<PAGE>
_______________________________________________________________________________
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
(Mark One)
___
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1993
OR
___
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. 1-6639
CHARTER MEDICAL CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 58-1076937
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
577 Mulberry Street, Macon, Georgia 31298
(Address of principal executive offices)
(Zip Code)
(912) 742-1161
(Registrant's telephone number, including area code)
See Table of Additional Registrants below.
___________
Not Applicable
(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 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
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
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes X No
The number of shares of the Registrant's Common Stock outstanding as of
January 31, 1994, was 26,741,280.
_______________________________________________________________________________
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<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Ambulatory Resources, Inc. Georgia 58-1456102 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Atlanta MOB, Inc. Georgia 58-1558215 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Beltway Community Hospital, Texas 58-1324281 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
C.A.C.O. Services, Inc. Ohio 58-1751511 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Charter Barclay Hospital, Illinois 58-1315760 4700 North Clarendon Avenue
Inc. Chicago, IL 60640
(312) 728-7100
Charter By-The-Sea, Inc. Georgia 58-1351301 2927 Demere Road
St. Simons Island, GA 31522
(912) 638-1999
Charter Canyon Hospital, Utah 58-1557925 175 West 7200 South
Inc. Midvale, UT 84047
(801) 561-8181
Charter Colonial Institute, Virginia 58-1492652 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Community Hospital Iowa 58-1523702 577 Mulberry Steet
of Des Moines, Inc. Macon, GA 31298
(912) 742-1161
Charter Community Hospital, California 58-1398708 21530 South Pioneer
Inc. Boulevard
Hawaiian Gardens, CA
90716
(310) 860-0401
Charter Fairmount Institute, Pennsylvania 58-1616921 561 Fairthorne Avenue
Inc. Philadelphia, PA 19128
(215) 487-4000
</TABLE>
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<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Forest Hospital, Inc. Louisiana 58-1508454 9320 Linwood Avenue
Shreveport, LA 71106
(318) 688-3930
Charter Health Management Texas 58-2025056 577 Mulberry Street
of Texas, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of New Mexico 58-1479480 5901 Zuni Road, SE
Albuquerque, Inc. Albuquerque, NM 87108
(505) 265-8800
Charter Hospital of Aurora, Colorado 58-1761037 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Austin, Texas 58-1440665 8402 Cross Park Drive
Inc. Austin, TX 78754
(512) 837-1800
Charter Hospital of Florida 58-1640244 577 Mulberry Street
Bradenton, Inc. Macon, Georgia 31298
(912) 742-1161
Charter Hospital of South Carolina 58-1761157 2777 Speissegger Drive
Charleston, Inc. Charleston, SC 29405-8299
(803) 747-5830
Charter Hospital of Virginia 58-1616917 2101 Arlington Boulevard
Charlottesville, Inc. Charlottesville, VA
22903-1593
(804) 977-1120
Charter Hospital of Missouri 61-1009977 200 Portland Street
Columbia, Inc. Columbia, MO 65201
(314) 876-8000
Charter Hospital of Ohio 58-1598899 577 Mulberry Street
Columbus, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Corona, California 95-2685883 2055 Kellogg Drive
Inc. Corona, CA 91720
(714) 735-2910
Charter Hospital of Texas 58-1513305 3126 Rodd Field Road
Corpus Christi, Inc. Corpus Christi, TX 78414
(512) 993-8893
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Hospital of Dallas, Texas 58-1513306 6800 Preston Road
Inc. Plano, TX 75024
(214) 964-3939
Charter Hospital of Denver, Colorado 58-1662413 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Colorado 58-1768534 577 Mulberry Street
Ft. Collins, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of California 58-1747020 577 Mulberry Street
Fountain Valley, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Texas 58-1818492 2300 William D. Tate Ave.
