-----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, KUdLnu5uMBznx1ar+kSlltJxljgOk6pW2PdrkORuWQPB4Q+lSWWszHPf6/VhHXKD oT74upPbXyzlXxhnQaqH/w== 0000724024-04-000006.txt : 20040506 0000724024-04-000006.hdr.sgml : 20040506 20040506100716 ACCESSION NUMBER: 0000724024-04-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040506 ITEM INFORMATION: FILED AS OF DATE: 20040506 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: 04783468 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 may048k.txt 1ST QUARTER 2004 EARNINGS 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:) May 6, 2004 (May 6, 2004) 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 May 6, 2004, American Physicians Service Group, Inc. issued a press release entitled, "American Physicians Service Group, Inc. reports EPS of $.25 on 26% Rise in Net Income" 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: May 6, 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 May 6, 2004. EX-99.77Q1 2 may6_pr.txt PRESS RELEASE ON 1ST QTR 2004 EARNINGS Exhibit 99.1 [LOGO OMITTED] AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS EPS OF $.25 ON 26% RISE IN NET INCOME AUSTIN, TEXAS, May 6, 2004 - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced results for the first quarter of 2004. For the three months ended March 31, 2004, revenues increased by 11% to $7,290,000 from $6,591,000 in the comparable year-ago period. Net income of $694,000, compares to net income of $552,000 in the same quarter of 2003, a 26% increase. Diluted earnings per share was $.25 in both periods. Ken Shifrin, APS Chairman of the Board stated, "Our operating entities, Investment Services and Insurance Services, continued to perform well. Total revenues were up 11% and operating income increased by 8%. The 26% increase in current quarter earnings offset a 24% increase in shares outstanding, making income per share the same, at $.25 in both periods. Book value per share increased to $8.18 at March 31, 2004 from $7.98 at March 31, 2003. Our expectation is that average shares outstanding will increase at a substantially slower rate for the balance of the year". Mr. Shifrin concluded, "Our growth this quarter has come primarily from expansion of our current markets, but we continue to explore new products and services within our core industries. Our strong, debt free, balance sheet with working capital exceeding $9 million, gives us the ability to capitalize on opportunities for careful growth." APS is a management and financial services firm with subsidiaries that 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. 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 March 31 2004 2003 ------------------------- Revenues $7,290 $6,591 Expenses 6,376 5,738 Gain on sale of assets 12 2 ------- ------- Operating income 926 855 Gain on sale of investments 27 15 Gain on forgiveness of debt 63 -- ------- ------- Income from operations before interest, income taxes and minority interest. 1,016 870 Interest and other income 75 93 Income tax expense 397 346 Minority interest -- 65 ------- ------- Net income $ 694 $ 552 ======= ======= Diluted income per share: Income from operations $0.25 $0.25 Net income $0.25 $0.25 ===== ===== Weighted average shares outstanding (diluted) 2,769 2,228 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. VicePresident-Finance American Physicians Service Group, Inc. 1301 Capital of Texas Highway, C-300 Austin, Texas 78746 (512)328-0888 -----END PRIVACY-ENHANCED MESSAGE-----