This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Security National Financial Corporation Reports Financial Results For The First Quarter Ended March 31, 2010

Security National Financial Corporation (SNFC) (Nasdaq: SNFCA) announced financial results for the first quarter ended March 31, 2010.

SNFC announced revenues of $38,522,000 for the three months ended March 31, 2010. This represents a 35% decrease from 2009. Pre-tax earnings from operations for the three-month period decreased from $4,940,000 in 2009 to a loss of ($1,673,000). After-tax earnings decreased from $3,233,000 to a loss of ($951,000) for the first quarter of 2010.

Regarding the earnings decrease, Scott Quist, President of the Company, said, “The loss from operations reflects the continuing economic uncertainty and, specifically, weakness in the housing markets to which we have all become too familiar. First quarter of 2010 saw our mortgage segment revenues decline by 50%, or about $20,000,000, versus the first quarter of 2009.

“We have reacted by cutting staff and overhead, but we won’t realize the benefits of those reductions until the second quarter. Our death-care segment, in my view, actually performed better than indicated by the financial numbers. We have placed much of our REO into our death-care companies, where it can be better managed, and the depreciation can be used to offset higher effective tax rates. Absent the depreciation associated with the REO, our death care segment’s earnings from operations were positive by about $160,000 pre-tax.

“Our life insurance segments continue to improve despite the low interest rate environment as we continue to improve revenue and manage costs. However, positive earnings from operations will continue to be challenged by the low interest rate environment.”

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended March 31, 2010 as compared to 2009 for each of the three business segments:

For the three months ended March 31, 2010:




Earnings before Taxes




2009     % 2010     2009     %

Life Insurance




























































Net loss per common share was ($.12) for the three months ended March 31, 2010, compared to earnings of $.40 per share for the prior year as adjusted for the effect of annual stock dividends. Book value per common share was $7.19 as of March 31, 2010, compared to $7.30 as of December 31, 2010. The Company has two classes of common stock outstanding, Class A and Class C. The Class C shares share in distribution of earnings and capital on a 10-for-1 basis with the Class A shares; therefore, for earnings per share and book value per share calculations, the Class C shares are converted to Class A shares on a 10-for-1 basis. There were 8,235,621 Class A equivalent shares outstanding as of March 31, 2010.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SNFCA $5.31 -0.93%
AAPL $126.37 2.53%
FB $83.20 -0.13%
GOOG $552.03 0.67%
TSLA $190.57 3.01%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs