Penn Treaty American Corp. to restate financials
Penn Treaty American Corp. (NYSE: PTA), which specializes in the sale and distribution of long-term care insurance products, said today that it will restate its financial statements for the year ended Dec. 31, 2005 due to the impact of certain errors on the previously reported quarterly results.
The small cap said the restatement is a reduction to book value of less than $1 million at Dec. 31, 2005. It noted that the impact of the errors is not material to periods before 2005. As a result, the company said it will not restate accounting periods prior to 2005.
Penn Treaty will release unaudited financial results for the year ended Dec. 31, 2006 by the week of Jan. 28.
Shares of Penn Treaty American (PTA) were up 1.18%, or $0.07, to $5.87 during morning trading. Over the last 52 weeks, shares have ranged between $5.05 and $8.23.