Grapevine, Inc. Grapevine, TX 76051
(817) 481-1900
Charter Hospital of North Carolina 58-1335184 700 Walter Reed Drive
Greensboro, Inc. Greensboro, NC 27403
(919) 852-4821
Charter Hospital of Mississippi 58-1616919 East Lakeland Drive
Jackson, Inc. Jackson, MS 39208
(601) 939-9030
Charter Hospital of Lake Louisiana 62-1152811 4250 Fifth Avenue, South
Charles, Inc. Lake Charles, LA 70605
(318) 474-6133
Charter Hospital of Texas 58-1491620 577 Mulberry Street
Laredo, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Nevada 58-1321317 7000 West Spring Mountain
Las Vegas, Inc. Road
Las Vegas, NV 89180
(702) 876-4357
Charter Hospital of Little Arkansas 58-1747019 1601 Murphy Drive
Rock, Inc. Maumelle, AR 72118
(501) 851-8700
Charter Hospital of Kentucky 58-1517503 1405 Browns Lane
Louisville, Inc. Louisville, KY 40207
(502) 896-0495
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Hospital of Miami, Florida 61-1061599 11100 N.W. 27th Street
Inc. Miami, FL 33172
(305) 591-3230
Charter Hospital of Wisconsin 58-1790135 11101 West Lincoln Avenue
Milwaukee, Inc. West Allis, WI 53227
(414) 327-3000
Charter Hospital of Mission California 58-1761156 23228 Madero
Viejo, Inc. Mission Viejo, CA 92691
(714) 830-4800
Charter Hospital of Mobile, Alabama 58-1318870 251 Cox Street
Inc. Mobile, AL 36604
(205) 432-4111
Charter Hospital of Northern New Jersey 58-1852138 577 Mulberry Street
New Jersey, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Kansas 58-1603154 8000 West 127th Street
Overland Park, Inc. Overland Park, KS 66213
(913) 897-4999
Charter Hospital of Portland, Oregon 58-1885554 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Georgia 58-0979827 577 Mulberry Street
Redlands, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Illinois 58-1754138 577 Mulberry Street
Rockford, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of California 58-1857277 101 Cirby Hills Drive
Sacramento, Inc. Roseville, CA 95678
(916) 969-4666
Charter Hospital of California 58-1669160 11878 Avenue of Industry
San Diego, Inc. San Diego, CA 92128
(619) 487-3200
Charter Hospital of Santa New Mexico 58-1584861 577 Mulberry Street
Teresa, Inc. Macon, GA 31298
(912) 742-1161
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Hospital of Georgia 58-1750583 1150 Cornell Avenue
Savannah, Inc. Savannah, GA 31416
(912) 354-3911
Charter Hospital of Sioux South Dakota 58-1674278 2812 South Louise Avenue
Falls, Inc. Sioux Falls, SD 57106
(605) 361-8111
Charter Hospital of Missouri 58-1583760 577 Mulberry Street
St. Louis, Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Tampa Florida 58-1616916 4004 North Riverside Drive
Bay, Inc. Tampa, FL 33603
(813) 238-8671
Charter Hospital of Toledo, Ohio 58-1731068 1725 Timberline Road
Inc. Maumee, Ohio 43537
(419) 891-9333
Charter Hospital of Torrance, California 58-1402481 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Hospital of Wichita, Kansas 58-1634296 8901 East Orme
Inc. Wichita, KS 67207
(316) 686-5000
Charter Hospital of Winston- North Carolina 56-1050502 3637 Old Vineyard Road
Salem, Inc. Winston-Salem, NC 27104
(919) 768-7710
Charter Imaging, Inc. Georgia 58-1527680 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Charter Lake Hospital, Inc. Georgia 58-1408670 3500 Riverside Drive
Macon, GA 31209
(912) 474-6200
Charter Lakeside Hospital, Tennessee 62-0892645 2911 Brunswick Road
Inc. Memphis, TN 38134
(901) 377-4700
Charter Medical - California, Georgia 58-1357345 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Medical - Clayton Georgia 58-1579404 577 Mulberry Street
County, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical - Cleveland, Texas 58-1448733 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Medical - Dallas, Texas 58-1379846 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Medical - Ft. Florida 58-1527678 577 Mulberry Street
Lauderdale, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical - Fort Indiana 58-1524996 1720 Beacon Street
Wayne, Inc. Fort Wayne, IN 46805
(219) 423-3651
