SOURCE: Financial Industries Corporation

March 18, 2008 20:21 ET

Financial Industries Corporation Announces Profit for 2007

AUSTIN, TX--(Marketwire - March 18, 2008) - Financial Industries Corporation (PINKSHEETS: FNIN) on Monday filed its SEC Form 10-K for the year ended Dec. 31, 2007.

For 2007, FIC's net income was $3.6 million, or $0.35 per share. This compares to a net loss of $24.8 million, or $(2.51) per share a year earlier. 2006 results included both a loss on discontinued operations of $25.5 million, related to the sale of FIC's Family Life Insurance Company subsidiary, and income from continuing operations of $0.7 million.

Bill Prouty, FIC chief executive officer, said, "2007 was a year of great accomplishment for FIC. We completed four years of financial restructuring and brought our SEC filings completely up to date. In June 2007, we held our first shareholder meeting since 2003 and our entire board was re-elected by shareholders. For the year, we achieved improved operating results reflected by net income of $3.6 million and increased statutory surplus in our subsidiary, Investors Life Insurance Company of North America, by over $4.3 million."

Prouty said he was pleased to report that the company had eliminated all material control weaknesses reported in the 2006 Form 10-K.

"FIC continued to explore strategic alternatives to maximize shareholder value and in January 2008, entered into the previously disclosed agreement and plan of merger with Americo Life, Inc.," Prouty said. "We expect this transaction, which is subject to regulatory and shareholder approval, to close in the second quarter of 2008."

Statements in this document relating to future developments, disclosures and other statements that are not historical facts are forward-looking statements. Actual results may differ materially from these forward-looking statements as a result of market conditions, the timing and results of FIC's audits, reviews and filings with regulatory bodies, the interest of and actions by third parties engaging in transactions with FIC and other factors contained in FIC's Form 10-K for the year ended Dec. 31, 2007, and other filings with the SEC.

FIC, through its Investors Life Insurance Company of North America subsidiary, administers a closed block of individual life insurance and annuity products. For more information on FIC, go to http://www.ficgroup.com on the Internet.

Contact Information

  • Contact Information:
    Financial Industries Corporation
    Shannon Coffin
    Phone: 512-404-5550
    E-mail: ir@ficgroup.com