Policy Management Systems Corp, Columbia, South Carolina has finally finished adding up its figures again, and now finds that it made a $60.4m loss for the six months to June 30. The restatement, following an audit of its balance sheet, resulted from $80.7m in pre-tax impairment and restructuring charges taken for the six months, cutting results by $65m or $2.81 a share after taxes. The company says the charges were primarily related to its health insurance systems business. An additional $11.2m charge, $0.48 a share after tax, covers, among other things, a deductible on its directors’ and officers’ insurance policy in response to shareholder litigation. Retained earnings at December 31 1992 were restated to $267.7m from $272.8m. Previous audited reports covering 1990, 1991 and 1992 have been withdrawn, and the company says amended reports, as necessary, will now be filed with the Securities & Exchange Commission. IBM Corp has a stake of 16% or so in the company.
