Date of Report (Date of earliest event reported): March 25, 2004
(Exact name of registrant as specified in its charter)
| Pennsylvania | 001-14681 | 23-1664166 |
|---|---|---|
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Item 7. Financial Statement and Exhibits
( c). Exhibits
99.1 Press Release of Penn Treaty American Corporation dated March 25, 204.Item 12. Results of Operations and Financial Condition
On March 25, 2004, Penn Treaty American Corporation (the “Company”) announced its results of operations for the fourth quarter and year ended December 31, 2003. The Company issued a press release, dated March 25, 2004, which is furnished as an exhibit hereto and incorporated by reference herein.
The press release referred to fully converted book value, which is a non-GAAP financial measure. Book value, on a fully converted basis, was $3.16 per share at December 31, 2003. Book value was $6.10 per share at December 31, 2003. The press release included a reconciliation of fully converted book value to GAAP book value. The Company believes that the presentation and discussion of this non-GAAP number, which is consistent with past disclosure, in conjunction with disclosure of all reconciling differences, provides a better understanding of the Company’s current value in light of future items which we believe are likely to be significantly dilutive to current shareholders.
The information in this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PENN TREATY AMERICAN CORPORATION
| March 25, 2004 | By: /s/ Cameron B. Waite | |
| Cameron B. Waite | ||
| Chief Financial Officer |
Number Exhibits
99.1 Press Release of Penn Treaty American Corporation dated March 25, 2004