Security National Financial Corporation (SNFC) (NASDAQ: SNFCA) announced financial results for the second quarter ended June 30, 2014.
For the three months ended June 30, 2014, SNFC’s pre-tax earnings from operations decreased 6% from $4,470,000 in 2013 to $4,187,000 in 2014 on a 3% decrease in revenues to $59,412,000. After tax earnings decreased 6% from $2,799,000 in 2013 to $2,624,000 in 2014.
Security National Financial Corporation also announced revenues of $104,465,000 for the six months ended June 30, 2014. This represents a decrease of 10% from 2013. Pre-tax earnings from operations for the six month period also decreased from $7,697,000 in 2013 to $4,353,000. After-tax earnings decreased from $4,832,000 in 2013 to $2,763,000.
Scott Quist, Chairman of the Board, President and Chief Executive Officer of the Company, said: “We are very pleased with the performance of our Company this past quarter. Earnings before taxes are up double digits in Cemeteries and Mortuaries and triple digits in Life Insurance. Mortgage income, while less than last year, is very good given the industry environment. Quoting nationwide statistics from the Mortgage Bankers Association, 'applications for home purchase mortgages [are] roughly 15% below last year’s pace, and refinance applications [are] almost 60% slower than a year ago'. Against that environment, we have improved our production and believe we have increased our market share almost 50%. We, of course, are a small player in the national market, but I think we can take pride in our results last quarter and are optimistic about further production growth as we look forward.”SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended June 30, 2014 as compared to 2013 for each of the three business segments:
|Revenues||Earnings before Taxes|
|Revenues||Earnings before Taxes|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV