SALT LAKE CITY, May 14, 2024 (Globe Newswire) — Security National Financial Corporation (SNFC) (NASDAQ symbol “SNFCA”) announces its financial results for the quarter ended March 31, 2024.
For the three months ended March 31, 2024, SNFC's pre-tax operating profit increased by 507% from $1,585,000 in 2023 to $9,619,000 in 2024, and revenue also increased by 2% to $8,1188,000. It became a dollar.
Scott Quist, Chairman of the Board, President and Chief Executive Officer of SNFC, said: Obviously, most of the revenue improvement is due to expense management, as total revenue has only increased by 2%. Total expenses decreased by over 8%, with the majority of the decrease being due to “selling, general and administrative expenses.” We are pleased with our team's efforts and results.
In short, revenues have increased and costs have decreased. While we believe cost control is important and there is more work to do, our focus is on top-line growth. Our insurance and memorial divisions both achieved 7% revenue growth, and investment income across all divisions increased his 12%. We believe there is room to grow our investment returns as our cash position increased by $23 million to $151 million during the quarter. From a profitability perspective, our mortgage division reduced its losses by 50% year over year, and our memorial and insurance divisions achieved their best operating results ever. Overall, I think this was a very strong quarter for us. ”
SNFC has three business segments. The following table shows his revenue and pre-tax profit for the three months ended March 31, 2024, compared to his 2023 for each business segment.
|
revenue |
Pre-tax profit |
||||||||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||||||||||
|
Life insurance |
$ |
49,971,000 |
$ |
45,415,000 |
10.0% |
$ |
8,530,000 |
$ |
3,684,000 |
131.5% |
|||||||||||||
|
Cemetery/mortuary |
$ |
8,787,000 |
$ |
7,199,000 |
22.1% |
$ |
3,053,000 |
$ |
1,784,000 |
71.1% |
|||||||||||||
|
Housing loan |
$ |
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 income per share of common stock for the three months ended March 31, 2024, adjusted for the impact of annual stock dividends, was $0.33. His net income per share for the same period last year was $0.05. Book value per share of common stock was $14.40 as of March 31, 2024, compared to $14.11 as of December 31, 2023.
The Company has two classes of common stock outstanding: Class A and Class C. As of March 31, 2024, the number of Class A equivalent shares outstanding is 22,288,158 shares.
This press release contains forward-looking statements that, although not verifiable historical facts, may predict future events or results with respect to Security National Financial Corporation and its business. Contains sexually explicit descriptions. The predictions in the statements involve risks and uncertainties that could cause actual results to differ materially from those discussed or implied by the forward-looking statements.
If you have any questions, please contact Garrett S. Sill or Scott Quist.
Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882
