$UTGN
UTG INC

2024 Q1 Form 10-K Financial Statement

#000114036124016714 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $16.65M $9.412M $25.42M
YoY Change -648.43% -72.15% -63.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $81.28K $72.21K $302.7K
YoY Change -6.57% -3.31% -2.8%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $462.9K $278.9K $728.9K
YoY Change 164.95% -29.74% -64.14%
% of Gross Profit
Operating Expenses $2.082M $4.648M $23.47M
YoY Change -8.37% -26.11% 123.54%
Operating Profit
YoY Change
Interest Expense $11.60K -$11.57K -$28.39K
YoY Change -16.68% -68.47% -126.11%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $11.61M $4.753M $1.926M
YoY Change -231.46% -78.84% -95.62%
Income Tax $2.433M $1.113M -$144.3K
% Of Pretax Income 20.95% 23.42% -7.49%
Net Earnings $9.150M $3.615M $1.957M
YoY Change -231.79% -79.67% -94.29%
Net Earnings / Revenue 54.97% 38.41% 7.7%
Basic Earnings Per Share $2.89 $0.62
Diluted Earnings Per Share $2.89 $1.14 $0.62
COMMON SHARES
Basic Shares Outstanding 3.165M 3.163M 3.177M
Diluted Shares Outstanding 3.169M 3.177M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $40.83M $41.19M $41.19M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.46M $16.14M $16.14M
YoY Change 5.08% 11.88% 11.88%
LONG-TERM ASSETS
Property, Plant & Equipment $21.37M $21.98M $21.98M
YoY Change -38.37% -37.1% -37.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $319.0M $328.9M $328.9M
YoY Change 3.51% 4.44% 4.44%
Other Assets
YoY Change
Total Long-Term Assets $414.3M $425.6M $425.6M
YoY Change 2.57% -1.74% -1.74%
TOTAL ASSETS
Total Short-Term Assets $16.46M $16.14M $16.14M
Total Long-Term Assets $414.3M $425.6M $425.6M
Total Assets $430.8M $441.7M $441.7M
YoY Change 2.66% -1.3% -1.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
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
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $19.00M $19.00M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $5.039M $5.635M $5.635M
YoY Change 3.1% -5.42% -5.42%
Total Long-Term Liabilities $5.039M $24.64M $24.64M
YoY Change 3.1% -1.29% -1.29%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $5.039M $24.64M $24.64M
Total Liabilities $260.9M $280.5M $280.5M
YoY Change -1.99% -3.12% -3.27%
SHAREHOLDERS EQUITY
Retained Earnings $142.6M $133.5M
YoY Change 14.49% 1.14%
Common Stock $32.81M $32.62M
YoY Change -1.39% -0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.4M $161.2M $161.2M
YoY Change
Total Liabilities & Shareholders Equity $430.8M $441.7M $441.7M
YoY Change 2.66% -1.3% -1.3%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $9.150M $3.615M $1.957M
YoY Change -231.79% -79.67% -94.29%
Depreciation, Depletion And Amortization $462.9K $278.9K $728.9K
YoY Change 164.95% -29.74% -64.14%
Cash From Operating Activities -$2.016M -$65.37K -$9.785M
YoY Change -200.98% -98.71% 83.44%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $20.70M -$5.026M $6.904M
YoY Change -35848.12% -132.68% -73.65%
Cash From Investing Activities $20.70M -$5.026M $6.904M
YoY Change -35849.35% -132.68% -73.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$882.0K
YoY Change -228.6%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.04M 18.72M -1.224M
YoY Change 0.5% 83.77% -80.78%
NET CHANGE
Cash From Operating Activities -2.016M -65.37K -9.785M
Cash From Investing Activities 20.70M -5.026M 6.904M
Cash From Financing Activities -19.04M 18.72M -1.224M
Net Change In Cash -359.0K 13.62M -4.105M
YoY Change -97.89% -33.56% -128.31%
FREE CASH FLOW
Cash From Operating Activities -$2.016M -$65.37K -$9.785M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023 dei Current Fiscal Year End Date
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CY2023 dei Document Fiscal Year Focus
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CY2023 dei Auditor Firm
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32
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10-K
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CY2023 dei Entity File Number
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000-16867
CY2023 dei Entity Registrant Name
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UTG, INC.
CY2023 dei Entity Incorporation State Country Code
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DE
CY2023 dei Entity Tax Identification Number
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20-2907892
CY2023 dei Entity Address Address Line1
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205 North Depot Street
CY2023 dei Entity Address City Or Town
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Stanford
CY2023 dei Entity Address State Or Province
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KY
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40484
CY2023 dei City Area Code
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217
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241-6300
CY2023 dei Security12g Title
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Common Stock, stated value $.001 per share
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CY2023 dei Entity Filer Category
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Non-accelerated Filer
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CY2023 dei Auditor Name
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Kerber, Eck & Braeckel LLP
CY2023 dei Auditor Location
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Springfield, Illinois
CY2022 dei Auditor Name
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Armanino LLP
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St. Louis, Missouri
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Reclassifications</span> - Certain reclassifications have been made to the 2022 Consolidated Financial Statements to make them comparable to the current year Consolidated Financial Statements. The Company has elected to reclassify certain investments on the Consolidated Balance Sheets and related footnotes for prior periods to conform with the presentation in the fiscal year ended December 31, 2023. The Company has elected to reclassify $8.7 million out of investment in real estate, net, into equity securities, at cost and to reclassify $2.5 million out of equity securities, at cost, to a new item titled held to maturity, redeemable preferred stock, at amortized cost. There were no revisions to the Consolidated Statements of Operations or the Consolidated Statements of Shareholders’ Equity. There were no changes to net income attributable to common shareholders or total shareholders’ equity.</div>
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