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January 31, 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 January 31, 2012:
Total Assets = $38,297,409 (up 5.6%)
Total Shareholders Equity = $16,950,750 (up 1.4%)
Life insurance in force = $13,528,980 (down 1.0%)
Total Annuities = $12,110,166 (up 10.6%)
Net Operating Income = $99,931 (down 20.7%)
Net Income = $85,916 (down 21.4%)
These figures are unaudited. The percentage changes are the difference between 1/31/11 and 1/31/12 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 January 31, 2012, this adjusted book value is $3.404 per share.
Therefore, the current tender price is $3.06 per share.
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The following semi-annual dividend has been declared payable during 2012 to stockholders of record at the end of the month preceding payment:
A 9 cent per share dividend payable April 10, 2012.
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