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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
AMENDMENT NO. 2
(To insert the figure "500,000" on the line item entitled
Deferred income taxes under the Three Months Ended March 31, 1995
column of the Consolidated Statements of Cash Flows)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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FOR THE QUARTER ENDED MARCH 31, 1996
COMMISSION FILE NUMBER 0-13124
WARNER INSURANCE SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS RESPECTIVE CHARTER)
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DELAWARE 13-2698053
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
18-01 POLLITT DRIVE
FAIR LAWN, NEW JERSEY 07410
(201) 794-4800
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]
Number of shares outstanding at May 2, 1996:
15,761,725 shares of Common Stock, par value $.01 per share.
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WARNER INSURANCE SERVICES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31,
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1996 1995
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Cash flows from operating activities:
Net loss from continuing operations . . $ (798,006) $(2,158,060)
Adjustments to reconcile net loss to net
cash used for operating activities:
Depreciation . . . . . . . . . . . . 67,988 86,109
Amortization of capitalized
software . . . . . . . . . . . . . . 168,189 83,333
Accounts receivable . . . . . . . . . (2,205,305) (1,699,635)
Income taxes receivable . . . . . . . 2,300,000 (248,560)
Deferred income taxes . . . . . . . . -- 500,000
Prepaid expenses . . . . . . . . . . (529,672) (473,687)
Other assets . . . . . . . . . . . . (562,858) 43,242
Accounts payable . . . . . . . . . . 279,717 415,382
Accrued liabilities . . . . . . . . . 222,054 2,608,453
Unearned revenue . . . . . . . . . . (89,405) 454,565
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Net cash used for continuing
operating activities . . . . . . . . . . . (1,147,298) (388,858)
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Loss from discounted operations . . . . -- (1,329,532)
Decrease in net liabilities of
discontinued operations . . . . . . . . (8,648,368) (1,177,697)
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Net cash used for discontinued
operating activities . . . . . . . . . . . (8,648,368) (2,507,229)
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Net cash used for operating activities . . (9,795,666) (2,896,087)
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Cash flows from investing activities:
Proceeds from sale of fixed
maturity investments . . . . . . . . -- 1,947,500
Capital expenditures . . . . . . . . . . -- (26,064)
Software license . . . . . . . . . . . . (5,000,000) --
Capitalized software expenditures . . . (108,787) --
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Net cash (used for) provided
from investing activities . . . . . . . . (5,108,787) 1,921,436
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Cash flows from financing activities:
Credit line borrowings . . . . . . . . . -- (2,000,000)
Net proceeds from issuance
of common stock . . . . . . . . . . 15,077,120 12,335
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Net cash provided from
(used for) financing activities . . . . . 15,077,120 (1,987,665)
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Change in cash and cash equivalents . . . . 172,667 (2,962,316)
Cash and cash equivalents
beginning of period . . . . . . . . . . . 1,576,745 6,407,801
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Cash and cash equivalents end of period . . $ 1,749,412 $ 3,445,485
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WARNER INSURANCE SERVICES, INC.
AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
WARNER INSURANCE SERVICES, INC.
May 28, 1996 By: /s/ Alfred J. Moccia
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Alfred J. Moccia
President and Chief
Executive Officer
May 28, 1996 By: /s/ Raul F. Calvo
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Raul F. Calvo
Vice President
