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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED MARCH 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM
TO
-------------------- --------------------
COMMISSION FILE NUMBER 0-11453
AMERICAN PHYSICIANS SERVICE GROUP, INC.
(Exact name of registrant as specified in its charter)
TEXAS 75-1458323
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
1301 CAPITAL OF TEXAS HIGHWAY AUSTIN, TEXAS 78746
(Address of principal executive offices) (Zip Code)
(512) 328-0888
(Registrant's telephone number, including area code)
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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
NUMBER OF SHARES
OUTSTANDING AT
TITLE OF EACH CLASS APRIL 30, 2000
-------------------- ----------------
Common Stock, $.10 par value 2,745,233
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PART I
FINANCIAL INFORMATION
-2-
AMERICAN PHYSICIANS SERVICE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands)
Three Months Ended
March 31,
------------------------
2000 1999
---------- ----------
REVENUES:
Financial services $4,319 $2,909
Insurance services 1,275 1,194
Consulting 655 --
Real estate 213 189
Investments and other 95 79
---------- ----------
Total revenue 6,557 4,371
EXPENSES:
Financial services 3,711 2,558
Insurance services 1,275 1,346
Consulting 589 --
Real estate 139 141
General and administrative 436 441
Interest 78 34
---------- ----------
Total expenses 6,228 4,520
---------- ----------
Operating income (loss) 329 (149)
Equity in earnings of
unconsolidated affiliates (Note 3) 471 518
---------- ----------
Earnings from continuing
operations before income taxes
and minority interest 800 369
Income tax expense 286 126
Minority interest 9 25
--------- ---------
Earnings from continuing
operations 523 268
Discontinued operations:
Earnings from discontinued operations
net of income tax of $0 and $32 in
2000 and 1999, respectively. -- 63
---------- ----------
NET EARNINGS $ 523 $ 331
========== ==========
See accompanying notes to consolidated financial statements
- 3 -
AMERICAN PHYSICIANS SERVICE GROUP, INC.
CONSOLIDATED STATEMENT OF EARNINGS PER SHARE (UNAUDITED)
(In thousands, except per share amounts)
EARNINGS PER COMMON SHARE:
Three Months Ended
March 31,
------------------------
2000 1999
--------- ---------
Basic:
Earnings from continuing
operations $ 0.20 $ 0.07
Discontinued operations -- 0.01
--------- ---------
Net earnings $ 0.20 0.08
========= =========
Diluted:
Earnings from continuing
opertions $ 0.19 0.05
Discontinued operations -- 0.01
--------- ---------
Net earnings $ 0.19 $ 0.06
========= =========
Basic weighted average shares outstanding 2,667 4,080
========= =========
Diluted weighted average shares outstanding 2,750 5,133
========= =========
See accompanying notes to consolidated financial statements
- 4 -
AMERICAN PHYSICIANS SERVICE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)
March 31, December 31,
2000 1999
------------- -------------
ASSETS
Current Assets:
Cash and cash investments $3,194 $2,275
Cash - restricted -- 376
Trading account securities 434 372
Management fees and other receivables 1,486 1,344
Notes receivable, net - current 158 270
Deposit with clearing broker 1,036 1,042
Receivable from clearing broker 101 147
Prepaid expenses and other 358 279
Federal income tax receivable -- 200
Deferred income tax asset 763 633
------------- -------------
Total current assets 7,530 6,938
Notes receivable, less current portion 4,322 4,937
Property and equipment 1,745 1,820
Investment in affiliates (Note 3) 12,567 12,096
Other investments 6,081 6,078
Goodwill 558 573
Other assets 217 219
------------- -------------
Total Assets $33,020 $32,661
============= =============
See accompanying notes to consolidated financial statements
- 5 -
AMERICAN PHYSICIANS SERVICE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)
March 31, December 31,
2000 1999
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable - trade $1,729 $1,242
Payable to clearing broker 1,003 624
Notes payable - short term -- 12
Income taxes payable 22 --
Accrued incentive compensation 311 818
