(2) The Company leases an additional 2,766 square feet of the facility to unrelated third parties for approximately $15,000 per year, under leases which expire at various dates after 1999.
Selected Financial Data - The Company and Subsidiaries (Consolidated) - ------------------------------------------------------------------------------
Insurance premiums and other considerations increased by $359,000, from $5,915,000 in 1998 to $6,274,000 in 1999. This increase was primarily attributed to additional new business.
Consolidated Statements of Earnings, Years Ended December 31, 1999, 1998, and 1997.................................................................35
Consolidated Statements of Stockholders' Equity, Years Ended December 31, 1999, 1998 and 1997. ...............................................................36
Future policy benefit reserves for traditional life insurance are computed using a net level method, including assumptions as to investment yields, mortality, morbidity, withdrawals, and other assumptions based on the life insurance subsidiaries experience, modified as necessary to give effect to anticipated trends and to include provisions for possible unfavorable deviations. Such liabilities are, for some plans, graded to equal statutory values or cash values at or prior to maturity. The range of assumed interest rates for all traditional life insurance policy reserves was 4.5% to 10.0% in 1999, 1998, and 1997. Benefit reserves for traditional limited-payment life insurance policies include the deferred portion of the premiums received during the premium-paying period. Deferred premiums are recognized as income over the life of the policies. Policy benefit claims are charged to expense in the period the claims are incurred.
Future policy benefit reserves for interest-sensitive insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for interest-sensitive insurance products ranged from 4% to 6.5% in 1999, 1998 and 1997.
10% note payable in monthly installments of $8,444 including principal and interest, collateralized by real property, which book value is approximately $1,079,000, due January 2013. 740,202 766,186
The Company has a 401(k) savings plan covering all eligible employees, as defined above, which includes employer participation in accordance with the provisions of Section 401(k) of the Internal Revenue Code. The plan allows participants to make pretax contributions up to the lesser of 15% of total annual compensation or the statutory limits. The Company may match up to 50% of each employee's investment in Company stock, up to 1/2% of the employee's total annual compensation. The Company's match will be Company stock and the amount of the match will be at the discretion of the Company's Board of Directors. The Company's matching 401(k) contributions for 1999, 1998, and 1997 were approximately $3,858, $7,000, and $-0-, respectively. Also, the Company may contribute at the discretion of the Company's Board of Directors an Employer Profit Sharing Contribution to the 401-K savings plan. The Employer Profit Sharing Contribution shall be divided among three different classes of participants in the plan based upon the participant's title in the Company. In 1999 the Company contributed $130,958 to the Plan. There were no contributions made in 1998 or 1997. All amounts contributed to the plan are deposited into a trust fund administered by an independent trustee.
hereunder shall be increased proportionately with no increase in the total purchase price of the shares then covered, and the number of shares of Class A Common Stock reserved for the purpose of the 1987 Plan shall be increased by the same proportion. In the event that the shares of Class A Common Stock of the Company from time to time issued and outstanding are reduced by a combination of shares, the number of shares of Class A Common Stock then covered by each outstanding option granted hereunder shall be reduced proportionately with no reduction in the total price of the shares then so covered, and the number of shares of Class A Common Stock reserved for the purposes of the 1987 Plan shall be reduced by the same proportion.
Income taxes 401,601 364,194 ------------ ------------ Total liabilities 16,968,378 11,497,868 ------------ ------------