FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the period ended March 31, 1996
OR
[ ] 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 0-28134
HOUSECALL MEDICAL RESOURCES, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 58-2114917
- ---------------------------- ----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
1000 Abernathy Road, Building 400, Suite 1825, Atlanta, Georgia 30328
----------------------------------------------------------------------
(Address of principal executive offices and zip code)
(770) 379-9000
----------------------------------------------------
(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
--- ---
Shares outstanding of each of the issuer's classes of common stock at
May 13, 1996: 10,218,900 shares of Common Stock, $0.01 par value
share.
<PAGE>
INDEX
Housecall Medical Resources, Inc.
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets - June 30, 1995 and March 31, 1996
Condensed consolidated statements of income - Three months ended
March 31, 1995 and 1996; nine months ended March 31, 1995 and 1996
Condensed consolidated statement of stockholders' equity - Nine months
ended March 31, 1996
Condensed consolidated statements of cash flows - Nine months ended
March 31, 1995 and 1996
Notes to condensed consolidated financial statements - March 31, 1996
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Part II. Other Information
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K
Signatures<PAGE>
<PAGE>
HOUSECALL MEDICAL RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
<TABLE>
<CAPTION>
June 30, March 31,
1995 1996
-------- -----------
(Audited) (Unaudited)
ASSETS
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 18,349 $ 4,603
Accounts receivable -- less allowance for doubtful accounts of $2,150 in
1995 and $6,478 in 1996 19,870 32,847
Income taxes receivable 978 1,185
Deferred income taxes 2,120 756
Other current assets 1,549 2,746
--------- ----------
Total current assets 42,866 42,137
Property and equipment, net 3,371 6,313
Excess of cost of acquired businesses over fair value of net assets acquired 45,494 53,016
Deferred financing costs 1,746 1,489
Other assets 299 548
--------- ----------
$ 93,776 $ 103,503
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,203 $ 10,099
Accrued payroll and other liabilities 12,067 11,263
Current portion of long-term debt and capital lease obligations 4,743 5,761
--------- ----------
Total current liabilities 24,013 27,123
Long-term debt 41,218 44,040
Capital lease obligations 262 1,417
Other long-term liabilities 2,316 1,897
Commitments and contingencies
Series A Preferred Stock (redeemable), $1 par value, 200,000 shares
authorized, 167,960 shares issued and outstanding, redemption and
liquidation values of $18,096 in 1995 and $19,734 in 1996 168 168
Additional paid-in capital on redeemable preferred stock 17,703 19,361
Stockholders' equity:
Preferred stock, $.10 par value 9,800,000 shares authorized, no shares
issued and outstanding - -
Common stock, $.01 par value, 30,000,000 shares authorized, 5,878,900
and 6,078,900 shares issued and outstanding 59 61
Additional paid-in capital on common stock 8,037 8,835
Retained earnings - 601
--------- ----------
Total stockholders' equity 8,096 9,497
--------- ----------
$93,776 $ 103,503
========= ==========
</TABLE>
See accompanying notes.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
HOUSECALL MEDICAL RESOURCES, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
Nine months ended
March 31,
------------------------
1995 1996
------- --------
(Unaudited)
<S> <C> <C>
Net revenues $56,335 $158,306
Operating expenses:
Patient care 29,729 72,560
General and administrative 21,794 70,586
Provision for doubtful accounts 2,216 5,059
Depreciation and amortization 664 2,395
------- --------
Total operating expenses 54,403 150,600
------- --------
Income from operations 1,932 7,706
Interest expense 338 3,742
------- --------
Income before income taxes 1,594 3,964
Provision for income taxes 733 1,705
------- --------
Net income 861 2,259
Undeclared cumulative dividends and accretion
on Series A Preferred Stock (redeemable) (996) (1,658)
------- --------
Net income (loss) attributable to common stockholders $ (135) $ 601
======= ========
Net income (loss) per common and common equivalent share $ (0.02) $ 0.08
======= ========
Weighted average common and common equivalent shares outstanding 6,282 7,175
======= ========
</TABLE>
See accompanying notes.
