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): July 10, 2006
FINANCIAL INDUSTRIES CORPORATION
(Exact name of Registrant as specified in charter)
Texas | 0-4690 | 74-2126975 |
(State or other jurisdiction | (Commission file number) | (I.R.S. employer |
6500 River Place Blvd., Building One
Austin, Texas 78730
(Address of principal executive offices)
Registrant’s telephone number, including area code: (512) 404-5000
Former name or former address, if changed since last report - Not Applicable
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)) |
Item 7.01 – Regulation FD Disclosure
On July 10, 2006, Investors Life Insurance Company of North America (“Investors Life”), and Family Life Insurance Company (“Family Life”), the life insurance subsidiaries of Financial Industries Corporation (“FIC” or “the Company”), filed their 2005 audited statutory financial statements with the Texas Department of Insurance. Texas is the state of domicile for both Investors Life and Family Life. These audited statutory financial statements were originally due to be filed with the state insurance regulatory agencies in June, 2006; however, the filing of the statements was delayed due to the extensive work involved in examining the financial accounts of the Company and its subsidiaries.
With the completion and filing of the Investors Life and Family Life 2005 audited statutory financial statements, the Company is current on its statutory financial statements.
The Company is nearing completion of substantially all work related to its 2004 Form 10-K for the fiscal year ended December 31, 2004 (the “2004 Form 10-K”), and issuance of that report is pending finalization of external audit procedures.
As the Company realizes the benefits from its considerable investment to become current and to improve its ability to timely file its regulatory reports, the Company expects to issue its Form 10-K for the fiscal year ended December 31, 2005 in a more efficient manner compared to the 2004 Form 10-K and its Form 10-K for the fiscal year ended December 31, 2003.
As provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Financial Industries Corporation cautions that the statements in this Form 8-K, relating to timing of filings, future filings, being up-to-date on its filings, remediation and other matters that are not historical factual information are forward-looking statements that represent management’s belief and assumptions based on currently available information. The information contained in this report relating to trends in the Company’s operations and financial results and the contingencies and uncertainties to which the Company may be subject, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” and other similar expressions constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements are made based upon management’s current expectations and beliefs concerning the financial results, economic conditions and are subject to known and unknown risks, uncertainties and other factors contemplated by the forward-looking statements. Such factors include, among other things: (1) timing and results of reviews, audits and assessments; (2) general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect the ability of the Company to sell its products, the market value of the Company’s investments and the lapse rate and profitability of policies; (3) the Company’s ability to achieve anticipated levels of operational efficiencies and cost-saving initiatives; (4) customer response to new products, distribution channels and marketing initiatives; (5) mortality, morbidity and other factors which may affect the profitability of the Company’s insurance products; (6) our ability to develop and maintain effective risk management policies and procedures and to maintain adequate reserves for future policy benefits and claims; (7) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of the Company’s products; (8) increasing competition in the sale of insurance and annuities; (9) regulatory
changes or actions, including those relating to regulation of insurance products and insurance companies; (10) ratings assigned to the Company’s insurance subsidiaries by independent rating organizations such as A.M. Best, which the Company believes are particularly important to the sale of accumulation products; (11) the performance of our investment portfolios; (12) the effect of changes in standards of accounting; (13) the effects and results of litigation; and (14) other factors discussed in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Investors should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. There can be no assurance that other factors not currently anticipated by management will not also materially and adversely affect the Company.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 – Press Release dated July 10, 2006
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.
FINANCIAL INDUSTRIES CORPORATION
Date: July 10, 2006 | By: /s/ Michael P. Hydanus_ |
| |
| Interim Chief Executive Officer | ||
EXHIBIT INDEX
Exhibit No. | Description |
Exhibit 99.1 – Press Release dated July 10, 2006