SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from: to .
---------- ----------
Commission File No. 1-12451
NEW YORK HEALTH CARE, INC.
(NAME OF SMALL BUSINESS ISSUER IN ITS CHARTER)
New York 11-2636089
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1850 McDonald Avenue, Brooklyn, New York 11223
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (718) 375-6700
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ]
(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 Sections 12, 13 or 15(d) of the Securities under
a plan confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE REGISTRANTS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 3,688,730
Transitional Small Business Disclosure Format (check one);
Yes [ ] No [X]
1
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
MARCH 31, 2000
A S S E T S
(UNAUDITED)
<TABLE>
<CAPTION>
Current assets:
<S> <C>
Accounts receivable, net of allowance for uncollectible
amounts of approximately $376,000 $ 6,367,329
Unbilled services 309,681
Prepaid expenses 57,847
Prepaid income taxes and income tax receivable 182,588
Deferred tax asset 165,000
------------
Total current assets 7,082,445
Property and equipment, net 459,007
Intangibles, net 2,903,249
Deposits 53,327
------------
Total assets $10,498,028
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank overdraft $ 59,375
Accrued payroll 1,236,711
Note payable - bank 2,850,000
Current maturities of long term debt 410,903
Accounts payable and accrued expenses 328,956
Other current liabilities - due to HRA 427,881
------------
Total current liabilities 5,313,826
------------
Deferred tax liability 79,000
Long-term debt, less current maturities 64,036
------------
143,036
------------
Commitments, contingencies and other comments
Shareholders' equity:
Preferred stock $.01 par value, 2,000,000 shares authorized;
590,375 issued 5,904
Common stock, $.01 par value, 12,500,000 shares authorized;
3,750,000 shares issued, 3,688,730 outstanding 37,500
Additional paid-in capital 4,758,414
Retained earnings 329,644
------------
5,131,462
Less: Treasury stock (81,270 common shares at cost) (90,296)
------------
Total shareholders' equity 5,041,166
------------
Total liabilities and shareholders' equity $10,498,028
============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
2
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
--------------------------
1999 2000
--------- --------
<S> <C> <C>
Net patient service revenue $5,085,045 $6,997,845
----------- -----------
Expenses:
Professional care of patients 3,645,622 5,160,864
General and administrative 1,479,660 1,641,330
Bad debt expense 15,000 49,500
Depreciation and amortization 62,549 66,036
----------- -----------
Total operating expenses 5,202,831 6,917,730
----------- -----------
(Loss) income from operations (117,786) 80,115
Nonoperating expenses:
Interest expense (82,432) (73,503)
----------- -----------
(Loss) income before (benefit) provision for income taxes (200,218) 6,612
----------- -----------
(Benefit) provision for income taxes:
Current (91,000) (8,135)
Deferred 5,000 11,000
----------- -----------
(86,000) 2,865
----------- -----------
Net (loss) income (114,218) 3,747
Dividends declared on preferred stock 13,500
----------- -----------
Net (loss) income applicable to common stock $ (127,718) $ 3,747
=========== ===========
Basic (loss) earnings per share $ (.03) NIL
=========== ===========
Diluted (loss) earnings per share $ (.03) NIL
=========== ===========
Weighted average shares outstanding 3,692,262 3,668,730
=========== ===========
Diluted weighted average shares outstanding 3,692,262 4,309,488
=========== ===========
Dividends declared per share of preferred stock $ .03
===========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
CONSOLIDATED FINANCIAL STATEMENTS.
3
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
Preferred Treasury
Common Stock Stock Additional Stock
------------------------- ----------------- Paid-In ----------------- Retained
Shares Amount Shares Amount Capital Shares Amount Earnings Total
------------ ----------- -------- ------- ---------- ------ --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at January 1, 2000 3,750,000 $ 37,500 590,375 $ 5,904 $4,758,414 81,270 $(90,296) $ 325,897 $5,037,419
Net income 3,747 3,747
------------ ----------- -------- ------- ---------- ------ --------- --------- ----------
Balance at March 31, 2000 3,750,000 $ 37,500 590,375 $ 5,904 $4,758,414 81,270 $(90,296) $ 329,644 $5,041,166
============ =========== ======== ======= ========== ====== ========= ========= ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
CONSOLIDATED FINANCIAL STATEMENTS.
