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Penn Treaty Files Unaudited 2005 Financials

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A long term care insurer says it needs a little more time to finish a financial statement.

Penn Treaty American Corp., Allentown, Pa., says it has filed unaudited financial statements for 2005 in a notice with the U.S. Securities and Exchange Commission.

The audited version, which will take the form of an ordinary Form 10-K, should be out in about a week, Penn Treaty says.

The company, which has faced accounting challenges, announced in February that it hoped to complete its 2005 Form 10-K by March 15.

“While the company has completed the preparation of its Form 10-K, in all material respects, including its management’s discussion and analysis, financial statements and related disclosures, its independent registered public accounting firm has not yet completed its requisite audit of the financial statements and related disclosures included in its Form 10-K and opinion on the adequacy of internal controls over financial reporting,” Penn Treaty says in an announcement of the release of the unaudited 10-K. “As a result, the financial statements and related disclosures are currently unaudited.”

Penn Treaty does not expect the audited version of the 10-K to be materially different from the unaudited version, the company says.