Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2020
May 18 2020 - 2:00PM
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.
The Company has two classes of common stock
outstanding, Class A and Class C. There were 18,201,448 Class
A equivalent shares outstanding as of March 31, 2020.
If there are any questions, please contact Mr.
Garrett S. Sill or Mr. Scott M. Quist at:
Security National Financial CorporationP.O. Box 57250Salt Lake
City, Utah 84157Phone: (801) 264-1060Fax:
(801) 265-9882
This press release contains statements that, if
not verifiable historical fact, may be viewed as forward-looking
statements that could predict future events or outcomes with
respect to the Company and its business. The predictions in these
statements will involve risk and uncertainties and, accordingly,
actual results may differ significantly from the results discussed
or implied in such forward-looking statements.
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