American Physicians Service Group, Inc. Reports Revised 2001 Earnings and Restated 2000 Earnings


AUSTIN, Texas, April 17, 2002 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced revised 2001 earnings and restated 2000 earnings. The Company had announced earnings on March 22, 2002 and had then been informed of a potential investment valuation issue as disclosed in our press release of April 5, 2002.

Ken Shifrin, APS Chairman of the Board stated: "As we have previously announced, we have reviewed the valuation of a common stock investment in a private company at December 31, 2000 following a significant impairment of that common stock investment in 2001. An independent valuation has indicated that the impairment had occurred in the prior year and, accordingly, we have restated our consolidated financial statements at December 31, 2000 and for the year then ended."

Mr. Shifrin continued: "These changes affect the timing of the impairment but have no significant impact on our financial position at December 31, 2001 or on our cash flows in 2001 or 2000. With cash and marketable securities currently exceeding $12 million, net of taxes on gains both realized and unrealized, no bank debt, no goodwill or other intangibles, and a book value per share today in excess of $6.00, our current financial position is very solid and very liquid. With this strong financial position and the operational strength of our core businesses, we continue to look forward to our opportunities in 2002."

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; and dedicated care facilities for Alzheimer's patients. The Company is headquartered in Austin, Texas and maintains offices in Dallas and Houston.

This press release, particularly the statements by Mr. Shifrin, includes forward-looking statements related to the Company that involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect the Company's future results, please see the Company's recent filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. Copies of the filings are available upon request from the Company's investor relations department.


            AMERICAN PHYSICIANS SERVICE GROUP, INC.
                    SELECTED FINANCIAL DATA
             (In thousands, except per share data)

                          Three Months Ended          Year Ended
                           December 31, 2001      December 31, 2001
                         --------------------    --------------------
                        As Previously    As    As Previously    As
                         Announced   Revised    Announced    Revised
                         --------    --------    --------    --------

 Revenues                $  5,269    $  5,269    $ 23,120    $ 23,120

 Expenses                  10,965       5,809      27,868      22,712
                         --------    --------    --------    --------

 Operating profit (loss)   (5,696)       (540)     (4,748)        408

 Equity in loss of
  unconsolidated
  affiliates               (3,129)     (3,129)     (3,191)     (3,191)
                         --------    --------    --------    --------

 Loss from continuing
  operations before
  income taxes and
  minority interest        (8,825)     (3,669)     (7,939)     (2,783)
                         --------    --------    --------    --------

 Income tax benefit        (3,064)     (1,312)     (2,704)       (952)

 Minority interest             52          52         157         157

 Loss from continuing
  operations               (5,813)     (2,409)     (5,392)     (1,988)

 Discontinued operations:
  profits from discontinued
  operations net of income
  tax of $672 for the
  three months and $727
  for the year in 2001      1,305       1,305       1,410       1,410
                         --------    --------    --------    --------

 Net loss                $ (4,508)   $ (1,104)   $ (3,982)   $   (578)
                         ========    ========    ========    ========

  Diluted loss per share:

   Loss from continuing
    operations           $  (2.48)   $  (1.03)   $  (2.30)   $   (.85)

     Discontinued
       operations             .56         .56         .60         .60

     Net loss            $  (1.92)   $   (.47)   $  (1.70)   $   (.25)

 Weighted average shares
  outstanding  (diluted)    2,343       2,343       2,343       2,343


            AMERICAN PHYSICIANS SERVICE GROUP, INC.
               SELECTED FINANCIAL DATA (continued)
              (In thousands, except per share data)

                          Three Months Ended         Year Ended
                          December 31, 2000       December 31, 2000
                         --------------------    --------------------
                        As Previously    As     As Previously    As
                         Reported     Revised    Reported     Revised
                         --------    --------    --------    --------
 Revenues                $  4,260    $  4,260    $ 18,347    $ 18,347

 Expenses                   6,614      11,722      20,882      25,990
                         --------    --------    --------    --------

 Operating loss            (2,354)     (7,462)     (2,535)     (7,643)

 Equity in loss of
  unconsolidated
  affiliates                 (378)       (378)       (467)       (467)
                         --------    --------    --------    --------

 Loss from continuing
  operations before
  income taxes and
  minority interest        (2,732)     (7,840)     (3,002)     (8,110)

 Income tax benefit          (924)     (2,660)       (956)     (2,692)

 Minority interest             21          21          42          42

 Loss from continuing
  operations               (1,829)     (5,201)     (2,088)     (5,460)

 Discontinued operations:
  profits from discontinued
  operations net of income
  tax of $18 for the
  three months and $354
  for the year in 2000         35          35         686         686

 Net loss                $ (1,794)   $ (5,166)   $ (1,402)   $ (4,774)
                         ========    ========    ========    ========

  Diluted loss per share:

   Loss from continuing
    operations           $   (.67)   $  (1.91)   $   (.84)   $  (2.19)

     Discontinued
      operations              .01         .01         .28         .28

     Net loss            $   (.66)   $  (1.90)   $   (.56)   $  (1.92)

 Weighted average shares
  outstanding  (diluted)    2,726       2,726       2,490       2,490

For further information, visit APS' Website at www.amph.com


            

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