| Delaware |
58-1873345 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification
No.) |
| Page Number | ||||
| PART I |
||||
| ITEM 1: |
||||
| 3 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| ITEM 2: |
10 | |||
| ITEM 3: |
17 | |||
| PART II |
||||
| ITEM 1: |
17 | |||
| ITEM 6: |
18 | |||
| 19 |
| June 30, 2002 |
September 30, 2001 |
|||||||
| (Unaudited) |
||||||||
| Assets |
||||||||
| Current Assets: |
||||||||
| Cash and cash equivalents |
$ |
7,151 |
|
$ |
15,259 |
| ||
| Accounts receivable, less allowance for doubtful accounts of $5,379 and $5,520, respectively |
|
34,671 |
|
|
31,456 |
| ||
| Prepaid expenses |
|
1,612 |
|
|
893 |
| ||
| Deferred income taxes |
|
1,666 |
|
|
1,778 |
| ||
| Income taxes receivable |
|
199 |
|
|
|
| ||
| Inventory |
|
3,725 |
|
|
4,708 |
| ||
| Other current assets |
|
347 |
|
|
236 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
49,371 |
|
|
54,330 |
| ||
| Property and equipment: |
||||||||
| Home care equipment held for rental |
|
30,541 |
|
|
28,752 |
| ||
| Furniture and fixtures |
|
11,202 |
|
|
10,572 |
| ||
| Vehicles |
|
725 |
|
|
725 |
| ||
| Leasehold improvements |
|
1,642 |
|
|
1,222 |
| ||
| |
|
|
|
|
| |||
| |
44,110 |
|
|
41,271 |
| |||
| Accumulated depreciation and amortization |
|
(34,941 |
) |
|
(32,315 |
) | ||
| |
|
|
|
|
| |||
| |
9,169 |
|
|
8,956 |
| |||
| Other assets: |
||||||||
| Goodwill, less accumulated amortization of $9,613 |
|
32,893 |
|
|
31,706 |
| ||
| Certificates of need, less accumulated amortization of $575 and $505, respectively |
|
97 |
|
|
167 |
| ||
| Deferred financing fees, less accumulated amortization of $676 and $701, respectively |
|
515 |
|
|
787 |
| ||
| Non-compete agreements, less accumulated amortization of $1,129 and $1,110, respectively |
|
41 |
|
|
50 |
| ||
| Deferred income taxes |
|
623 |
|
|
1,049 |
| ||
| Workers compensation bond collateral |
|
1,843 |
|
|
|
| ||
| Other |
|
338 |
|
|
253 |
| ||
| |
|
|
|
|
| |||
| |
36,350 |
|
|
34,012 |
| |||
| |
|
|
|
|
| |||
| Total assets |
$ |
94,890 |
|
$ |
97,298 |
| ||
| |
|
|
|
|
| |||
| June 30, |
September 30, |
|||||||
| 2002 |
2001 |
|||||||
| (Unaudited) |
||||||||
| Liabilities and stockholders equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
6,293 |
|
$ |
5,611 |
| ||
| Accrued compensation |
|
5,280 |
|
|
5,757 |
| ||
| Income tax |
|
|
|
|
498 |
| ||
| Accrued insurance |
|
6,475 |
|
|
6,086 |
| ||
| Other accrued liabilities |
|
4,582 |
|
|
5,162 |
| ||
| Deferred revenue |
|
632 |
|
|
621 |
| ||
| Current maturities of long-term obligations to related parties |
|
25 |
|
|
25 |
| ||
| Current maturities of long-term obligations |
|
171 |
|
|
11 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
23,458 |
|
|
23,771 |
| ||
| Long-term obligations to related parties, net of current maturities |
|
|
|
|
25 |
| ||
| Long-term obligations, net of current maturities |
|
24,683 |
|
|
32,352 |
| ||
| Stockholders equity: |
||||||||
| Preferred stock, $.01 par value, 2,000 shares authorized, no shares issued and outstanding |
|
|
|
|
|
| ||
| Common stock, $.01 par value, 80,000 shares authorized, 6,837 and 6,711 shares issued and outstanding at June 30, 2002
and September 30, 2001, respectively |
|
68 |
|
|
67 |
| ||
| Additional paid-in capital |
|
48,908 |
|
|
48,493 |
| ||
| Accumulated deficit |
|
(2,227 |
) |
|
(7,410 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
46,749 |
|
|
41,150 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and stockholders equity |
$ |
94,890 |
|
$ |
97,298 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended June
30, |
Nine Months Ended June
30, |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||||||||||
| Net Revenue |
$ |
49,220 |
|
$ |
46,258 |
|
$ |
146,425 |
|
$ |
137,527 |
| ||||
| Costs and expenses: |
||||||||||||||||
| Operating salaries, wages and employee benefits |
|
22,844 |
|
|
20,861 |
|
|
67,956 |
|
|
61,992 |
| ||||
| Other operating costs |
|
18,691 |
|
|
17,204 |
|
|
53,930 |
|
|
50,905 |
| ||||
| Corporate, general and administrative |
|
4,551 |
|
|
4,600 |
|
|
13,691 |
|
|
13,696 |
| ||||
| Provision for doubtful accounts |
|
322 |
|
|
353 |
|
|
987 |
|
|
1,793 |
| ||||
| Depreciation and amortization |
|
980 |
|
|
1,867 |
|
|
3,068 |
|
|
5,626 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total costs and expenses |
|
47,388 |
|
|
44,885 |
|
|
139,632 |
|
|
134,012 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating income |
|
1,832 |
|
|
1,373 |
|
|
6,793 |
|
|
3,515 |
| ||||
| Other income |
|
|
|
|
32 |
|
|
|
|
|
32 |
| ||||
| Interest income |
|
46 |
|
|
119 |
|
|
128 |
|
|
507 |
| ||||
| Interest expense |
|
(693 |
) |
|
(898 |
) |
|
(2,126 |
) |
|
(3,121 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before extraordinary item |
|
1,185 |
|
|
626 |
|
|
4,795 |
|
|
933 |
| ||||
| Extraordinary item |
|
30 |
|
|
|
|
|
417 |
|
|
3,263 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
1,215 |
|
$ |
626 |
|
$ |
5,212 |
|
$ |
4,196 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Basic net income per share data: |
||||||||||||||||
| Income before extraordinary item |
$ |
0.17 |
|
$ |
0.09 |
|
$ |
0.71 |
|
$ |
0.14 |
| ||||
| Extraordinary item |
|
0.01 |
|
|
|
|
|
0.06 |
|
|
0.49 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
0.18 |
|
$ |
0.09 |
|
$ |
0.77 |
|
$ |
0.63 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted net income per share data: |
||||||||||||||||
| Income before extraordinary item |
$ |
0.16 |
|
$ |
0.09 |
|
$ |
0.67 |
|
$ |
0.14 |
| ||||
| Extraordinary item |
|
0.01 |
|
|
|
|
|
0.06 |
|
|
0.47 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
0.17 |
|
$ |
0.09 |
|
$ |
0.73 |
|
$ |
0.61 |
| ||||
| |
|
|
|
|
|
|||||||||||