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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
September 10, 1997
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Date of Report
(Date of Earliest Event Reported)
INFOCURE CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 001-12799 58-2271614
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(State of Other Jurisdiction (Commission File Number) (IRS Employee
of Incorporation) Identification Number)
2970 Clairmont Road, Suite 950, Atlanta, Georgia 30329
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(Address of Principal Executive Offices)
(404) 633-0046
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(Registrant's Telephone Number
Including Area Code)
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Item 5. Other Events.
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The Registrant issued the following press release on September 10, 1997:
"InfoCure Corporation (the "Company"), (AMEX:INC), which completed its
initial public offering on July 10th of this year, today announced second
quarter combined pro forma earnings of 6 cents per share, up 20% from 5
cents for the same period last year."
The Company reported consolidated actual quarterly earnings of 2 cents
per share. Due to the timing of the Company's offering, the actual
operating results reflect the results of operations for only two of its
founding companies (International Computer Solutions and HCD, Inc.) for
the full quarter, and for all six of its founding companies for the last
month of the second quarter.
Commenting on the results, Frederick L. Fine, President & CEO, said:
"We are very pleased with our second quarter results. The Company
achieved its primary goal of a successful initial public offering this
year while continuing to post solid operating results. We continue to
see gains in our Electronic Data Interchange (EDI) products as well as
increased sales in our newly released Windows 95 and NT practice
management system, Wisdom. Acquisition activity has also remained
brisk. As previously announced, we have secured letters of intent with
two additional practice management software companies, which would add
over 1,500 providers to our existing base. We expect to close the
acquisitions by the end of the third quarter."
InfoCure is a leading provider of practice management software products
and related services that address the growing needs of healthcare
providers to manage and communicate cost-effectively administrative,
clinical and financial data. The Company's practice management systems
are used primarily by a variety of healthcare practices, including
multi-provider management service organizations and independent physician
alliances. The Company has an installed customer base of approximately
17,000 healthcare providers in a broad range of specialties at over 6,000
client sites. The company's business is conducted through its
subsidiaries with offices located in Atlanta, GA, Charlotte, NC,
Glendale, CA, Lake Elmo, MN, and Pittsburgh, PA.
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SUMMARY FINANCIAL RESULTS
OF OPERATIONS
INFOCURE CORPORATION
QUARTER ENDED, JULY 31
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<CAPTION>
Three Months Ended *Pro Forma Three Months Ended
July 31 July 31
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1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Revenues:
Systems and Software Sales $ 948,406 $ 215,940 $ 1,961,000 $ 2,413,750
Maintenance and Support $ 1,316,854 $ 370,129 $ 2,645,000 $ 2,362,750
Total Revenues $ 2,265,260 $ 586,069 $ 4,606,000 $ 4,776,500
Cost of Sales $ 482,499 $ 121,665 $ 1,338,000 $ 1,414,000
Gross Margin $ 1,782,761 $ 464,404 $ 3,268,000 $ 3,362,500
Expenses:
Salaries and Operating Expenses 1,495,472 548,455 2,334,000 2,507,000
Depreciation and amortizaiton 137,320 19,334 342,000 368,250
Income from operations 149,969 (103,385) 592,000 487,250
Interest expense (66,569) (24,326) (24,000) (20,750)
Other income, net 6,095 2,212 6,000 10,250
Income (loss) before taxes 89,495 (125,499) 574,000 476,750
Provision for income taxes 26,000 -- 257,000 224,993
Income (loss) $ 63,495 $ (125,499) $ 317,000 $ 251,757
Earnings per share 0.02 0.00 0.06 0.05
Weighted Average number of Shares 3,581,183 5,486,000 5,486,000
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* The pro forma results give effect the completion of the acquisition of its
founding companies as if the acquisitions had occurred at the beginning of
each of the periods being presented.
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SIGNATURES
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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.
INFOCURE CORPORATION
By: /s/ Frederick L. Fine
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Frederick L. Fine, President
Date: September 22, 1997
