Unico American Cites L.A. Riots in Quarterly Loss
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Unico American Corp., citing the effect of the Los Angeles riots, reported an $8.56-million loss for its fiscal first quarter that ended June 30.
The Woodland Hills-based insurer said the loss compared with year-earlier earnings of $1.15 million. Its first-quarter revenue dipped to $6.51 million from $6.77 million.
“The events in Los Angeles had a dramatic impact on our company’s performance,” Unico American Chairman Erwin Cheldin said in a statement. “We were very profitable before the April riots, which are now behind us, and we are very optimistic about our future.”
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