-----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, Jq+qxqv/RiYuYwd1Dg1XXXU8MsqtLYOMv+0EEKJqd+19oCh2eU66cQnNyLad8WD+ 6yokLlcMyv/iQ7L8OQduOw== 0000724024-04-000013.txt : 20040805 0000724024-04-000013.hdr.sgml : 20040805 20040805103749 ACCESSION NUMBER: 0000724024-04-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040805 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20040805 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: 04953565 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 aug5prl.txt 2ND 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:) August 5, 2004 August 5, 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 August 5, 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: August 5, 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 August 5, 2004. EX-99.77Q1 2 pressrel.txt PRESS RELEASE ON 2ND QTR 2004 EARNINGS Exhibit 99.1 [GRAPHIC OMITTED] AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS SECOND QUARTER EARNINGS AUSTIN, TEXAS, August 5, 2004 - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced results for the quarter and six months ended June 30, 2004. For the three months ended June 30, 2004, revenues increased to $7,295,000 from $6,969,000 in the year-ago period. Net earnings were $689,000 or $.25 per diluted share, compared to $684,000 or $.30 per diluted share, in the comparable year-ago period. For the six months ended June 30, 2004, revenues increased to $14,585,000 from $13,560,000 in the comparable year-ago period. Net earnings were $1,383,000 or $.49 per diluted share, compared to $1,236,000 or $.55 per diluted share in the comparable year-ago period. Ken Shifrin, APS Chairman of the Board stated, "2003 was one of our best years ever and we continue to match that pace in 2004. Last year's performance was lead by our financial services segment and this year our insurance services segment is coming to the forefront with excellent growth and profitability. We are encouraged that income from operations is up over 17% for the quarter and year-to-date periods. Our current earnings per share was affected by the increase in our share price late last year, as options were exercised and unexercised options that were previously underwater are now included in the calculation of diluted shares. We stated last quarter that we expected growth in shares outstanding to slow substantially and that was the case, with diluted average shares outstanding increasing less than 1% since then." Mr. Shifrin concluded, "We continue our emphasis on a strong balance sheet. During the quarter ended June 30, we reallocated approximately $1.8 million from working capital, now $8.4 million, to slightly longer term fixed income securities, now $2.7 million, to improve our yield. From this solid base, we continue to examine ways to bring more value to our shareholders." 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. 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 the 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. AMERICAN PHYSICIANS SERVICE GROUP, INC. SELECTED FINANCIAL DATA (In thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30 ----------------------- ------------------------ 2004 2003 2004 2003 ---- ---- ---- ---- Revenues $7,295 $6,969 $14,585 $13,560 Expenses 6,595 6,224 12,971 11,962 Gain on sale of assets 44 6 56 8 ------ ------ ------ ------ Operating income 744 751 1,670 1,606 Gain on sale of investments 218 74 245 89 Gain on forgiveness of debt 12 -- 75 -- ------ ------ ------ ------ Income from operations before interest, income taxes, minority interest and equity in gain of unconsolidated affiliates 974 825 1,990 1,695 Interest and other income 96 53 171 146 Income tax expense 381 387 778 733 Minority interest -- 42 -- 107 Equity in gain of unconsolidated affiliates -- 235 -- 235 ------ ------ ------ ----- Net income $ 689 $ 684 $1,383 $1,236 ====== ====== ====== ====== Diluted earnings per share: Income from operations $0.25 $0.30 $0.49 $ .55 Net income $0.25 $0.30 $0.49 $ .55 ===== ===== ===== ===== Weighted average shares outstanding (diluted) 2,791 2,269 2,802 2,247
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-----