CNFL Citizens Financial (MM)

Citizens Financial Announces First Quarter 2004 Results LOUISVILLE, Ky., May 17 /PRNewswire-FirstCall/ -- Citizens Financial Corporation Friday reported a net loss in the quarter ended March 31, 2004 of $110,000 or $0.07 per share, compared to a net loss of $333,000 or $0.20 per share in the first quarter of 2003. Premium income decreased 21% to $7,073,000 from the first quarter of 2003 while total revenues decreased 11%. Investment income for the quarter was up 18% from the first quarter of 2003. For 2004, the Company realized pre-tax investment portfolio gains of $228,000 and a pre-tax loss from operations of $374,000, compared to realized investment losses of $276,000 and a pre-tax loss from operations of $130,000 for the first quarter of 2003. Shareholders' equity increased 6% during the quarter to $22,100,000, with unrealized after-tax investment gains of approximately $1,372,000. The increase in the pre-tax loss from operations is principally due to declining premiums and increased mortality rates, partially offset by increased net investment income and a decrease in general expenses. Premiums for the Company's Preneed products declined $1,978,000 or 53% while Preneed death claims decreased only $11,000. General expenses were down 3% during 2004 compared to 2003, while net investment income was up 18%. Detailed financial information is available in the Company's Quarterly Report on Form 10-Q for the quarter filed with the Securities and Exchange Commission. 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 2003 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 March 31 2004 2003 Revenues $8,971,000 $ 10,131,000 Net Income (Loss) applicable to Common Stock $(110,000) $(333,000) Net Income (Loss) Per Share: $(0.07) $(0.20) Selected Financial Position Data 2004 2003 Total Assets $160,493,000 $149,365,000 Notes Payable $6,804,000 $7,121,000 Shareholders' Equity $22,100,000 $ 17,835,000 Shareholders' Equity per share $13.11 $ 10.58 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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