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TheStreet Open House

Security National Financial Corporation Reports Financial Results For The Third Quarter Ended September 30, 2012

For the three months ended September 30, 2012:

    Revenues     Earnings (Losses) before Taxes
2012   2011   % 2012   2011   %
Life Insurance $ 16,346,000 $ 16,681,000 (2.0 %) $ 938,000 $ 773,000 21.3 %
 
Cemeteries/Mortuaries 2,704,000 2,446,000 10.5 % (92,000 ) (318,000 ) 71.1 %
 
Mortgages   44,698,000   22,198,000 101.4 %   5,286,000     380,000   1,291.1 %
 
Total $ 63,748,000 $ 41,325,000 54.3 % $ 6,132,000   $ 835,000   634.4 %

For the nine months ended September 30, 2012:

    Revenues     Earnings (Losses) before Taxes
2012   2011   % 2012   2011   %
Life Insurance $ 51,455,000 $ 50,428,000 2.0 % $ 3,830,000 $ 2,191,000 74.8 %
 
Cemeteries/Mortuaries 8,394,000 9,203,000 (8.8 %) 57,000 496,000 (88.5 %)
 
Mortgages   107,750,000   52,333,000 105.9 %   9,610,000   (3,034,000 ) 416.7 %
 
Total $ 167,599,000 $ 111,964,000 49.7 % $ 13,497,000 $ (347,000 ) 3,989.6 %

Net earnings per common share were $.42 for the three months ended September 30, 2012, compared to $.08 per share for the prior year as adjusted for the effect of annual stock dividends. Net earnings per common share was $.97 for the nine months ended September 30, 2012, compared to $.05 per share for the prior year as adjusted for the effect of annual stock dividends. Book value per common share was $7.38 as of September 30, 2012, compared to $6.48 as of December 31, 2011. 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 9,592,385 Class A equivalent shares outstanding as of September 30, 2012.

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