Accrued expenses and other
liabilities (Note 4) 2,627 2,923
----------- -----------
Total current liabilities 5,692 5,619
Net deferred income tax liability 2,916 2,730
Notes payable - long term 2,854 3,298
----------- -----------
Total liabilities 11,462 11,647
Minority interest 39 48
Shareholders' Equity:
Preferred stock, $1.00 par value,
1,000,000 shares authorized -- --
Common stock, $0.10 par value, shares
authorized 20,000,000; issued 2,745,233
at 3/31/00 and 2,745,033 at 12/31/99 278 278
Additional paid-in capital 5,869 5,845
Retained earnings 15,931 15,402
Less: Common stock of parent company
held by a subsidiary (559) (559)
----------- -----------
Total shareholders' equity 21,519 20,966
Total Liabilities and Shareholders' Equity $33,020 $32,661
=========== ===========
See accompanying notes to consolidated financial statements
- 6 -
AMERICAN PHYSICIANS SERVICE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
Three Months Ended
March 31,
2000 1999
----------- -----------
Cash flows from operating activities:
Cash received from customers $6,317 $4,962
Cash paid to suppliers and employees (6,372) (5,328)
Change in trading account securities (62) 104
Change in receivable from clearing broker 431 (62)
Interest paid (78) (34)
Income taxes paid -- (330)
Interest, dividends and other investment
proceeds 98 79
----------- -----------
Net cash provided by (used in)
operating activities 334 (609)
Cash flows from investing activities:
Proceeds from sale of property and equipment 13 --
Payments for purchase property and equipment (24) (12)
Discontinued operations -- 96
Funds loaned to others (670) (2,503)
Collection of notes receivable 1,340 963
Other 7 (14)
----------- -----------
Net cash provided by/(used in)
investing activities 666 (1,470)
Cash flows from financing activities:
Proceeds from borrowings 307 1,600
Payment of long term debt (764) --
Purchase/retire treasury stock -- (25)
----------- -----------
Net cash provided by/(used in)
financiang activities (457) 1,575
----------- -----------
Net change in cash and cash equivalents $543 ($504)
----------- -----------
Cash and cash equivalents at beginning of period 2,651 3,214
----------- -----------
Cash and cash equivalents at end of period $3,194 $2,710
=========== ===========
See accompanying notes to consolidated financial statements
- 7 -
AMERICAN PHYSICIANS SERVICE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In thousands)
Three Months Ended
March 31,
2000 1999
--------- ---------
Reconciliation of net earnings to net cash from operating activities:
Net earnings $523 $331
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation and amortization 157 150
Provision for bad debts 129 42
Earnings from discontinued operations -- (96)
Minority interest in consolidated earnings (9) (25)
Undistributed earnings of affiliate (471) (518)
Write-off of fixed assets 2 --
Change in federal income tax payable 222 (405)
Provision for deferred tax asset 56 233
Change in trading securities (62) 104
Change in payable to clearing broker 431 (62)
Change in management fees & other receivables (142) 669
Change in prepaids & other current assets (79) 77
Change in trade payables 487 (71)
Change in accrued expenses & other liabilities (910) (1,038)
--------- ---------
Net cash from operating activities $ 334 ($609)
========= =========
See accompanying notes to consolidated financial statements
- 8 -
AMERICAN PHYSICIANS SERVICE GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2000
(Unaudited)
1. GENERAL
The accompanying unaudited consolidated financial statements have been prepared
in conformity with the generally accepted accounting principles described in the
audited financial statements for the year ended December 31, 1999 and reflect
all adjustments which are, in the opinion of management, necessary for a fair
statement of the financial position as of March 31, 2000 and the results of
operations for the periods presented. These statements have not been audited by
the Company's independent certified public accountants. The operating results
for the interim periods are not necessarily indicative of results for the full
fiscal year.
