Citizens Financial Announces Second Quarter 2005 Results
August 12 2005 - 2:54PM
PR Newswire (US)
LOUISVILLE, Ky., Aug. 12 /PRNewswire-FirstCall/ -- Citizens
Financial Corporation (NASDAQ:CNFL) today reported a net loss of
$97,000 or $0.06 per share for the second quarter ended June 30.
The net loss decreased by about $776,000 from the loss of $873,000
or $0.52 per share during the same period in 2004. Net income for
the first two quarters of 2005 was $14,000 or $0.01 per share,
compared to a net loss of $982,000, or $0.58 per share during the
same period in 2004. During the first six months of 2005 net equity
increased 1.3% to $11.97 per share due to this net income and an
increase in net unrealized gains in the Company's investment
portfolio. For the second quarter of 2005 the Company experienced a
pre-tax loss of $471,000 from operations offset by pre-tax
portfolio investment gains of $327,000 compared to a pre-tax loss
from operations of $911,000 offset by pre- tax portfolio investment
gains of $62,000 in the second quarter of 2004. The decrease of
$818,000 from a pre-tax loss from operations of $1,285,000 for the
first six months of 2004 to a pre-tax loss from operations of
$467,000 for the first six months of 2005 is due to an increase in
investment income of $155,000, a decrease in commission expenses of
$197,000, a decrease in policy benefits and benefit reserves of
$1,267,000 and a decrease in other expenses of $228,000, offset by
a decrease in operating revenues of $1,029,000. Total revenues were
down 4% for the first half of 2005 compared to the prior year,
while premium income decreased 7% for the period. The decrease in
premium income was principally attributable to lower Preneed sales
resulting primarily from decreases made by the Company in the
second quarter of 2003 to commissions paid on these products and
from decreases in crediting growth rates late in 2004. General
expenses were down 6.3% during the first six months of the year
compared to the same period in the prior year, due primarily to
several non-recurring expenses included in the first six months of
2004. Certain statements made herein are forward-looking statements
under the Private Securities Litigation Reform Act of 1995. These
statements involve uncertainties and are based on management's
current expectations. For a discussion of factors that could cause
actual results to differ from those described in the
forward-looking statements, and a detailed discussion of the
Company's insurance operations, asset quality, capital adequacy,
debt, liquidity and factors affecting future performance, see the
Company's Form 10-Q for the quarter and Form 10-K for 2004 which
have been filed with the Securities and Exchange Commission and can
be accessed at http://www.citizensfinancialcorp.com/ Citizens
Financial is the Louisville-based parent of Citizens Security Life
Insurance Company. Citizens Financial Corporation Results in
tabular form: Quarter ended June 30 2005 2004 Segment Revenues
$8,562,000 $8,960,000 Net realized investment gains (losses)
$327,000 $62,000 Total Revenues $8,889,000 $9,022,000 Net Loss
$(97,000) $(873,000) Net Loss Per share $(0.06) $(0.52) Six Months
ended June 30 2005 2004 Segment Revenues $16,829,000 $17,703,000
Net realized investment gains (losses) $382,000 $290,000 Total
Revenues $17,211,000 $17,993,000 Net Income (Loss) $14,000
$(982,000) Net Income (Loss) Per share $0.01 $(0.58) Selected
Financial Position Data June 30, 2005 December 31, 2004 Total
Assets $156,189,000 $157,271,000 Notes Payable $5,083,000
$5,792,000 Shareholders' Equity $20,007,000 $19,754,000
Shareholders' Equity per share $11.97 $11.82 DATASOURCE: Citizens
Financial Corporation CONTACT: Len E. Schweitzer, Vice President
& Treasurer of Citizens Financial Corporation, +1-502-244-2420
Web site: http://www.citizensfinancialcorp.com/
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