Security National Financial Corporation Reports Financial Results for the Quarter Ended March 31, 2024
2024年5月15日 - 2:11AM
Security National Financial Corporation (SNFC) (NASDAQ symbol
"SNFCA") announced financial results for the quarter ended March
31, 2024.
For the three months ended March 31, 2024,
SNFC’s before tax earnings from operations increased 507% from
$1,585,000 in 2023 to $9,619,000 in 2024, on a 2% increase in
revenues to $81,188,000.
Scott Quist, Chairman of the Board, President,
and Chief Executive Officer of SNFC, said, “Anytime we increase
earnings 507% we are pleased. Obviously, since total revenues
increased only 2%, the bulk of the earnings improvement came from
expense control. Total expenses decreased a little over 8%, with
the bulk of the decrease coming from “Selling, general and
administrative expenses”. I am pleased with our team’s efforts and
results.
In a nutshell, revenues increased, and costs
decreased. While cost control is important, and we believe we have
more work to do, we are focused on top-line revenue growth. Our
Insurance and Memorial Segments both achieved 7% revenue growth and
our investment income, across all Segments, increased 12%. We
believe we have room to grow our investment income since our cash
position increased $23MM, to $151MM, during the quarter. From a
profitability viewpoint, our Mortgage Segment decreased its YOY
loss by 50% and our Memorial and Insurance Segments experienced
their best ever operational results. All in all, I believe this was
a very strong quarter for us.”
SNFC has three business segments. The following
table shows the revenues and earnings before taxes for the three
months ended March 31, 2024, as compared to 2023, for each business
segment:
|
Revenues |
|
Earnings before Taxes |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Life Insurance |
$ |
49,971,000 |
|
|
$ |
45,415,000 |
|
|
|
10.0% |
|
|
$ |
8,530,000 |
|
|
$ |
3,684,000 |
|
|
|
131.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemeteries/Mortuaries |
$ |
8,787,000 |
|
|
$ |
7,199,000 |
|
|
|
22.1% |
|
|
$ |
3,053,000 |
|
|
$ |
1,784,000 |
|
|
|
71.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
$ |
22,430,000 |
|
|
$ |
26,887,000 |
|
|
|
(16.6%) |
|
|
$ |
(1,964,000 |
) |
|
$ |
(3,883,000 |
) |
|
|
49.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
81,188,000 |
|
|
$ |
79,501,000 |
|
|
|
2.1% |
|
|
$ |
9,619,000 |
|
|
$ |
1,585,000 |
|
|
|
506.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share were $.33 for the
three months ended March 31, 2024, compared to net earnings of $.05
per share for the prior year, as adjusted for the effect of annual
stock dividends. Book value per common share was $14.40 as of March
31, 2024, compared to $14.11 as of December 31, 2023.
The Company has two classes of common stock
outstanding, Class A and Class C. There were 22,288,158 Class A
equivalent shares outstanding as of March 31, 2024.
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 Security National Financial Corporation and its
business. The predictions in the statements will involve risk and
uncertainties and, accordingly, actual results may differ
significantly from the results discussed or implied in such
forward-looking statements.
If there are any questions, please contact Mr.
Garrett S. Sill or Mr. Scott Quist at:
Security National
Financial CorporationP.O. Box 57250Salt Lake City, Utah 84157Phone
(801) 264-1060Fax (801) 265-9882
Security National Financ... (NASDAQ:SNFCA)
過去 株価チャート
から 7 2024 まで 8 2024
Security National Financ... (NASDAQ:SNFCA)
過去 株価チャート
から 8 2023 まで 8 2024