4
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
-------------------------
1999 2000
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net (loss) income $(114,218) $ 3,747
Adjustments to reconcile net (loss) income to net cash
used in operating activities:
Depreciation and amortization 62,549 66,036
Deferred tax expense 5,000 11,000
Bad debt expense 15,000 49,500
Changes in operating assets and liabilities:
Increase in accounts receivable and unbilled services (201,112) (361,653)
Increase in due from affiliates (401)
Increase in prepaid taxes and income tax receivable (238,550) (27,682)
Decrease in prepaid expenses 35,796 55,955
Increase in deposits (835) (601)
Increase in accrued payroll 296,563 266,536
Decrease in accounts payable and accrued expenses (75,684) (162,449)
Decrease in income taxes payable (35,215)
---------- ----------
Net cash used in operating activities (251,107) (99,611)
---------- ----------
Cash flows from investing activities:
Acquisition of fixed assets (40,896) (8,545)
Payments for purchase acquisitions and associated costs (40,000)
---------- ----------
Net cash used in investing activities (80,896) (8,545)
---------- ----------
Cash flows from financing activities:
Borrowings under notes payable 500,000
Repayment of long-term debt (127,862) (48,333)
Purchase of treasury stock (21,079)
Bank overdraft 59,375
---------- ----------
Net cash provided by financing activities 351,059 11,042
---------- ----------
Net increase (decrease) in cash and cash equivalents 19,056 (97,114)
Cash and cash equivalents at beginning of period 192,675 97,114
---------- ----------
Cash and cash equivalents at end of period $ 211,731 $ -0-
========== ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
CONSOLIDATED FINANCIAL STATEMENTS.
5
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION:
The accompanying unaudited financial statements, which are for an interim
period, do not include all disclosures provided in the annual financial
statements. These unaudited financial statements should be read in conjunction
with the financial statements and the footnotes thereto contained in the Annual
Report on Form 10-KSB for the year ended December 31, 1999 of New York
Healthcare, Inc. and Subsidiary (the "Corporation"), as filed with the
Securities and Exchange Commission.
In the opinion of the Corporation, the accompanying unaudited financial
statements contain all adjustments (which are of a normal recurring nature)
necessary for a fair presentation of the financial statements. The results of
operations for the three months ended March 31, 2000 are not necessarily
indicative of the results to be expected for the full year.
NOTE 2 - EARNINGS/LOSS PER SHARE:
Basic earnings or loss per share excludes dilution and is computed by dividing
earnings available to common shareholders by the weighted average number of
common shares outstanding for the period.
Diluted earnings or loss per share is computed by dividing earnings available to
common shareholders by the weighted average number of common shares outstanding
for the period, adjusted to reflect potentially dilutive securities. During the
three month period ending March 31, 2000, options and warrants were included in
the computation of diluted earnings per share because the exercise price was
less than the average market price of the stock. Preferred stock was
included in the computation of diluted earnings per share, during the three
months ended March 31, 2000.
NOTE 3 - LINE OF CREDIT:
The Corporation has a $6,000,000 line of credit with a bank. The availability
of the line of credit is based on a formula of eligible accounts receivable.
All property and assets of the Corporation collateralize the line and the
Corporation has also guaranteed the line of credit. At March 31, 2000,
$2,850,000 was outstanding. Borrowings under the agreement bear interest at
prime plus 1/2 % (9.0% at March 31, 2000). The line of credit expired during
1999, and the bank has continued to fund the line of credit on a month-to-month
basis pending the Corporation's obtaining replacement financing.
NOTE 4 - PREFERRED STOCK:
On March 31, 1999, the Corporation declared a dividend (amounting to $13,500),
to holders of preferred stock, which was paid in April 1999.
