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Year-to-date Financial highlights as of
November 30, 2008:
Life insurance in force = $13,636,984 (down .6%)
Total Revenues (incl. capital gains) = $3,002,905 (up .7%)
Net Income = $1,533,144 (down 6.1%)
Total Assets = $22,540,013 (up 3.3%
Total Shareholders Equity = $17,193,670 (up 3.1%)
These figures are unaudited.
The percentage changes are the difference between
11/30/07 and 11/30/08
figures.
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The Board of Directors has authorized the purchase of Company stock at a price
equal to 80% 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. See the complete Tender Offer.
As of November 30, 2008, this adjusted book value is $3.356 per share.
Therefore, the current tender price is $2.69 per share.
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The following dividends have been paid during 2008 to
stockholders of record at the end of the month preceding payment:
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A 12 cent per share dividend was paid April 8th, 2008.
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A 12 cent per share dividend was paid October 14th, 2008.
The total annual dividend of 24 cents per share is a 7.25% cash return
based on the Dec 31, 2007 per share book value of $3.308.
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DEFERRED AND UNREALIZED GAINS, NOT YET REPORTED OR GUARANTEED.
Due to Generally Accepted Accounting Practices, gains on real estate sold under contract
and loan origination points
are deferred until payments on the contracts are received, and the Company home office is
only included at our cost, less depreciation, not at current market value.
At November 30, 2008, there was
$210,843 deferred gains, $176,375 deferred points and
$1,435,224 market value of the Company home office in excess of cost.
If these amounts were included and adjusted for normal taxes and sales costs,
the Book Value of outstanding shares would increase from
$3.356 per share to $3.609.
This information is presented to provide "full disclosure"
to our shareholders. Please keep in mind, however, that receipt of deferred
gains is not guaranteed and one shhould be careful not to place undue reliance on them.
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