeteries/Mortuaries business segments.  As of April 30th, we had recovered approximately 50% of those losses on a Mark to Market basis, but the stock market continues to be very volatile so forecasting market returns is currently a challenge.  I am sure we will recognize some “real” cash stock market losses as we did have some holdings, albeit relatively small, in what are now some very troubled industries, including airlines and aircraft manufacturers.  Absent the Mark to Market losses, operationally our performance would have been in the $4 million range, which would be a significant improvement over 2019.  Thus, even recognizing the decrease in reported net income, I am quite pleased with our Company’s first quarter performance.

    SNFC has three business segments.  The following table shows the revenues and earnings before taxes for the three months ended March 31, 2020, as compared to 2019, for each of the three business segments:

      Revenues   Earnings before Taxes
        2020     2019         2020       2019      
    Life Insurance $ 33,206,000   $ 30,506,000   8.9 %   $ (3,069,000 )   $ 2,085,000     (247.2 %)
                           
    Cemeteries/Mortuaries $ 4,014,000   $ 4,359,000   (7.9 %)   $ 105,000     $ 1,185,000     (91.1 %)
                           
    Mortgages $ 42,389,000   $ 26,629,000   59.2 %   $ 4,438,000     $ (838,000 )   629.6 %
                           
    Total $ 79,609,000   $ 61,494,000   29.5 %   $ 1,474,000     $ 2,432,000     (39.4 %)
                           

    Net earnings per common share was $.08 for the three months ended March 31, 2020, compared to net earnings of $.11 per share for the prior year, as adjusted for the effect of annual stock dividends.  Book value per common share was $10.42 as of March 31, 2020, compared to $10.86 as of December 31, 2019. 

    Seite 1 von 2


    globenewswire
    0 Follower
    Autor folgen

    Verfasst von globenewswire
    Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2020 SALT LAKE CITY, May 18, 2020 (GLOBE NEWSWIRE) - Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the quarter ended March 31, 2020. For the three months ended March 31, 2020, SNFC’s after-tax …