<PAGE> 1
United States
Securities and Exchange Commission
Washington, DC 20549
FORM 10-Q/A
(MARK ONE)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the Period Ended September 30, 1997
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the Transition Period From to
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Commission file number 000-21567
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Educational Medical, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 65-0038445
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1327 Northmeadow Parkway, Suite 132
Roswell, GA 30076
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(Address of principal executive offices) (Zip Code)
(770) 475-9930
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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 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 periods 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
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Applicable Only to Issuers Involved in Bankruptcy
Proceedings During the Preceding Five Years
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by the court. Yes No
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Applicable Only to Corporate Issuers
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.
Common Stock, $.01 Par Value, 7,362,601 shares as of November 10, 1997.
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Item 3. Defaults upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
On September 9, 1997, (the "Company") conducted its 1997 Annual
Shareholders' Meeting. Items submitted to a vote of the shareholders were (1)
election of directors for 1997-1998 and (2) ratification of the appointment by
the Board of Directors of Ernst & Young LLP as the Company's independent
auditors for fiscal year 1998. All five of the Company's sitting directors were
reelected by an affirmative vote of 99.99% of the shares voted. The voting
shareholders ratified the appointment of Ernst & Young LLP as the Company's
independent auditors for fiscal year 1998 by an affirmative vote of 100% of the
shares voted. Abstentions and broker non-votes are counted only for purposes of
electing directors.
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K.
Exhibits:
11.1 Statement re: computation of pro forma earnings per share
11.2 Statement re: computation of historical earnings per share
*27 Restated Financial Data Schedule (for SEC use only).
Reports on Form 8-K:
(i) Form 8-K filed September 26, 1997 reporting the 1997 Annual Shareholders'
Meeting on September 9, 1997.
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* Filed herewith.
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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.
Educational Medical, Inc.
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Date: November 10, 1997 /s/ Vince Pisano
(Signature)
Vince Pisano
Chief Financial Officer
Principal Financial Officer
and
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF EDUCATIONAL MEDICAL FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 7,285,954
<SECURITIES> 0
<RECEIVABLES> 9,233,666
<ALLOWANCES> 1,174,210
<INVENTORY> 0
<CURRENT-ASSETS> 18,162,371
<PP&E> 14,169,844
<DEPRECIATION> 6,120,493
<TOTAL-ASSETS> 38,328,075
<CURRENT-LIABILITIES> 6,546,850
<BONDS> 2,824,316
0
0
<COMMON> 73,972
<OTHER-SE> 28,989,633
<TOTAL-LIABILITY-AND-EQUITY> 38,328,075
<SALES> 26,648,687
<TOTAL-REVENUES> 26,648,687
<CGS> 24,300,397
<TOTAL-COSTS> 24,300,397
<OTHER-EXPENSES> 625,488
<LOSS-PROVISION> 561,715
<INTEREST-EXPENSE> (167,226)
<INCOME-PRETAX> 1,328,313
<INCOME-TAX> 531,440
<INCOME-CONTINUING> 796,873
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 796,873
<EPS-PRIMARY> 0.11
<EPS-DILUTED> 0
</TABLE>
