U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the period ended June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to _____________________.
Commission File Number 000-25253
SUMMIT LIFE CORPORATION
-----------------------
(Exact name of registrant as specified in its charter)
OKLAHOMA 73-1448244
-------- ----------
(State or other jurisdiction of (I.R.S. Employer identification No.)
incorporation or organization)
3021 Epperly Dr., P.O. Box 15808, Oklahoma City, Oklahoma 73155
---------------------------------------------------------------
(Address of principal executive offices)
(405) 677-0781
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 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
--- ---
The number of shares outstanding of the Issuer's Common Stock, $.01 par value,
as of August 14, 2000 was 2,248,605.
Transitional Small Business Disclosure Format (check one): Yes No X
--- ---
<PAGE>
FORM 10-QSB
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets - June 30, 2000 (unaudited) and
December 31, 1999............................................... 3
Consolidated Statements of Operation - Three months and six
months ended June 30, 2000 and 1999 (unaudited)................. 5
Consolidated Statement of Stockholders' Equity - Six months
ended June 30, 2000 (unaudited)................................. 6
Condensed Consolidated Statement of Cash Flows - Six months
ended June 30, 2000 and 1999 (unaudited)........................ 7
Notes to Consolidated Financial Statements...................... 8
Item 2. Management's Discussion and Analysis or Plan of Operation....... 9
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders............. 13
Item 6. Exhibits and Reports on Form 8-K................................ 14
Signatures.............................................................. 14
2
<PAGE>
<TABLE>
<CAPTION>
Summit Life Corporation and Subsidiaries
Consolidated Balance Sheets
ASSETS
June 30, 2000 December 31, 1999
---------------- -----------------
(Unaudited)
<S> <C> <C>
INVESTMENTS
Debt securities-available for sale $ 2,661,070 $ 3,202,369
Equity securities-available for sale 38,437 22,000
Equity securities-other 62,500 62,500
Mortgages 483,346 236,853
Notes receivable 61,015 76,011
Short-term investments -- 1,470,000
Policy loans 30,689 37,947
Investment real estate, net of depreciation 25,000 72,580
----------- -----------
3,362,057 5,180,260
CASH AND CASH EQUIVALENTS 2,254,954 935,746
RECEIVABLES
Accrued investment income 93,182 85,753
Other 13,000 14,808
----------- -----------
106,182 100,561
PROPERTY AND EQUIPMENT-AT COST
Building and improvements 129,419 129,419
Furniture and equipment 116,570 114,470
Automobiles 54,015 54,015
----------- -----------
300,004 297,904
Less accumulated depreciation (107,716) (88,573)
----------- -----------
192,288 209,331
Land 56,000 56,000
----------- -----------
248,288 265,331
OTHER ASSETS
Cost in excess of net assets of businesses
acquired, less accumulated amortization 42,083 45,000
Deferred policy acquisition costs 51,293 42,226
Value of purchased insurance business 360,758 370,758
Deferred income taxes 37,241 37,241
Other 43,539 38,698
----------- -----------
534,914 533,923
----------- -----------
$ 6,506,395 $ 7,015,821
=========== ===========
</TABLE>
The accompanying notes are an integral part of these interim financial
statements
3
<PAGE>
<TABLE>
<CAPTION>
Summit Life Corporation and Subsidiaries
Consolidated Balance Sheets
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, December 31,
2000 1999
----------- -----------
(Unaudited)
<S> <C> <C>
LIABILITIES
Policy reserves and policyholder funds $ 5,352,697 $ 5,335,971
Unpaid claims -- 107,000
Accounts payable 16,092 74,742
Accrued liabilities 9,663 28,713
Notes payable 231,165 442,219
Other liabilities -- 11,138
----------- -----------
5,609,617 5,999,783
STOCKHOLDERS' EQUITY
Common stock, $.01 par value 22,676 22,676
Preferred stock, $.001 par value, stated at
liquidation value 500,000 500,000
Additional paid-in capital 2,923,596 2,923,596
Common stock of parent held by subsidiary (95,000) (95,000)
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) of debt securities (90,906) (83,565)
