Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the third quarter ended September 30, 2012.
SNFC announced revenues of $63,748,000 for the three months ended September 30, 2012. This represents a 54% increase from 2011. Pre-tax earnings from operations for the three-month period increased 634% from $835,000 in 2011 to $6,132,000. After-tax earnings increased 482% from $770,000 in 2011 to $3,990,000 in 2012.
SNFC announced revenues of $167,599,000 for the nine months ended September 30, 2012. This represents a 50% increase from 2011. Pre-tax earnings from operations for the nine-month period increased from a loss of ($347,000) in 2011 to a gain of $13,497,000 in 2012. After-tax earnings increased from $457,000 in 2011 to $9,245,000 in 2012.
Scott Quist, Chairman of the Board, President and Chief Executive Officer of the Company, said, “Our life segment continues its excellent profitability results. These results represented the third-best third quarter ever for our life segment; this result has been accomplished despite record low interest rates. Nevertheless, low interest rates continue to plague increased profitability. Our death care segment operating profit is actually 233% above prior year to date numbers, but the results continue to be masked by the depreciation charges the segment incurs by virtue of the REO they have undertaken and manage for its sister companies. We also continue to see cremation rates rise in all markets we serve. We have accomplished considerable change in our mortgage segment converting to a retail dominated distribution model. Without question, the low interest rates have materially benefited our mortgage segment, but significantly the percentage of our business that is purchased originated, rather than simply refinance, is approximately two times national averages. Thus, we believe that our mortgage model will be more sustainable versus its peers as interest rate normalize.”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, 2012 as compared to 2011 for each of the three business segments:
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