The notes to consolidated financial statements appearing in the Company's Annual
Report on Form 10-K for the year ended December 31, 1999 filed with the
Securities Exchange Commission should be read in conjunction with this Quarterly
Report on Form 10-Q. There have been no significant changes in the information
reported in those notes other than from normal business activities of the
Company.
Certain reclassifications have been made to amounts presented in prior periods
to be consistent with the 2000 presentation.
2. CONTINGENCIES
In conjunction with a settlement agreement, the Company's broker/dealer
subsidiary, APS Financial, guaranteed the future yield of a customer's
investment portfolio beginning in November 1994 for up to a five and one-half
year period ending in May, 2000. On April 28, 2000 the Company liquidated the
holdings in the customer's investment portfolio and tendered payment to the
customer. Reflected in this period's Form 10-Q is a charge to income totaling
$129,000 which represents the shortfall in the portfolio after liquidation.
- 9 -
3. EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES
At March 31, 2000 the Company owned 14.4% (2,344,000 shares) of the outstanding
common stock of Prime Medical Services, Inc. ("Prime"). The Company records its
pro-rata share of Prime's results on the equity method. Prime is primarily in
the business of providing lithotripsy and refractive vision surgery services.
The common stock of Prime is traded in the over-the-counter market under the
symbol "PMSI". Prime is a Delaware corporation which is required to file annual,
quarterly and other reports and documents with the Securities and Exchange
Commission, which reports and documents contain financial and other information
regarding Prime. Such reports and documents may be examined and copies may be
obtained from the offices of the Securities and Exchange Commission.
Effective June 30, 1999 the Company merged its interest in Syntera HealthCare
Corporation ("Syntera") with FemPartners, Inc. As a result the Company no longer
accounts for its pro-rata share of Syntera on the equity basis, but rather, now
accounts for its twelve percent interest in the merged companies on the cost
basis.
4. ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued expenses and other liabilities consists of the following:
March 31 December 31
2000 1999
---- ----
Taxes payable $ 64,000 160,000
Deferred income (Note 7) 549,000 528,000
Contractual/legal claims 1,537,000 1,409,000
Vacation payable 116,000 116,000
Funds held for others 25,000 402,000
APS Systems disposition costs
discontinued operations ) 10,000 10,000
Other 326,000 298,000
--------- --------
$2,627,000 2,923,000
========= =========
6. EARNINGS PER SHARE
Basic earnings per share is based on the weighted average shares outstanding
without any dilutive effects considered. Diluted earnings per share reflect
dilution from all contingently issuable shares, including options and
convertible debt. A reconciliation of income and average shares outstanding used
in the calculation of basic and diluted earnings per share from continuing
operations follows:
- 10 -
6. EARNINGS PER SHARE, continued
For the Three Months Ended March 31, 2000
------------------------------------------
Income Shares Per Share
(Numerator) (Denominator) Amount
Earnings from
continuing operations $ 523,000
Basic EPS
Income available to
common stockholders 523,000 2,667,000 $0.20
Effect of Dilutive Securities -- 83,000
------- ---------
Diluted EPS
Income available to
common stockholders and
assumed conversions $ 523,000 2,750,000 $0.19
======== ========= ====
For the Three Months Ended March 31, 1999
-------------------------------------------
Income Shares Per Share
(Numerator) (Denominator) Amount
Earnings from continuing
operations $ 268,000
Discontinued Operations 63,000
--------
Basic EPS
Income available to 331,000 4,080,000 $ 0.08
Common stockholders
Effect of dilutive securities
Options -- 32,000
Contingently issuable shares (14,000) 1,021,000
-------- ---------
Diluted EPS
Income available to common
stockholders and assumed
conversions $ 317,000 5,133,000 $ 0.06
======= ========= ====
- 11 -
6. EARNINGS PER SHARE, continued
Unexercised employee stock options to purchase 649,900 and 985,500
shares of the Company's common stock as of March 31, 2000 and 1999,
respectively, were not included in the computations of diluted EPS
because the effect would be antidilutive.
