-----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, I1CABkPp1AWvMO1pa+IkxCscQkEUbJ7IsRnI25u7ku/29gl02ICroCOjW4ejB4t0 UDUF5yPpK49T2yKViA+cNA== 0000950136-04-001968.txt : 20040618 0000950136-04-001968.hdr.sgml : 20040618 20040618152817 ACCESSION NUMBER: 0000950136-04-001968 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040618 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CLAIMS EVALUATION INC CENTRAL INDEX KEY: 0000774517 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SOCIAL SERVICES [8300] IRS NUMBER: 112601199 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14807 FILM NUMBER: 04870806 BUSINESS ADDRESS: STREET 1: 375 N BROADWAY STREET 2: ONE JERICHO PLAZA CITY: JERICHO STATE: NY ZIP: 11753 BUSINESS PHONE: 5169388000 MAIL ADDRESS: STREET 1: ONE JERICHO PLAZA CITY: JERICHO STATE: NY ZIP: 11753 8-K 1 file001.txt FORM 8-K UNITED STATES 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 earliest event reported): June 18, 2004 American Claims Evaluation, Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New York 0-14807 11-2601199 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) One Jericho Plaza, Jericho, New York 11753 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (516) 938-8000 ------------------------ Item 7. Financial Statements and Exhibits. (a) Financial statements of businesses acquired. None. (b) Pro forma financial information. None. (c) Exhibits. 99.1 Press Release, dated June 18, 2004, issued by American Claims Evaluation, Inc. Item 9. Regulation FD Disclosure (pursuant to Item 12). The following information is furnished pursuant to Item 12, "Results of Operations and Financial Condition" in accordance with SEC Release No. 33-8216. On June 18, 2004, American Claims Evaluation, Inc. issued a press release announcing its financial results for the year ended March 31, 2004. A copy of the press release is furnished as Exhibit 99.1 to this report. 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 CLAIMS EVALUATION, INC. Date: June 18, 2004 By: /s/ Gary Gelman ---------------- Gary Gelman President and Chief Executive Officer EXHIBIT INDEX The following is a list of Exhibits furnished with this report. Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated June 18, 2004, issued by American Claims Evaluation, Inc. EX-99.1 2 file002.txt PRESS RELEASE EXHIBIT 99.1 AMERICAN CLAIMS EVALUATION, INC. REPORTS FOURTH QUARTER AND YEAR END RESULTS JERICHO, NY, June 18, 2004: American Claims Evaluation, Inc. (NASDAQ:AMCE) announced revenues of $1,190,921 with a net loss of $.11 per share for the year ended March 31, 2004 as compared to revenues of $1,197,700 with a net loss of $.16 per share for the year ended March 31, 2003.
Three Months Ended Year Ended ------------------------------- --------------------------------- 03/31/04 03/31/03 03/31/04 03/31/03 ------------------------------- --------------------------------- (Unaudited) Revenues $290,849 $291,959 $1,190,921 $1,197,700 Operating loss (170,388) (507,774) (561,759) (849,313) Loss before income tax (benefit) expense (149,705) (473,388) (468,586) (704,834) Net loss ($150,705) ($474,868) ($474,586) ($670,834) Net loss per share - basic ($0.04) ($0.11) ($0.11) ($0.16) =============================== ================================= Net loss per share - diluted ($0.04) ($0.11) ($0.11) ($0.16) =============================== ================================= Weighted average shares - basic 4,259,800 4,259,800 4,259,800 4,259,800 Weighted average shares - diluted 4,259,800 4,259,800 4,259,800 4,259,800
During the fourth quarter of the year ended March 31, 2003, the Company performed its annual impairment testing of goodwill as required by Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets. As a result of this test, the Company concluded its goodwill was impaired due to its continued operating losses and decreases in market capitalization. Specifically, the fair value of the Company at the consolidated level based on its market capitalization was compared to its carrying value. This process indicated that the Company's carrying value exceeded its fair value. The fair value was then allocated to all of the Company's assets and liabilities. There was no excess fair value over the fair value allocated to the Company's net assets indicating that goodwill was impaired. As a result, the Company recorded a non-cash charge of $371,536 to operations to reflect this impairment of goodwill. Except for the historical information contained herein, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic and market conditions, the potential loss or termination of existing clients and contracts and the ability of the Company to successfully identify and thereafter consummate one or more acquisitions. American Claims Evaluation, Inc., through its wholly owned subsidiary, RPM Rehabilitation & Associates, Inc., offers a full range of vocational rehabilitation and disability management services. For further information contact: Gary J. Knauer, Chief Financial Officer, American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY 11753; telephone number (516) 938-8000. * * * * * * * -----END PRIVACY-ENHANCED MESSAGE-----