-----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, HYXFu2lW1Y2JTD5Kc/5XYzIiR7wovvO9cZ5MMjTXsRe5aRJVzxujbavauYTEnybL tEWwhJsD2HrwelTaYnNDsg== 0000008177-96-000015.txt : 19961113 0000008177-96-000015.hdr.sgml : 19961113 ACCESSION NUMBER: 0000008177-96-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961112 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLANTIC AMERICAN CORP CENTRAL INDEX KEY: 0000008177 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FURNITURE STORES [5712] IRS NUMBER: 581027114 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03722 FILM NUMBER: 96657815 BUSINESS ADDRESS: STREET 1: 4370 PEACHTREE RD NE CITY: ATLANTA STATE: GA ZIP: 30319 BUSINESS PHONE: 4042665500 MAIL ADDRESS: STREET 1: 4370 PEACHTREE ROAD CITY: ATLANTA STATE: GA ZIP: 30319 8-K 1 ATLANTIC AMERICAN CORPORATION 8-K - -------------------------------------------------------------------------------- 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 12, 1996 ----------------- (November 8, 1996) ATLANTIC AMERICAN CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Georgia 0-3722 58-1027114 --------------------- -------------------- ------------------------ (State or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification No.) incorporation 4370 PEACHTREE ROAD, N.E., ATLANTA, GEORGIA 30319 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (404) 266-5500 -------------- None -------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) - -------------------------------------------------------------------------------- Item 5. Other Events. On November 8, 1996, Atlantic American Corporation (the "Company") announced corrections to its calculation of net income from continuing operations per share for the second and third quarters of 1996. The corrections were necessary in order to give effect to accruals for dividends on the Company's outstanding preferred stock that were omitted in the previously announced earnings per share computations. As a result, net income from continuing operations for the three and nine month periods ended September 30, 1996, should have been $.09 and $.25 per share (rather than $.11 and $.31 per share), respectively. In addition, giving effect to the accruals for the three and six month periods ended June 30, 1996, net income from continuing operations should have been $.08 and $.16 per share (rather than $.10 and $.20 per share), respectively. Item 7. Financial Statements and Exhibits. (a) Financial statements of business acquired. Not Applicable. (b) Pro forma financial information. Not Applicable. (c) Exhibits 99.1 -- Press Release issued November 8, 1996. 1 SIGNATURE 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. ATLANTIC AMERICAN CORPORATION (Registrant) Date: November 12, 1996 By:/s/ ----------------- ----------------------------------- John W. Hancock Senior Vice President-Treasurer (Principal Financial Officer) 2 EX-99 2 PRESS RELEASE EXHIBIT 99.1 NEWS RELEASE For further information contact: For Immediate Release John W. Hancock Senior Vice President and Treasurer Atlantic American Corporation (404) 266-5500 ATLANTIC AMERICAN CORPORATION REPORTS CORRECTION ATLANTA, November 8, 1996 -- Atlantic American Corporation (NASDAQ-AAME) today announced corrections to its calculation of net income from continuing operations per share for the second and third quarters of 1996. Actual net income (loss) for the quarters and year-to-date were not affected and remain as previously announced. Giving effect to accruals for dividends on Atlantic American's outstanding preferred stock that were omitted in the previously announced earnings per share computations, net income from continuing operations for the three and nine month periods ended September 30, 1996, should have been $.09 and $.25 per share (rather than $.11 and $.31 per share), respectively. In addition, giving effect to such accruals for the three and six month periods ended June 30, 1996, net income from continuing operations should have been $.08 and $.16 per share (rather than $.10 and $.20 per share), respectively. Corrected summary financial data for those periods are attached. Atlantic American is an insurance holding company involved in specialty markets of the life, health, property and casualty insurance industries. Its principal subsidiaries include American Southern Insurance Company, American Safety Insurance Company, Atlantic American Life Insurance Company, Bankers Fidelity Life Insurance Company and Georgia Casualty & Surety Company. ATLANTIC AMERICAN CORPORATION FINANCIAL DATA (Unaudited) Three Months Ended Nine Months Ended (In thousands, except per share data) September 30, September 30, ------------------ ------------------ 1996 1995 1996 1995 -------- -------- -------- -------- Revenue $25,681 $13,588 $74,868 $38,271 ======= ======= ======= ======== Net income (loss): Continuing operations $2,068 $1,207 $5,835 $2,149 Discontinued operations 0 (1,404) (4,447) (4,384) ------- -------- -------- -------- Net income (loss) $2,068 ($197) $1,388 ($2,235) ======= ======== ======== ======== Net income (loss) per common share: Continuing operations $0.09 $0.06 $0.25 $0.11 Discontinued operations 0.00 (0.07) (0.24) (0.24) ------- -------- -------- -------- Net income (loss) $0.09 ($0.01) $0.01 ($0.13) ======= ======== ======== ======== Weighted average common shares outstanding 18,869 18,732 18,860 18,627 ======= ======== ======== ======== ATLANTIC AMERICAN CORPORATION FINANCIAL DATA (Unaudited) Three Months Ended Six Months Ended (In thousands, except per share data) June 30, June 30, ------------------ ------------------ 1996 1995 1996 1995 -------- -------- -------- -------- Revenue $24,414 $12,772 $49,187 $24,683 ======= ======== ======== ======== Net income (loss): Continuing operations $1,790 $723 $3,767 $942 Discontinued operations (4,447) (3,205) (4,447) (2,980) -------- -------- -------- -------- Net income (loss) ($2,657) ($2,482) ($680) ($2,038) ======== ======== ======== ======== Net income (loss) per common share: Continuing operations $0.08 $0.03 $0.16 $0.04 Discontinued operations (0.24) (0.17) (0.24) (0.16) -------- --------- -------- -------- Net income (loss) ($0.16) ($0.14) ($0.08) ($0.12) ======== ========= ======== ======== Weighted average common shares outstanding 18,901 18,588 18,855 18,574 ======== ========= ======== ======= -----END PRIVACY-ENHANCED MESSAGE-----