<PAGE>
<PAGE>
HOUSECALL MEDICAL RESOURCES, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended
March 31,
--------------------------
1995 1996
------- ------
(Unaudited)
<S> <C> <C> <C>
Net revenues $19,402 $53,729
Operating expenses:
Patient care 9,917 23,975
General and administrative 7,796 24,159
Provision for doubtful accounts 597 965
Depreciation and amortization 340 854
------- -------
Total operating expenses 18,650 49,953
------- -------
Income from operations 752 3,776
Interest expense 199 1,253
------- -------
Income before income taxes 553 2,523
Provision for income taxes 254 1,085
------- -------
Net income 299 1,438
Undeclared cumulative dividends and accretion
on Series A Preferred Stock (redeemable) (332) (553)
------- -------
Net income (loss) attributable to common stockholders $ (33) $ 885
======= =======
Net income (loss) per common and common equivalent share $ (0.01) $ 0.12
======= =======
Weighted average common and common equivalent shares outstanding 6,282 7,182
======= =======
</TABLE>
See accompanying notes.<PAGE>
<PAGE>
<TABLE>
<CAPTION>
HOUSECALL MEDICAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(in thousands, except share amounts)
Additional
Common Stock Paid-in Retained
-------------------
Shares Amount Capital Earnings Total
--------- ------- ------- -------- -----
(Unaudited)
<S> <C> <C> <C> <C> <C>
Balance at June 30, 1995 5,878,900 $ 59 $ 8,037 $ - $ 8,096
Issuances of stock for cash 200,000 2 798 - 800
Net income - - - 2,259 2,259
Accrued dividends and
accretion on Series A
Preferred Stock (redeemable) - - - (1,658) (1,658)
--------- ---- ------- ------ -------
Balance at March 31, 1996 6,078,900 $ 61 $ 8,835 $ 601 $ 9,497
========= ==== ======= ====== =======
</TABLE>
See accompanying notes.<PAGE>
<PAGE>
<TABLE>
<CAPTION>
HOUSECALL MEDICAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine months ended
March 31,
--------------------------
1995 1996
-------- --------
(Unaudited)
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 861 $ 2,259
Adjustments to reconcile net income to net cash used in
operating activities:
Depreciation and amortization 664 2,395
Amortization of deferred financing costs 17 225
Deferred income taxes 586 1,364
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable (642) (9,038)
Other current assets (480) (408)
Accounts payable 26 2,193
Accrued payroll and other liabilities 1,098 (1,165)
Income taxes payable/receivable (1,460) (207)
------- -------
Net cash provided by (used in) investing activities 670 (2,382)
INVESTING ACTIVITIES
Payments for business acquisitions, net of cash acquired (16,654) (8,966)
Additions to property and equipment (98) (682)
Other, net (65) (161)
------- -------
Net cash used in investing activities (16,817) (9,809)
FINANCING ACTIVITIES
Net borrowings under line of credit agreement 268 -
Proceeds from issuance of long -term debt 7,163 5,202
Refinancing of long-term debt - (3,713)
Proceeds from issues of Series A Preferred Stock (redeemable) 9,088 -
Proceeds from issuance of common stock 4,998 800
Repayments of long-term debt - (3,073)
Principal payments under capital lease obligations (580) (771)
Deferred financing costs (252) -
------- -------
Net cash provided by (used in) financing activities 20,685 (1,555)
------- -------
Net increase (decrease) in cash and cash equivalents 4,538 (13,746)
Cash and cash equivalents at beginning of period - 18,349
------- -------
Cash and cash equivalents at end of period $ 4,538 $ 4,603
======= =======
</TABLE>
See accompanying notes.
<PAGE>
<PAGE>
HOUSECALL MEDICAL RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally
accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted
accounting principles for complete financial statements. In the
opinion of management, all adjustments, consisting of normal
recurring adjustments, considered necessary for a fair
presentation have been included. Operating results for the
three- and nine-month periods ended March 31, 1996 are not
necessarily indicative of the results that may be expected for
the year ended June 30, 1996. For further information, refer to
the company's consolidated financial statements and footnotes
thereto for the year ended June 30, 1995.
