-----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, WodsdAjR451VxZ1NC8/lCKPg70SLW59RZ3SGihpkI3BavGtX+HgfiZXqsqCOqnnD pk+0XzapEB4JmQBRR8RPfQ== 0000724024-04-000003.txt : 20040330 0000724024-04-000003.hdr.sgml : 20040330 20040330145734 ACCESSION NUMBER: 0000724024-04-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040330 ITEM INFORMATION: FILED AS OF DATE: 20040330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN PHYSICIANS SERVICE GROUP INC CENTRAL INDEX KEY: 0000724024 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 751458323 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31434 FILM NUMBER: 04700288 BUSINESS ADDRESS: STREET 1: 1301 CAPITAL OF TEXAS HWY STREET 2: C-300 CITY: AUSTIN STATE: TX ZIP: 78746 BUSINESS PHONE: 5123280888 MAIL ADDRESS: STREET 1: 1301 CAPITAL OF TEXAS HIGHWAY CITY: AUTIN STATE: TX ZIP: 78746 8-K 1 pressrel.txt PRESS RELEASE DATED MARCH 30, 2004 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: Date of Report (Date of earliest event reported:) March 30, 2003 March 30, 2003) American Physicians Service Group, Inc. (Exact name of registrant as specified in its charter) Texas 0-11453 75-1458323 (State of (Commission File Number) (IRS Employer Incorporation) Identification No.) 1301 Capitol of Texas Highway Suite C-300 Austin, Texas 78746 (Address of principal executive offices) (Zip Code) (512) 328-0888 (Registrant's telephone number, including area code) Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On March 30, 2004, American Physicians Service Group, Inc. issued a press release entitled, "American Physicians Service Group, Inc. announces 2003 Recurring Income Up 140% on 32% Increase in Revenues." The text of the press release, which is attached as Exhibit 99.1, is incorporated by reference in its entirety. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. American Physicians Service Group, Inc. Date: March 30, 2004 By: /s/ W.H. Hayes ---------------------------------------------- Name: W.H. Hayes ---------------------------------------------- Title: Sr VP - Finance ---------------------------------------------- 2 EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Press Release issued by American Physicians Service Group, Inc., on March 30, 2004. EX-99 3 exh_991.txt DECEMBER 31, 2003 RESULTS OF OPERATIONS Exhibit 99.1 [Logo Omitted) AMERICAN PHYSICIANS SERVICE GROUP, INC. ANNOUNCES 2003 RECURRING INCOME UP 140% on 32% INCREASE IN REVENUES FOURTH QUARTER EARNINGS PER SHARE $0.31 VERSUS $0.03 LAST YEAR AUSTIN, TEXAS, March 30, 2004 - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced results for the fourth quarter and year-end 2003. For the year ended December 31, 2003, APS reported total revenues of $30,449,000 versus $23,077,000 in 2002. Net earnings were $2,799,000 in 2003 compared to $3,411,000 in 2002. Diluted earnings per share were $1.14 versus $1.45 in 2002. For the three months ended December 31, 2003, revenues were $7,840,000 versus $6,175,000 in the comparable period a year ago. Net earnings for the quarter were $834,000, compared to $64,000 in last year's fourth quarter. Diluted earnings per share were $0.31 for the quarter ended December 31, 2003 versus $.03 in the year-ago period. Net earnings includes items of a non-recurring nature. The following chart shows the impact of non-recurring items: Year Ended December 31, -------------------------- 2003 2002 ---- ---- Gain on sale of assets $ 127 2,855 Gain on sale of investments 8 515 Equity in gain (loss) of affiliates 260 (44) Discontinued operations 27 255 -------- -------- 422 3,581 Income tax @ 34% (143) (1,218) -------- -------- Net earnings from non-recurring investment-related gains $ 279 $2,363 ======== ======== Net earnings 2,799 3,411 Less non-recurring above (279) (2,363) -------- -------- Recurring net earnings $ 2,520 $1,048 ======== ======== Recurring EPS (diluted) $ 1.03 $ 0.45 ======== ======== Excluding those non-recurring investment-related gains, net earnings increased 140% and earnings per share increased 129% for the year ended December 31, 2003. Non-recurring items had no significant impact