-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kxp35UOV2CW6xVzyGMqFJdxlxQWhVP2K5b+9GP5ybfgvLmVvRH+yDHe/kQ1C2K1g Rg8fKra69GzC23YrCTriTA== 0000950144-01-506083.txt : 20010816 0000950144-01-506083.hdr.sgml : 20010816 ACCESSION NUMBER: 0000950144-01-506083 CONFORMED SUBMISSION TYPE: NT 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSURANCE MANAGEMENT SOLUTIONS GROUP INC CENTRAL INDEX KEY: 0001063167 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 593422536 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NT 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25273 FILM NUMBER: 1715874 BUSINESS ADDRESS: STREET 1: 360 CENTRAL AVENUE CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278032040 MAIL ADDRESS: STREET 1: 360 CENTRAL AVENUE CITY: ST PETERSBURG STATE: FL ZIP: 33701 NT 10-Q 1 g70960ntnt10-q.txt INSURANCE MANAGEMENT SOLUTIONS GROUP 1 SEC FILE NUMBER 000-25273 CUSIP NUMBER 458045 10 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 12B-25 NOTIFICATION OF LATE FILING (Check One): [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-Q [ ]Form N-SAR For Period Ended: June 30, 2001 [ ] Transition Report on Form 10-K [ ] Transition Report on Form 20-F [ ] Transition Report on Form 11-K [ ] Transition Report on Form 10-Q [ ] Transition Report on Form N-SAR For the Transition Period Ended: --------------------- If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: - -------------------------------------------------------------------------------- PART I - REGISTRANT INFORMATION Insurance Management Solutions Group, Inc. - -------------------------------------------------------------------------------- Full Name of Registrant - -------------------------------------------------------------------------------- Former Name if Applicable 360 Central Avenue - -------------------------------------------------------------------------------- Address of Principal Executive Office (Street and Number) St. Petersburg, Florida 33701 - -------------------------------------------------------------------------------- City, State and Zip Code PART II - RULES 12B-25(B) AND (C) If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate) (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; (b) The subject annual report, or semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject [X] quarterly report or transition report on Form 10-Q, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and (c) The accountant's statement or other exhibit required by Rule 12b-25 has been attached if applicable. 2 PART III - NARRATIVE State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period. (Attach Extra Sheets if Needed). The Registrant is unable to file its Form 10-Q for the period ended June 30, 2001 within the prescribed time period due to the fact that on August 14, 2001, the prescribed due date for the above-referenced Form 10-Q, the Company entered into a credit arrangement with Bankers Insurance Group, Inc., the Company's principal customer and shareholder ("BIG"), establishing a $5.0 million secured line of credit in favor of BIG. Given the timing of this transaction, the Company could not, without unreasonable effort or expense, file the Form 10-Q by the prescribed due date. PART IV - OTHER INFORMATION (1) Name and telephone number of person to contact in regard to this notification
Anthony R. Marando 727 803-2040 -------------------------------------------- ------------------ --------------------------- (Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) been filed? If answer is no, identify report(s). [x] Yes [ ] No (3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? [x] Yes [ ] No If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. The Registrant's Total Revenues and Net Income were $21.4 million and $3.5 million, respectively, for the three months ended June 30, 2001 as compared to $16.0 million and $24,000, respectively, for the corresponding period in 2000. Outsourcing services revenues increased $4.2 million, or 37.3%, to $15.5 million for the three months ended June 30, 2001 from $11.3 million for the corresponding period in 2000. This increase was primarily attributable to the impact of Tropical Storm Allison, which storm occurred during June, 2001. The increase in revenue related to processing for this storm was $4.2 million. In addition, flood zone determination services revenues increased $1.2 million, or 25.3%, to $5.9 million for the three months ended June 30, 2001 from $4.7 million for the corresponding period in 2000. This increase was primarily attributable to an increase in the number of flood zone determinations processed by the Registrant during the second quarter of 2001 as compared to the corresponding period of 2000. The increase in the number of flood zone determinations processed was due primarily to a decrease in mortgage interest rates and a corresponding increase in mortgage refinancings and loan originations, which have historically driven the demand for flood zone determinations. Insurance Management Solutions Group, Inc. ------------------------------------------ (Name of Registrant as Specified in Charter) has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 15, 2001 By: /s/ Anthony R. Marando ---------------------------- ANTHONY R. MARANDO CHIEF FINANCIAL OFFICER 2 -----END PRIVACY-ENHANCED MESSAGE-----