Accumulated deficit (2,363,588) (2,251,669)
----------- -----------
896,778 1,016,038
----------- -----------
$ 6,506,395 $ 7,015,821
=========== ===========
</TABLE>
The accompanying notes are an integral part of these interim financial
statements
4
<PAGE>
<TABLE>
<CAPTION>
Summit Life Corporation and Subsidiaries
Consolidated Statements of Operation
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues
Insurance premiums $ 43,488 $ 72,419 $ 82,305 $ 155,838
Reinsurance premium ceded (10,881) (16,600) (20,427) (16,847)
----------- ----------- ----------- -----------
Net premium income 32,607 55,819 61,878 138,991
Investment activity
Investment income 90,083 144,698 193,588 296,597
Net realized gains (losses) on sale of investments 4,808 -- 29,531 2,763
Other 91,750 5,792 97,055 23,932
----------- ----------- ----------- -----------
219,248 206,309 382,052 462,283
Benefits, losses and expenses
Policy benefits 26,883 35,199 60,550 53,371
Change in policy reserves 38,790 106,359 94,671 99,729
Interest expense 4,678 42,234 13,248 70,872
Taxes, licenses and fees 4,683 10,005 13,002 24,163
Depreciation and amortization 12,301 40,187 30,367 96,257
General, administrative and other operating expenses 120,539 156,627 257,165 392,448
----------- ----------- ----------- -----------
207,874 390,611 469,003 736,840
----------- ----------- ----------- -----------
Earnings (Loss) from continuing operations
before income taxes 11,374 (184,302) (86,951) (274,557)
Income tax provision -- (400) -- 757
----------- ----------- ----------- -----------
Earnings (Loss) from continuing 11,374 (184,702) $ (86,951) $ (273,800)
operations
Income from operations of discontinued segment
-- (630) -- 10,151
----------- ----------- ----------- -----------
NET EARNINGS (LOSS) 11,374 (185,332) $ (86,951) $ (263,649)
Preferred Stock Dividend Requirement 12,500 -- 25,000 --
----------- ----------- ----------- -----------
NET EARNINGS (LOSS) APPLICABLE
TO COMMON SHARES $ (1,126) $ (185,332) $ (111,951) $ (263,649)
=========== =========== =========== ===========
Earnings (Loss) per common share -
Basic and diluted
From continuing operations $ (0.00) $ (0.09) $ (0.05) $ (0.13)
From discontinued operations -- -- -- --
----------- ----------- ----------- -----------
NET LOSS $ (0.00) $ (0.09) $ (0.05) $ (0.13)
=========== =========== =========== ===========
Weighted average outstanding common shares,
basic and diluted 2,248,605 2,216,464 2,248,605 2,142,485
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these interim financial
statements
5
<PAGE>
<TABLE>
<CAPTION>
Summit Life Corporation and Subsidiaries
Consolidated Statement of Stockholders' Equity
Six Months Ended June 30, 2000
(Unaudited)
Common Stock Preferred Stock
------------------------- -------------------------
Shares Liquid- Additional
Shares Par Out- ation Paid-in
Total Issued Value standing Value Capital
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 2000 $ 1,016,038 2,267,605 $ 22,676 5,000 $ 500,000 $ 2,923,596
Dividends on preferred stock (24,968) -- -- -- -- --
Comprehensive income
Net loss (86,951) -- -- -- -- --
Other comprehensive inc. (loss)
Unrealized loss on investments (7,341) -- -- -- -- --
-----------
Comprehensive inc. (loss) (94,292) -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Balance at June 30, 2000 $ 896,778 2,267,605 $ 22,676 5,000 $ 500,000 $ 2,923,596
=========== =========== =========== =========== =========== ===========
Accumulated Common
Other Stock of
Comprehensive Parent Held
Income Accumulated by
(Loss) Deficit Subsidiary
----------- ----------- -----------
Balance at January 1, 2000 $ (83,565) $(2,251,669) $ (95,000)
Dividends on preferred stock -- (24,968) --
Comprehensive income
Net loss -- (86,951) --
Other comprehensive inc. (loss)
Unrealized loss on investments (7,341) -- --
Comprehensive inc. (loss) -- -- --
----------- ----------- -----------
Balance at June 30, 2000 $ (90,906) $(2,363,588) $ (95,000)
=========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these interim financial
statements
7
<PAGE>
<TABLE>
<CAPTION>
Summit Life Corporation and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
--------------------------
2000 1999
----------- -----------