7. DEFERRED INCOME
The Company collects commissions on certain medical malpractice
insurance policies. Such commissions are collected in advance. Income
is earned ratably on the policy over the course of the life of the
policy, typically twelve months. Commissions which are not yet earned
are recorded as deferred income on the balance sheet.
8. Segment Information
The Company's segments are distinct by type of service provided.
Comparative financial data for the three month periods ended March 31,
2000 and 1999 are shown as follows:
March 31,
----------------------------------
2000 1999
Operating Revenues: ------------ --------------
Investment services 4,319,000 2,909,000
Insurance services 1,275,000 1,194,000
Consulting 655,000 --
Real estate 263,000 232,000
Corporate 96,000 79,000
---------- ----------
$6,607,000 $4,414,000
========== ==========
Reconciliation to Consolidated
Statement of Earnings:
Total segment revenues $6,607,000 $4,414,000
Less: Intercompany profits (50,000) (43,000)
----------- ----------
Total Revenues $6,557,000 $4,371,000
=========== =========
- 12 -
8. SEGMENT INFORMATION, (continued)
-------------------
Operating Profit (Loss)
Investment services 595,000 349,000
Insurance services -- (152,000)
Consulting 65,000 --
Real estate 74,000 48,000
Corporate (405,000) (394,000)
-------- -------
$ 329,000 $(149,000)
======== =======
Total segment operating profits/(loss) 329,000 (149,000)
Equity in earnings of affiliates 471,000 518,000
------- -------
Earnings from continuing operations
before income taxes and minority
interests 800,000 369,000
Income tax expense (286,000) (126,000)
Minority interests 9,000 25,000
-------- -------
Earnings from continuing operations 523,000 268,000
-------- -------
Net profit from discontinued
operations, net of income tax -- 63,000
-------- -------
Net income $ 523,000 $331,000
======= =======
- 13 -
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Forward Looking Statements
All statements past and future, written or oral, made by the Company or
its officers, directors, shareholders, agents, representatives or employees,
including without limitation, those statements contained in this Report on Form
10-Q, that are not purely historical are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including statements regarding the Company's
expectations, hopes, intentions or strategies regarding the future.
Forward-looking statements may appear in this document or other documents,
reports, press releases, and written or oral presentations made by officers of
the Company to shareholders, analysts, news organizations or others. Readers
should not place undue reliance on forward-looking statements. All
forward-looking statements are based on information available to the Company and
the declarant at the time the forward-looking statement is made, and the Company
assumes no obligation to update any such forward-looking statements. It is
important to note that the Company's actual results could differ materially from
those described in such forward-looking statements. In addition to any risks and
uncertainties specifically identified in connection with such forward-looking
statements, the reader should consult the Company's reports on previous Forms
10-Q and other filings under the Securities Act of 1933 and the Securities
Exchange Act of 1934, for factors that could cause actual results to differ
materially from those presented.
Forward-looking statements are necessarily based on various assumptions
and estimates and are inherently subject to various risks and uncertainties,
including risks and uncertainties relating to the possible invalidity of the
underlying assumptions and estimates and possible changes or developments in
social, economic, business, industry, market, legal and regulatory circumstances
and conditions and actions taken or omitted to be taken by third parties,
including customers, suppliers, business partners and competitors and
legislative, judicial and other governmental authorities and officials.
Assumptions relating to the foregoing involve judgements with respect to, among
other things, future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the control of the Company. Any such
assumptions could be inaccurate and, therefore, there can be no assurance that
any forward-looking statements by the Company or its officers, directors,
shareholders, agents, representatives or employees, including those
forward-looking statements contained in this Report on Form 10-Q, will prove to
be accurate.
RESULTS OF OPERATIONS
REVENUES
Revenues from operations increased $2,186,000 (50.0%) for the three
month period ended March 31, 2000 compared to the same period in 1999. Revenues
increased at all segments in the current period compared to the same period in
1999.
