Precis Notifies SEC of Late 10-K Filing; Expects to File Within Extension Period
April 01 2005 - 5:50PM
PR Newswire (US)
Precis Notifies SEC of Late 10-K Filing; Expects to File Within
Extension Period GRAND PRAIRIE, Texas, April 1
/PRNewswire-FirstCall/ -- Precis, Inc. (NASDAQ:PCIS) filed Form
12b-25 today with the Securities and Exchange Commission requesting
an extension for the filing of its annual report on Form 10-K for
the year ended December 31, 2004 due March 31, 2005. The Company
experienced unanticipated delays in completing its financial
statements for the fiscal year. Extraordinary demands on the
Company's personnel and resources resulting from the transition of
leadership positions within the Company's financial department,
including the Company's Chief Financial Officer and Controller,
contributed to the unanticipated delays. The Company expects to
file its Form 10-K by April 15, 2005. The Company expects that its
earnings, when reported, will reflect a loss for the fourth quarter
and for the year ended December 31, 2004. Management currently
estimates that the net loss for 2004 will exceed $2 million, but
will be less than $3 million ($(0.17) to $(0.25) per share). The
loss will result, in large part, from recognition of impairment to
the carrying amount of goodwill associated with the Company's
Foresight subsidiary, a non-core business, as well as from
impairment of capitalized software cost and providing allowances
for uncollectible receivables and notes. The Company does expect,
however, to post positive cash flow from operations for the year
ended December 31, 2004 and will report a solid cash position at
year-end. Precis, Inc. will schedule a conference call to discuss
the financial results for the year upon filing of its Form 10-K.
Management will also discuss changes made by the Company to correct
the revenue and expense trends that resulted in its operating loss
for the fourth quarter. Once the date of the call is determined the
Company will issue a notification via press release. About Precis
Inc. Precis Inc. and its subsidiaries market non-insurance health
care savings programs, administer tax-favored reimbursement
accounts, provide third party administration services to self
funded employer groups and offer a broad range of financial
solutions such as health and life insurance to individuals and
businesses. For more information on Precis, its subsidiaries Care
125, Care Financial, LLC, and Access Administrators visit
http://www.precis-pcis.com/, http://www.care125.com/, and
http://www.care-financial.com/, http://www.accesshealthsource.com/
respectively. Contact: Bob Bintliff Joe Diaz Chief Financial
Officer The RCG Group Precis, Inc. 480-675-0400 972-343-6501
DATASOURCE: Precis, Inc. CONTACT: Bob Bintliff, Chief Financial
Officer of Precis, Inc., +1-972-343-6501; or Joe Diaz of The RCG
Group, +1-480-675-0400, for Precis, Inc. Web site:
http://www.precis-pcis.com/ http://www.care125.com/
http://www.care-financial.com/ http://www.accesshealthsource.com/
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