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U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 1-13009
MEDICAL RESOURCES MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
NEVADA 95-4607643
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
932 GRAND CENTRAL AVENUE GLENDALE, CALIFORNIA 91201
(Address of principal executive offices) (Zip Code)
(818) 240-8250
(Registrant's telephone number, including area code)
Check whether the Registrant (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 [ ]
State the number of shares outstanding of each of the Registrant's classes of
common equity, as of the latest practicable date: As of June 12, 2000 there were
7,356,927 shares outstanding of the Registrant's common stock, $0.001 par value.
Transitional Small Business Disclosure Format:
Yes [ ] No [X]
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TABLE OF CONTENTS
<TABLE>
<CAPTION>
ITEM PAGE NO.
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<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Balance Sheets - April 30, 2000 (unaudited)
and October 31, 1999 3
Consolidated Statements of Operations - Three Months and Six Months
Ended April 30, 2000 and 1999 (unaudited) 4
Consolidated Statements of Cash Flows - Six Months
Ended April 30, 2000 and 1999 (unaudited) 5
Notes to Consolidated Financial Statements (unaudited) 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
</TABLE>
2
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MEDICAL RESOURCES MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS April 30, October 31,
2000 1999
--------------- ---------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 20,880 $ 45,332
Accounts receivable, less allowance of $103,753 at
April 30, 2000 and $90,000 at October 31, 1999 1,850,018 1,638,277
Inventories 700,526 820,614
Prepaid expenses 210,381 151,886
--------------- ---------------
Total current assets 2,781,805 2,656,109
Property and equipment:
Rental equipment 21,221,881 20,306,387
Transportation equipment 923,990 907,391
Office furniture and equipment 471,021 423,569
Leasehold improvements 94,323 94,323
--------------- ---------------
22,711,125 21,731,670
Less accumulated depreciation 10,631,279 9,772,733
--------------- ---------------
Net property and equipment 12,079,846 11,958,937
Other assets:
Intangible assets, net of accumulated amortization of
$329,243 at April 30, 2000 and $298,737 at
October 31, 1999 376,843 586,949
Deposits and other assets 331,536 338,214
--------------- ---------------
Total other assets 708,379 925,163
=============== ===============
Total assets $ 15,570,030 $ 15,540,209
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,153,349 $ 892,591
Accrued expenses 588,800 652,085
Note payable to bank 1,489,057 1,042,634
Current portion of long-term debt 1,244,379 737,785
Current portion of obligations under capital leases 2,328,897 2,225,543
--------------- ---------------
Total current liabilities 6,804,482 5,550,638
Long-term debt, net of current portion 2,301,226 2,449,617
Obligations under capital leases, net of current portion 2,207,713 3,062,175
Deferred income taxes 1,220,016 1,220,016
Subordinated debt 200,000 -
Shareholders' equity:
Common stock, $.001 par value:
Authorized shares - 100,000,000
Issuedand outstanding shares - 7,356,927 at April 30, 2000
and 7,406,927 at October 31, 1999 7,357 7,407
Additional paid-in capital 1,668,855 1,693,805
Retained earnings 1,160,381 1,556,551
--------------- ---------------
Total shareholders' equity 2,836,593 3,257,763
--------------- ---------------
Total liabilities and shareholders' equity $15,570,030 $ 15,540,209
=============== ===============
</TABLE>
SEE ACCOMPANYING NOTES.
3
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MEDICAL RESOURCES MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended April 30, Six Months Ended April 30,
2000 1999 2000 1999
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net revenue $ 2,969,920 $ 3,282,126 $ 6,049,148 $ 6,149,621
Cost of revenue 1,473,853 1,247,679 2,626,375 2,337,276
Depreciation expense 448,503 406,576 897,006 811,152
---------------- ---------------- ---------------- ----------------
Gross profit 1,047,564 1,627,871 2,525,767 3,001,193
Selling expenses 480,062 542,176 1,037,929 1,001,742
General and administrative expenses 369,717 572,815 905,765 1,021,564
Restructuring and closure expenses 398,395 - 398,395 -
---------------- ---------------- ---------------- ----------------
Operating income (loss) (200,610) 512,880 183,678 977,887
Interest expense 292,071 355,360 579,848 621,127
---------------- ---------------- ---------------- ----------------
Income (loss) before income taxes (492,681) 157,520 (396,170) 356,760
Income tax provision (benefit) (38,605) 66,009 - 142,704
---------------- ---------------- ---------------- ----------------
Net income (loss) $ (454,076) $ 91,511 $ (396,170) $ 214,056
================ ================ ================ ================
Net income (loss) per common share
(basic and diluted) $ (0.06) $ 0.01 $ (0.05) $ 0.03
================ ================ ================ ================
Weighted average common shares 7,406,927 7,385,927 7,406,927 7,385,927
================ ================ ================ ================
</TABLE>
SEE ACCOMPANYING NOTES.