- 14 -
Financial services revenues increased $1,410,000 (48.5%) for the three
month period ended March 31, 2000 compared to the same period in 1999. The
increase was due to greater commission income at APS Financial Corp., a
broker/dealer division of APS Investment Services, Inc. The increase in current
quarter commission income is the result of successfully producing additional
business through broker sales efforts aided by internally generated market
research. The Company's brokers have achieved an increased number of accounts as
they have become more established in the business, through referrals and direct
solicitation marketing. Internal market research contributes to higher
commissions by providing additional investment ideas to be marketed by the
brokers to a greater number of customers. During the first three months of 2000,
APS Financial employed two research analysts compared to one in the same period
in 1999.
Insurance services revenues from premium-based insurance management
fees increased $81,000 (6.7%) for the three month period ended March 31, 2000
compared to the same period in 1999. The increase in the current year was due to
an increase in commissions earned on a higher volume of new business. Partially
offsetting the revenue increase was lower commissions earned on renewal
business. Renewal business declined as a result of raising premiums to reduce
the effective underwriting loss ratio. Although the premium increase will result
in fewer renewals and lower revenues, the profitability per renewed policy will
be greater.
Consulting revenue increased $655,000 for the three month period ended
March 31, 2000 compared to the same period in 1999. Since the Company did not
begin consolidating the financial results of APS Consulting until the third
quarter of 1999, no revenues were recorded during the first three months of
1999.
Real estate revenues increased $24,000 (12.4%) for the three period
ended March 31, 2000 compared to the same period in 1999. The current year
increase is primarily the result of an increase in rent charged to the Company's
tenants. As of March 31, 2000 the occupancy rate of the building space owned by
the Company was 100%. With the continued strength of the Austin real estate
market, rent revenues should be secure for the foreseeable future.
Investment and other income increased $17,000 (21.9%) for the three
month period ended March 31, 2000 compared to the same period in 1999. The
increase in the current quarter was the result of a rise in interest income
resulting from line of credit loans granted to the Company's former OB/GYN
management affiliate, Syntera HealthCare Corporation, and to Uncommon Care,
Inc., a privately-held developer and operator of dedicated Alzheimer's care
facilities in which the Company has a preferred stock investment.
EXPENSES
Total operating expenses increased $1,664,000 (37.1%) for the three
month period ended March 31, 2000 compared to the same period in 1999. Expenses
at the financial services and consulting segments increased while expenses at
the insurance services, real estate and investments segments decreased in the
current period.
- 15 -
Financial services expense increased $1,153,000 (45.1%) for the three
month period ended March 31, 2000 compared to the same period in 1999. The
primary reason for the current year three month increase is higher commission
expense resulting from an increase in commission revenue at APS Financial, the
broker/dealer division of APS Investment Services, Inc.
Insurance services expenses at the insurance management subsidiary
decreased $71,000 (5.3%) for the three month period March 31, 2000 compared to
the same period in 1999. The current period decrease is due primarily to lower
personnel costs resulting from charging out a greater amount of Information
Services' payroll costs internally to the other Company subsidiaries. In
addition, a reduction in the amount of incentive compensation accrued in the
first three months of 2000 further decreased personnel costs.
Real estate expenses decreased $2,000 (1.4%) for the three month period
March 31, 2000 compared to the same period in 1999 primarily due to lower
depreciation resulting from some assets becoming fully depreciated since the
first quarter of 1999.
General and administrative expense decreased $5,000 (1.2%) for the
three month period ended March 31, 2000 compared to the same period in 1999.
Personnel costs were lower in the current period due to a decrease in management
incentive paid. Professional fees were also lower as legal fees associated with
the Consolidated Eco-Systems note were incurred during the first three months of
1999. Partially offsetting these decreases was a charge incurred in the current
period to cover a shortfall in the portfolio of a certain investor whose return
on investment was guaranteed by the Company.
