Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2020
Rhea-AI Summary
Security National Financial Corporation (SNFCA) announced Q1 2020 results, reporting a 26.2% decline in after-tax earnings from operations to $1.42 million, despite a 29.5% revenue increase to $79.61 million. The COVID-19 pandemic impacted operations significantly, highlighted by $2.5 million in Mark to Market common stock losses. Net earnings per share decreased to $0.08 from $0.11 year-over-year. Book value per share also fell to $10.42 from $10.86.
Positive
- Revenue increased by 29.5% to $79.61 million.
- Operational performance improved to an estimated $4 million absent Mark to Market losses.
Negative
- After-tax earnings decreased by 26.2% to $1.42 million.
- Mark to Market losses of approximately $2.5 million impacted financial performance.
- Net earnings per share dropped to $0.08 from $0.11.
News Market Reaction – SNFCA
In the trading session that priced this news, SNFCA gained 0.88%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
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
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 Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone: (801) 264-1060
Fax: (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.