AUSTIN, April 5, 2002 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced that it has filed for an extension to complete its Form 10-KSB due to uncertainty in the valuation of one of its investments.
Ken Shifrin, APS Chairman of the Board stated, "We have been advised by our independent auditors, after our earnings press release of March 22, 2002, which we believed had received all necessary approvals from our auditors, that our treatment of one of our investments may have resulted in an overstatement of this investment in one or more prior periods. Accordingly, our auditors have informed us that a restatement of one or more prior periods may be necessary." Mr. Shifrin added, "At this time it is unclear which, if any, of our financial statements will need to be restated, or to what extent. Therefore, we are unsure when the information necessary to file our Form 10-KSB will be available."
Mr. Shifrin concluded, "As we understand it, any change would be strictly limited to the timing of this non-cash event on our income statement, as our balance sheet at December 31, 2001 and our Statement of Cash Flows for the year ended December 31, 2001 would remain unchanged."
APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors; brokerage, and investment services to institutions and individuals; lithotripsy services in 33 states; refractive vision correction; manufacturing of mobile medical and specialty equipment units; and dedicated care facilities for Alzheimer's patients. The Company is headquartered in Austin, Texas and maintains offices in Dallas and Houston.