Exhibit 99.2
Press Release
February 16, 2004
For Immediate Release
For Information Contact:
Eric R. Anderson, Vice President, Investor Relations - 202.969.1866
NCRIC Group, Inc. Announces Conference call to discuss fourth quarter and year
2003 results and to provide litigation update
WASHINGTON, D.C. -- NCRIC Group, Inc. (NCRIC) (Nasdaq National Market: NCRI), a
leading provider of medical professional liability insurance and physician
practice management services in the Mid-Atlantic region, today announced that it
will report fourth quarter and year 2003 results after the close of normal
Nasdaq trading hours on Thursday, February 26, 2004. NCRIC will host a
conference call to review the reported results at 9:00 a.m., EST, on Friday,
February 27, 2004.
During the call, NCRIC will also provide an update with respect to the jury
verdict in the hospital premium collection litigation. NCRIC has ten days to
file post-trial motions. The motions to be filed include seeking either a
reversal or reduction of the full jury verdict or the granting of a new trial. A
ruling by the court that upholds any part of the jury verdict will be appealed
to the District of Columbia Court of Appeals. NCRIC has engaged Williams &
Connolly LLP as lead appellate counsel. Williams & Connolly is widely regarded
as one of the premier litigation firms in the country and has significant
experience in appellate law.
R. Ray Pate, Jr., NCRIC President and Chief Executive Officer stated, "We are
very concerned with many of the judicial decisions made in connection with the
trial. We believe it was these decisions that led the jury to an adverse verdict
and not the actual facts of the case or the law."
Under generally accepted accounting principles, FASB Statement No. 5 (FAS 5),
Accounting for Contingencies, management is obligated to accrue a liability when
it is both probable and reasonably estimable. At this time, NCRIC does not have
enough information under FAS 5 guidance to make a reasonable estimate of the
liability, if any, that may relate to the jury verdict
in the hospital premium collection litigation. A reasonable estimate of any
potential liability cannot be completed until NCRIC has concluded an analysis of
the bases for appeal. There may be insufficient information on which to make a
reasonable estimate of the liability before the 2003 financial statements are
filed with the SEC in March 2004. However, if information does become available
prior to the filing deadline, the financial statements for 2003 will include the
effect of such information.
"We continue to believe that the facts of the case and the applicable law
supported our position at trial and provide a strong foundation for the
post-trial motions and any necessary appeal," Pate said.
Investors and analysts may access the conference call by dialing (800) 915-4836.
All participants are requested to call in at least ten minutes prior to the
start of the conference to register. R. Ray Pate, Jr., President and Chief
Executive Officer, and Rebecca B. Crunk, Senior Vice President and Chief
Financial Officer, will host the call. The listen-only audience will be provided
an opportunity to submit appropriate questions following the presentation. Mr.
Pate and Ms. Crunk will respond to these questions as time permits.
The conference call will also be Webcast in a listen-only format on
Streetevents.com and through the Investor Relations section of NCRIC's corporate
Web site at www.NCRIC.com. To access the Webcast, go to the NCRIC.com home page
and click on "Investor Relations." A Webcast link will be provided to connect
listeners to the call. The Webcast will be archived and replays will be
available until April 2, 2004 at NCRIC.com and at Streetevents.com. Notice of
this conference call is being sent in accordance with the requirements under SEC
Regulation FD - "Fair Disclosure."
Safe Harbor Information
Certain statements contained herein are not based on historical facts and 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. Such
forward-looking statements may be identified by reference to a future period or
periods, or by the use of forward-looking terminology, such as "may," "could,"
"will," "believe," "expect," "estimate," "anticipate," "continue," or similar
terms or variations on those terms, or the negative of those terms. These
forward-looking statements include: the impact of the above referenced jury
verdict on our financial condition, results of operations, and capital.
We wish to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and wish to
advise readers that the factors listed above could affect our financial
performance and could cause actual results for future periods to differ
materially from any opinions or statements expressed with respect to future
periods in any current statements. We do not undertake and specifically decline
any obligation to publicly release the result of any revisions that may be made
to any forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
About NCRIC Group, Inc.
NCRIC Group, Inc. (NCRIC) is a healthcare financial services organization that
assists individual physicians and groups of physicians in managing their
practices by providing medical professional liability insurance, practice
management and financial services, and employee benefits plan design and pension
administration. In addition to its headquarters in Washington, D.C., NCRIC has
offices in Richmond, Fredericksburg and Lynchburg, Virginia as well as
Greensboro, North Carolina and provides services to more than 5,000 physician
clients.
For further information, contact Eric R. Anderson, Vice President, Investor
Relations; 1115 30th Street, NW, Washington, D.C. 20007; 202.969.1866, ext.
3102; anderson@ncric.com; or consult NCRIC's Web site, www.NCRIC.com.
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February 16, 2004