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Security National Financial reports growth in 2008 revenues

Security National Financial has reported an increase of 5%

Security National Financial has reported total revenues of $219.5m for the year ended December 31, 2008, an increase of 5%, compared to $209.75m for the year ended December 31, 2007.

Pre-tax earnings from operations for the year 2008 decreased 77% to $731,000 from $3.12m for the year 2007. Net after-tax earnings for the 12-month period ended December 31, 2008 decreased 75% to $575,000 from $2.26 million for the same period ended December 31, 2007.

Net earnings per share were $0.07 for the 12 months ended December 31, 2008, compared to $0.28 per share for the prior year as adjusted for the effect of annual stock dividends, said Security National.

Scott Quist, president of Security National, said: Any time we experience a decrease in year over year profitability it is a cause for analysis, but this year given the state of the credit and securities markets and the massive losses that have been sustained industry-wide, the fact that we remained profitable is no small feat. Despite the difficult environment we showed significant operational progress in our business segments.

While we never had significant exposure to subprime lending or to the so-called toxic derivative securities, we did have credit exposure to Lehman Brothers, General Motors, and The Ford Motor Company among others. Those names which once were the storied companies of our nation are now the source of credit losses.