<S> <C> <C>
Increase (Decrease) in Cash and Cash Equivalents
Net cash provided by (used in) operating activities $ (167,400) $ (276,583)
Net cash provided by (used in) investing activities 1,803,225 1,351,537
Net cash provided by (used in) financing activities (316,617) 229,037
----------- -----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 1,319,208 1,303,991
Cash and cash equivalents at the beginning of the period 935,746 1,492,196
----------- -----------
Cash and cash equivalents at the end of the period $ 2,254,954 $ 2,796,187
=========== ===========
</TABLE>
The accompanying notes are an integral part of these interim financial
statements
8
<PAGE>
Summit Life Corporation and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the six month period ended June 30, 2000
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2000. For further information, refer to the consolidated
annual financial statements and footnotes thereto for the year ended December
31, 1999.
9
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation.
This Report includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical facts included in this Report,
including, without limitation, statements regarding the Company's future
financial position, business strategy, budgets, projected costs and plans and
objectives of Management for future operations, are forward-looking statements.
In addition, forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect," "intend,"
"estimate," "anticipate" or "believe" or the negative thereof or variations
thereon or similar terminology. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been correct. Such
statements are based upon numerous assumptions about future conditions which may
ultimately prove to be inaccurate and actual events and results may materially
differ from anticipated results described in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations ("cautionary statements") include the risks inherent generally in
the insurance and financial services industries, the impact of competition and
product pricing, changing market conditions, the risks disclosed in the
Company's Annual Report on Form 10-KSB for the Year Ended December 31, 1999
under "ITEM 6--Management's Discussion and Analysis or Plan of Operation," as
well as the risks disclosed in this Report. All subsequent written and oral
forward-looking statements attributable to the Company, or persons acting on its
behalf, are expressly qualified in their entirety by these cautionary
statements. The Company assumes no duty to update or revise its forward-looking
statements based on changes in internal estimates or expectations or otherwise.
As a result, the reader is cautioned not to place reliance on these
forward-looking statements.
General
The Company's primary focus is its life insurance operations. In the
past, it has also provided financing to medical accounts receivable factoring
entities. This type of financing was integrated into the investment portfolios
of the subsidiary life insurance companies during the second quarter of 1999 and
phased out during the second quarter of 2000.
Results of Operations
Three Months Ended June 30, 2000 Compared to Three Months ended June 30, 1999
Revenue. Revenues attributable to life insurance decreased from $72,419
to $43,488 for the three months ended June 30, 2000, compared to the same period
ended June 30, 1999. The decrease was due primarily to the sale of Benefit
Capital Life Insurance Company ("Benefit Capital"), which accounted for most of
the decrease.
Investment income decreased from $144,698 for the three months ended
June 30, 1999 to $90,083 for the three months ended June 30, 2000, primarily as
a result of a shift in the investment portfolio of the Company which reduced
both investment income and interest expense. The sale of Benefit Capital also
contributed to a decrease in assets under management and a decrease in the
investment income from those assets.
Other income increased from $5,792 for the three months ended June 30,
1999 to $91,750 for the three months ended June 30, 2000, due to the recognition
of certain deferred gains on real estate sold by the Company in prior years.