Charter Medical - Florida 58-1483015 3947 Salisbury Road
Jacksonville, Inc. Jacksonville, FL 32216
(904) 296-2447
Charter Medical - Lake Indiana 58-1603160 101 West 61st Avenue
County, Inc. State Road 51
Hobart, IN 46342
(219) 947-4464
Charter Medical - Long California 58-1366604 6060 Paramount Boulevard
Beach, Inc. Long Beach, CA 90805
(310) 220-1000
Charter Medical - Marion Indiana 58-1674291 5602 Caito Drive
County, Inc. Indianapolis, IN 46226
(317) 545-2111
Charter Medical - New York, New York 58-1761153 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Medical - Southeast, Florida 58-1483014 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Medical - St. Joseph Indiana 58-1674287 6704 North Gumwood Drive
County, Inc. Granger, IN 46530
(219) 272-9799
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Medical - Tippecanoe Indiana 58-1603158 3700 Rome Drive
County, Inc. Lafayette, IN 47905
(317) 448-6999
Charter Medical - Vigo Indiana 58-1674293 1400 Crossing Boulevard
County, Inc. Terre Haute, IN 47802
(812) 299-4196
Charter Medical Cerritos, California 58-1473063 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Medical Corporation North Carolina 58-1463919 400 Newton Road
of Raleigh, Inc. Raleigh, NC 27615
(919) 847-0008
Charter Medical Executive Georgia 58-1538092 577 Mulberry Street
Corporation Macon, GA 31298
(912) 742-1161
Charter Medical Information Georgia 58-1530236 577 Mulberry Street
Services, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical International Georgia 58-1357343 577 Mulberry Street
- Arabia, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical Georgia 58-1249663 577 Mulberry Street
International, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical Nevada 58-1605110 577 Mulberry Street
International, S.A., Inc. Macon, GA 31298
(912) 742-1161
Charter Medical Management Georgia 58-1195352 577 Mulberry Street
Company Macon, GA 31298
(912) 742-1161
Charter Medical of North Carolina 58-1462214 3621 Randolph Road
Charlotte, Inc. Charlotte, NC 28211
(704) 365-5368
Charter Medical of East Tennessee 58-1410348 577 Mulberry Street
Tennessee, Inc. Macon, GA 31298
(912) 742-1161
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Medical of East Arizona 58-1643158 2190 N. Grace Boulevard
Valley, Inc. Chandler, AZ 85224
(602) 899-8989
Charter Medical of Ft. Texas 58-1643151 6201 Overton Ridge Blvd.
Worth, Inc. Fort Worth, TX 76132
(817) 292-6844
Charter Medical of North Arizona 58-1643154 6015 W. Peoria Avenue
Phoenix, Inc. Glendale, AZ 85311
(602) 878-7878
Charter Medical of Orange Florida 58-1615673 577 Mulberry Street
County, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical of Richmond Georgia 58-1615676 3100 Perimeter Parkway
County, Inc. Augusta, GA 30909
(404) 868-6625
Charter Medical of California 58-1366605 577 Mulberry Street
Sacramento, Inc. Macon, GA 31298
(912) 742-1161
Charter Medical of Thousand California 58-1731069 150 Via Merida
Oaks, Inc. Thousand Oaks, CA 91361
(805) 495-3292
Charter MOB of Virginia 58-1761158 1023 Millmont Avenue
Charlottesville, Inc. Charlottesville, VA 22901
(804) 977-1120
Charter National Laboratory, Tennessee 58-1860496 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter North Hospital, Inc. Alaska 58-1474550 2530 DeBarr Road
Anchorage, AK 99508-2996
(907) 258-7575
Charter Northside Hospital, Georgia 58-1440656 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Oak Hospital, Inc. California 58-1334120 1161 East Covina Boulevard
Covina, CA 91724
(818) 966-1632
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter of Alabama, Inc. Alabama 63-0649546 577 Mulberry Street
Macon, Georgia 31298
(912) 742-1161
Charter Palms Hospital, Inc. Texas 58-1416537 1421 E. Jackson Avenue
McAllen, TX 78502
(512) 631-5421
Charter Peachford Hospital, Inc. Georgia 58-1086165 2151 Peachford Road
Atlanta, GA 30338
(404) 455-3200
Charter Plains Hospital, Texas 58-1462211 801 N. Quaker Avenue
Inc. Lubbock, TX 79408
(806) 744-5505
Charter-Provo School, Inc. Utah 58-1647690 4501 North University Ave.
