-----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, GbcJa3Z1B/ADgTQ+NmpKuRSsha95hV0TiL2m7zK3MWgZv5OsBJyIpOmtZGriDlKO FIMe59MnpFfr7aEEyeqygg== 0000724024-05-000002.txt : 20050330 0000724024-05-000002.hdr.sgml : 20050330 20050329175637 ACCESSION NUMBER: 0000724024-05-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050329 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050330 DATE AS OF CHANGE: 20050329 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: 05710820 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 sch8k.txt PRESS RELEASE DATED MARCH 29, 2005 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 29, 2005 March 29, 2005) 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 29, 2005, American Physicians Service Group, Inc. issued a press release entitled, "American Physicians Service Group, Inc. announces Fourth Quarter Earnings Per Share Up 87% (.58 versus $.31) on 26% Increase in Revenue. The text of the press release, which is attached as Exhibit 99.1, is incorporated by reference in its entirety. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. American Physicians Service Group, Inc. Date: March 29, 2005 By: /s/ W.H. Hayes ---------------------------------------------- Name: W.H. Hayes ---------------------------------------------- Title: Sr VP - Finance ---------------------------------------------- 2 EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Press Release issued by American Physicians Service Group, Inc., on March 29, 2005. EX-99 2 pressrel.txt DECEMBER 31, 2004 RESULTS OF OPERATIONS Exhibit 99.1 [Logo] PRESS RELEASE AMERICAN PHYSICIANS SERVICE GROUP, INC. Announces Fourth Quarter Earnings Per Share Up 87% ($.58 versus $.31)on 26% Increase in Revenue AUSTIN, TEXAS, March 29, 2005 - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced results for the fourth quarter and year-end 2004. For the three months ended December 31, 2004, revenues were $9,843,000 versus $7,840,000 in the comparable period a year ago. Net earnings for the quarter were $1,603,000, compared to $834,000 in last year's fourth quarter. Diluted earnings per share were $0.58 for the quarter ended December 31, 2004 versus $.31 in the year-ago period. For the year ended December 31, 2004, total revenues were $32,021,000 versus $30,449,000 in 2003. Net earnings of $2,152,000 in 2004 compared to $2,799,000 in 2003. Diluted earnings per share were $0.76 versus $1.14 in 2003. Net earnings included write-downs in the value of the Company's investment in the common stock of Financial Industries Corporation ("FIC"), net of income taxes, of $127,000 and $1,567,000 for the three months and year ended December 31, 2004, respectively. Ken Shifrin, APS Chairman of the Board stated, "2004 was another year of excellent performance for us. Operating income increased 135% and 35% for the quarter and year ended December 31, 2004 , respectively, compared to the prior periods. Although profit at our Financial Services segment was down from its record high in 2003, it was still its second best year. Our Insurance Services segment also had an excellent year in 2004, partially due to our October 2003 repurchase of its 20% minority share. The 2004 fourth quarter results were favorably impacted by the improved profitability of the insurance company that we manage. Our results-dependent management fee benefited in the form of increased profit sharing in 2004, all of which was recognized in the fourth quarter. Our disappointment this year has been in our FIC investment. We made the investment as a turnaround situation, but it has not progressed as quickly as envisioned. Our non-cash write down was based on the uncertainty and timing of a stock price recovery at FIC, which has not occurred, but we continue to believe that an opportunity remains." Bill Hayes, APS' CFO added, "We didn't neglect our balance sheet in 2004. Working capital grew from approximately $8.5 million to approximately $10.7 million. The market value of our portfolio of long-term bonds and equity securities grew from $9.6 million to $12.3 million and our book value per share grew to $9.23 from $7.78. We were able to achieve all of these improvements even after paying our first ever dividend in September 2004 and recording the impairment in the common stock of FIC. " Mr. Shifrin concluded, "Going forward, we are again faced with the challenges of improving on outstanding past results. We believe that market conditions remain acceptable and that our employee team is motivated to meet that challenge. We look forward to creating continued improvement in shareholder value in 2005". 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, ----------------------- ------------------------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues $9,843 $7,840 $32,021 $30,449 Expenses 7,206 6,717 26,733 26,494 Gain on sale of assets -- -- 56 8 ------- ------- -------- -------- Operating income 2,637 1,123 5,344 3,963 Gain (loss) on investments (193) 38 (2,247) 127 ------- ------- -------- -------- Earning from continuing operations before interest, income taxes, minority interest and equity in unconsolidated affiliates 2,444 1,161 3,097 4,090 Interest and other income 83 78 373 259 Income tax expense 924 433 1,317 1,640 Minority interest -- -- 1 197 Equity in gain (loss) of unconsolidated affiliates -- -- -- 260 ------- ------- ------- ------- Earnings from continuing operations 1,603 807 2,152 2,772 Discontinued operations -- 27 -- 27 ------- ------- ------- ------- Net earnings $1,603 $ 834 $2,152 $2,799 ======= ======= ======= ======= Diluted earnings per share: Earnings from continuing operations $0.58 $0.30 $0.76 $1.13 Discontinued operations -- 0.01 -- 0.01 ------- ------- ------ ------ Net earnings $0.58 $0.31 $0.76 $1.14 ======= ======= ===== ===== Weighted average shares outstanding (diluted) 2,787 2,652 2,838 2,449
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-----