10
<PAGE>
Costs and Expenses. Total expenses decreased 47% from $390,611 to
$207,874 for the three months ended June 30, 1999 and 2000, respectively. Such
decrease was primarily attributable to the sale of Benefit Capital and the
elimination of the related expenses from its Louisiana operations. This included
the amortization of value of purchased insurance business relating to Benefit
Capital. Amortization of value of purchased insurance business is expected to
continue with respect to the Company's 1999 acquisition of Great Midwest Life
Insurance Company ("Great Midwest"), but at reduced levels, over the
premium-paying life of the acquired policies.
Policy benefits decreased 24% from $35,199 to $26,883 for the
comparable periods. Policy reserves decreased $67,569, or 63%, for the
comparable periods. Interest expense decreased 89% from $42,234 to $4,678 for
the comparable periods due to a repositioning of the Company's assets that
eliminated most of its related interest expense. Depreciation and amortization
decreased 69% for the three months ended June 30, 2000 and 1999, respectively,
due to the sale of Benefit Capital and the write-off of goodwill at year-end,
which reduced the amount of such assets subject to ongoing amortization and
depreciation. General expenses decreased 23% from $156,627 to $120,539 as a
result of the elimination of the Louisiana operations and its associated costs.
Losses. The Company reported earnings from continuing operations for
the three months ended June 30, 2000 of $11,374, compared to a loss from
continuing operations for the three months ended June 30, 1999 of $184,702. This
was due to recognition of deferred gains on the sale of property and the
elimination of expenses related to Benefit Capital as well as other expense
reductions. For the three months ended June 30, 2000, the Company reported net
earnings of $11,374, compared to a net loss of $185,332 for the three months
ended June 30, 1999. The change was due largely to recognition of deferred
income from one-time sales of certain real estate owned by the Company. After
taking into account the preferred stock dividends, the Company reported a net
loss of $1,126 applicable to its common shares for the three months ended June
30, 2000, compared to a net loss of $185,332 ($.09 per share) applicable to its
common shares for the comparable period in 1999.
Six Months Ended June 30, 2000 Compared to Six Months ended June 30, 1999
Assets/Liabilities/Stockholders' Equity. Total assets were $6,506,395
at June 30, 2000, compared to $7,015,821 at December 31, 1999, a decrease of
7.3%. The decrease was due to the reduction of certain Company debt, a temporary
decline in the value of the Company's investment portfolio and the reduction of
outstanding insurance claims. See "-Liquidity and Capital Resources."
Total liabilities (primarily insurance reserves for future policyholder
benefits) were $5,609,617 at June 30, 2000, compared to $5,999,783 at December
31, 1999, a decrease of 6.5%. The decrease was due primarily to repayment of a
portion of the Company's outstanding debt and reduction of outstanding insurance
claims.
Total stockholders' equity was $896,778 at June 30, 2000, compared to
$1,016,038 at December 31, 1999, a decrease of 11.7%. The decrease was primarily
due to the net operating loss for the first six months of 2000 as well as a
temporary decline in the value of the Company's investment portfolio.
Revenue. Revenues attributable to life insurance decreased 47% from
$155,838 to $82,305 for the six months ended June 30, 2000, compared to the same
period ended June 30, 1999. The decrease was due primarily to the sale of
Benefit Capital, which accounted for approximately 50% of the decrease. Certain
adjustments made at the time of the acquisition of Great Midwest in 1999 also
contributed to the decrease.
Investment income decreased 35%, from $296,597 for the six months ended
June 30, 1999 to $193,588 for the six months ended June 30, 2000, primarily as a
result of a shift in the investment portfolio of the Company which reduced both
investment income and interest expense. The sale of Benefit Capital also
contributed to a decrease in assets under management and a decrease in the
investment income from those assets.
