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Unico American posts Q2 net loss

Unico American Corp. reported a second-quarter net loss of $891,000, or a loss of 17 cents per share, compared with net income of $151,000, or 3 cents per share, in the year-ago quarter.

Unico American President and CEO Cary Cheldin said the costs of infrastructure changes like employee severance and IT consulting that the company implemented in the second quarter affected the company's financial results. The CEO also disclosed that the company had unfavorable claims experience from prior accident years.

Total revenues climbed to $9.2 million in the second quarter from $8.7 million in the prior-year quarter.