UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------
FORM 10-K/A
AMENDMENT NO. 1
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED
MARCH 31, 2005
COMMISSION FILE NO. 1-16349
INVESTORS CAPITAL HOLDINGS, LTD.
(Exact name of registrant in its charter)
MASSACHUSETTS 04-3284631
- ------------------------------- --------------------
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
230 Broadway East
Lynnfield, Massachusetts 01940
(781) 593-8565
(Address, including zip code, and telephone number, including area code, of
Registrant's principal executive offices)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
- ----------------------------- -----------------------------------------
Common Stock, $0.01 par value The American Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None
(Title of class)
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 if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes[ ] No [X]
The aggregate market value of the shares of the registrant's common equity
held by non-affiliates, computed by reference to the price at which the common
equity was last sold, as of the last business day of the registrant's most
recently completed second fiscal quarter, was $9,222,536.
As of June 23, 2005, there were outstanding 5,758,978 shares of the $0.01 par
value per share Common Stock of the registrant.
EXPLANATORY NOTE
Investors Capital Holdings, Ltd hereby amends its Annual Report of Form 10-K
for the fiscal year ended March 31, 2005, filed on June 30, 2005. This amendment
is filed for the purpose of correcting the Consolidated Balance Sheets in
Section 8 contained in our Annual Report. Specifically, Investments is now
presented as a long term investment rather than a current asset for the
comparative years ended March 31, 2005 and 2004 in conformity with Accounting
Principles Generally Accepted in the United States of America (GAAP). On the
Consolidated Balance Sheet, as originally filed on the Form 10-K, Investments
was incorrectly classified as a current asset. This Amendment to Form 10-K does
not otherwise change or update the disclosures set forth in the Form 10-K as
originally filed and does not otherwise reflect events occurring after the
filing of the Form 10-K.
2
CONTENTS
PART II .................................................................... 4
ITEM 8. Financial Statements and Supplementary Data ........................ 4
3
PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
4
INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES
------------------------------------------------
CONSOLIDATED BALANCE SHEETS
---------------------------
March 31, March 31,
2005 2004
------------ ------------
Assets
Current Assets
Cash and cash equivalents .................................... $ 8,618,261 $ 8,112,567
Deposit with clearing organization, restricted ............... 175,000 175,000
Accounts receivable .......................................... 3,361,509 3,785,423
Loans receivable from registered representatives(current) .... 173,875 --
Investments in available-for-sale securities ................. -- 56,339
Prepaid income taxes ......................................... 100,889 --
Marketable securities, at market value ....................... 330,380 17,422
Prepaid expenses ............................................. 247,421 310,270
------------ ------------
13,007,335 12,457,021
Property and equipment, net ....................................... 571,198 503,316
Long Term Investments
Loans receivable from registered representatives ............. 77,270 69,306
Equity investments, at cost .................................. 40,000 40,000
Investments .................................................. 142,816 85,820
------------ ------------
260,086 195,126
Other Assets
Other assets ................................................. 121,548 99,295
Deferred tax asset, net ...................................... 149,471 69,721
Receivables from officers .................................... -- 64,400
------------ ------------
271,019 233,416
TOTAL ASSETS ............................................ $ 14,109,638 $ 13,388,879
============ ============
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable ............................................. $ 1,045,314 $ 570,236
Accrued expenses ............................................. 552,088 435,067
Notes payable ................................................ 9,433 78,999
Unearned revenues ............................................ 106,775 --
NASD settlement payable (current portion) .................... -- 54,375
Commissions payable .......................................... 1,885,340 2,078,196
Income taxes payable ......................................... -- 582,721
Securities sold, not yet purchased, at market value .......... 327,905 90,042
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3,926,855 3,889,636
Long-Term Liabilities
NASD settlement payable ...................................... -- 94,304
------------ ------------
94,304
Total liabilities ....................................... 3,926,855 3,983,940
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Commitments and contingencies (Note 14)
Stockholders' Equity:
Common stock, $.01 par value, 10,000,000
shares authorized; 5,757,348 issued and 5,753,463 outstanding
in 2005; 5,731,598 issued and 5,727,713 outstanding in 2004 . 57,573 57,316
Additional paid-in capital ................................... 8,691,566 8,520,931
Retained earnings ............................................ 1,463,779 844,670
less: Treasury stock, 3,885 shares at cost ................. (30,135) (30,135)
Accumulated other comprehensive income ....................... -- 12,157
------------ ------------
Total stockholders' equity ............................ 10,182,783 9,404,939
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY ............................................ $ 14,109,638 $ 13,388,879
============ ============
5
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
INVESTORS CAPITAL HOLDINGS, LTD.
By: /S/ TIMOTHY B. MURPHY
-------------------------------------
Chief Financial Officer
Date: July 14, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
/s/ Theodore E. Charles Chairman, President, Chief July 14, 2005
- ------------------------------ Executive Officer,
Theodore E. Charles and Director (Principal
Executive Officer)
/s/ Timothy B. Murphy Executive Vice President, July 14, 2005
- ------------------------------ Chief Financial
Timothy B. Murphy Officer and Director
(Principal Financial and
Accounting Officer)
/s/ C. Troy Shaver, Jr. Director July 14, 2005
- ------------------------------
C. Troy Shaver, Jr.
/s/ Arthur E. Stickney Director July 14, 2005
- ------------------------------
Arthur E. Stickney
/s/ William Atherton Director July 14, 2005
- ------------------------------
William Atherton
/s/ Marshall Acuff, Jr. Director July 14, 2005
- ------------------------------
Marshall Acuff, Jr.
6
EXHIBIT INDEX
(EXHIBITS BEING INITIALLY FILED WITH THIS FORM 10-K/A)
31.1 Certification of Theodore E. Charles pursuant to Rule 13a-14(a)
31.2 Certification of Timothy B. Murphy pursuant to Rule 13a-14(a)
32.1 Certification of Theodore E. Charles pursuant to 18 U.S.C. Section 1350
32.2 Certification of Timothy B. Murphy pursuant to 18 U.S.C. Section 1350
7