11
<PAGE>
Other income increased 305%, from $23,932 for the six months ended June
30, 1999 to $97,055 for the six months ended June 30, 2000, primarily due to the
recognition of certain deferred gains on real estate sold by the Company in
prior years. One-time items accounted for $91,750 and $10,000 of other income
for June 30, 2000 and 1999, respectively.
Costs and Expenses. Total expenses decreased 36% from $736,840 to
$469,003 for the six months ended June 30, 1999 and 2000, respectively. Such
decrease was primarily attributable to the sale of Benefit Capital and the
elimination of the related expenses from its Louisiana operations. This included
the amortization of value of purchased insurance business relating to Benefit
Capital. Amortization of value of purchased insurance business is expected to
continue with respect to the Company's 1999 acquisition of Great Midwest, but at
reduced levels, over the premium-paying life of the acquired policies.
Policy benefits increased 13% from $53,371 to $60,550 for the
comparable periods, due to an increase in death claims. Policy reserves
decreased $5,058 for the comparable periods. Interest expense decreased 81% from
$70,872 to $13,248 for the comparable periods due to a repositioning of the
Company's assets that eliminated most of its interest expense. Depreciation and
amortization decreased 69% from $96,257 to $30,367 for the six months ended June
30, 1999 and 2000, respectively, due to the sale of Benefit Capital and the
write-off of goodwill at year-end, which reduced the amount of such assets
subject to ongoing amortization and depreciation. General expenses decreased 34%
from $392,448 to $257,165 as a result of the elimination of the Louisiana
operation and its associated costs and despite direct costs of $11,200
associated with a terminated acquisition agreement.
Losses. The Company reported a loss from continuing operations for the
six months ended June 30, 2000 of $86,951, compared to a loss from continuing
operations for the six months ended June 30, 1999 of $273,800, a 68% decrease.
This was due to an increase in realized gains on investment securities,
recognition of deferred gains on the sale of property and the elimination of
expenses related to Benefit Capital as well as other expense reductions. Net
loss decreased 67% to $86,951 for the six months ended June 30, 2000, compared
to a net loss of $263,649 for the six months ended June 30, 1999. The change was
due largely to recognition of deferred income from one-time sales of certain
real estate owned by the Company.
The Company's loss per share from continuing operations decreased to
$0.05 per share for the six months ended June 30, 2000, compared to a loss of
$0.13 per share for the six months ended June 30, 1999. Net loss per share for
the comparable periods was $0.05 and $0.13 per share, respectively.
Liquidity and Capital Resources
The principal requirements for liquidity in connection with the
Company's operations are its contractual obligations to policyholders and
annuitants. The Company's contractual obligations include payments of surrender
benefits, contract withdrawals, policy loans and claims under outstanding
insurance policies and annuities. Payment of surrender benefits is a function of
"persistency," which is the extent to which insurance policies are maintained by
the policyholder. Policyholders sometimes do not pay premiums, thus causing
their policies to lapse, or policyholders may choose to surrender their policies
for their cash surrender value. If actual experience of a policy or block of
policies is different from the initial or acquisition date assumptions, a gain
or loss could result. Depending on the nature of the underlying policy, a lapse
or surrender may result in surrender charge revenue or surrender benefit
expense. Such amounts may be less than, or greater than, unamortized acquisition
expenses and/or the related policy reserves; accordingly, current period
earnings may either increase or decrease. Additionally, policy lapses and
surrenders may result in lost future revenues and profits associated with those
policies that are lapsed or surrendered.
Although the Company currently has a $150,000 bank line of credit, it
funds most of its activity directly from cash flow from operations and cash flow
from financing activities, which includes deposits to policyholders' account
balances. The line of credit extends to July 2001, with amounts borrowed
thereunder bearing interest at prime plus .5%. At June 30, 2000, $110,000 was
outstanding under the line of credit and, as of the date of this Report, the
Company has $40,000 available under the credit facility.
