2020 Q4 Form 10-Q Financial Statement

#000114036120025165 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $59.93M $46.27M $47.75M
YoY Change 14.61% -3.09% 2.97%
Cost Of Revenue $29.22M $34.72M
YoY Change -15.84% 4.93%
Gross Profit $17.05M $13.03M
YoY Change 30.89% -1.93%
Gross Profit Margin 36.85% 27.28%
Selling, General & Admin $12.13M $11.20M $11.47M
YoY Change 5.66% -2.35% 31.54%
% of Gross Profit 65.69% 88.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.60M $270.0K $250.0K
YoY Change 10.73% 8.0% -91.55%
% of Gross Profit 1.58% 1.92%
Operating Expenses $44.56M $43.47M $48.96M
YoY Change -11.13% -11.21% 9.36%
Operating Profit -$26.42M -$35.93M
YoY Change -26.48% 14.12%
Interest Expense -$360.0K $363.0K $533.0K
YoY Change -29.41% -31.89% 0.76%
% of Operating Profit
Other Income/Expense, Net $3.052M $2.766M
YoY Change 10.34% -6.55%
Pretax Income $15.02M $2.433M -$1.744M
YoY Change 815.85% -239.51% -262.69%
Income Tax $3.170M $557.0K -$352.0K
% Of Pretax Income 21.11% 22.89%
Net Earnings $11.85M $1.876M -$1.392M
YoY Change 833.07% -234.77% -249.04%
Net Earnings / Revenue 19.77% 4.05% -2.92%
Basic Earnings Per Share $0.09 -$0.07
Diluted Earnings Per Share $580.6K $0.09 -$0.07
COMMON SHARES
Basic Shares Outstanding 20.41M 20.44M 20.16M
Diluted Shares Outstanding 21.82M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $19.32M $8.940M $36.01M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.800M $5.000M $5.600M
YoY Change -12.73% -10.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.238M $1.238M $1.238M
YoY Change 0.0% 0.0% -99.49%
Other Assets $0.00 $700.0K $200.0K
YoY Change -100.0% 250.0% -93.55%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $405.2M $385.0M $383.3M
YoY Change 7.3% 0.42% 12.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $5.100M $5.200M
YoY Change -10.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.40M $22.10M $34.90M
YoY Change 11.86% -36.68% 119.5%
LONG-TERM LIABILITIES
Long-Term Debt $33.70M $33.70M $33.70M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $33.70M $33.70M $33.70M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.40M $22.10M $34.90M
Total Long-Term Liabilities $33.70M $33.70M $33.70M
Total Liabilities $260.1M $256.9M $266.9M
YoY Change 0.35% -3.74% 12.44%
SHAREHOLDERS EQUITY
Retained Earnings $47.79M $36.04M $34.85M
YoY Change 32.68% 3.42%
Common Stock $22.40M $22.40M $22.40M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.339M $7.341M $7.562M
YoY Change -3.18% -2.92%
Treasury Stock Shares $1.986M $1.987M $1.921M
Shareholders Equity $145.1M $128.0M $116.4M
YoY Change
Total Liabilities & Shareholders Equity $405.2M $385.0M $383.3M
YoY Change 7.3% 0.42% 12.91%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $11.85M $1.876M -$1.392M
YoY Change 833.07% -234.77% -249.04%
Depreciation, Depletion And Amortization $19.60M $270.0K $250.0K
YoY Change 10.73% 8.0% -91.55%
Cash From Operating Activities $9.870M -$1.460M -$350.0K
YoY Change 71.35% 317.14% -127.34%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$30.00K -$10.00K
YoY Change 33.33% 200.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities $950.0K -$5.850M $24.94M
YoY Change -103.34% -123.46% 1644.06%
Cash From Investing Activities $910.0K -$5.880M $24.93M
YoY Change -103.2% -123.59% 1693.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -400.0K -70.00K -10.00K
YoY Change -4.76% 600.0% -91.67%
NET CHANGE
Cash From Operating Activities 9.870M -1.460M -350.0K
Cash From Investing Activities 910.0K -5.880M 24.93M
Cash From Financing Activities -400.0K -70.00K -10.00K
Net Change In Cash 10.38M -7.410M 24.57M
YoY Change -144.88% -130.16% 863.53%
FREE CASH FLOW
Cash From Operating Activities $9.870M -$1.460M -$350.0K
Capital Expenditures -$40.00K -$30.00K -$10.00K
Free Cash Flow $9.910M -$1.430M -$340.0K
YoY Change 71.16% 320.59% -125.95%

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IncomeTaxReconciliationPriorYearIncomeTaxes
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us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
18000
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IncomeTaxReconciliationNondeductibleExpenseOther
31000
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IncomeTaxReconciliationNondeductibleExpenseOther
41000
