SALT LAKE CITY--(BUSINESS WIRE)--
Security National Financial Corporation (SNFC) (NASDAQ: SNFCA) announced
financial results for the quarter ended March 31, 2015.
For the three months ended March 31, 2015, SNFC's pre-tax earnings from
operations increased 1,706% from $166,000 in 2014 to $2,998,000 in 2015,
on a 42% increase in revenues to $64,049,000. After tax earnings
increased 1,241% from $139,000 in 2014 to $1,864,000 in 2015.
Scott Quist, Chairman of the Board, President and Chief Executive
Officer of the Company, said: "We are very pleased with the performance
of our Company this past quarter. In our Life Insurance Segment,
earnings improved 5.5% on a revenue improvement of 13.6%. First year
premium growth remained strong through the first quarter, but death
claims increased and investment results moderated in comparison to 2014.
In our Cemetery and Mortuary Segment, the management changes that have
been implemented over the last 5 months have begun to bear fruit. EBITD
increased from $461,000 (15% of net revenue) in 1st quarter
2014, to $627,000 (21% of net revenue) in 2015. This represents the best
operating income for this segment for at least the past 10 years. The
improvement resulted from an increased case count at our cemetery
locations and better expense control in our sales efforts. Preneed sales
volumes and mortuary results were essentially flat as compared to the
prior year; thus we believe there is ample room for additional income
growth.
Year-to-date Mortgage Segment income is significantly greater than last
year, improving from a loss in 1st quarter 2014 to a profit
of nearly $1.2 million in 2015. Significantly, our mortgage origination
volume for the quarter increased 74% over the prior year. Further, in
addition to benefitting from an industrywide increase in refinance
volumes, the Mortgage Segment also experienced an increase in its core
purchase-loan originations, where it focuses most its marketing efforts,
of slightly over 22%.
SNFC has three business segments. The following table shows the revenues
and earnings before taxes for the three months ended March 31, 2015, as
compared to 2014 for each of the segments:
|
|
|
|
|
|
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Revenues
|
|
|
Earnings before Taxes
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
%
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
%
|
|
|
Life Insurance
|
|
|
|
$
|
20,985,000
|
|
|
$
|
18,473,000
|
|
|
13.6
|
%
|
|
|
$
|
1,404,000
|
|
|
$
|
1,331,000
|
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries
|
|
|
|
|
3,098,000
|
|
|
|
3,040,000
|
|
|
1.9
|
%
|
|
|
|
409,000
|
|
|
|
183,000
|
|
|
|
123.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages
|
|
|
|
|
39,966,000
|
|
|
|
23,540,000
|
|
|
69.8
|
%
|
|
|
|
1,185,000
|
|
|
|
(1,348,000
|
)
|
|
|
187.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
|
|
|
$
|
64,049,000
|
|
|
$
|
45,053,000
|
|
|
42.2
|
%
|
|
|
$
|
2,998,000
|
|
|
$
|
166,000
|
|
|
|
1,706.0
|
%
|
|
|
The net gain per common share was $.14 for the three months ended March
31, 2015, compared to a net gain of $.01 per share for the same period
last year, as adjusted for the effect of annual stock dividends. Book
value per common share was $7.75 as of March 31, 2015, compared to $7.54
as of December 31, 2014. The Company has two classes of common stock
outstanding, Class A and Class C. As of March 31, 2015, there were
12,980,166 shares outstanding.
If there are any questions, please contact Mr. Scott M. Quist or Mr.
Garrett S. Sill at:
Security National Financial Corporation
P.O. Box 57250
Salt
Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882
Security National Financial Corporation
Scott M. Quist or Garrett
S. Sill, 801-264-1060
fax: 801-265-9882
Source: Security National Financial Corporation
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