UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2003
Commission File Number 0-4690
FINANCIAL INDUSTRIES CORPORATION
(Exact Name of Registrant as specified in its charter)
Texas 74-2126975
(State of Incorporation) (I.R.S. Employer Identification Number)
6500 River Place Blvd., Building One
Austin, Texas 78730
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (512) 404-5000
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES [X] NO
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [X] NO
Number of common shares outstanding, $0.20 par value, as of March 31, 2003:
9,605,939.
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Forward-Looking Statements
Except for historical factual information set forth in this Quarterly Report on
Form 10-Q of Financial Industries Corporation (the "Company" or "FIC"), the
statements, analyses, and other information contained in this report relating to
trends in the Company's operations and financial results, the markets for the
Company's products, the future development of the Company's business, and the
contingencies and uncertainties to which the Company may be subject, as well as
other statements including words such as "anticipate," "believe," "path,"
"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)
general economic conditions and other factors, including prevailing interest
rate levels and stock market performance, which may affect the ability of FIC to
sell its products, the market value of FIC's investments and the lapse rate and
profitability of policies; (2) FIC's ability to achieve anticipated levels of
operational efficiencies and cost-saving initiatives; (3) customer response to
new products, distribution channels and marketing initiatives; (4) mortality,
morbidity and other factors which may affect the profitability of FIC's
insurance products; (5) changes in the Federal income tax laws and regulations
which may affect the relative tax advantages of some of FIC's products; (6)
increasing competition in the sale of insurance and annuities; (7) regulatory
changes or actions, including those relating to regulation of insurance products
and insurance companies; (8) ratings assigned to FIC's insurance subsidiaries by
independent rating organizations such as A.M. Best Company, which FIC believes
are particularly important to the sale of annuity and other accumulation
products; and (9) unanticipated litigation. There can be no assurance that other
factors not currently anticipated by management will not also materially and
adversely affect FIC.
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This Amendment No. 1 to Financial Industries Corporation's ("FIC") Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2003 (the
"Quarterly Report") is being filed for the purpose of attaching Exhibit 10.1,
Compromise Settlement Agreement and Mutual Release in the litigation entitled
Financial Industries Corporation v. The Roy F. and Joann Cole Mitte Foundation,
Roy F. Mitte, and Joann Cole Mitte, Civil Action No. A03 CA 033 SS, in the
United States District Court for the Western District of Texas, Austin Division.
Exhibit 10.1 was disclosed on Item 6(a) - Exhibits, however the exhibit was
inadvertently omitted from the filing of the Quarterly Report on May 15, 2003.
Item 6.
(a) Exhibits
10.1 Compromise Settlement Agreement and Mutual Release in the
litigation entitled Financial Industries Corporation v. The
Roy F. and Joann Cole Mitte Foundation, Roy F. Mitte, and
Joann Cole Mitte, Civil Action No. A03 CA 033 SS, in the
United States District Court for the Western District of
Texas, Austin Division.
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FINANCIAL INDUSTRIES CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to its quarterly report for the
period ended March 31, 2003 to be signed on its behalf by the undersigned
thereunto duly authorized.
FINANCIAL INDUSTRIES CORPORATION
/s/ Eugene E. Payne
Eugene E. Payne
President and Chief Executive Officer
/s/ George M. Wise, III
George M. Wise, III
Chief Financial Officer
Date: May 15, 2003
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