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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
AMENDMENT NO. 1
(To change the reference from "unaudited" to "audited" in the
December 31, 1995 columns of the Consolidated Balance Sheets contained
in Part I, Item 1 on Form 10-Q for the period ended March 31, 1996)
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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PART I -- FINANCIAL INFORMATION
ITEM 1 -- FINANCIAL STATEMENTS
WARNER INSURANCE SERVICES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31,
1996 1995
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(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents . . . . . $ 1,749,412 $ 1,576,745
Accounts receivable, less
allowance for doubtful accounts
of $119,310 and none . . . . . . 3,969,195 1,763,890
Income taxes receivable . . . . . . -- 2,300,000
Prepaid expenses . . . . . . . . . . 535,027 5,355
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Total current assets . . . . . . 6,253,634 5,645,990
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Property and equipment, at cost:
Furniture, fixtures and
equipment . . . . . . . . . . . . 2,979,938 3,095,529
Less accumulated depreciation . . . (2,403,957) (2,369,873)
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Property and equipment-net . . . 575,981 725,656
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Software license . . . . . . . . . . . 5,000,000 --
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Capitalized software, less amortization
of $657,416 and $489,227 . . . . . . 1,451,380 1,510,782
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Other assets . . . . . . . . . . . . . 1,049,584 486,726
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$14,330,579 $ 8,369,154
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WARNER INSURANCE SERVICES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONTINUED)
March 31, December 31,
1996 1995
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(unaudited) (audited)
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current liabilities:
Accounts payable . . . . . . . . . . . $ 1,234,777 $ 955,060
Accrued liabilities . . . . . . . . . 4,264,008 4,123,641
Unearned revenue . . . . . . . . . . . 546,159 635,564
Liabilities in excess of assets of
ISD business in 1996 . . . . . . . -- 8,648,368
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Total current liabilities . . . . . 6,044,944 14,362,633
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Deferred income taxes . . . . . . . . . . 20,000 20,000
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Commitments and contingencies (Note 4)
Stockholders' equity (deficit):
Common stock, $.01 par value;
authorized 20,000,000
shares, issued 16,375,774 and
9,194,890 shares . . . . . . . . . 163,758 91,949
Warrants outstanding . . . . . . . . . . 714,584 --
Capital in excess of par value . . . . . 24,704,980 10,414,253
Accumulated (deficit) . . . . . . . . . . (14,750,480) (13,952,474)
Treasury stock at cost 633,986 shares . . (2,567,207) (2,567,207)
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Total stockholders' equity (deficit) . $ 8,265,635 (6,013,479)
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$14,330,579 $ 8,369,154
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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 16, 1996 By: /s/ Alfred J. Moccia
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Alfred J. Moccia
President and Chief
Executive Officer
May 16, 1996 By: /s/ Raul F. Calvo
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Raul F. Calvo
Vice President