4
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MEDICAL RESOURCES MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended April 30,
2000 1999
---------------- ------------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ (396,170) $ 214,056
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation and amortization of property and equipment 916,872 831,018
Amortization of intangibles 79,367 58,967
Provision for doubtful accounts 42,000 27,000
Deferred income taxes - 142,704
Loss on sale of assets 12,499 -
Impairment of customer list 151,139 -
Changes in operating assets and liabilities:
Accounts receivable (253,741) (315,500)
Inventories 120,088 29,629
Prepaid expenses (58,495) (28,257)
Income tax receivable - 10,670
Accounts payable 221,155 (526,799)
Accrued expenses (62,988) (229,749)
---------------- ------------------
Net cash provided by operating activities 771,726 213,739
INVESTING ACTIVITIES
Purchases of property and equipment (864,171) (610,588)
Net proceeds from sale of assets 39,815 -
Payments for non-compete agreements - (20,000)
Increase in deposits and other assets (118,037) (158,649)
---------------- ------------------
Net cash used for investing activities (942,393) (789,237)
FINANCING ACTIVITIES
Borrowings on subordinated debt 200,000 -
Borrowings on note payable to bank 446,423 873,144
Borrowings on notes payable - 60,000
Borrowings on term loans 743,409 2,633,391
Principal payments on long-term debt (385,206) (1,672,144)
Payments on notes payable - (10,500)
Principal payments on capital lease obligations (858,411) (1,373,428)
---------------- ------------------
Net cash provided by financing activities 146,215 510,463
---------------- ------------------
Net decrease in cash and cash equivalents (24,452) (65,035)
Cash and cash equivalents at beginning of period 45,332 141,228
---------------- ------------------
Cash and cash equivalents at end of period $ 20,880 $ 76,193
================ ==================
Supplemental information:
Cash paid during the period for:
Interest $ 552,711 $ 770,350
================ ==================
Taxes $ 2,400 $ -
================ ==================
Capital lease obligations entered into for equipment $ 107,303 $ 89,010
================ ==================
</TABLE>
SEE ACCOMPANYING NOTES.
5
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MEDICAL RESOURCES MANAGEMENT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
April 30, 2000
1. BASIS OF PREPARATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB 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 our opinion, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the periods ended April 30, 2000 are not
necessarily indicative of the results that may be expected for the year ending
October 31, 2000. For further information, refer to the financial statements and
footnotes thereto included in our Annual Report on Form 10-KSB for the year
ended October 31, 1999.
Certain balances from the financial statements for the fiscal year ended
October 31, 1999 have been reclassified to conform to the presentation for the
current fiscal year.
2. RESTRUCTURING AND CLOSURE EXPENSES
During the quarter ended April 30, 2000, the Company conducted an intensive
review of its corporate staff and each of its operating subsidiaries. At the
conclusion of this review, a decision was made to restructure or eliminate
certain management positions, and close certain locations. The locations closed
were one in Boise, Idaho and another in Mansfield, Texas, due to ongoing
operating losses and negative cash flows in these geographic areas.
As a result of these decisions, the Company incurred certain restructuring
and closure expenses which totaled approximately $521,000 during the most recent
fiscal quarter. These restructuring and closure costs and expenses included (a)
the write-off of impaired customer lists, as well as legal fees, travel expense,
severance expense, consulting fees and employee benefit accruals associated with
the closures and restructuring, all of which amounted to $398,395 in the
aggregate and (b) the write-down of certain supplies and consumables inventories
in conjunction with the closures in Idaho and Texas in the amount of $123,000
(included in cost of sales for the quarter ended April 30, 2000).
3. BORROWINGS ON SUBORDINATED DEBT
During the quarter ended April 30, 2000, the Company borrowed $100,000 from
each of two individuals, for an aggregate borrowing of $200,000. These loans are
unsecured and are subordinated to the bank credit facilities. The loans bear
interest at a rate of 10% per annum, with interest payable quarterly and
principal due in full in June 2001.
One of the individuals who made these subordinated loans to the Company is
the father of the President and CEO of the Company. We believe that the terms
and conditions of the loan from Mr. Whitman's father are no less favorable to
the Company than those that could have been obtained in a comparable transaction
with an unrelated party.
