U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-QSB/A
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended June 30, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File No. 0-11184
NORTH EAST INSURANCE COMPANY
(Name of small business issuer as specified in its charter)
Maine 01-0278387
(State or other Jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
482 Payne Road, Scarborough, Maine 04074
( Address of principal executive offices )
(207) 883-2232
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes [ X ] No [ ]
As of August 13, 1997 there were 3,046,842 outstanding shares of Common
Stock, $1.00 par value, the only authorized class of the issuer.
Transitional Small Business Disclosure Format: Yes [ ] No [ X ]
<PAGE> 1
PART II - OTHER INFORMATION
Item 4. Submission of Matters to Vote of Security Holders.
The Annual Meeting of Shareholders was held on June 10, 1997. The following
matters were voted on by shareholders, and received the votes indicated.
1. The shareholders did not approve a proposed amendment to the
Articles of Incorporation which provides for a staggered Board
of Directors. The vote was as follows:
<TABLE>
<CAPTION>
Broker
For Against Abstain Non-Votes
--- ------- ------- ---------
<S> <C> <C> <C> <C>
TOTAL 993,970 1,169,100 11,350 514,029
</TABLE>
2. The shareholders elected the following individuals to the Board
of Directors:
<TABLE>
<CAPTION>
Broker
For Against Abstain Non-Votes
--- ------- ------- ---------
<S> <C> <C> <C> <C>
Edward B. Batal 2,681,749 6,700 0 0
Wilson G. Hess 2,683,949 4,500 0 0
Robert G. Schatz 2,684,449 4,000 0 0
Robert A. Hancock 2,684,449 4,000 0 0
Deborah L. Harmon 2,684,449 4,000 0 0
Bruce H. Suter 2,683,949 4,500 0 0
Terence P. Cummings 2,683,949 4,500 0 0
Joseph M. Hochadel 2,683,949 4,500 0 0
Jonathan S. Kern 2,684,449 4,000 0 0
</TABLE>
3. The shareholders ratified the appointment of Coopers & Lybrand
L.L.P. as independent accountants to the Company for the year
ending December 31, 1997, as follows:
<TABLE>
<CAPTION>
Broker
For Against Abstain Non-Votes
--- ------- ------- ---------
<S> <C> <C> <C> <C>
TOTAL 2,666,049 11,500 10,900 0
</TABLE>
4. The shareholders approved the proposed Stock Option Plan:
<TABLE>
<CAPTION>
Broker
For Against Abstain Non-Votes
--- ------- ------- ---------
<S> <C> <C> <C> <C>
TOTAL 1,566,070 121,075 20,150 981,154
</TABLE>
SIGNATURE
In accordance with the requirements of the Exchange Act, the Registrant
caused this amendment to be signed on its behalf by the undersigned,
thereunto duly authorized.
North East Insurance Company
Date: August 28, 1997 By /S/Graham S. Payne
------------------
Graham S. Payne
Treasurer and Chief Financial
Officer
