Unico American Corp. Reports Heavy Trading
Shares of Unico American Corp., an insurance-holding company based in Woodland Hills, dropped 12% last week on heavy trading after the firm said its fiscal fourth-quarter profit will be less than $1 million.
About 49,100 shares changed hands, more than six times the three-month average daily trading volume. Unico said an additional $1 million in pretax loss and loss adjustment expenses from its insurance operations will result in lower net income than in its fiscal third quarter. The company said it expects revenue of about $8.9 million in its fiscal fourth-quarter that ended March 31, about the same as the third fiscal quarter.