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79000
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55000
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3310000
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1625000
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9276000
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5738000
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-1308000
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-1752000
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3271000
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7917000
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4731000
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2544000
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CY2020Q3 us-gaap Interest Expense
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363000
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InterestExpense
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1624000
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1031000
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; text-indent: 18pt;">The roll-forward of liabilities for unpaid losses, claims and loss adjustment expenses for the nine months ended September 30, 2020 and 2019 is as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Nine Months Ended</div><div style="text-align: center;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; 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Selection of such an initial loss estimate is an attempt by management to give recognition that initial claims information received generally is not conclusive with respect to legal liability, is generally not comprehensive with respect to magnitude of loss and generally, based on historical experience, will develop more adversely as time passes and more information becomes available. 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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
118394000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
128015000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
116411000
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1928732
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1986615
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
26210
CY2020Q3 us-gaap Treasury Stock Value
TreasuryStockValue
7341000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
7580000
CY2020Q3 us-gaap Unearned Premiums
UnearnedPremiums
30198000
CY2019Q4 us-gaap Unearned Premiums
UnearnedPremiums
26035000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20450000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20438000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21816000
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
aame Proceeds From Maturity Prepayments And Calls Of Available For Sale Fixed Maturity Securities
ProceedsFromMaturityPrepaymentsAndCallsOfAvailableForSaleFixedMaturitySecurities
5584000
aame Proceeds From Sale Of Marketable Securities And Policy Loans
ProceedsFromSaleOfMarketableSecuritiesAndPolicyLoans
119929000
dei Document Period End Date
DocumentPeriodEndDate
2020-09-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
GA
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ATLANTIC AMERICAN CORP
dei Entity Central Index Key
EntityCentralIndexKey
0000008177
CY2020Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20414279
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
true
CY2019Q3 aame Realized Gain On Investment
RealizedGainOnInvestment
1220000
CY2020Q3 aame Realized Gain On Investment
RealizedGainOnInvestment
183000
aame Realized Gain On Investment
RealizedGainOnInvestment
432000
aame Realized Gain On Investment
RealizedGainOnInvestment
3215000
aame Realized Losses On Investments
RealizedLossesOnInvestments
1650000
CY2020Q3 aame Realized Losses On Investments
RealizedLossesOnInvestments
0
aame Realized Losses On Investments
RealizedLossesOnInvestments
0
CY2019Q3 aame Realized Losses On Investments
RealizedLossesOnInvestments
1650000
aame Commissions And Underwriting Expenses
CommissionsAndUnderwritingExpenses
34682000
CY2019Q3 aame Commissions And Underwriting Expenses
CommissionsAndUnderwritingExpenses
11471000
CY2020Q3 aame Commissions And Underwriting Expenses