6
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 5 - (LOSS) EARNINGS PER SHARE:
(Loss) earnings per share are computed as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1999 2000
----------- ----------
<S> <C> <C>
Basic and diluted (loss) earnings per share:
(Loss) earnings:
Net (loss) income applicable to common stock $ (127,718) $ 3,747
=========== ==========
Shares:
Weighted average number of common shares outstanding - basic 3,692,262 3,668,730
Effect of dilutive options and warrants 168,458
Effect of dilutive convertible preferred stock 472,300
----------- ----------
Diluted weighted average shares outstanding 3,692,262 4,309,488
=========== ==========
Basic (loss) earnings per share $ (.03) NIL
=========== ==========
Diluted (loss) earnings per share $ (.03) NIL
=========== ==========
</TABLE>
NOTE 6 - LONG-TERM DEBT - RELATED PARTY:
Included in long-term debt is a $175,347 note due to a related party. The
Company did not make principal and interest payments due January 1, 2000 and
April 1, 2000 of approximately $39,000 and $38,000, respectively. The entire
amount has been reflected as a current liability in the accompanying
consolidated balance sheet.
7
<PAGE>
NEW YORK HEALTH CARE, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 7 - SUPPLEMENTAL CASH FLOW DISCLOSURES:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1999 2000
-------- -------
<S> <C> <C>
Supplemental cash flow disclosure:
Cash paid during the period for:
Interest $86,670 $69,145
======== =======
Income taxes $184,195 $19,547
======== =======
Supplemental schedule of noncash investing
and financing activities:
Dividends declared, paid in April 1999 $ 13,500
========
</TABLE>
8
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Three months ended March 31, 2000 compared with three months ended March 31,
1999.
RESULTS OF OPERATIONS
Revenues for the three months ended March 31, 2000 increased 37.6% to
approximately $6,998,000 from approximately $5,085,000 for the three months
ended March 31, 1999. The increase is primarily the result of the New York City
contract reaching its full caseload in the first quarter of 2000.
Cost of professional care of patients for the three months ended March 31, 2000
increased 41.6% to approximately $5,161,000 from approximately $3,646,000 for
the three months ended March 31, 1999. The increase resulted from hiring
additional home health care personnel to service the increased business for the
city contract. The cost of professional care of patients as a percentage of
revenues increased 2% to approximately 73.7% for the three months ended March
31, 2000 from approximately 71.7% for three months ended March 31, 1999. The
increase was primarily caused by the HRA contract, which provides a lower gross
profit than other contracts.
Selling, general and administrative expenses for the three months ended March
31, 2000 increased 10.9% to approximately $1,641,000 from approximately
$1,480,000 for the three months ended March 31, 1999. The increase resulted
primarily from the New York Home Attendant Agency, which was established to
service the HRA contract for the caseload being phased in during 1999. Selling,
general and administrative expenses as a percentage of revenue decreased to
23.4% from 29.1% as a result of increased revenue for the New York Home
Attendant branch office, without increasing the SGA proportionately.
Interest expense for the three months ended March 31, 2000 decreased to
approximately $74,000 as compared to approximately $82,000 for the three months
ended March 31, 1999, primarily as a result of decreased borrowing and continued
repayment of notes payable.
The credit for federal, state and local taxes for the three months ended March
31, 1999 of $86,000 is the result of the loss for the period as compared to the
approximately $2,900 provision for taxes for the three months ended March 31,
2000, which was the result of the income for the period.
In view of the foregoing, income for the three months ended March 31, 2000
amounted to approximately $3,700 as compared to approximately $114,000 in net
loss for the three months ended March 31, 1999.
LIQUIDITY AND CAPITAL RESOURCES
For the three months ended March 31, 2000, net cash used in operations was
$100,000 as compared to $251,000 during the three months ended March 31, 1999,
a decrease of $151,000 or 60%. The $100,000 used in the three months ended
March 31, 2000 was principally due to the approximately $362,000 increase in
accounts receivable and unbilled services, offset by a $267,000 increase in
accrued payroll.