6
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
FORWARD-LOOKING STATEMENTS
Certain statements contained in Management's Discussion and Analysis,
particularly in the final paragraph of "Liquidity and Capital Resources," and
elsewhere in this Report on Form 10-QSB are forward-looking statements. These
statements discuss, among other things, expected growth, future revenues and
future performance. The forward-looking statements are subject to risks and
uncertainties, including the following: (a) changes in levels of competition
from current competitors and potential new competition; (b) loss of a
significant customer; and (c) changes in availability or terms of working
capital financing from vendors and lending institutions. The foregoing should
not be construed as an exhaustive list of all factors that could cause actual
results to differ materially from those expressed in forward-looking statements
made by us. Although we believe the expectations expressed in such
forward-looking statements are based on reasonable assumptions within the bounds
of our knowledge of our business, a number of factors could cause actual results
to differ materially from those expressed in any forward-looking statements,
whether oral or written, made by us or on our behalf.
The following discussion and analysis should be read together with the
financial statements and notes thereto included elsewhere herein.
RESULTS OF OPERATIONS
The following table sets forth, for the periods indicated, the percentage
of net revenues represented by certain items included in the Statements of
Income:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
April 30, April 30,
--------------------- ---------------------
2000 1999 2000 1999
--------- -------- -------- --------
<S> <C> <C> <C> <C>
Net revenue.................................................... 100.0% 100.0% 100.0% 100.0%
Cost of revenue................................................ 49.6 38.0 43.4 38.0
Depreciation expense........................................... 15.1 12.4 14.8 13.2
--------- -------- -------- --------
Gross profit................................................... 35.3 49.6 41.8 48.8
Selling expenses............................................... 16.2 16.5 17.1 16.3
General and administrative expenses............................ 12.5 17.5 15.0 16.6
Restructuring and closure expenses............................. 13.4 - 6.7 -
--------- -------- -------- --------
Operating income (loss)........................................ (6.8) 15.6 3.0 15.9
Interest expense............................................... 9.8 10.8 9.6 10.1
--------- -------- -------- --------
Income (loss) before income taxes.............................. (16.6) 4.8 (6.6) 5.8
Income tax provision (benefit)................................. (1.3) 1.9 - 2.3
--------- -------- -------- --------
Net income (loss).............................................. (15.3)% 2.9% (6.6)% 3.5%
========= ======== ======== ========
</TABLE>
QUARTER ENDED APRIL 30, 2000 COMPARED TO QUARTER ENDED APRIL 30, 1999
For the quarter ended April 30, 2000, net revenue was $2,970,000, compared
to net revenue of $3,282,000 during the quarter ended April 30, 1999, a decrease
of $312,000, or 9.5%. The decrease in net revenue is principally the result of
(1) a decrease in disposable and equipment revenue of $230,000, (2) a decrease
in medical rental revenue of $106,000 and (3) a decrease in biomedical revenue
of $69,000, all of which were offset in part by an increase of $93,000 in laser
surgical service revenue. The decreases in revenue were principally the result
of the closure of the facilities in Boise, Idaho and Mansfield, Texas during the
quarter ended April 30, 2000.
Cost of revenue (excluding depreciation expense) for the quarter ended
April 30, 2000 totaled $1,474,000, versus cost of revenue of $1,248,000 in the
second quarter of the prior fiscal year, an increase of $226,000, or 18.1%, from
cost of revenue for the second quarter of fiscal year 1999. The increase in cost
of revenue is primarily attributable to (1) the write-off of inventories in
Boise, Idaho and Mansfield, Texas in connection with the closure of these
facilities and (2) higher cost of equipment sales during the second quarter of
fiscal year 2000. Cost of revenue as a percentage of revenues increased from
38.0% in the second quarter of fiscal year 1999 to 49.6% in the second quarter
of fiscal year 2000, primarily attributable to the write-offs noted above.
7
<PAGE>
Depreciation expense directly attributable to net revenue for the quarter
ended April 30, 2000 was $448,000 compared to $407,000 during the same quarter
of fiscal 1999, an increase of $41,000, or 10.1%. This increase in depreciation
expense is principally the result of the addition of equipment since the second
quarter of fiscal year 1999.
Gross profit during the quarter ended April 30, 2000 was $1,048,000,
compared to gross profit of $1,628,000 during the comparable period of the prior
fiscal year, a decrease of $580,000, or 35.6%. As a percentage of net revenues,
gross profit fell from 49.6% during the second quarter of fiscal 1999 to 35.3%
during the quarter ended April 30, 2000. The decrease in the amount of gross
profit is principally the result of the factors described previously.
