SECURITY NATIONAL FINANCIAL CORPORATION For the three months ended
In a nutshell, revenues increased, and costs decreased. While cost control is important, and we believe we have more work to do, we are focused on top-line revenue growth. Our Insurance and Memorial Segments both achieved 7% revenue growth and our investment income, across all Segments, increased 12%. We believe we have room to grow our investment income since our cash position increased $23MM, to $151MM, during the quarter. From a profitability viewpoint, our Mortgage Segment decreased its YOY loss by 50% and our Memorial and Insurance Segments experienced their best ever operational results. All in all, I believe this was a very strong quarter for us.”
SNFC has three business segments. The following table shows the revenues and earnings before taxes for the three months ended
| Revenues | Earnings before Taxes | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Life Insurance | $ | 49,971,000 | $ | 45,415,000 | 10.0% | $ | 8,530,000 | $ | 3,684,000 | 131.5% | |||||||||||||
| Cemeteries/Mortuaries | $ | 8,787,000 | $ | 7,199,000 | 22.1% | $ | 3,053,000 | $ | 1,784,000 | 71.1% | |||||||||||||
| Mortgages | $ | 22,430,000 | $ | 26,887,000 | (16.6%) | $ | (1,964,000 | ) | $ | (3,883,000 | ) | 49.4% | |||||||||||
| Total | $ | 81,188,000 | $ | 79,501,000 | 2.1% | $ | 9,619,000 | $ | 1,585,000 | 506.9% | |||||||||||||
Net earnings per common share were
The Company has two classes of common stock outstanding, Class A and Class C. There were 22,288,158 Class A equivalent shares outstanding as of
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to
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P.O. Box 57250
Phone (801) 264-1060
Fax (801) 265-9882
2024 GlobeNewswire, Inc., source
