The following table summarizes the location, square footage and the number of viewing rooms and chapels of the fourteen Company owned mortuaries:
On June 30, 1999 the Company entered into a Coinsurance and Assumption Agreement (the "Agreement") with Menlo Life Insurance Company ("Menlo Life"), wherein the Company has assumed 100% of the policies in force of Menlo Life. The Agreement was not in effect until it was approved by Menlo Life's domiciled state of Arizona and the state of California. These approvals were obtained on September 9, 1999 for the Arizona Insurance Department, and on December 9, 1999 for the California Insurance Department. Menlo Life will pay consideration to the Company in the form of statutory admitted assets to equal the liabilities assumed. The consideration will be paid when the policies in force have been converted onto the Company's computer system. It is anticipated that the conversion will take place during the third quarter of 2001. Until then the policies will be administered by Menlo Life. The net amount to be paid at December 31, 2000, is $2,711,329.
Consolidated Statement of Cash Flow, Years Ended December 31, 2000, 1999 and 1998 . . . . . . . . . . . . . . . . . . . . . . . .31
Stockholders' Equity: Common stock: Class A: $2 par value, authorized 10,000,000 shares, issued 5,107,631 shares in 2000 and 4,863,731 shares in 1999 10,215,262 9,727,462 Class C: $0.20 par value, authorized 7,500,000 shares, issued 5,827,805 shares in 2000 and 5,555,350 shares in 1999 1,165,561 1,111,070 Total common stock 11,380,823 10,838,532 Additional paid-in capital 10,054,714 10,015,942 Accumulated other comprehensive income, net of deferred taxes (benefit) of $66,043 and $(71,899) for 2000 and 1999 836,751 665,691 Retained earnings 7,831,306 7,516,640 Treasury stock at cost (1,233,064 Class A shares and 65,078 Class C shares in 2000; 966,139 Class A shares and 61,979 Class C shares in 1999, held by affiliated companies) (3,362,233) (2,547,112) ------------ ------------ Total stockholders' equity 26,741,361 26,489,693 ------------ ------------ Total liabilities and stockholders' equity $207,186,846 $214,298,437 ============ ============
Realized gains and losses on investments - realized gains and losses on investments and declines in value considered to be other than temporary, are recognized in operations on the specific identification basis.
Bank prime rate less 1.35% (8.15% at December 31, 2000) note payable in monthly installments of $20,836, including principal and interest, collateralized by real property, which book value is approximately $1,033,000, due November 2007 1,662,768 1,703,915
Bank prime rate less 1.35% (8.15% at December 31, 2000) note payable in monthly installments of $2,736 including principal and interest, collateralized by 15,000 shares of Security National Life Insurance Company stock, due December 2005 180,893 199,461
December 31, 2000 1999 ------ ---------- Current $ 499,714 $ 142,002 Deferred 5,624,798 5,594,858 ---------- ---------- Total $6,124,512 $5,736,860 ========== ==========
The 1993 Plan provides for the grant of options and the award or sale of stock to officers, directors, and employees of the Company. Both "incentive stock options," as defined under Section 422A of the Internal Revenue Code of 1986 (the "Code"), and "non- qualified options" may be granted pursuant to the 1993 Plan. Options intended as incentive stock options may be issued only to employees, and must meet certain conditions imposed by the Code, including a requirement that the option exercise price be not less than the fair market value of the option shares on the date of grant. The 1993 Plan provides that the exercise price for non-qualified options will be not less than at least 50% of the fair market value of the stock subject to such option as of the date of grant of such options, as determined by the Company's Board of Directors.
Available options for future grant 1993 Stock Incentive Plan 509,701 ========
December 31, 2000 1999 10 year notes due April 16, 1999, 1% over U.S. Treasury 6 month bill rate $536 $535
Percentage Ceded to Assumed of Amount Direct Other from Other Net Assumed Amount Companies Companies Amount to Net ---------- ----------- ---------- -------- --------- - ---- Life Insurance in force ($000) $1,469,502 $253,698 $580,287 $1,796,091 32.3% =========== ========== ======== =========== ==== Premiums: Life Insurance $12,742,016 $1,151,262 $634,899 $12,225,653 5.19% Accident and Health Insurance 454,656 427 3,018 457,247 .66% ----------- ---------- -------- ----------- ---- Total premiums $13,196,672 $1,151,689 $637,917 $12,682,900 5.03% =========== ========== ======== =========== ==== - ---- Life Insurance in force ($000) $1,532,597 $296,936 $581,296 $1,816,957 32.00% =========== ========== ======== =========== ==== Premiums: Life Insurance $12,870,339 $1,063,696 $722,080 $12,528,723 5.76% Accident and Health Insurance 563,592 34,643 4,565 533,514 .85% ----------- ---------- -------- ----------- ---- Total premiums $13,433,931 $1,098,339 $726,645 $13,062,237 5.56% =========== ========== ======== =========== ==== - ---- Life Insurance in force ($000) $1,554,286 $352,777 $569,448 $1,770,957 32.15% =========== ========== ======== =========== ===== Premiums: Life Insurance $5,544,015 $251,271 $161,562 $5,454,306 2.96% Accident and Health Insurance 371,585 22,924 4,905 353,566 1.39% ----------- ---------- -------- ----------- ---- Total premiums $5,915,600 $274,195 $166,467 $5,807,872 2.87% =========== ========== ======== =========== ====