Unico American has reported revenues of $10.1m for the fourth quarter of 2009, a decrease of 9% compared to $11.2m for the same period last year.
The company’s net premiums earned for the quarter were $7.5m, a decrease of 7% compared to $8.07m for the same period last year.
For the forth quarter ended December 31, 2009, the company posted a net income of $0.6m, or $0.11 per diluted share, compared to net income of $2.1m, or $0.37 per diluted share for the fourth quarter of 2008.
For the full year 2009, the company has reported revenues of $41.6m compared to $46.7m for 2008. Net premiums earned in 2009 were $30.7m compared to $33.9m in 2008. Net income for the fourth quarter was $2.9m, or $0.53 per diluted share compared to $5.3m, or $0.93 per diluted share for the same period last year.
Cary Cheldin, chairman of the board of directors and CEO of Unico American, said: “The results of our fourth quarter reflect an extremely-soft marketplace and surprisingly low interest rates. Nonetheless, we remain well capitalized and we are progressing in the development of new platforms to support our long-term success.”