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Unico American reports Q4'16 net income

Unico American Corp. reported net income of $597,000, or 11 cents per share, for the fourth quarter ended Dec. 31, 2016, compared with a net loss of $248,000, or 5 cents per share, in the year-ago period.

President and CEO Cary Cheldin said in a statement that the results were "not good enough to satisfy our growth and profit objectives."

"In addition to continuing our work with independent strategic advisors, we also engaged investment advisors, IT advisors, marketing firms, and a product development firm. We are working towards improved growth and profitability moving forward," Cheldin noted.

Revenues grew year over year to $9.0 million from $8.7 million as net premium earned increased to $8.1 million from $7.7 million.

For the full year ended Dec. 31, 2016, the company reported a net loss of $1.4 million, or 26 cents per share, as against a net loss of $1.2 million, or 22 cents per share, in the previous year.