Net cash used in investing activities for the three months ended March 31, 2000
approximates $9,000, primarily for the acquisition of fixed assets. Net cash
provided by financing activities for the three months ended March 31, 2000
totaled $11,000, resulting from repayment of long term debt of $48,000 and a
bank overdraft of $59,000. The company did not make principal and interest
payments due January 1, 2000 and April 1, 2000 of approximately $39,000 and
$38,000, respectively to a related party.
As of March 31, 2000, approximately $6,580,000 (approximately 63%) of the
Company's total assets consisted of accounts receivable from clients who are
reimbursed by third-party payers, as compared to $6,120,000 (approximately 59%)
as of March 31, 1999, an increase of 8%. Such payers generally require
substantial documentation in order to process claims.
Days Sales Outstanding ("DSO") is a measure of the average number of days taken
by the Company to collect its accounts receivable, calculated from the date
services are billed. For the three months ended March 31, 2000, the Company's
DSO was 86, compared to 107 days for the three months ended March 31, 1999. The
improvement of 21 days in DSO is mainly due to the HRA contract's DSO which is
currently at 48 days.
9
<PAGE>
POTENTIAL REGULATORY CHANGES
There has been news reports regarding potential changes in the way the
Government will reimburse home health care companies in the future, including
the possibility of capitation. While the Company is not currently a
Medicare-Certified Home Health Agency subject to these changes, most of the
Company's referral sources are and they may be negatively impacted by future
legislation which may be adopted to control home health care costs. While it is
still premature to discern what impact, if any, the potential changes may have
on the Company's operations, there can be no assurance that future legislation
will not result in reduced reimbursement rates from referral sources.
10
<PAGE>
Item 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits required by item 601 of Regulation S-B.