Interest expense increased $44,000 (130.4%) for the three month period
ended March 31, 2000 compared to the same period in 1999. The primary cause of
the current period rise is an increase of $1,225,000 in the Company's line of
credit payable.
EQUITY IN EARNINGS/(LOSS) OF UNCONSOLIDATED AFFILIATES
The Company's equity in earnings of Prime Medical Services, Inc.
("Prime") decreased $88,000 (15.7%) for the three month period ended March 31,
2000 compared to the same period in 1999. Although earnings at Prime were up
approximately 4% in the current period, the Company holds a smaller percentage
ownership in Prime resulting from the common stock exchanges to acquire treasury
shares that occurred in the second quarter of 1999. As a result of these
exchanges, the Company's percentage ownership of Prime dropped from an average
of 17.8% during the first three months of 1999 to an average of 14.2% during the
first three months of 2000.
- 16 -
During the first three months of 1999, the Company recorded losses from
its equity investment in Syntera HealthCare ("Syntera") totaling $41,000. As of
June 30, 1999 the Company merged its OB/GYN practice management affiliate with
another unaffiliated practice management company, FemPartners, Inc. and no
longer records its share of the gain or loss of Syntera on the equity basis.
Since the Company's ownership percentage in the merged companies is currently
12%, it now accounts for its interest on the cost basis.
MINORITY INTEREST
Minority interest represents the combination of two outside interests
in subsidiaries of the Company: a twenty percent interest of Insurance Services
owned by Florida Physicians Insurance Group, Inc., an A- (Excellent) rated
insurance company as rated by AM Best; and a five percent interest of APS Asset
Management, a division of the financial services subsidiary of the Company (APS
Investment Services), owned by key individuals within APS Asset Management.
LIQUIDITY AND CAPITAL RESOURCES
Current assets exceeded current liabilities by $1,838,000 and
$1,319,000 at March 31, 2000, and December 31, 1999, respectively. The primary
cause of the rise in working capital is cash collected from prior period loans
to Uncommon Care. This loan is recorded as a long-term receivable. In addition,
working capital was higher as a result of cash provided by operating activities.
Capital expenditures through the three month period ended March 31,
2000 were approximately $24,000. Total capital expenditures are expected to be
approximately $125,000 in 2000.
Historically, the Company has maintained a positive working capital
position and, has been able to satisfy its operational and capital expenditure
requirements with cash generated from its operating and investing activities.
These same sources of funds have also allowed the Company to pursue investment
and expansion opportunities consistent with its growth plans. To further its
ability to meet its liquidity requirements and to accelerate its growth, the
Company established a revolving line of credit with Bank of America. In May,
1999 the amended total funds available to the Company was lowered from
$10,000,000 to $7,500,000. Funds advanced under the agreement bear interest at
the prime rate less 1/4%. The Company will pledge shares of Prime Medical to the
bank as funds are advanced under the line. A balance of $2,825,000 was owed
under this credit line as of March 31, 2000. The Company believes that its
positive working capital position together with its ability to draw upon its
line of credit will provide sufficient working capital for its foreseeable
future needs.
New Accounting Pronouncements
None
- 17 -
PART II
OTHER INFORMATION
- 18 -
Item 1. LEGAL PROCEEDINGS
The Company is involved in various claims and legal actions that have
arisen in the ordinary course of business. The Company believes that the
liability provision in its financial statements is sufficient to cover any
unfavorable outcome related to lawsuits in which it is currently named.
Management believes that liabilities, if any, arising from these actions will
not have a significant adverse effect on the financial condition of the Company.
However, due to the uncertain nature of legal proceedings, the actual outcome of
these lawsuits may differ from the liability provision recorded in the Company's
financial statements.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Current reports on Form 8-K.
None
- 19 -
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.
AMERICAN PHYSICIANS SERVICE GROUP, INC.
Date: May 12, 2000 By: /s/ William H. Hayes
--------------------------------------
William H. Hayes, Vice President
and Chief Financial Officer
- 20 -