For the quarter ended April 30, 2000, selling expenses totaled $480,000,
compared to selling expenses of $542,000 for the second quarter of fiscal year
1999, a decrease of $62,000, or 11.4%. As a percentage of net revenue, selling
expenses decreased slightly from 16.5% in the quarter ended April 30, 1999 to
16.2% in the second quarter of the current fiscal year. The decrease in selling
expenses is primarily related to the closure of the facilities in Boise, Idaho
and Mansfield, Texas.
General and administrative ("G&A") expenses decreased to $370,000 in the
quarter ended April 30, 2000 from $573,000 in the quarter ended April 30, 1999,
a decrease of $203,000, or 35.4%. As a percentage of net revenue, G&A expenses
decreased from 16.6% in the second quarter of fiscal year 1999 to 12.5% in the
second quarter of the current fiscal year. The decrease in the amount of G&A
expense is primarily attributable to a reduction of management personnel related
to corporate restructuring during the quarter ended April 30, 2000.
Restructuring and closure expenses for the quarter ended April 30, 2000
totaled $398,000. There were no such expenses during the same quarter of the
prior fiscal year. See Note 2 above for a discussion of these expenses.
Interest expense for the quarter ended April 30, 2000 was $292,000,
compared to $355,000 in the comparable quarter of the prior fiscal year, a
decrease of $63,000, or 17.7%. The decrease in interest expense is the result of
lower interest expense on capital leases nearing maturity.
The loss before income taxes was $493,000 for the quarter ended April 30,
2000, compared to income before taxes of $158,000 for the quarter ended April
30, 1999, a negative variance of $650,000. The loss before income taxes, as a
percentage of revenue, was 16.6% in the quarter ended April 30, 2000, compared
to income before taxes equal to 4.8% of revenue in the quarter ended April 30,
1999. This variance occurred as a result of the aforementioned factors.
8
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SIX MONTHS ENDED APRIL 30, 2000 COMPARED TO SIX MONTHS ENDED APRIL 30, 1999
For the six months ended April 30, 2000, net revenue was $6,049,000
compared to net revenue of $6,150,000 during the six months ended April 30,
1999, a decrease of $101,000, or 1.6%. The decrease in net revenue is
principally the result of (1) a decrease in disposable and equipment revenue of
$153,000, (2) a decrease in medical rental revenue of $176,000 and (3) a
decrease in biomedical revenue of $67,000, all of which were offset in part by
an increase of $295,000 in laser surgical services revenue. The decreases in
revenue were principally the result of the closure of the facilities in Boise,
Idaho and Mansfield, Texas during the quarter ended April 30, 2000.
Cost of revenue (excluding depreciation expense) for the six months ended
April 30, 2000 totaled $2,626,000, compared to cost of revenue of $2,337,000 for
the comparable six months of the prior fiscal year, an increase of $289,000, or
12.4%. The increase in cost of revenue is primarily attributable to (1) the
write-off of inventories in Boise, Idaho and Mansfield, Texas in connection with
the closure of these facilities and (2) higher cost of equipment sales during
the second quarter of fiscal year 2000. Cost of revenue as a percentage of
revenues increased from 38.0% in the first six months of fiscal year 1999 to
43.4% in the first six months of fiscal year 2000.
Depreciation expense directly attributable to net revenue for the six
months ended April 30, 2000 totaled $897,000 compared to $811,000 during the
comparable period of fiscal 1999, an increase of $86,000, or 10.6%. This
increase in depreciation expense is principally the result of the addition of
equipment since the second quarter of fiscal year 1999.
Gross profit during the six months ended April 30, 2000 was $2,526,000,
compared to gross profit of $3,001,000 during the comparable period of the prior
fiscal year, a decrease of $475,000, or 15.8%. As a percentage of net revenue,
gross profit decreased from 48.8% during the first six months of fiscal 1999 to
41.8% during the six months ended April 30, 2000. The decrease in the amount of
gross profit is principally the result of the factors described previously.
For the six months ended April 30, 2000, selling expenses were $1,038,000,
compared to selling expenses of $1,002,000 for the first six months of fiscal
year 1999, an increase of $36,000, or 3.6%. As a percentage of net revenue,
selling expenses increased from 16.3% in the six months ended April 30, 1999 to
17.2% in the six months ended April 30, 2000. The increase in selling expenses
is primarily due to higher compensation for sales personnel and to the
reclassification of certain employees from operations to sales, offset in part
by a decrease in selling expenses as a result of the closure of facilities in
Boise, Idaho and Mansfield, Texas.