2. ACQUISITIONS
On July 10, 1995, the Company acquired all of the stock of
Biomedical Home Care, Inc., an infusion therapy company based in
Raleigh, North Carolina, for consideration of approximately
$7,552,000 in cash and a $1,000,000 subordinated note bearing
interest at 10% and due on June 30, 2001. In addition a bonus of
$1,297,000 was paid to certain of Biomedical's employees in
connection with the acquisition of Biomedical.
The above acquisition was accounted for as a purchase
transaction and, accordingly, the various assets acquired and
liabilities assumed have been recorded at their respective fair
value as of the date of acquisition. The excess of the total
acquisition costs (consisting of the related purchase price,
assumed liabilities and associate acquisition costs) over the
fair value of the net assets acquired was approximately
$8,400,000. The results of operations of the acquired business
have been included in the consolidated income statement since the
date of acquisition.
The pro forma results of operations for the nine months
ended March 31, 1995 assuming consummation of the purchase
described above, as well as the fiscal year 1995 purchases
described in Note 2 to the Company's consolidated financial
statements for the year ended June 30, 1995, as of July 1, 1994,
are (in thousands, except per share amounts):
Nine months
March 31, 1995
---------------
Net revenues $ 137,212
Net income 306
Net loss attributable to (1,352)
Net loss per common (0.21)
<PAGE>
3. INITIAL PUBLIC OFFERING
In April 1996, the Company completed an initial public
offering of 4,140,000 shares of its common stock. Net proceeds
to the Company were $59.7 million, and were used to redeem the
Series A Preferred Stock and repay the Company's outstanding
indebtedness under the NationsBank Credit Facility and the $1
million subordinated note issued in connection with the
acquisition of Biomedical. The difference between the carrying
value of the Series A Preferred Stock and its redemption value,
approximately $212,000, will be recorded as additional accretion
to the Preferred Stock, resulting in a corresponding reduction in
income attributable to common stockholders for the Company's 1996
fourth quarter results.
4. COMMITMENTS AND CONTINGENCIES
The Company has professional liability insurance for its
professional liability risks on a claims-made basis. Should this
claims-made policy not be renewed or replaced with equivalent
insurance, claims based on occurrences during the term of the
policy, but asserted subsequently, would be uninsured. The
Company has policies and procedures in place to track and monitor
incidents of significance.
The Company is a party to a number of legal actions arising
in the ordinary course of its business. In management's opinion,
after consultation with legal counsel, the disposition of these
actions, are not expected to have a material adverse effect on
the Company's consolidated financial position, liquidity or
results of operations.<PAGE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the following discussions, most percentages and dollar
amounts have been rounded to aid presentation; as a result all
such figures are approximations. References to such
approximations have generally been omitted.
RESULTS OF OPERATIONS
Housecall's results of operations during the three-month and
nine-month periods ended March 31, 1996 reflect the performance
of acquisitions of Medical Support Services, Inc. ("MSS"), Home
Care Affiliates, Inc. ("Home Care") and Biomedical Home Care,
Inc. ("Biomedical") (collectively referred to as the "1995
Acquisitions") for the entire period, but Housecall's results of
operations during the three-month and nine- month periods ended
March 31, 1995 do not reflect any performance by those companies
except for MSS for two months. That factor alone accounts for
several significant changes in the Company's period-to-period
results discussed below.