Provo, UT 84603
(801) 227-2000
Charter Psychiatric Hospitals, Delaware 58-1852072 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Charter Real, Inc. Texas 58-1485897 8550 Huebner Road
San Antonio, TX 78240
(512) 699-8585
Charter Regional Medical Texas 74-1299623 577 Mulberry Street
Center, Inc. Macon, Georgia 31298
(912) 742-1161
Charter Ridge Hospital, Inc. Kentucky 58-1393063 3050 Rio Dosa Drive
Lexington, KY 40509
(606) 269-2325
Charter Rivers Hospital, Inc. South Carolina 58-1408623 2900 Sunset Boulevard
West Columbia, SC 29171
(803) 796-9911
Charter Springs Hospital, Florida 58-1517461 3130 S.W. 27th Avenue
Inc. Ocala, FL 32678
(904) 237-7293
Charter Suburban Hospital, California 58-1394959 577 Mulberry Street
Inc. Macon, Georgia 31298
(912) 742-1161
</TABLE>
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<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Charter Suburban Hospital Texas 75-1161721 577 Mulberry Street
of Mesquite, Inc. Macon, GA 31298
(912) 742-1161
Charter Treatment Center of Michigan 58-2025057 577 Mulberry Street
Michigan, Inc. Macon, GA 31298
(912) 742-1161
Charter Vista Hospital, Inc. Arkansas 58-1449455 4253 Crossover Road
Fayetteville, AR 72701
(501) 521-5731
Charter Westbrook Hospital, Virginia 54-0858777 1500 Westbrook Avenue
Inc. Richmond, VA 23227
(804) 266-9671
Charter Winds Hospital, Inc. Georgia 58-1513304 240 Mitchell Bridge Road
Athens, GA 30604
(404) 546-7277
Charter Woods Hospital, Inc. Alabama 58-1330526 700 Cottonwood Road
Dothan, AL 36302
(205) 794-4357
Charterton/LaGrange, Inc. Kentucky 61-0882911 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
CCM, Inc. Nevada 58-1662418 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
CMCA, Inc. Georgia 58-1731354 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
CMCI, Inc. Nevada 88-0224620 1061 East Flamingo Road
Suite One
Las Vegas, NV 89119
(702) 737-0282
CMFC, Inc. Nevada 88-0215629 1061 East Flamingo Road
Suite One
Las Vegas, NV 89119
(702) 737-0282
CMHS, Inc. Alabama 58-1569921 5800 Southland Drive
Mobile, AL 36609
(205) 661-3001
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
CMSF, Inc. Florida 58-1324269 3550 Colonial Boulevard
Fort Myers, FL 33906
(813) 939-0403
CPS Associates, Inc. Virginia 58-1761039 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Desert Springs Hospital, Inc. Nevada 88-0117696 577 Mulberry Street
Macon, Georgia 31298
(912) 742-1161
Employee Assistance Services, Georgia 58-1501282 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Florida Health Facilities, Florida 58-1860493 21808 State Road 54
Inc. Lutz, Fl 33549
(813) 948-2441
Florida Residential Florida 58-1705131 1950 Benoist Farms Road
Treatment Centers, Inc. West Palm Beach, FL 33411
(407) 687-1511
Gwinnett Immediate Care Georgia 58-1456097 577 Mulberry Street
Center, Inc. Macon, GA 31298
