Unico American Corp. Notes Q2 Results

California-based Unico American Corporation announced that for its quarter ended June 30, 2003, revenues were $12,292,016 and the net income was $561,276 ($0.10 diluted income per share) compared with revenues of $11,328,455 and net loss of $3,662,872 ($0.67 diluted loss per share) for the quarter ended June 30, 2002.

Revenues for the six months ended June 30, 2003, were $23,708,607 and the net income was $794,359 ($0.14 diluted income per share) compared with revenues of $21,980,448 and a net loss of $3,556,820 ($0.65 diluted loss per share) for the six months ended June 30, 2002.

Stockholders’ equity was $39,309,033 at June 30, 2003, or $7.16 per common share including unrealized after-tax investment gains of $3,223,446 compared to stockholders’ equity of $38,408,990 or $7.00 per common share including unrealized after-tax investment gains of $3,117,762 at Dec. 31, 2002.

In August 2003, an adverse binding arbitration decision on a 1993 claim reportedly exceeded Crusader’s reinsurance coverage. As a result of this decision, the company will incur adverse development on this claim, net of reinsurance, of approximately $2,000,000 or approximately $1,320,000 net of taxes.

The adverse development on this claim will be recognized in the quarter ending Sept. 30, 2003, and may result in the company incurring a net loss for that quarter.