Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the third quarter ended September 30, 2011.
SNFC announced revenues of $41,325,000 for the three months ended September 30, 2011. This represents a 10% decrease from 2010. Pre-tax earnings from operations for the three-month period increased 3% from $813,000 in 2010 to $835,000. After-tax earnings increased 53% from $503,000 in 2010 to $770,000 in 2011.
SNFC announced revenues of $111,964,000 for the nine months ended September 30, 2011. This represents a 12% decrease from 2010. Pre-tax loss from operations for the nine-month period decreased from $(745,000) in 2010 to $(347,000) in 2011. After-tax earnings increased from a $(28,000) loss in 2010 to a gain of $457,000 in 2011.
Scott Quist, President of the Company, said, “Our life segment continues its excellent revenue growth and profitability results. Our death care segment is actually performing on an operational basis significantly better than prior years, but its segment results continue to be somewhat masked by the depreciation charges they incur by virtue of the REO they have undertaken and manage for their sister companies. We have accomplished considerable change in our mortgage segment, changing to a more retail-dominated distribution model. Two years ago our distribution model was approximately 85% wholesale origination but as of this quarter 65% of our production will be retail. There is a much better acceptance in the marketplace for retail-generated loans. We have been able to accomplish that conversion without a significant deterioration of our market share. Without question the mortgage market continues to be very troubled nationwide and to decline in overall size, but we believe we have cause for some optimism.”SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months and nine months ended September 30, 2011 as compared to 2010 for each of the three business segments:
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