(912) 742-1161
HCS, Inc. Georgia 58-1527679 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Holcomb Bridge Immediate Georgia 58-1374463 577 Mulberry Street
Care Center, Inc. Macon, GA 31298
(912) 742-1161
Hospital Investors, Inc. Georgia 58-1182191 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Kentucky Institute for Kentucky 61-1006115 435 Berger Road
Stress and Addiction, Inc. Paducah, KY 42002-7609
(502) 444-0444
Mandarin Meadows, Inc. Florida 58-1761155 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
</TABLE>
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<PAGE>
<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Metropolitan Hospital, Inc. Georgia 58-1124268 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Middle Georgia Hospital, Inc. Georgia 58-1121715 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Pacific-Charter Medical, Inc. California 58-1336537 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Physicians & Surgeons Louisiana 72-0686492 577 Mulberry Street
Hospital, Inc. Macon, GA 31298
(912) 742-1161
Richmond MOB, Inc. Virginia 58-1761160 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Rivoli, Inc. Georgia 58-1686160 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Shallowford Community Hospital, Georgia 58-1175951 577 Mulberry Street
Inc. Macon, GA 31298
(912) 742-1161
Shallowford Providers, Inc. Georgia 58-1900736 577 Mulberry Street
Macon, GA 31298
(912) 742-1161
Sistemas De Terapia Georgia 58-1181077 577 Mulberry Street
Respiratoria, S.A., Inc. Macon, GA 31298
(912) 742-1161
Structured Healthcare Georgia 58-1558212 577 Mulberry Street
Systems, Inc. Macon, GA 31298
(912) 742-1161
</TABLE>
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<PAGE>
<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL REGISTRANTS(1)
Address including zip code,
State or other and telephone number
Exact name of jurisdiction of I.R.S. Employer including area code,
registrant as specified incorporation Identification of registrant's principal
in its charter or organization Number executive offices
<S> <C> <C> <C>
Stuart Circle Hospital Virginia 54-0855184 577 Mulberry Street
Corporation Macon, GA 31298
(912) 742-1161
Western Behavioral California 58-1662416 577 Mulberry Street
Systems, Inc. Macon, GA 31298
(912) 742-1161
<FN>
(1) The Additional Registrants listed are wholly-owned subsidiaries of the Registrant and are
guarantors of the Registrant's 7.5% Senior Subordinated Debentures due 2003. The Additional
Registrants have been conditionally exempted, pursuant to Section 12(h) of the Securities
Exchange Act of 1934, from filing reports under Section 13 of the Securities Exchange Act of
1934.
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</TABLE>
<PAGE>
<PAGE>
FORM 10-Q
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
Page No.
<S> <C>
PART I - Financial Information:
Condensed Consolidated Balance Sheets -
December 31, 1993 and September 30, 1993...................... 4
Condensed Consolidated Statement of Operations -
For the Quarters ended December 31, 1993 and 1992............. 6
Condensed Consolidated Statement of Changes in
Stockholders' Equity - For the Quarter ended
December 31, 1993............................................. 7
Condensed Consolidated Statements of Cash Flows -
For the Quarters ended December 31, 1993 and 1992............. 8
Notes to Condensed Consolidated Financial Statements........... 9
Management's Discussion and Analysis of Financial
Condition and Results of Operations........................... 12
PART II - Other Information:
Item 6. - Exhibits and Reports on Form 8-K..................... 16
Signatures.......................................................... 17
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION
QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
PART I - FINANCIAL INFORMATION
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
</TABLE>
<TABLE>
<CAPTION>
December 31 September 30
ASSETS 1993 1993
<S> <C> <C>
Current Assets
Cash and cash equivalents....................... $ 59,250 $ 86,002
Cash collateral account......................... 392 5,426
Accounts receivable, net........................ 117,963 119,638
Supplies........................................ 4,956 5,051
Other current assets............................ 11,528 15,798
Total Current Assets......................... 194,089 231,915
Property and Equipment
Land............................................ 93,775 95,886
Buildings and improvements...................... 308,829 310,649
Equipment....................................... 67,846 67,421
470,450 473,956
Accumulated depreciation........................ (36,769) (30,098)
433,681 443,858
Construction in progress........................ 884 928
434,565 444,786
Other Long-Term Assets............................ 106,799 104,284
Reorganization Value in Excess of Amounts
Allocable to Identifiable Assets, net............ 49,401 57,201
__________ __________
$ 784,854 $ 838,186
</TABLE>
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except shares and per share data)
<TABLE>
<CAPTION>
December 31 September 30
LIABILITIES AND STOCKHOLDERS' EQUITY 1993 1993
<S> <C> <C>
Current Liabilities
Accounts payable.................................. $ 36,827 $ 52,264
Accrued expenses and other current liabilities.... 130,540 149,377
Current maturities of long-term debt and
capital lease obligations........................ 60,167 70,957
Total Current Liabilities.................... 227,534 272,598
Long-Term Debt and Capital Lease Obligations........ 340,699 350,205
Deferred Income Taxes............................... 31,232 38,789
Reserve for Unpaid Claims........................... 99,608 99,675
Deferred Credits and Other Long-Term Liabilities.... 18,553 19,621
Stockholders' Equity
Common Stock, par value $0.25 per share
Authorized - 80,000,000 shares
Issued and outstanding - 26,720,275 shares
at December 31, 1993 and 25,001,042 shares
at September 30, 1993.......................... 6,680 6,250
Other Stockholders' Equity
Additional paid-in capital...................... 239,381 237,581
Accumulated deficit............................. (63,289) (59,423)
Unearned compensation under ESOP................ (110,425) (122,724)
Warrants outstanding............................ 183 274
Cumulative foreign currency adjustments......... (5,302) (4,660)
Stockholders' Equity.......................... 67,228 57,298
Commitments and Contingencies
__________ __________
$ 784,854 $ 838,186
</TABLE>
The accompanying Notes to Condensed Consolidated Financial Statements are an
integral part of these balance sheets.
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
<TABLE>
<CAPTION>
For the Quarter ended
December 31
1993 1992
<S> <C> <C>
Net Revenue.................................... $208,817 $226,390
Costs and Expenses
Operating expenses........................... 152,442 159,754
Bad debt expense............................. 16,129 18,377
Depreciation and amortization................ 6,675 7,167
Amortization of reorganization value in
excess of amounts allocable to identifi-
able assets................................. 7,800 10,750
Interest, net................................ 8,367 18,984
ESOP expense................................. 12,299 9,005
Stock option expense......................... 6,195 2,261
209,907 226,298
Income (Loss) from continuing operations
before income taxes........................... (1,090) 92
Provision for income taxes..................... 2,776 4,120
Loss from continuing operations................ (3,866) (4,028)
Loss from discontinued operations (net of
income tax provision of $2,945)............... -- (3,196)
Net Loss....................................... $ (3,866) $ (7,224)
Average Number of Common Shares
Outstanding................................... 25,166 24,828
Loss per common share:
Loss from continuing operations.............. $(.15) $(.16)
Loss from discontinued operations............ -- (.13)
Net Loss..................................... $(.15) $(.29)
</TABLE>
The accompanying Notes to Condensed Consolidated Financial Statements are an
integral part of these statements.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)
Other Stockholders' Equity
Cumulative
Additional Unearned Foreign
Common Stock Paid-in Accumulated Compensation Warrants Currency
Shares Amount Capital Deficit Under ESOP Outstanding Adjustments
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at September 30, 1993..... 25,001 $6,250 $237,581 $(59,423) $(122,724) $ 274 $(4,660)
Additions (Deductions):
Net loss........................ -- -- -- (3,866) -- -- --
ESOP expense.................... -- -- -- -- 12,299 -- --
Stock option expense accrual.... -- -- 6,195 -- -- -- --
Exercise of stock options....... 1,682 421 (14,096) -- -- -- --
Exercise of warrants............ 37 9 277 -- -- (91) --
Tax benefit related to exercise
of stock options............... -- -- 9,424 -- -- -- --
Foreign currency translation
loss........................... -- -- -- -- -- -- (642)
Balance at December 31, 1993...... 26,720 $6,680 $239,381 $(63,289) $(110,425) $ 183 $(5,302)
The accompanying Notes to Condensed Consolidated Financial Statements are an
integral part of this statement.
</TABLE>
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
<TABLE>
<CAPTION>
For the Quarter ended
December 31
1993 1992
<S> <C> <C>
Cash Flows From Operating Activities
Net loss.......................................... $ (3,866) $(7,224)
Adjustments to reconcile net loss to net cash
used in operating activities:
Loss from discontinued operations............. -- 3,196
Depreciation and amortization................. 14,475 17,917
ESOP expense.................................. 12,299 9,005
Stock option expense.......................... 6,195 2,261
Non-cash interest expense..................... 677 1,467
Cash flows from changes in assets and
liabilities, net of effects from sales and
acquisitions of businesses:
Accounts receivable, net................... 1,679 (7,287)
Other assets............................... 3,692 (472)
Accounts payable and other accrued
liabilities............................... (28,107) (32,612)
Reserve for unpaid claims.................. 263 190
Income taxes payable....................... (14,392) 3,592
Other liabilities.......................... (1,887) 8,349
Other......................................... 549 (303)
Total adjustments............................ (4,557) 5,303
Net cash used in operating activities.... (8,423) (1,921)
Cash Flows From Investing Activities
Capital expenditures.............................. (2,651) (2,736)
Acquisitions of businesses........................ (1,733) --
(Increase) Decrease in assets restricted for
settlement of unpaid claims...................... 1,320 (1,222)
Proceeds from sale of assets...................... 5,196 5,893
Cash flows from discontinued operations........... -- 8,247
Net cash provided by investing
activities.............................. 2,132 10,182
Cash Flows From Financing Activities
Proceeds from issuance of debt.................... -- 17,200
Payments on debt and capital lease obligations.... (21,439) (52,880)
Proceeds from exercise of stock options and
warrants......................................... 734 --
Tax benefit related to the exercise of stock
options.......................................... 9,424 --
Income tax payments made on behalf of stock
optionee......................................... (14,214) --
(Increase) Decrease in cash collateral account.... 5,034 (17,139)
Net cash used in financing activities.... (20,461) (52,819)
Net decrease in cash and cash equivalents........... (26,752) (44,558)
Cash and cash equivalents at beginning of period.... 86,002 140,803
Cash and cash equivalents at end of period.......... $ 59,250 $ 96,245
</TABLE>
The accompanying Notes to Condensed Consolidated Financial Statements are an
integral part of these statements.
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 1993
(Unaudited)
NOTE A - Basis of Presentation
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments, consisting of
normal recurring adjustments considered necessary for a fair presentation,
have been included. These financial statements should be read in conjunction
with the audited consolidated financial statements of the Company for the year
ended September 30, 1993, included in the Company's Annual Report on Form 10-K.
NOTE B - Nature of Business
The Company's business is seasonal in nature, with a reduced demand for
certain services generally occurring in the fourth fiscal quarter and around
major holidays, such as Thanksgiving and Christmas. The Company's business is
also subject to general economic conditions and other factors. Accordingly,
the results of operations for the interim periods are not necessarily
indicative of the results expected for the year.