Exhibit
Number Description of Exhibit
- ------ ---------------------------
2.1 Purchase and Sale Agreement dated December 7, 1997 among NYHC Newco
Paxxon, Inc. and Metro Healthcare Services, Inc.**
2.2 Purchase and Sale Agreement dated February 8, 1998 among NYHC Newco
Paxxon, Inc. and Metro Healthcare Services, Inc.***
2.3 Purchase and Sale Agreement dated February 25, 1998 among NYHC Newco
Paxxon, Inc. and Heart to Heart Healthcare Services, Inc.***
3.1 Certificate of Incorporation of the Company.*
3.2 Restated Certificate of Incorporation of the Company.*
3.3 Certificate of Correction of Restated Certificate of Incorporation of
New York Health Care, Inc.*
3.4 Amendment to the Certificate of Incorporation filed October 17, 1996.*
3.5 By-laws of the Company.*
3.6 Amendment to the Certificate of Incorporation of the Company filed
December 4, 1996.*
3.7 Certificate of Designations, Rights and Preferences of New York Health
Care, Inc. Class A Convertible Preferred Stock.*****
4.1 Form of certificate evidencing shares of Common Stock.*
4.2 Underwriter's Warrant Agreement and Form of Underwriter's Warrant.*
10.1 Purchase and Sale Agreement by and between the Company, National
Medical Homecare, Inc., Jerry Braun and Sam Soroka dated
March 18, 1988.*
10.2 Lease for 105 Stevens Avenue, White Plains, New York by and between the
Company and Vincent Rippa as receiver dated October 30, 1992.*
10.3 Lease for 175 Fulton Avenue, Suite 30IA, Hempstead, New York by and
between and the Company and Hempstead Associates Limited Partnership
dated July 22, 1993.*
10.4 Deed for 1667 Flatbush Avenue, Brooklyn, New York from Tiara Realty Co.
to the Company dated April 22, 1994.*
10.5 Agreement between Jerry Braun, Jacob Rosenberg, Samson Soroka, Hirsch
Chitrik, Sid Borenstein and the Company dated September 30, 1988.*
10.6 Lease for 49 South Main Street, Spring Valley, New York by and between
the Company and Joffe Management dated November 1, 1994.*
10.7 Agreement for Provisions of Home Health Aide and Personal CareWorker
Services by and between the Company and Kingsbridge Heights Health
Facilities Long Term Home Health Care Program dated November 2,
1994.*
11
<PAGE>
10.8 State of New York Department of Health Office of Health Systems
Management Home Care Service Agency License for the Company doing
business in Rockland, Westchester and Bronx Counties dated May 8,
1995.*
10.9 State of New York Department of Health Office of Health Systems
Management Home Care Service Agency License for the Company doing
business in Dutchess, Orange, Putnam, Sullivan and Ulster Counties
dated May 8, 1995.*
10.10 State of New York Department of Health Office of Health Systems
Management Home Care Service Agency License for the Company doing
business in Nassau, Suffolk and Queens Counties dated May 8, 1995.*
10.11 State of New York Department of Health Office of Health Systems
Management Home Care Service Agency License for the Company doing
business in Orange and Rockland Counties dated July 1. 1995.*
10.12 Lease Renewal for 45 Grand Street, Newburgh, New York by and between
the Company and Educational and Charitable Foundation of Eastern Orange
County, Inc. dated July 12, 1995.*
10.13 Lease for 91-31 Queens Boulevard, Elmhurst, New York by and between
the Company and Expressway Realty Company dated September 15,
1995.*
10.14 Settlement Agreement and General Release by and between the Company
and Samson Soroka dated September 28, 1995.*
10.15 Personal Care Aide Agreement by and between the Company and Nassau
County Department of Social Services dated October 18, 1995.*
10.16 Lease for 1667 Flatbush Avenue, Brooklyn, New York by and between the
Company and 1667 Flatbush Avenue LLC dated November 1, 1995.*
10.17 State of New York Department of Health Office of Health Systems
Management Home Care Service Agency License for the Company doing
business in Bronx, Kings, New York, Queens and Richmond Counties
dated December 29, 1995.*
10.18 Home Health Agency Agreement by and between the Company and the Center
for Nursing and Rehabilitation dated January 1, 1996.*
10.19 Homemaker and Personal Care Agreements by and between the Company and
the County of Rockland Department of Social Services dated January 1,
1996.*
10.20 Home Health Aide/ Personal Care Worker Services Agreement by and
between the Company and Beth Abraham Hospital dated January 12,
1996.*
10.21 Homemaker Services Agreement by and between the Company and the Orange
County Department of Social Services dated February 16, 1996.*
10.22 Personal Care Service Agreement by and between the Company and the
Orange County Department of Social Services dated February 16,
1996.*
10.23 Certified Home Health Agency Agreement by and between the Company and
New York Methodist Hospital dated February 28, 1996.*
10.24 Employment Agreement by and between the Company and Jacob Rosenberg
dated March 26, 1996.*
10.25 Employment Agreement by and between the Company and Jerry Braun dated
March 26, 1996.*
12
<PAGE>
10.26 Stock Option Agreement by and between the Company and Jerry Braun
dated March 26, 1996.*
10.27 Home Health Agency Agreement by and between the Company and the Mount
Sinai Hospital Home Health Agency dated April 1, 1996.*
10.28 Absolute, Unconditional, Irrevocable and Limited Continuing Guaranty
of Payment by and between Jacob Rosenberg and United Mizrahi Bank
and Trust Company dated May 9, 1996.*
10.29 Absolute, Unconditional, Irrevocable and Limited Continuing Guaranty
of Payment by and between Jerry Braun and United Mizrahi Bank and Trust
Company dated May 9, 1996.*
10.30 Continuing General Security Agreement by and between the Company and
United Mizrahi Bank and Trust Company dated May 9, 1996.*
10.31 Agreement for the Purchase of Accounts Receivable between the Company
and 1667 Flatbush Avenue LLC dated July 8, 1996.
