Current Report Filing (8-k)
09 September 2013 - 2:00PM
Edgar (US Regulatory)
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of Earliest Event Reported): September
6, 2013
NIC INC.
(Exact
name of registrant as specified in its charter)
Delaware
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000-26621
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52-2077581
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(State or other jurisdiction
of incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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25501 West Valley Parkway, Suite 300
Olathe, Kansas 66061
(Address
of principal executive offices, including zip code)
(877) 234-3468
(Registrant's telephone number,
including area code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.06 MATERIAL IMPAIRMENTS
The information under Item 8.01 below is incorporated by reference to
this Item.
ITEM 8.01 OTHER EVENTS
Update Regarding Discussions with the Commonwealth of Pennsylvania
As previously disclosed by NIC Inc. (the “Company”) in Note 1 in the
Notes to Unaudited Consolidated Financial Statements in the Company’s
Form 10-Q for the quarterly period ended June 30, 2013, filed with the
SEC on August 1, 2013, the Company has not collected amounts due from
the Commonwealth of Pennsylvania (the “Commonwealth”) totaling
approximately $5.1 million for eGovernment services provided by the
Company’s subsidiary, Pennsylvania Interactive, LLC, from January 1,
2013 to June 30, 2013. Due to recent developments, including
discussions with Commonwealth officials, on September 6, 2013, the
Company elected not to pursue collection of outstanding accounts
receivable from the Commonwealth and to record a non-cash pre-tax charge
of approximately $5.1 million (approximately $0.05 per share on an
after-tax basis) in the third quarter of 2013 to write off amounts due
from the Commonwealth. The Company does not believe this impairment
charge will result in any future cash expenditures required to be
estimated pursuant to Item 2.06(c), and currently expects to meet or
exceed the high end of its previously issued total revenues and earnings
estimates for the 2013 fiscal year.
The Company continues to operate in good faith and provide eGovernment
services under the contract with the Commonwealth, but will not
recognize revenues under the contract subsequent to June 30, 2013 until
the contract has become self-funded, which the Company currently expects
to occur in the fourth quarter of 2013.
Cautionary Statement Regarding Forward-Looking Information
Any statements contained in this Form 8-K that do not relate to
historical or current facts constitute forward-looking statements. These
statements include statements regarding the Company’s potential
financial performance for the current fiscal year, statements regarding
the planned implementation of new portal contracts and statements
regarding continued implementation of NIC’s business model and its
development of new products and services. Forward-looking statements
are subject to inherent risks and uncertainties. There are a number of
important factors that could cause actual results to differ materially
from those suggested or indicated by such forward-looking statements.
These include, among others, NIC’s ability to successfully integrate
into its operations recently awarded eGovernment contracts; NIC's
ability to implement its new portal contracts in a timely and
cost-effective manner; the possibility of security breaches through
cyber attacks; general economic conditions; and the other important
cautionary statements and risk factors described in NIC's 2012 Annual
Report on Form 10-K filed with the Securities and Exchange Commission on
February 28, 2013, as updated in subsequent periodic reports. Any
forward-looking statements made in this release speak only as of the
date of this release. NIC does not intend to update these
forward-looking statements and undertakes no duty to any person to
provide any such update under any circumstances.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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NIC Inc.
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Date:
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September 9, 2013
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/s/ Stephen M. Kovzan
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Stephen M. Kovzan
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Chief Financial Officer
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