Finance

Security National’s Earnings almost Double

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Security National Financial Corporation, a member of the Funeral Director Daily Death Care Index (DCI) of public companies recorded 3rd quarter 2018 after-tax earnings of $2.014 million as compared to last year’s 3rd quarter profits of $1.097 million.  You can read the company’s complete press release here.

The company which operates in the Life Insurance, Cemetery/Mortuary, and Mortgage segments reported 3rd quarter revenues down from 2017 to $67.2m as compared to $71.8m.  The entire decrease in revenues came from the challenged mortgage area of the business.  Both the life insurance and death care areas of the company reported a gain in revenues for both the three month quarter and the first nine months of 2018.

Here is what Security National President Scott Quist said of the death care side of the business, “Our Memorial Mortuary and Cemetery group is the second primary driver of our increased profitability.  Stripping out non-operational real estate related activities, operational earnings improved 227% for the 3rd quarter as compared to the prior year.  We also made great progress on our pre-need cemetery sales, those being up more than 40% for the same period.”

For the 3rd quarter the death care side of the business did $4.0 million in revenue as compared to $2.99 million one year ago — a 33% increase  –and for the nine months of 2018 the death care side has done $13.06 million in revenue as compared to $9.9 million in 2017 (31%).  Earnings before taxes in the division have jumped to $3.7 million in 2018 as compared to $1.3 million in 2017’s first nine months.

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