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July 11, 1993

LOWER RESULTS ANTICIPATED AT POLICY MANAGEMENT SYSTEMS…

By CBR Staff Writer

Columbia, South Carolina-based Policy Management Systems Corp warns that results from operations for its second quarter ended June 30 will be significantly affected by substantially lower than expected results in the health component of its business and some non-recurring charges taken against earnings to reflect the early termination of two development projects, the deductible under the company’s directors’ and officers’ liability policy in response to shareholder litigation, cost overruns on some projects, and other charges arising from the company’s internal investigation of its accounting practices which is not yet completed; all this comes on top of the US Federal Trade Commission requesting additional information on the company’s tender offer for Cybertek Corp, which means that it won’t simply be nodded through by Uncle Sam.

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