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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Security National Financial Corporation Reports Financial Results For The First Quarter Ended March 31, 2011

Stocks in this article: SNFCA

Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the first quarter ended March 31, 2011.

For the three months ended March 31, 2011, SNFC’s pre-tax loss from operations decreased 26% from $1,672,914 in 2010 to $1,322,582 on a 11% decrease in revenues to $34,172,180. After tax loss decreased from $951,233 in 2010 to $518,473 in 2011.

Scott Quist, President of the Company, said, “Despite the obvious disappointment in our overall loss, one should also realize that two of our three business segments reported record revenues and profitable results. For the first quarter, our life insurance segment revenues increased 19% to an all-time record and profitability increased nearly 600%, which are certainly impressive results. Our death care segment’s revenues increased only 2%, but profitability increased 375% from year ago levels, reflecting more efficient operations. Where we continue to experience significant weakness is in our mortgage segment. That segment’s revenues decreased 32% and the loss from operations increased 44%. While there are many reasons for the poor mortgage results to include stagnating interest rates and the continuing troubled state of the housing market, our job is to restore profitable operations regardless of the economic environment. To that end we continue to consolidate operations and adjust our marketing.”

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended March 31, 2011 as compared to 2010 for each of the three business segments:

For the three months ended March 31, 2011:

  Revenues   Earnings before Taxes
2011   2010   % 2011   2010   %
Life Insurance $ 17,148,321


$ 14,294,197 19 % $ 1,079,479 $ 155,410 594 %
Cemeteries/Mortuaries 3,033,086 2,964,650 2 % 151,624 (55,044 ) 375 %
Mortgages   13,990,773   20,708,280 (32 %)   (2,553,685 )   (1,773,280 ) (44 %)
Total $ 34,172,180 $ 37,967,127 (10 %) $ (1,322,582 ) $ (1,672,914 ) 20 %

The net loss per common share was $.06 for the three months ended March 31, 2011, compared to a loss of $.11 per share for the prior year as adjusted for the effect of annual stock dividends. Book value per common share was $6.72 as of March 31, 2011, compared to $6.79 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 8,865,068 Class A equivalent shares outstanding as of March 31, 2011.

If there are any questions, please contact Mr. Scott M. Quist or Mr. Stephen M. Sill at:
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,796.09 +17.94 0.10%
S&P 500 2,064.50 +3.27 0.16%
NASDAQ 4,748.9970 +0.6010 0.01%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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