CommissionsAndUnderwritingExpenses
11202000
aame Commissions And Underwriting Expenses
CommissionsAndUnderwritingExpenses
33995000
CY2020Q3 aame Equity Securities Fv Ni Unrealized Loss Before Tax
EquitySecuritiesFvNiUnrealizedLossBeforeTax
3000
CY2019Q4 aame Equity Securities Fv Ni Unrealized Loss Before Tax
EquitySecuritiesFvNiUnrealizedLossBeforeTax
0
CY2019Q4 aame Equity Securities Fv Ni Unrealized Gain Before Tax
EquitySecuritiesFvNiUnrealizedGainBeforeTax
15754000
CY2020Q3 aame Equity Securities Fv Ni Unrealized Gain Before Tax
EquitySecuritiesFvNiUnrealizedGainBeforeTax
7926000
CY2020Q3 aame Lessee Operating Lease Liability Payments Due After Year Three
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree
2025000
aame Number Of Operating Lease Agreements
NumberOfOperatingLeaseAgreements
2
CY2019Q4 aame Deferred Income Tax Assets Net Without Jurisdictional Netting
DeferredIncomeTaxAssetsNetWithoutJurisdictionalNetting
314000
CY2020Q3 aame Deferred Income Tax Assets Net Without Jurisdictional Netting
DeferredIncomeTaxAssetsNetWithoutJurisdictionalNetting
679000
CY2020Q3 aame Junior Subordinated Notes Net
JuniorSubordinatedNotesNet
33738000
CY2019Q4 aame Junior Subordinated Notes Net
JuniorSubordinatedNotesNet
33738000
CY2020Q3 aame Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense And Other Policyholder Funds
LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpenseAndOtherPolicyholderFunds
201064000
CY2019Q4 aame Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense And Other Policyholder Funds
LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpenseAndOtherPolicyholderFunds
201906000
aame Additions Deferred Policy Acquisition Costs Net
AdditionsDeferredPolicyAcquisitionCostsNet
1707000
aame Additions Deferred Policy Acquisition Costs Net
AdditionsDeferredPolicyAcquisitionCostsNet
908000
aame Liability For Unpaid Claims And Adjustment Expense To Claims Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndAdjustmentExpenseToClaimsIncurredClaimsPriorYears
2740000
CY2018Q4 aame Liability For Unpaid Claims And Claims Adjustment Expense Reinsurance Recoverables Beginning Of Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReinsuranceRecoverablesBeginningOfYear
14354000
aame Proceeds From Sale Of Marketable Securities And Policy Loans
ProceedsFromSaleOfMarketableSecuritiesAndPolicyLoans
8916000
CY2020Q3 aame Other Invested Assets Cost
OtherInvestedAssetsCost
9908000
CY2019Q4 aame Other Invested Assets Cost
OtherInvestedAssetsCost
9908000
CY2019Q4 aame Liability For Unpaid Claims And Claims Adjustment Expense Reinsurance Recoverables Beginning Of Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReinsuranceRecoverablesBeginningOfYear
18339000
aame Liability For Unpaid Claims And Adjustment Expense To Claims Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndAdjustmentExpenseToClaimsIncurredClaimsPriorYears
629000
aame Change In Cash Surrender Value And Matured Endowments
ChangeInCashSurrenderValueAndMaturedEndowments
962000
aame Change In Cash Surrender Value And Matured Endowments
ChangeInCashSurrenderValueAndMaturedEndowments
1020000
aame Policyholder Benefits And Claims Incurred Before Adjustments
PolicyholderBenefitsAndClaimsIncurredBeforeAdjustments
102388000
aame Policyholder Benefits And Claims Incurred Before Adjustments
PolicyholderBenefitsAndClaimsIncurredBeforeAdjustments
89048000
aame Liability For Unpaid Claims And Adjustment Expense To Claims Incurred Claims Current Year
LiabilityForUnpaidClaimsAndAdjustmentExpenseToClaimsIncurredClaimsCurrentYear
-91788000
aame Liability For Unpaid Claims And Adjustment Expense To Claims Incurred Claims Current Year
LiabilityForUnpaidClaimsAndAdjustmentExpenseToClaimsIncurredClaimsCurrentYear
-103017000
CY2019Q3 aame Liability For Unpaid Claims And Claims Adjustment Expense Reinsurance Recoverables Addition
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReinsuranceRecoverablesAddition
16611000
CY2020Q3 aame Liability For Unpaid Claims And Claims Adjustment Expense Reinsurance Recoverables Addition
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReinsuranceRecoverablesAddition
18111000
aame Number Of Statutory Business Trusts
NumberOfStatutoryBusinessTrusts
2

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