-----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, O/p2REbHK2OMCg7sdN0GQP1m1W+yaX6l2cnX/cCGoRfAXS/JBS9CtScF/55ny4b0 dmY/eybSq3oLqs8gJk6tiA== 0000814181-08-000004.txt : 20080116 0000814181-08-000004.hdr.sgml : 20080116 20080116171316 ACCESSION NUMBER: 0000814181-08-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080110 ITEM INFORMATION: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080116 DATE AS OF CHANGE: 20080116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN TREATY AMERICAN CORP CENTRAL INDEX KEY: 0000814181 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 231664166 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14681 FILM NUMBER: 08534098 BUSINESS ADDRESS: STREET 1: 3440 LEHIGH ST CITY: ALLENTOWN STATE: PA ZIP: 18103 BUSINESS PHONE: 6109652222 MAIL ADDRESS: STREET 1: 3440 LEHIGH ST CITY: ALLENTOWN STATE: PA ZIP: 18103 8-K 1 form8-k_prrstt11108.htm

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): January 10, 2008

 

Penn Treaty American Corporation

(Exact name of registrant as specified in its charter)

 

Pennsylvania

001-14681

23-1664166

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

3440 Lehigh Street, Allentown, Pennsylvania 18103

(Address of Principal Executive Offices) (Zip Code)

 

Registrant's telephone number, including area code: (610) 965-2222

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 4.02

Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

 

(a)          On January 10, 2008, management of Penn Treaty American Corporation (the "Company") concluded that a restatement of our financial statements for the year ended December 31, 2005 was necessary because of the impact of certain errors on quarterly results. The errors related to the application of an incorrect assumption in the calculation of our active life reserves. The impact of the restatement is a reduction to book value of less than $1 million at December 31, 2005 and was not material to periods prior to 2005, which will not be restated. The Audit Committee of the Board of Directors and management continue to discuss the matters disclosed herein with our independent auditors. The auditors have not finished their audit and have not concluded whether they agree with the Company's conclusions.

 

A copy of a press release announcing the restatement is attached hereto as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)

Exhibits. The following exhibit is being filed herewith:

 

 

Exhibit

Description

 

99.1

Press Release dated January 11, 2008.

 

 

 

2

 

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.

 

PENN TREATY AMERICAN CORPORATION

 

January 16, 2008

By: /s/ Mark Cloutier

 

Name:

Mark Cloutier

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

3

 

EXHIBIT INDEX

 

Exhibit

Description

 

99.1

Press Release dated January 11, 2008.

 

 

 

 

4

 

 

 EX-99 2 ex_pr11108.htm

Exhibit 99.1

Penn Treaty Completes Assessment of Potential Restatements

Company Also Announces Expected Release of 2006 Results

 

Allentown, PA – January 11, 2008 – Penn Treaty American Corporation (NYSE: PTA) today announced that it will restate its financial statements for the year ended December 31, 2005. This restatement is necessary because of the impact of certain errors on the previously reported quarterly results. The impact of the restatement is a reduction to book value of less than $1 million at December 31, 2005.

The impact of these errors is not material to periods prior to 2005; therefore, the Company will not restate accounting periods prior to 2005.    The Company had previously disclosed in a press release dated December 28, 2007, that it was assessing the potential need to restate financial statements for fiscal 2003, 2004 and 2005.

The Company also announced that it expects to release its unaudited financial results for the year ended December 31, 2006 by the week of January 28, 2008. Following this disclosure, the Company plans to host a conference call to update investors on its current operations and to discuss its 2006 results.

Penn Treaty, through its subsidiary insurers, specializes in the sale and distribution of long-term care insurance products. Penn Treaty has been a market innovator and major provider for over 35 years.

Certain statements made by the Company in this press release may be considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes that its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations, including, but not limited to, the release of its unaudited financial results. For additional information and risks related to the Company, please refer to its reports filed with the Securities and Exchange Commission.

Source:

Penn Treaty American Corporation

Company Contact:

Cameron Waite, Executive VP, Strategic Operations

800.222.3469

cwaite@penntreaty.com

Media Contact:

Gary Kimball

Kimball Communications, LLC

610.559.7585

610.417.3652

gkimball@kimballcomm.com

 

 

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