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SEC FILE NUMBER
000-25273
CUSIP NUMBER
458045 10 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
(Check One): [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-Q [ ]Form N-SAR
For Period Ended: June 30, 2001
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
Insurance Management Solutions Group, Inc.
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Full Name of Registrant
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Former Name if Applicable
360 Central Avenue
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Address of Principal Executive Office (Street and Number)
St. Petersburg, Florida 33701
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City, State and Zip Code
PART II - RULES 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, or semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or
portion thereof, will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
[X] quarterly report or transition report on Form 10-Q, or portion
thereof, will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25 has been attached if applicable.
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PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (Attach Extra Sheets if Needed).
The Registrant is unable to file its Form 10-Q for the period ended June 30,
2001 within the prescribed time period due to the fact that on August 14, 2001,
the prescribed due date for the above-referenced Form 10-Q, the Company entered
into a credit arrangement with Bankers Insurance Group, Inc., the Company's
principal customer and shareholder ("BIG"), establishing a $5.0 million secured
line of credit in favor of BIG. Given the timing of this transaction, the
Company could not, without unreasonable effort or expense, file the Form 10-Q by
the prescribed due date.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Anthony R. Marando 727 803-2040
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports) been
filed? If answer is no, identify report(s).
[x] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof?
[x] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
The Registrant's Total Revenues and Net Income were $21.4 million and $3.5
million, respectively, for the three months ended June 30, 2001 as compared to
$16.0 million and $24,000, respectively, for the corresponding period in 2000.
Outsourcing services revenues increased $4.2 million, or 37.3%, to $15.5 million
for the three months ended June 30, 2001 from $11.3 million for the
corresponding period in 2000. This increase was primarily attributable to the
impact of Tropical Storm Allison, which storm occurred during June, 2001. The
increase in revenue related to processing for this storm was $4.2 million. In
addition, flood zone determination services revenues increased $1.2 million, or
25.3%, to $5.9 million for the three months ended June 30, 2001 from $4.7
million for the corresponding period in 2000. This increase was primarily
attributable to an increase in the number of flood zone determinations processed
by the Registrant during the second quarter of 2001 as compared to the
corresponding period of 2000. The increase in the number of flood zone
determinations processed was due primarily to a decrease in mortgage interest
rates and a corresponding increase in mortgage refinancings and loan
originations, which have historically driven the demand for flood zone
determinations.
Insurance Management Solutions Group, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 15, 2001 By: /s/ Anthony R. Marando
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ANTHONY R. MARANDO
CHIEF FINANCIAL OFFICER
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