The following table sets forth, for the periods indicated,
selected financial information as a percentage of net revenues:
<TABLE>
<CAPTION>
Percentage of Net Revenues
-----------------------------------
Three Months Nine Months Ended
March 31, March 31,
------------------------------------
1995 1996 1995 1996
------ ----- ----- -----
<S> <C> <C> <C> <C>
Net revenues 100.0% 100.0% 100.0% 100.0%
Operating expenses:
Patient care costs 51.1% 44.6% 52.8% 45.8%
General and administrative 40.2% 45.0% 38.7% 44.6%
Provision for doubtful accounts 3.1% 1.8% 3.9% 3.2%
Depreciation and amortization 1.7% 1.6% 1.2% 1.5%
----- ----- ----- -----
Total operating expenses 96.1% 93.0% 96.6% 95.1%
----- ----- ----- -----
Income from operations 3.9% 7.0% 3.4% 4.9%
Interest expense, net 1.0% 2.3% 0.6% 2.4%
----- ----- ----- -----
Income from operations 2.9% 4.7% 2.8% 2.5%
Provision for income taxes 1.3% 2.0% 1.3% 1.1%
----- ----- ----- -----
Net income 1.6% 2.7% 1.5% 1.4%
===== ===== ===== =====
</TABLE>
NET REVENUES. Net revenues increased 177% in the third
quarter of fiscal 1996 to $53.7 million compared to $19.4 million
for the third quarter of 1995. For the first nine months of
fiscal 1996, net revenues increased 181% to $158.3 million from
$56.3 million in the same period in 1995. The increases in net
revenues for both the third quarter and the nine-month period are
primarily attributable to the 1995 Acquisitions and their effect
on the Company's operations.
<PAGE>
PATIENT CARE COSTS. Patient care costs are comprised of
salaries and related benefits for patient care personnel and cost
of sales for home medical equipment, infusion products, and
supplies. Patient care costs increased 142% in the third quarter
of fiscal 1996 to $24.0 million compared to $9.9 million for the
third quarter of fiscal 1995. For the first nine months of
fiscal 1996, patient care costs increased 144% to $72.6 million
from $29.7 million in the same period in 1995. The increase in
patient care costs is primarily attributable to the 1995
Acquisitions and their effects on the Company's operations. As a
percentage of net revenues, however, patient care costs decreased
for the first nine months of fiscal 1996 to 45.8% from 52.7% for
the same period in fiscal 1995. The decrease reflects the
presence of management services (which do not generate patient
care costs) as part of the Company's operations beginning in
February, 1995 due to the acquisition of MSS, and a lower patient
care cost structure at Home Care compared to the Company's
predecessor.
GENERAL AND ADMINISTRATIVE EXPENSES. General and
administrative expenses are comprised of salaries and benefits
for administrative and support staff, occupancy expenses, and
other non-patient care operating costs. General and
administrative expenses increased 210% in the third quarter of
fiscal 1996 to $24.2 million compared to $7.8 million for the
third quarter of fiscal 1995. For the first nine months of
fiscal 1996, general and administrative expenses increased 224%
to $70.6 million from $21.8 million in the same period in fiscal
1995. Substantially all of the increase is attributable to the
1995 Acquisitions, which expanded the Company's requirements for
administrative personnel to support the substantially higher
volume of business resulting from those acquisitions, as well as
its need for additional corporate level management and other
personnel to support implementation of the Company's expansion
and growth plans. As a percentage of net revenues, general and
administrative expenses increased for the first nine months of
fiscal 1996 to 44.6% from 38.7% for the same period in fiscal
1995, reflecting the presence of management services (which
require more administrative personnel to provide such services )
as part of the Company's operations beginning in February 1995
due to the acquisition of MSS, and a higher general and
administrative cost structure at Home Care compared to the
Company's predecessor. These factors were partially offset by
cost reduction initiatives achieved through consolidation of
certain of the Company's Tennessee operations following the
acquisition of Home Care.
PROVISION FOR DOUBTFUL ACCOUNTS. The provision for doubtful
accounts increased in the third quarter of fiscal 1996 to $1.0
million compared to $0.6 million for the third quarter of fiscal
1995. For the first nine months of fiscal 1996, the provision
for doubtful accounts increased to $5.1 million from $2.2 million
in the same period in fiscal 1995. The increase for both periods
is primarily a result of the Company's significantly higher
volume of business in the fiscal 1996 periods and the increase in
unpaid claims submitted to a canceled contractor under the
TennCare program. For the nine months, the provision for
doubtful accounts decreased as a percentage of net revenues (3.2%
versus 3.9% in the fiscal 1996 and fiscal 1995 nine-month
periods, respectively), primarily as a result of an improved
payor mix reflected in the generally higher volume of business.
The Company commenced arbitration in February 1996 against the
canceled contractor to recover on approximately $5 million of
unpaid claims.
