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:
|Revenues||Earnings before Taxes|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV