Business Context and Reporting Period
This Form 8-K Current Report from Citizens, Inc. covers the date of January 1, 2011. The filing reports a change in corporate governance regarding the Board of Directors.
Key Financial Metrics
The filing does not provide specific financial statements for the current period. However, it references historical and approximate current figures to contextualize the company's growth:
- Current Assets: Beyond $1 billion.
- Current Annual Revenues: Approaching $200 million.
- Historical Assets (2000): $194 million.
- Historical Revenues (2000): Nearly $67 million.
Specific data regarding profit, cash flow, margins, debt, and liquidity are not provided in this filing.
Material Changes
The primary material change reported is the departure of a director:
- Departure: Dr. Richard S. Scott retired from the Board of Directors effective January 1, 2011.
- Service History: Dr. Scott served as a Class B Director since 2000 and was a member of the Audit and Compensation Committees.
- Succession: The Harold E. Riley Trust, the sole Class B shareholder, will appoint a replacement in accordance with the company's Bylaws and the Colorado Business Corporation Act.
Outlook and Management Commentary
Harold E. Riley, Chairman and CEO, complimented Dr. Scott for his faithful service. The filing notes the significant growth of the company during Dr. Scott's tenure, with assets increasing from $194 million to over $1 billion and revenues rising from $67 million to nearly $200 million. No forward-looking guidance, risk factors, or contingencies are disclosed in this specific report.
Investor Verification Checklist
- Verify the identity and qualifications of the new Class B Director to be appointed by the Harold E. Riley Trust.
- Confirm the exact current asset and revenue figures in the company's most recent 10-K or 10-Q, as the $1 billion and $200 million figures are stated as approximations.
- Review the composition of the Audit and Compensation Committees to ensure quorum and compliance following Dr. Scott's departure.