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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended June 30, 1999
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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 1-14382
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SUNSTAR HEALTHCARE, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 59-3361076
- ------------------------------- ---------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
300 International Pkwy, Ste 230, Heathrow, Florida 32746
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(Address of principal executive offices) (Zip Code)
(407) 304-1066
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all the 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. X Yes No
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APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.
There were 2,919,330 shares of the Registrant's common stock outstanding as of
July 31, 1999.
Transitional Small Business Disclosure Format (check one): YES NO X
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Consolidated Balance Sheet
June 30, 1999
(unaudited)
<TABLE>
<S> <C>
Assets
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Current assets:
Cash and cash equivalents $12,591,501
Prepaid expenses 328,160
Estimated claim payment recoveries, net of an allowance 4,500,000
Other current assets 2,687,834
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Total current assets 20,107,495
Furniture and equipment, net 453,157
Deposits and other assets 382,869
Deferred taxes 100,000
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Total assets $21,043,521
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Liabilities and Shareholders' Equity
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Current Liabilities:
Medical claims payable $12,529,460
Unearned premium - HMO 3,773,546
Accounts payable and accrued expenses 881,966
Estimated Medicare settlement 103,175
Capital lease obligations, current 65,191
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Total current liabilities 17,353,338
Capital lease obligations, noncurrent 126,662
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Total liabilities 17,480,000
Shareholders' equity
Common stock, par value $.001 per share, 10,000,000 shares
authorized, 2,919,330 shares issued and outstanding 2,919
Preferred stock, par value $.001 per share, 1,000,000
shares authorized; 690,000 shares designated as Series A,
506,425 shares issued and outstanding as of June 30, 1999
(note 1 and note 3) 506
Additional paid-in capital 14,467,551
Preferred stock dividends (1,739,910)
Unearned compensation from stock options (5,426)
Accumulated deficit (9,162,119)
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Total shareholders' equity 3,563,521
Total liabilities and shareholders' equity $21,043,521
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</TABLE>
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
SUNSTAR HEALTHCARE, INC.
Date: 08/24/99 /s/ Warren Stowell
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Warren Stowell
President, Chief Executive Officer
and Chairman
(principal financial and accounting
officer)
SUNSTAR HEALTHCARE, INC.
Date: 08/24/99 /s/ David Jesse
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David Jesse
Executive Vice President and
Chief Operating Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> DEC-31-1998
<PERIOD-END> JUN-30-1999
<CASH> 12,592
<SECURITIES> 0
<RECEIVABLES> 7,134
<ALLOWANCES> 0
<INVENTORY> 54
<CURRENT-ASSETS> 20,107
<PP&E> 453
<DEPRECIATION> 84
<TOTAL-ASSETS> 21,044
<CURRENT-LIABILITIES> 17,353
<BONDS> 0
0
1
<COMMON> 3
<OTHER-SE> 3,560
<TOTAL-LIABILITY-AND-EQUITY> 21,044
<SALES> 0
<TOTAL-REVENUES> 47,981
<CGS> 0
<TOTAL-COSTS> 48,639
<OTHER-EXPENSES> 77
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9
<INCOME-PRETAX> (735)
<INCOME-TAX> 0
<INCOME-CONTINUING> (735)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (744)
<EPS-BASIC> (0.85)
<EPS-DILUTED> (0.85)
</TABLE>
