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Friday, Mar 29, 2024

Unico Reports Widening Loss

Unico American Corp. has reported a widening net loss for the fourth quarter and a million-dollar loss for the full year. The Calabasas insurance holding company reported a net loss of $248,000 (-5 cents a share) for the quarter ended Dec. 31, compared with a net loss of $48,000 (-1 cent) for the same quarter a year earlier. Revenue increased 14 percent to $8.7 million. No analysts follow the company, which sells insurance through its Crusader Insurance Co. subsidiary. For the full year of 2015, the company reported a net loss of $1.2 million (-22 cents a share) on revenue of $33.3 million. For the previous year, the company had net income of $846,000 (16 cents a share) on revenue of $30.5 million. Unico announced results late Friday. Shares closed Monday up 17 cents or 1.8 percent to $9.62 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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