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April 30, 2012
FINANCIAL RESULTS
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COMPANY STOCK BUY-BACK (TENDER) OFFER
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SEMI-ANNUAL DIVIDENDS DECLARED
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Year-to-date Financial highlights as of April 30, 2012:
Total Assets = $38,516,572 (up 4.9%)
Total Shareholders Equity = $16,952,830 (up 3.1%)
Life insurance in force = $13,446,388 (down 1.2%)
Total Annuities = $12,359,023 (up 5.8%)
Net Operating Income = $454,699 (up 10.3%)
Net Income = $468,771 (up 91.7%)
These figures are unaudited. The percentage changes are the difference between 4/30/11 and 4/30/12 figures.
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The Board of Directors has authorized the purchase of Company stock at a price equal to 90% of the last available book value, as prepared on a GAAP basis, adjusted for unpaid declared dividends. Please note that this offer is subject to change. As of April 30, 2012, this adjusted book value is $3.406 per share.
Therefore, the current tender price is $3.07 per share.
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The following semi-annual dividend has been paid during 2012 to stockholders of record at the end of the month preceding payment:
A 9 cent per share dividend paid April 10, 2012.
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