<PAGE>
DEPRECIATION AND AMORTIZATION EXPENSES. Depreciation is
taken on the Company's property and equipment. Amortization
expense includes the amortization, over a 40-year period, of the
excess of the purchase price over the fair market value of the
net identifiable assets acquired by the Company (goodwill) and
the amortization of other intangibles. Depreciation and
amortization expense increased in the third quarter of fiscal
1996 to $0.9 million compared to $0.3 million for the third
quarter of fiscal 1995. For the first nine months of fiscal
1996, depreciation and amortization expense increased to $2.4
million from $0.6 million in the same period in fiscal 1995. The
increases are primarily attributable to the 1995 Acquisitions.
Depreciation and amortization expense also increased
substantially as a percentage of net revenues for the nine month
period (to 1.5% from 1.1%) for the same principal reason.
INTEREST EXPENSE, NET. Interest expense, net, reflects the
net result of interest income earned from short-term investments
of cash and the interest paid by the Company on indebtedness.
Interest expense increased in the third quarter of fiscal 1996 to
$1.3 million compared to $0.2 million for the third quarter of
fiscal 1995. For the first nine months of fiscal 1996, interest
expense increased to $3.7 million from $0.3 million in the same
period in fiscal 1995. Interest expense in the 1995 periods
primarily reflects the amount of interest paid on indebtedness
incurred in connection with the acquisition of the Company's
predecessor. Interest expense in the fiscal 1996 periods
reflects a substantial increase in the Company's outstanding
indebtedness during fiscal 1995, primarily as a result of the
1995 Acquisitions and to a lesser extent as a result of an
increased level of borrowings to furnish working capital to
support the Company's expanded volume of business.
NET INCOME. The Company's increase in net income for the
third quarter of fiscal 1996 to $1,438,000 compared to $299,000
for the third quarter of fiscal 1995, and the increase in net
income for the fiscal 1996 nine-month period to $2,259,000
compared to $861,000 for the same period in fiscal 1995, are
attributable to the above factors, which include the Company
transfer during March 1995 of Medicare cost-based visits to a
community hospital based agency that the Company began to manage,
and a general increase in the volume of charge-based net revenues
during the fiscal 1996 periods, which included higher margin
management services fees from the March 1995 transactions with
the community hospital, as well as from the Company's larger
volume of other management services net revenues during the
fiscal 1996 periods.
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 1995, the Company had cash and cash equivalents
of $18.3 million and working capital of $18.9 million. At March
31, 1996, these amounts were $4.6 million and $14.8 million,
respectively. The decline in these amounts from the end of
fiscal 1995 reflects the acquisition of Biomedical. Cash used by
operating activities was $2.4 million for the nine months ended
March 31, 1996. A significant factor increasing the cash used in
operations was an increase in receivables, net of the acquisition
of Biomedical, of $9.0 million. The increase in receivables is
primarily a result of claims processing delays with a canceled
TennCare contractor, growth in net revenues, and the timing
schedule of Medicare reimbursement under the periodic interim
payments system.
<PAGE>
The Company's claims processing experience with the canceled
TennCare contractor has resulted in payment delays on claims
submitted by the Company during fiscal 1995 and the first nine
months of fiscal 1996, and approximately $5 million of the
Company's claims have not been paid. The Company commenced
arbitration of its claims against the canceled TennCare
contractor in February 1996, and increased its provision for
doubtful accounts during the nine months ended March 31, 1996 by
$2.5 million on account of that claims payment dispute. The
Company believes the increased provision for doubtful accounts is
sufficient to reflect the outcome of the arbitration of its
claims, and it does not expect to record additional provisions
related to that dispute.
During the nine months ended March 31, 1995, the Company's
investing activities used $9.8 million in cash, substantially all
of which was used for the acquisition of Biomedical (for which
the Company paid approximately $7.6 million in cash and a 10%
subordinated note in the amount of $1 million).
Financing activities used $1.6 million of cash during the
nine months ended March 31, 1996. In August 1995, the Company
sold 200,000 shares of its common stock for $800,000. The
Company borrowed $5.2 million under its credit facility with
NationsBank in order to provide funds for operations and to
refinance $3.7 million of long-term debt assumed in the
Biomedical acquisition. In addition, during the nine-month
period, the Company paid the first three installments (an
aggregate of $ 3 million) due under the NationsBank Credit
Facility.
