10-Q/A: Quarterly report [Sections 13 or 15(d)]
Published on
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
(AMENDMENT NO. 1)
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 33-18053
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
(Exact name of Registrant as specified in its charter)
NEW JERSEY 22-2426091
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(State or other jurisdiction, (IRS Employer Identification No.)
incorporation or organization)
213 WASHINGTON STREET, NEWARK, NEW JERSEY 07102
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(Address of principal executive offices) (Zip Code)
(973) 802-6000
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(Registrant's Telephone Number, including area code)
Securities registered pursuant to Section 12 (b) of the Act: NONE
Securities registered pursuant to Section 12 (g) of the Act: NONE
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO [ ]
Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). YES [ ] NO [X]
State the aggregate market value of the voting stock held by non-affiliates
of the registrant: NONE
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of August 13, 2004. Common stock, par value of
$5 per share: 400,000 shares outstanding
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY MEETS THE CONDITIONS SET
FORTH IN GENERAL INSTRUCTION (H) (1) (A) AND (B) ON FORM 10-Q AND
IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.
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EXPLANATORY NOTE
Pruco Life Insurance Company of New Jersey (the "Company") is filing this
Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarter ended June
30, 2004 to amend the disclosures under Controls and Procedures in Part I, Item
4 to provide additional information with respect to the status of the Company's
disclosure controls and procedures and internal control over financial
reporting.
The Company's original Quarterly Report on Form 10-Q for the quarter ended June
30, 2004 has not been updated except as identified above. Except as identified
above, no other items included in the original Form 10-Q have been amended, and
such items remain in effect as of the filing date of the original Form 10-Q.
This Amendment No. 1 does not purport to provide an update or a discussion of
any other developments at the Company subsequent to the filing date of the
original Form 10-Q.
PART I - FINANCIAL INFORMATION
ITEM 4. CONTROLS AND PROCEDURES
To ensure that the information we must disclose in our filings with the
Securities and Exchange Commission is recorded, processed, summarized, and
reported on a timely basis, the Company's management, including our Chief
Executive Officer and Chief Accounting Officer, have reviewed and evaluated the
effectiveness of our disclosure controls and procedures, as defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of June
30, 2004. Based on such evaluation, the Chief Executive Officer and Chief
Accounting Officer have concluded that, as of June 30, 2004, our disclosure
controls and procedures were effective at the reasonable assurance level. There
has been no change in our internal control over financial reporting during the
quarter ended June 30, 2004, that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
These conclusions are not affected by the matters discussed in the following two
paragraphs.
In determining the Company's state income tax expense for the three months ended
June 30, 2004, an error was made relating to the treatment of state net
operating loss carryforwards. This error resulted in an understatement of tax
expense, and corresponding overstatement of net income, of $0.6 million for the
three and six months ended June 30, 2004. Had this error not occurred, reported
net income of $4.8 million for the three months ended June 30, 2004 and of $11.7
million for the six months ended June 30, 2004 would have been $4.2 million and
$11.1 million, respectively. Correction of this error will be reflected in the
Company's results of operations for the year ending December 31, 2004.
Management of the Company does not believe the effect of the error on any prior
period to be material. The error was identified by the Company in the course of
a review and inventory by the Company of its deferred tax balances undertaken
during the fourth quarter of 2004.
The Company is implementing enhancements to its internal control over financial
reporting to provide reasonable assurance that errors of this type will not
recur. These steps include the completion of the Company's comprehensive review
and inventory of deferred tax assets and liabilities. In addition, the Company
is implementing definitive standards for detailed documentation supporting
deferred tax balances. This includes the implementation of an automated
application to further enhance control with respect to the collection of
detailed deferred tax information. The Company expects to complete these
enhancements in conjunction with the preparation and reporting of its results of
operations for the year ending December 31, 2004.
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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 of the
undersigned, thereunto duly authorized.
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
(Registrant)
By: /s/ John Chieffo
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John Chieffo
Chief Accounting Officer
(Authorized Signatory and Principal
Financial Officer)
Date: January 3, 2005
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