Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the second quarter ended June 30, 2012.
SNFC announced revenues of $56,528,000 for the three months ended June 30, 2012. This represents a 55% increase from 2011. Pre-tax earnings from operations for the three-month period increased from $141,000 in 2011 to $5,036,000. After tax earnings increased from $205,000 in 2011 to $3,593,000 in 2012.
SNFC announced revenues of $103,851,000 for the six months ended June 30, 2012. This represents a 47% increase over 2011. Pre-tax earnings from operations for the six-month period increased from a loss of $1,181,000 in 2011 to a gain of $7,365,000 in 2012. After tax earnings increased from a loss of $314,000 in 2011 to a gain of $5,255,000.
Scott Quist, President of the Company, said “We are pleased with the second quarter results of our company. The 55% increase in revenue and greater than 1,000% increase in profitability speaks well to the efforts and performance of our management team and employees. Many of the cost and revenue initiatives that were implemented following the recession are now bearing fruit. Our life segment profitability increased 500% due to more favorable mortality and more importantly better investment income performance. Our death care segment, exclusive of the REO depreciation costs and 2011 asset sales, actually improved their operating income by almost 40% year over year. Our mortgage segment, while continuing to be troubled by the well publicized economic environment within which we must operate, continues to see the positive results of our conversion from wholesale to retail originations. That has resulted in the $7,700,000 period over period improvement in profitability going from a heavy loss in 2011 to a gain in 2012. Retail originations now make up over 70% of our production. We continue to believe that we are improving our market share in those geographic areas that we serve.”
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