-----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, SkpstLILFGtJnqfSMBrvwu+AVMEL+XqtBLlol1aeYrEtjkDtJgEHphzwjZfE/HpU 8M37CoSi1kpT3rDma3i6EA== 0001072613-03-001850.txt : 20031114 0001072613-03-001850.hdr.sgml : 20031114 20031114165610 ACCESSION NUMBER: 0001072613-03-001850 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031111 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCESSITY CORP CENTRAL INDEX KEY: 0000778164 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS REPAIR SERVICES [7600] IRS NUMBER: 112750412 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21467 FILM NUMBER: 031005597 BUSINESS ADDRESS: STREET 1: 12514 WEST ATLANTIC BOULEVARD CITY: CORAL SPRINGS STATE: FL ZIP: 33071 BUSINESS PHONE: 9547526161 MAIL ADDRESS: STREET 1: 12514 WEST ATLANTIC BOULEVARD CITY: CORAL SPRINGS STATE: FL ZIP: 33071 FORMER COMPANY: FORMER CONFORMED NAME: DRIVERSSHIELD COM CORP DATE OF NAME CHANGE: 20001115 FORMER COMPANY: FORMER CONFORMED NAME: FIRST PRIORITY GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL FLEET GROUP INC DATE OF NAME CHANGE: 19880329 8-K 1 form8-k_12341.txt FORM 8-K DATE OF REPORT: NOVEMBER 11, 2003 ================================================================================ 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) November 11, 2003 ------------------------------- Accessity Corp. (Exact name of registrant as specified in its charter) New York 0-21467 11-2750412 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 12514 West Atlantic Boulevard 33071 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (954) 752-6161 ---------------------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) ================================================================================ ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (C) EXHIBITS 99.1 Press release issued by the Registrant on November 11, 2003 filed herein. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On November 11, 2003 the Registrant reported in a press release its financial results for the period ended September 30, 2003. 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 thereunto duly authorized. driversshield.com By: /s/ Barry Siegel ----------------------------------- Name: Barry Siegel Title: Chairman of the Board, Secretary Chief Executive Officer Date: November 14, 2003 2 EXHIBITS INDEX 99.1 Press release issued by the Registrant on November 11, 2003 filed herein. 3 EX-99.1 3 exhibit99-1_12341.txt PRESS RELEASE DATED NOVEMBER 11, 2003 EXHIBIT 99.1 ------------ NEWS RELEASE FOR IMMEDIATE RELEASE.................................. ACCESSITY CONTACT: CHARLES R. HOLCOMB (954) 752-6161 EXT. 241 CORPORATE WEB ADDRESS: WWW.ACCESSITYCORP.COM ACCESSITY CORP. REPORTS SIGNIFICANT IMPROVEMENT IN QUARTERLY RESULTS PRETAX LOSS DROPS 74%, PUTTING COMPANY ON COURSE TO PROFITABILITY ---------------------------------------------- Coral Springs, FL, November 11, 2003....ACCESSITY CORP. [NASDAQ SMALLCAP: ACTY] reported today that its pretax loss from continuing operations fell 74% from $1,205,000 in the third quarter of 2002 to $316,000 in the third quarter of 2003 and that quarterly net losses also declined in each of the first three quarters of calendar 2003. Net losses dropped from $493,000 in the first quarter to $428,000 in the second quarter and then declined an additional 35% to $280,000 in the third quarter. The pretax loss amounts from continuing operations exclude the effect of discontinued automotive operations and the non-cash impact of deferred tax calculations in 2002; these amounts are included in the net loss figures. The Company's improving results reflect the continuing growth of its recently formed medical business, Sentaur Corp., as well as further reductions in its operating expenses. The Company's net loss of $280,000 equated to $.03 per basic and diluted share for the quarter ended September 30, 2003, versus a net loss of $878,000, or $.08 per basic and diluted share, in the third quarter of 2002. Sentaur, which provides medical claim audit and recovery services to hospitals and physician groups, generated $165,000 in revenue in 2003's third quarter as its share of collections of nearly $500,000 on behalf of its hospital clients. Continued growth is expected as Sentaur brings on staffing to meet the needs of hospitals that it already has under contract but has not yet begun to serve. "We continue to believe that the business signals are very strong, and that the transition which we began nearly 10 months ago was the correct move for our shareholders," said Barry Siegel, Chairman and CEO of Accessity. "The hospitals we approach are both receptive to our programs and appreciative of our impact on their bottom line. Also, the business is not nearly as labor intensive as our previous automotive businesses, producing net margins that are substantially higher. We have now completely exited the operating activities of our automotive businesses with the sale of the ADS unit on August 1, 2003 and are focusing on acquisitions that will complement our new health care services strategy and expand our business lines." For the nine months ended September 30, 2003, Accessity recorded a net loss of $1,202,000, versus net income of $1,824,000 for the comparable period of 2002. The earlier period's results reflected the gain on the sale of the Company's fleet services business and income tax benefits from net operating loss carryforwards. Siegel noted that the Company is in a strong position financially, with no debt and reduced operating expenses. Current assets total $5,000,000, including $4,730,000 in cash or liquid investments, stockholders equity of $5.4 million and a working capital ratio of 11 to 1. Sentaur was established to help hospitals by subrogating against health insurance companies and preferred provider organizations (PPOs) that have inappropriately taken discounts to which they were not entitled in paying hospital bills for insured patients. Sentaur analyzes client hospitals' billing records to uncover such inappropriate discounts and receives a share of any funds recovered. This announcement contains "forward looking statements." Words "anticipate," "believe," "estimate," "expect" and other similar expressions as they relate to the Company and its management are intended to identify such forward looking statements. Although the Company and its management believe that the statements contained in this announcement are reasonable, it can give no assurances that such statements will prove correct. Factors that could affect the occurrence of events or results discussed herein are included with those mentioned in the Company's filings with the Securities and Exchange Commission. ###### -----END PRIVACY-ENHANCED MESSAGE-----