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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 28, 2000
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Information Management Associates, Inc.
(Exact name of registrant as specified in its charter)
Connecticut
(State or Other Jurisdiction of Incorporation)
001-13211 06-1289928
(Commission File Number) (I.R.S. Employer Identification No.)
One Corporate Drive, Suite 400, Shelton, Connecticut, 06484
(Address of Principal Executive Offices) (Zip Code)
(203) 925-6800
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On February 28, 2000, Information Management Associates, Inc. (hereafter the
"Company" or "IMA") announced additional information regarding the review of its
financial statements by the Securities and Exchange Commission (SEC) and its
accounting for certain transactions.
As previously reported on November 18, 1999, the Company has received a comment
letter from the SEC regarding, among other things, the Company's accounts
receivable balances, the collectibility of such balances, and the Company's
revenue recognition policies in light of such balances.
Subsequently, the Company initiated an internal review of certain transactions
in 1999 and certain prior quarterly periods. In connection with the Company's
internal review, the Company believes it will be required to record certain
adjustments to revenue that will result in a restatement of the Company's
financial statements for the second and third quarters of 1998. The revenue
adjustments relate to the recognition of revenue on certain software
transactions pursuant to SOP 97-2. These adjustments will not affect year-end
1998 results.
The Company is continuing its internal review, and other adjustments to revenue
relating to transactions in 1999 or in certain quarters prior to 1999 may be
required. Restated financial statements for those periods requiring
restatement will be issued upon completion of the review.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following exhibit is filed as part of this report:
99.1 Press Release dated February 28, 2000.
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.
Date: March 1, 2000 INFORMATION MANAGEMENT
ASSOCIATES, INC.
By: /s/John A. Piontkowski
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Name: John A. Piontkowski
Title: Chief Financial Officer
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[IMA LOGO] Exhibit 99
MEDIA RELEASE FEBRUARY 28, 2000
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FOR IMMEDIATE RELEASE
IMA ANNOUNCES FINANCIAL RESTATEMENT
SHELTON, CT, FEBRUARY 28, 2000 - Information Management Associates (NASDAQ:
IMAA) today provided additional information regarding the review of its
financial statements by the SEC and its accounting for certain transactions.
As previously reported on November 18, 1999, the Company has received a comment
letter from the Securities and Exchange Commission (SEC) regarding, among other
things, the Company's accounts receivable balances, the collectibility of such
balances, and the Company's revenue recognition policies in light of such
balances.
Subsequently, the Company initiated an internal review of certain transactions
in 1999 and certain prior quarterly periods. In connection with the Company's
internal review, the Company believes it will be required to record certain
adjustments to revenue that will result in a restatement of the Company's
financial statements for the second and third quarters of 1998. The revenue
adjustments relate to the recognition of revenue on certain software
transactions pursuant to SOP 97-2. These adjustments will not affect year-end
1998 results.
The Company is continuing its internal review, and other adjustments to revenue
relating to transactions in 1999 or in certain quarters prior to 1999 may be
required. Restated financial statements for those periods requiring restatement
will be issued upon completion of the review.
ABOUT IMA
IMA provides synchronized, multi-channel e-business solutions, enabling
businesses to create market demand, manage that demand, and then respond to it
in the most effective manner with world-class customer interaction software
solutions. Gartner Group ranks IMA as a leader in customer service and support
systems and as a visionary in sales applications. Over 400 global organizations
including Bose Corp., Humana, ICT Group, Lloyds TSB, TXU, U.S. Cellular Corp.
and Xerox depend on IMA products and services to help grow their business
through the process of acquiring and retaining customers. IMA has headquarters
in Shelton, Connecticut and offices and representatives worldwide.
NOTE: IMA and EDGE are registered trademarks of Information Management
Associates, Inc. All other trade names are trademarks of their respective
companies.
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Except for the historical information contained in this announcement, the
matters discussed in this announcement are "forward-looking statements" (as that
term is used in the Private Securities Litigation Reform Act of 1995) that
involve risks and uncertainties detailed from time to time in the Company's
filings with the Securities and Exchange Commission (the SEC). In particular,
IMA draws the reader's attention to the "Risk Factors" stated in the Company's
Registration Statement on Form S-1 dated July 30, 1997 and its accompanying
Prospectus, the Company's Quarterly Reports on Form 10-Q dated August 14, 1997,
November 14, 1997, May 15, 1998, August 14, 1998, November 14, 1998, May 17,
1999, August 16, 1999, November 22, 1999, the Company's Annual Report on Form
10-K dated March 30, 1998 and March 31, 1999, as well as to the Company's
periodic and current reports as they are filed with the SEC.
FOR MORE INFORMATION CONTACT:
Michael P. McGroarty Christine Sten
Vice President and General Counsel Public Relations Manager
IMA IMA
203-925-6800 203-925-6800
[email protected] [email protected]
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