-----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, RuG0tWZM2U/4aUTDbpY2ampAdb5JVXyQOVayoydC3IihhJzk1BiJl2aa4IxNGFj0 Pman6Rc8Y3q9RlzyUD7w3w== 0000724024-05-000012.txt : 20050808 0000724024-05-000012.hdr.sgml : 20050808 20050808161919 ACCESSION NUMBER: 0000724024-05-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050808 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050808 DATE AS OF CHANGE: 20050808 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: 051006177 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 2ND QUARTER 2005 EARNINGS RELEASE [GRAPHIC OMITTED][GRAPHIC OMITTED] American Physicians Service Group, Inc. Press Release for Immediate Release AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS 92% EPS INCREASE IN SECOND QUARTER AUSTIN, TEXAS, August 8, 2005 - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced results for the quarter and six months ended June 30, 2005. For the three months ended June 30, 2005, revenues were $7,033,000 compared to $7,295,000 for the three months ended June 30, 2004. Net earnings were $1,367,000 or $.48 per share, compared to $689,000 or $.25 per diluted share for the three months ended June 30, 2004. For the six months ended June 30, 2005, revenues were $13,695,000 compared to $14,585,000 for the six months ended June 30, 2004. Net earnings were $2,220,000 or $.77 per diluted share, compared to $1,383,000 or $.49 per diluted share for the six months ended June 30, 2004. Ken Shifrin, APS Chairman of the Board stated, "We are pleased that, taken together, operating income at our two core business segments exceeded operating income in the comparable quarter a year-ago. The increase was approximately 7% on approximately 9% lower revenues. On an individual basis, our insurance services segment continued its positive trend, while interest rate and inflation concerns kept our financial services segment underperforming last year." Mr. Shifrin continued, "As in the first quarter, we were able to realize gains this quarter on equity investments, recognizing $1,289,000 in pretax income. Partially offsetting the gain were expenses related to the sale that are included in general and administrative expenses. Proceeds of the sale have been invested primarily in government securities, with a portion set aside to fund our recently announced dividend. Mr. Shifrin concluded, "Along with operating performance we remain focused on value and liquidity. Book value per share as of the June 30, 2005 balance sheet increased to $9.62 from $8.23 per share at June 30, 2004. Contributing to the book value improvement has been our management of shares outstanding. At our Annual Meeting, shareholders approved new equity compensation plans that continue to align managements' and shareholders' interests, while minimizing share dilution. We also remain active with our share repurchase plan and have now invested approximately $1.4 million of the $2.0 million authorized by our board of directors. With a current ratio exceeding 5:1, our liquidity has never been better and we remain alert to opportunities that have the potential to increase shareholder value." ABOUT THE COMPANY 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. FORWARD-LOOKING STATEMENTS 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 -------------------- --------------------- 2005 2004 2005 2004 ---- ---- ---- ---- Revenues: Financial services $3,698 $4,227 $6,965 $8,059 Insurance services 3,335 3,068 6,730 6,526 ------ ----- ------ ------ Total revenues 7,033 7,295 13,695 14,585 Expenses: Financial services 3,270 3,660 6,220 6,901 Insurance services 2,422 2,380 4,925 5,002 General and administrative 722 555 1,389 1,068 Gain on sale of assets (49) (44) (84) 56 ------ ------ ------ ------ Total expenses 6,365 6,551 12,450 12,915 ------ ------ ------ ------ Operating income 668 744 1,245 1,670 Sale of investments and other 1,289 230 1,880 320 ------ ------ ------ ------ Income from operations before interest, income taxes and minority interest 1,957 974 3,125 1,990 Interest and other income 154 96 327 171 Income tax expense 742 381 1,219 778 Minority interest 2 -- 13 -- ------ ------ ------ ----- Net income Diluted income per share: $1,367 $ 689 $2,220 $1,383 ====== ====== ====== ====== Net income $0.48 $0.25 $0.77 $0.49 ===== ===== ===== ===== Weighted average shares outstanding (diluted) 2,876 2,791 2,892 2,802 ===== ===== ===== =====
AMERICAN PHYSICIANS SERVICE GROUP, INC. SELECTED FINANCIAL DATA, continued (In Thousands) June 30 --------------------------- 2005 2004 ---- ---- ASSETS Current assets $15,125 11,855 Notes receivable, less current portion 338 318 Property and equipment 686 554 Investment in available for sale equity fixed income securities-non-current 11,201 11,065 Goodwill 1,247 1,247 Other assets 267 392 -------- --------- Total Assets $28,864 $25,431 ======== ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities 2,739 3,487 Other liabilities 344 1,042 -------- --------- Total liabilities 3,083 4,529 Minority interests 14 -- Shareholders' Equity: Common stock 268 254 Additional paid-in capital 7,695 7,192 Retained earnings 16,168 13,756 Accumulated other comprehensive income (loss), net of taxes 1,636 (300) -------- ------- Total shareholders' equity 25,767 20,902 -------- ------- Total Liabilities and Shareholders' Equity $28,864 $25,431 ======= ======= 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-----