CNFL Citizens Financial (MM)

Citizens Financial Announces 2003 Results LOUISVILLE, Ky., March 29 /PRNewswire-FirstCall/ -- Citizens Financial Corporation today reported net income in the year ended December 31, 2003 of $712,000 or $0.42 per share, compared to a net loss of $2,572,000 or $1.50 per share in 2002. Premium income decreased 13% to $33,586,000 from 2002 while total revenues decreased 1%. For 2003, the Company realized pre-tax investment portfolio gains of $1,977,000 and a pre- tax loss from operations of $1,335,000. Shareholders' equity increased 17% to $20,833,000 as of year-end, with unrealized after-tax investment gains of approximately $2,372,000. The pre-tax loss from operations in 2003 compared to a pre-tax loss of $859,000 in 2002. Declining premiumsand increased mortality rates were the principal reasons for the deterioration in operating income. Premiums for the Company's Preneed products declined $4,888,000 or 27% while death claims increased $1,986,000 or 39%. General expenses were up 4% during 2003 compared to 2002. Detailed financial information is available in the Company's Annual Report on Form 10-K for the year filed today with the Securities and Exchange Commission, which can be accessed at http://www.citizensfinancialcorp.com/ . Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve uncertainties and are based on management's current expectations. For a discussion of factors that could cause actual results to differ from those described in the forward-looking statements, and a detailed discussion of the Company's insurance operations, asset quality, capital adequacy, debt, liquidity and factors affecting future performance, see the Company's Form 10-K for the year mentioned above. The Company expects to mail its 2003 Annual Report to Shareholders in late April. Citizens Financial is the Louisville-based parent of Citizens Security Life Insurance Company. Citizens Financial Corporation Results in tabular form: Year ended December 31 2003 2002 Revenues $41,725,000 $42,102,000 Net Income (Loss) applicable to Common Stock $712,000 $(2,572,000) Net Income (Loss) Per Share: $0.42 $(1.50) Selected Financial Position Data 2003 2002 Total Assets $158,880,000 $148,442,000 Notes Payable $7,133,000 $7,779,000 Shareholders' Equity $20,833,000 $17,758,000 Shareholders' Equity per share $12.39 $10.53 DATASOURCE: Citizens Financial Corporation CONTACT: Len E. Schweitzer, Senior V.P. & Treasurer of Citizens Financial Corporation, +1-502-244-2420 Web site: http://www.citizensfinancialcorp.com/

Copyright