10.32 401 (k) Plan for the Company.*
10.33 Performance Incentive Plan for the Company.*
10.34 Services Agreement between the Company and Heart to Heart Health Care
Services, Inc., dated January 1, 1996.
10.35 Employment Agreement by and between the Company and Gilbert Barnett
dated August 27, 1996.*
10.36 Assignment of lease dated October 8, 1996, lease dated September 30,
1995 and sublease dated May 1995 among the Company, as tenant, Prime
Contracting Design Corp., as assignor, Bellox Realty Corp., as landlord
and Nutriplus Corp., as subtenant.*
10.37 Lease for 6 Gramatan Avenue, Mount Vernon, New York, 10550 by and
between the Company and 6 Gramatan Avenue Corp. dated December 1,
1996.*
10.38 Form of Financial Consulting Agreement with H.J. Meyers & Co., Inc.*
10.39 Forms of Merger & Acquisition Agreement and Indemnification.*
10.40 Consulting Agreement by and between the Company and H. Gene Berger
dated July 30, 1997****
10.41 Agreement between the Company and Heart To Heart Health Care Services,
Inc. dated August 6, 1998.*****
10.42 Agreement between the Company and Heart to Heart Health Care Services,
Inc. dated July 29, 1999. ******
10.43 Employment Agreement by and between the Company and Jerry Braun dated
November 12, 1999. *******
10.44 Employment Agreement by and between the Company and Jacob Rosenberg
dated November 12, 1999. *******
11 Computation of Earnings Per Common Share of the Company.
* Incorporated by reference to Exhibits filed as part of the Company's
Registration Statement on Form SB-2 under File No. 333-08152,
which was declared effective on December 20, 1996.
** Incorporated by reference to Exhibits filed as part of the Company's
Form 8-K report with an event date of December 8, 1997.
*** Incorporated by reference to Exhibits filed as part of the Company's
Form 8-K report with an event date of February 8, 1998.
13
<PAGE>
**** Incorporated by reference to Exhibits filed as part of the Company's
Form 10-KSB report for the year ended December 31, 1997.
***** Incorporated by reference to Exhibits filed as part of the Company's
Form 10-QSB report for the quarter ended June 30, 1998.
****** Incorporated by reference to Exhibits filed as part of the Company's
Form 10-QSB report for the quarter ended June 30, 1999.
******* Incorporated by reference to Exhibits filed as part of the Company's
Form 10-QSB report for the quarter ended September 30, 1999.
New York Health Care, Inc. will furnish a copy of any exhibit described
above to any beneficial holder of its securities upon receipt of a written
request, provided that the holder pays to New York Healthcare, Inc. a fee
compensating it for its reasonable expenses in furnishing the exhibits
requested.
(b) Reports on Form 8-K. The Company did not file any reports on Form 8-K
during the quarter ended March 31, 2000.
14
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
May 12, 2000
NEW YORK HEALTH CARE, INC.
By: /s/ Jacob Rosenberg
---------------------------------------
Jacob Rosenberg
Vice President, Chief Operating Officer,
Chief Financial and Accounting Officer, Secretary
Secretary, Director
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE NEW YORK
HEALTH CARE, INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE
MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2000.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 6743329
<ALLOWANCES> (376000)
<INVENTORY> 0
<CURRENT-ASSETS> 7082445
<PP&E> 699512
<DEPRECIATION> (240505)
<TOTAL-ASSETS> 10498028
<CURRENT-LIABILITIES> 5313826
<BONDS> 0
0
5904
<COMMON> 37500
<OTHER-SE> 4997762
<TOTAL-LIABILITY-AND-EQUITY> 10498028
<SALES> 0
<TOTAL-REVENUES> 6997845
<CGS> 0
<TOTAL-COSTS> 5160864
<OTHER-EXPENSES> 1707366
<LOSS-PROVISION> 49500
<INTEREST-EXPENSE> 73503
<INCOME-PRETAX> 6612
<INCOME-TAX> 2865
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3747
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>