In April 1996, the Company completed an initial public
offering of 4,140,000 shares of its common stock. Net proceeds
to the Company were $59.7 million. The net proceeds from this
offering were used to repay a portion of the Company's
outstanding indebtedness under the NationsBank Credit Facility
and the $1 million subordinated note issued in connection with
the acquisition of Biomedical, and redeem the Series A Preferred
Stock. The difference between the carrying value of the Series A
Preferred Stock and its redemption value, approximately $212,000,
will be recorded as additional accretion to the Preferred Stock
resulting in a corresponding reduction in income attributable to
common stockholders for the Company's fiscal 1996 fourth quarter
results. <PAGE>
<PAGE>
Part II. Other Information
Item 5. Other Information.
On April 10, 1996, the Company consummated a public offering
of 4,140,000 shares of its common stock, generating $59.7
million of net proceeds. These proceeds have been used as
discussed herein under Item 2 of Part I.
Item 6. Exhibits and Reports on Form 8-K.
The following exhibits are included herein:
(11) - Statement re: computation of earnings per
share.
(27) - Financial Data Schedule
The Company did not file any reports on Form 8-K during the
three months ended March 31, 1996.
<PAGE>
<PAGE>
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 thereunto duly authorized.
Housecall Medical Resources, Inc.
(Registrant)
Date 5/17/96 /s/ George D. Shaunnessy
George D. Shaunnessy
Chief Executive Officer
Date 5/17/96 /s/ Peter J. Bibb
Peter J. Bibb
Chief Financial Officer
<TABLE>
<CAPTION>
Exhibit 11
Housecall Medical Resources, Inc.
Statement Regarding: Computation of Earnings per Share
(In thousands, except per share data)
Three Months Ended Nine Months Ended
March 31 March 31
1995 1996 1995 1996
---------------------- --------------------
<S> <C> <C> <C> <C>
PRIMARY:
Average shares outstanding 5,454 6,079 5,454 6,050
Net effect of dilutive options
based on the treasury stock
method using average market
price - 632 - 617
Adjustment for stock and options
issued within a one year
of January 29, 1996 in
accordance with SAB 83 828 471 828 508
----------------------- ---------------------
Weighted average common and
and common equivalent shares
outstanding
Net income (loss) attributable
common stockholders $ (33) $ 885 $ (135) $ 601
====================== ======================
Per share amount $(0.01) $ 0.12 $ (0.02) $ 0.08
====================== =======================
FULLY DILUTED:
Average shares outstanding 5,454 6,079 5,454 6,050
Net effect of dilutive options
based on the treasury stock
method using average market
price - 638 - 638
Adjustment for stock and options
issued within a one year
of January 29, 1996 in
accordance with SAB 83 828 471 828 508
---------------------- ---------------------
Weighted average common and
and common equivalent shares
outstanding 6,282 7,188 6,282 7,196
====================== =====================
Net income (loss) attributable
common stockholders $ (33) $ 885 $ (135) $ 601
Per share amount $(0.01) $ 0.12 $(0.02) 0.08
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001006604
<NAME> HOUSECALL MEDICAL RESOURCES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 4,603
<SECURITIES> 0
<RECEIVABLES> 39,325
<ALLOWANCES> 6,478
<INVENTORY> 0
<CURRENT-ASSETS> 42,137
<PP&E> 7,943
<DEPRECIATION> 1,630
<TOTAL-ASSETS> 103,503
<CURRENT-LIABILITIES> 27,123
<BONDS> 44,040
19,529
0
<COMMON> 8,896
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 103,503
<SALES> 0
<TOTAL-REVENUES> 158,306
<CGS> 0
<TOTAL-COSTS> 145,541
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 5,059
<INTEREST-EXPENSE> 3,742
<INCOME-PRETAX> 3,964
<INCOME-TAX> 1,705
<INCOME-CONTINUING> 2,259
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,259
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
</TABLE>