on the fourth quarter in either period. Income deferred upon the sale of our office building in late 2001 under a sale/leaseback arrangement was recognized as an expense reduction in the reporting periods; $122,000 in both quarters ended December 30, 2003 and 2002 and $488,000 in both years then ended. This deferred income will be recognized monthly through July 2007. There was no cash flow related to the amortization of this deferral in any of the reporting periods. Ken Shifrin, APS Chairman of the Board stated, "We are extremely pleased with the performance of our core operating units in 2003. Recurring earnings in 2003 grew to $2,520,000 from $1,048,000 last year. The fourth quarter saw dramatic improvements in earnings, with diluted earnings per share increasing to $0.31 from $0.03 a year ago. Some seasonal slowdown in investment services in the fourth quarter was more than offset by the performance of our insurance operations. For the first time since 1999 we benefited from the profit sharing component of insurance management fees, recognizing approximately $700,000 in the fourth quarter of 2003." Mr. Shifrin continued, "In 2004, insurance operations should benefit from our fourth quarter repurchase of the 20% interest in the management company that we had sold in 1997. Foreseeing the year for investment services is more difficult, especially in an election year and when there have been mixed signals on interest rates, but we remain confident in the ability of our management and talented professionals to adjust and maximize performance as markets change." APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors; and brokerage and investment services to institutions and high net worth individuals. The Company is headquartered in Austin, Texas and maintains offices in Dallas and Houston. This press release includes forward-looking statements related to the Company that involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect the Company's future results, please see the Company's recent filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. Copies of the filings are available upon request from the Company's investor relations department. For further information, visit APS' website at www.amph.com or contact: Mr. Kenneth Shifrin, Chairman of the Board (or) Mr. W. H. Hayes, Sr. Vice President - Finance American Physicians Service Group, Inc. 1301 Capital of Texas Highway, C-300 Austin, Texas 78746 (512)328-0888 AMERICAN PHYSICIANS SERVICE GROUP, INC. SELECTED FINANCIAL DATA (In thousands, except per share data)
Three Months Ended Year Ended December 31, December 31, ----------------------- ----------------------- 2003 2002 2003 2002 ---- ---- ---- ---- Revenues $7,840 $6,175 $30,449 $23,077 Expenses 6,716 5,610 26,493 20,893 Gain on sale of assets -- -- 8 515 --------- -------- -------- -------- Operating income 1,124 565 3,964 2,699 Gain on sale of investments 38 -- 127 2,855 --------- -------- -------- -------- Earning from continuing operations before interest, income taxes, minority interest and equity in unconsolidated affiliates 1,162 565 4,091 5,554 Interest and other income 78 83 258 190 Income tax expense 433 513 1,640 2,283 Minority interest -- 76 197 261 Equity in gain (loss) of unconsolidated affiliates -- -- 260 (44) --------- -------- -------- ------- Earnings from continuing operations 807 59 2,772 3,156 Discontinued operations 27 5 27 255 Net earnings $ 834 $ 64 $2,799 $3,411 ========= ======== ======== ======= Diluted earnings per share: Earnings from continuing operations $0.30 $0.03 $1.13 $1.35 Discontinued operations 0.01 -- 0.01 0.11 -------- -------- ------- ------ Net earnings $0.31 $0.03 $1.14 $1.45 ======== ======== ======= ====== Weighted average shares outstanding (diluted) 2,652 2,236 2,449 2,345
For further information, visit APS's website at www.amph.com or contact: Mr. Kenneth Shifrin, Chairman of the Board (or) Mr. W. H. Hayes, Sr. Vice President - Finance American Physicians Service Group, Inc. 1301 Capital of Texas Highway, C-300 Austin, Texas 78746 (512)328-0888 -----END PRIVACY-ENHANCED MESSAGE-----