UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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x |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2003 |
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or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-32837
United Surgical Partners International, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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75-2749762 |
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15305 Dallas Parkway, Suite 1600 |
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(972) 713-3500
(Registrant’s telephone number, including area code)
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 o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
At November 5, 2003 there were 27,422,093 shares of Common Stock outstanding.
UNITED SURGICAL PARTNERS INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
Note: Items 2, 3, 4 and 5 of Part II are omitted because they are not applicable.
2
UNITED SURGICAL PARTNERS INTERNATIONAL, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited—in thousands, except per share amounts)
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September 30, |
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December 31, |
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Assets |
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Cash and cash equivalents |
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$ |
45,390 |
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$ |
47,571 |
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Patient receivables, net of allowance for doubtful accounts of $8,015 and $7,154, respectively |
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48,467 |
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39,176 |
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Other receivables |
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11,049 |
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34,735 |
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Inventories of supplies |
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8,210 |
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7,756 |
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Deferred tax asset, net |
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5,732 |
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5,657 |
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Prepaids and other current assets |
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8,352 |
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7,001 |
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Total current assets |
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127,200 |
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141,896 |
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Property and equipment, net |
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326,778 |
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270,387 |
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Investments in affiliates |
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31,440 |
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18,696 |
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Intangible assets, net |
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311,804 |
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287,584 |
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Other assets |
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20,731 |
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8,722 |
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Total assets |
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$ |
817,953 |
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$ |
727,285 |
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Liabilities and Stockholders’ Equity |
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Accounts payable |
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$ |
29,743 |
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$ |
25,989 |
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Accrued salaries and benefits |
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19,676 |
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20,322 |
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Due to affiliates |
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4,382 |
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6,890 |
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Accrued interest |
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5,419 |
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1,650 |
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Current portion of long-term debt |
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14,288 |
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13,132 |
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Other accrued expenses |
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25,503 |
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22,501 |
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Total current liabilities |
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99,011 |
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90,484 |
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Long-term debt, less current portion |
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285,223 |
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263,571 |
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Other long-term liabilities |
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8,443 |
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4,532 |
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Deferred tax liability, net |
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28,154 |
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19,577 |
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Total liabilities |
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420,831 |
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378,164 |
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Minority interests |
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36,507 |
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26,860 |
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Stockholders’ equity: |
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Common stock: |
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Other, $0.01 par value; 200,000 shares authorized; 27,526 and 27,306 shares issued at September 30, 2003 and December 31, 2002, respectively |
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275 |
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273 |
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Additional paid-in capital |
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325,411 |
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320,750 |
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