12
<PAGE>
On January 13, 1999, the Company acquired 100% of the outstanding
common stock of Great Midwest, a Texas-chartered life insurance company. The
total cost of the acquisition was approximately $939,000. Of the purchase price,
cash of $607,000 was paid to seven of eight stockholders with the eighth
stockholder receiving a promissory note for a principal amount of $332,000,
payable in three equal annual installments at an annual interest rate of 6% on
the unpaid principal balance. The Company partially funded the cash portion of
the purchase price with a $350,000 loan from a bank. The loan accrued interest
at an index rate plus .5%, payable monthly, and originally matured on July 9,
1999, at which time the Company paid $100,000 of the principal amount owed and
renewed the balance for a six-month term maturing January 9, 2000. The balance
of the loan was paid December 31, 1999 using operating cash flow and the
proceeds from the sale of Benefit Capital. In addition, the Company has paid two
of the three installments on the promissory note held by the former stockholder
of Great Midwest.
On February 15, 2000, Great Midwest executed an agreement, which was
expected to close in the second quarter of 2000, regarding the acquisition of
100% of the common stock of Texas Savings Life Insurance Company, a Texas life
insurance company. On April 7, 2000, Great Midwest exercised an option to
terminate the contract with the acquisition target and withdrew its application
to purchase from the Texas Department of Insurance.
The Company has made and intends to make substantial expenditures in
connection with its subsidiary's marketing programs. Historically, the Company
has funded these expenditures from cash flow from operations.
The Company believes that the liquidity resulting from the transactions
described above, together with anticipated cash from continuing operations,
should be sufficient to fund its operations and to make required payments under
its credit facility, the required payments of principal and interest under the
6% promissory notes payable to a former stockholder of Great Midwest and the
annual 10% dividend on the Series A Preferred Stock, for at least the next 12
months. The Company may not, however, generate sufficient cash flow for these
purposes or to repay the notes at maturity. The Company's ability to fund its
operations and to make scheduled principal and interest payments will depend on
its future performance, which, to a certain extent, is subject to general
economic, financial, competitive, legislative, regulatory and other factors that
are beyond its control. The Company may also need to refinance on or prior to
maturity all or a portion of the note payable to the former stockholder of Great
Midwest. There can be no assurance that the Company will be able to effect any
such refinancing on commercially reasonable terms, if at all.
Part II - Other Information
Item 4. Submission of Matters to Vote of Security Holders
The Company held its annual stockholders' meeting on May 11, 2000. Two
proposals were voted on by the Company's stockholders: 1) election of director,
and 2) ratification of the appointment of Grant Thornton LLP as independent
auditors. All proposals were approved by a majority of the votes cast at the
meeting as follows:
(a) One director was elected to serve a three-year term.
Michael P. Saunders was elected as a Class 3 director for a term
expiring at the 2003 annual meeting, with 1,886,608 shares voted in
favor and 0 voted against and 161,629 abstained. James L. Smith and
M. Dean Brown, who are Class 2 directors with terms expiring at the
2001 annual meeting, and Charles L. Smith and Thomas D. Sanders who
are Class 1 directors with terms expiring at the 2002 annual
meeting, were not up for reelection and continued on as directors.
(b) Ratification of the appointment of Grant Thornton LLP as
independent auditors:
In favor: 1,886,249
Against: 34
Abstain: 161,954
13
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Name of Exhibit
------- ---------------
*27.1 Financial Data Schedule
* Filed electronically herewith
(b) Reports on Form 8-K: none.
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SUMMIT LIFE CORPORATION
an Oklahoma corporation
Date: August 7, 2000 /s/ Charles L. Smith
-------------------------------------------
Charles L. Smith
President and Chief Operating Officer
Date: August 7, 2000 /s/ Quinton L. Hiebert
-------------------------------------------
Quinton L. Hiebert
Vice-President and Chief Financial Officer
14
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Name of Exhibit
------- ---------------
*27.1 Financial Data Schedule
* Filed electronically herewith
15
