Business Context and Reporting Period
Citizens, Inc. filed this Form 8-K on March 31, 2017, to report a delay in the submission of its Annual Report on Form 10-K for the fiscal year ended December 31, 2016. The company had previously filed a Form 12b-25 on March 17, 2017, to extend the filing deadline by 15 calendar days to March 31, 2017.
Key Financial Metrics
This filing does not contain specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document serves solely to notify the market of the filing delay.
Material Changes Versus Prior Period
The company stated that it does not anticipate significant changes in the results of operations for the 2016 fiscal year compared to the corresponding period of the last fiscal year. No specific quantitative changes were disclosed in this report.
Guidance, Outlook, and Risks
- Reason for Delay: The company's independent registered public accounting firm notified senior management and the Audit Committee on March 29, 2017, that additional time was required to complete the sign-off on the audit of financial statements and the review of the 2016 Form 10-K.
- Outlook: The company intends to complete the filing of the 2016 Form 10-K as promptly as possible following the missed March 31, 2017 deadline.
- Risks: The filing includes standard forward-looking statement disclaimers, noting that actual results may differ materially from expectations due to various risks and uncertainties.
Important Facts for Investors to Verify
- Confirm the actual filing date of the 2016 Form 10-K once it is submitted.
- Review the final 2016 Form 10-K to verify the company's assertion that there are no significant changes in results of operations compared to the prior year.
- Monitor for any subsequent disclosures regarding the nature of the additional time required by the auditors.