General and administrative ("G&A") expenses decreased to $906,000 in the
six months ended April 30, 2000 from $1,022,000 in the six months ended April
30, 1999, a decrease of $116,000, or 11.4%. As a percentage of net revenue, G&A
expenses decreased from 16.6% in the first six months of fiscal year 1999 to
15.0% in the comparable six months of fiscal year 2000. The decrease in the
amount of G&A expense is primarily attributable to a reduction of management
personnel related to corporate restructuring during the quarter ended April 30,
2000.
Restructuring and closure expenses for the six months ended April 30, 2000
totaled $398,000. There were no such expenses during the same period of the
prior fiscal year. See Note 2 above for a discussion of these expenses.
Interest expense for the six months ended April 30, 2000 was $580,000,
compared to $621,000 in the first six months of the prior fiscal year, a
decrease of $41,000, or 6.6%. The decrease in interest expense is the result of
lower interest expense on capital leases nearing maturity.
The loss before income taxes was $238,000 for the six months ended April
30, 2000, compared to income before taxes of $357,000 for the six months ended
April 30, 1999, a negative variance of $595,000. The loss before income taxes,
as a percentage of revenue, was 6.5% in the six months ended April 30, 2000,
compared to income before taxes of 5.8% as a percentage of revenue in the six
months ended April 30, 1999. This variance occurred as a result of the
aforementioned factors.
9
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LIQUIDITY AND CAPITAL RESOURCES
Our liquidity requirements arise from the funding of our working capital
needs, principally accounts receivable and inventories, as well as our capital
expenditure needs. Our primary sources for working capital have historically
been borrowings under debt facilities, leasing arrangements, trade payables and
the sale of our Common Stock.
During the six months ended April 30, 2000, net cash provided by operating
activities was $772,000, which resulted primarily from net loss of $396,000
adjusted for (a) depreciation and amortization expense of $996,000, (b) the
write-off of impaired customer lists of $151,000, (c) a provision for doubtful
accounts of $42,000 and (d) a loss on sale of assets of $12,000, all of which
were offset in part by a net increase of approximately $33,000 in working
capital items.
Net cash used for investing activities during the six months ended April
30, 2000 was $942,000, which consisted of (a) capital expenditures of $864,000
and (b) an increase of $118,000 in deposits and other assets, both of which were
offset in part by proceeds from sale of assets of approximately $40,000.
During the six months ended April 30, 2000, net cash provided by financing
activities totaled $146,000, consisting of (a) $200,000 in borrowings on
subordinated notes payable, (b) $447,000 in borrowings on a note payable to a
bank and (c) $743,000 in borrowings on long-term debt, all of which were offset
in part by (d) $385,000 in principal payments on long-term debt and (e) $859,000
in principal payments on capital lease obligations.
BORROWINGS ON SUBORDINATED DEBT
During the quarter ended April 30, 2000, the Company borrowed $100,000 from
each of two individuals, for an aggregate borrowing of $200,000. These loans are
unsecured and are subordinated to the bank credit facilities. The loans bear
interest at a rate of 10% per annum, with interest payable quarterly and
principal due in full in June 2001.
One of the individuals who made these subordinated loans to the Company is
the father of the President and CEO of the Company. We believe that the terms
and conditions of the loan from Mr. Whitman's father are no less favorable to
the Company than those that could have been obtained in a comparable transaction
with an unrelated party.
TRANSITION TO YEAR 2000
We did not experience any interruption to our business as a result of the
transition to January 1, 2000, and we are not aware of any Year 2000 related
problems associated with our internal systems or software, or with the software
and systems of our customers or suppliers. Costs incurred related to the
assessment and modification of our internal systems and software were less than
$15,000.
We expect most material Year 2000 compliance problems to have arisen on or
immediately after January 1, 2000, but cannot assure you that problems will not
emerge throughout the course of the year 2000 or even beyond. We intend to
maintain our efforts relating to internal Year 2000 compliance. However, we do
not anticipate any significant future costs with respect to this issue.
10
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None
ITEM 2. CHANGES IN SECURITIES.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
-------- -------------------
27.1 Financial Data Schedule.
(b) REPORTS ON FORM 8-K
None.
11
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SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
MEDICAL RESOURCES MANAGEMENT, INC.
Date June 14, 2000
By /s/RICHARD A. WHITMAN
---------------------------------------
Richard A. Whitman, President and CEO
12
