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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X]Form 10-K [ ]Form 20-F [ ]Form 11-K [ ]Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 1993
[ ]Transition Report on Form 10-K
[ ]Transition Report on Form 20-F
[ ]Transition Report on Form 11-K
[ ]Transition Report on Form 10-Q
[ ]Transition Report on Form N-SAR
For the Transition Period Ended:
_______________________________________________________________________________
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
_______________________________________________________________________________
If the Notification relates to a portion of the filing checked above,
identify the Item(s) to which the Notification relates:
_______________________________________________________________________________
Part I - Registrant Information
_______________________________________________________________________________
POLICY MANAGEMENT SYSTEMS CORPORATION
(Full Name of Registrant)
One PMS Center (P.O. Box Ten)
Blythewood, S.C. (Columbia, S.C.) 29016 (29202)
(Address of Principal Executive Office)
_______________________________________________________________________________
Part II - Rules 12b-25(b) and (c)
_______________________________________________________________________________
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
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(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense.
[X] Yes [ ] No
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, or Form N-SAR, or portion thereof will be
filed on or before the fifteenth calendar day following the prescribed
due date; or the subject quarterly report or transition report on Form
10-Q, or portion thereof will be filed on or before the fifth calendar
day following the prescribed due date.
[X] Yes [ ] No
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
[X] Yes [ ] No
______________________________________________________________________________
Part III - Narrative
______________________________________________________________________________
State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof could not be filed within the
prescribed period.
Policy Management Systems Corporation (the "Company") is unable to
file timely its Form 10-K for the year ended December 31, 1993, without
unreasonable effort or expense. In late February of 1994, the Company's
independent auditors completed a special audit of the Company's financial
statements as of and for the six months ended June 30, 1993. As a result
of the work involved in the special audit, certain of the Company's
financial statements were restated and audit work related to the last six
months of 1993 was delayed. Certain routine, but necessary audit work will
be completed by the Company's auditors, Coopers & Lybrand, over the next
several days in order for them to issue their opinion on the Company's 1993
financial statements and enable the Company to file its SEC reports.
_______________________________________________________________________________
Part IV - Other Information
_______________________________________________________________________________
(1) Name and telephone number of person to contact in regard to this
notification
Timothy V. Williams (803) 735-5638
(Name) (Area Code) (Telephone Number)
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(2) Have all other periodic reports required under section 13 or 15(d) of
the Securities Exchange Act of 1934 or section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s)
[ ] Yes [X] No
Form 10-Q for the period ended September 30, 1993
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
The Company's initial filing of its Annual Report on Form 10-K
will include only the results of operations for the year ended
December 31, 1993. As previously reported, a special audit of 1992 is
pending but not completed thereby resulting in the inability to report
comparative audited results. Results of operations for 1992 as
previously reported are intended to be restated upon completion of
that special audit.
Policy Management Systems Corporation has caused this notification to be signed
on its behalf by the undersigned thereunto duly authorized.
POLICY MANAGEMENT SYSTEMS CORPORATION
Date: March 31, 1994 By: Timothy V. Williams
Executive Vice President
(Chief Financial Officer)
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Exhibit Index
Sequentially
Exhibit Numbered
Number Pages
99 Additional Exhibits
Letter of Coopers & Lybrand dated March 31, 1994........ 5
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Exhibit 99
March 31, 1994
1100 Campanile Building
1155 Peachtree Street
Atlanta, Georgia 30309-3630
Telephone (404) 870-1100
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Dear Sir or Madam:
We have read the notification of late filing submitted by Policy Management
Systems Corporation on Form 12b-25 dated March 31, 1993. We do not disagree
with the reason provided in Part III for not filing Form 10-K as of and for the
year ended December 31, 1993, within the prescribed period.
Very truly yours,
Coopers & Lybrand
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