NOTE C - Supplemental Cash Flow Information
Below is supplemental cash flow information related to the quarters ended
December 31, 1993 and 1992:
<TABLE>
<CAPTION>
For the Quarter ended
December 31
1993 1992
(In thousands)
<S> <C> <C>
Income taxes paid, net of refunds received....... $ 7,534 $ 310
Interest paid, net of amounts capitalized........ 4,707 19,536
Payments to ESOP................................. -- 4,475
</TABLE>
<PAGE>
<PAGE>
NOTE D - Long-Term Debt and Leases
Information with regard to the Company's long-term debt and capital lease
obligations at December 31, 1993 and September 30, 1993 follows (in thousands):
<TABLE>
<CAPTION>
December 31 September 30
1993 1993
<S> <C> <C>
Financing under the Credit Agreement:
Tranche A Facility (6.5% at
December 31, 1993)............................ $ 73,505 $ 93,871
Tranche B Facility (5.525% to 8.375% at
December 31, 1993)............................ 67,619 67,619
Debentures due 2003 (net of discount of
$43,320 at December 31, 1993 and $43,997 at
September 30, 1993)............................. 156,680 156,003
8% to 16% Mortgage and other
collateralized notes payable through
1998............................................ 21,044 21,502
Variable rate secured notes due through
2013 (3.25% to 3.55% at December 31, 1993)...... 64,125 64,175
7.5% Swiss Bonds due currently................... 6,443 6,443
3.4% to 11.5% Capital lease obligations
due through 2014................................ 11,780 11,965
401,196 421,578
Less amounts due within one year............... 60,167 70,957
Less debt service funds........................ 330 416
$340,699 $350,205
</TABLE>
During October 1993, the Company made mandatory prepayments of
approximately $17.1 million to the Banks which represented 75% of net proceeds
from asset sales and estimated excess cash at September 30, 1993. In December
1993, the Company also made mandatory prepayments of approximately $3.3
million to the Banks which represented 75% of net proceeds from asset sales.
The Company made a mandatory payment of approximately $3.1 million to the
Banks in January 1994 which represented actual excess cash over estimated
excess cash at September 30, 1993. Additionally, in January 1994 the Company
made a voluntary prepayment to the Banks of $30 million which reduced the
amount due on March 31, 1994, to $2.5 million and the amount due on
September 30, 1994 to approximately $18.3 million.
NOTE E - Contingencies
General and Professional Liability
The Company is self-insured for a substantial portion of general and
professional liability risks. The reserves for self-insured general and
professional liability losses, including loss adjustment expenses, are based
on actuarial estimates using the Company's historical claims experience
adjusted for current industry trends. The reserve for unpaid claims is
adjusted as such claims mature, to reflect revised actuarial estimates based
on actual experience. While management and its actuaries believe that the
present reserve is reasonable, ultimate settlement of losses may vary from the
amount provided.
<PAGE>
<PAGE>
Litigation
In addition to general and professional liability claims, the Company is
subject to other claims, suits, surveys and investigations. This includes a
federal investigation of certain business practices of a subsidiary of the
Company that operates one psychiatric hospital. In the opinion of management,
the ultimate resolution of such other pending legal proceedings will not have
a material adverse effect on the Company's financial position or results of
operations.
<PAGE>
<PAGE>
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
December 31, 1993
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Growth and Expansion Strategy
The Company announced January 12, 1994, that it plans to become a family
of companies that finance, manage and deliver quality, cost-effective
behavioral healthcare. These companies would be coordinated to provide an
integrated, at-risk behavioral health delivery system that would be responsive
to patients, clinicians, managed care companies, employers, insurance
companies, and the new health plans and purchasing alliances anticipated in a
reformed health care system.
Two new businesses would be formed to implement the strategy: a
Technologies and Management Information Unit ("TMI Unit") and a clinical
services unit named Group Practice Affiliates, Inc. ("GPA"). The strategy
would also require the repositioning and expansion of the Company's current
facility-based services.
The TMI Unit would expand the Company's expertise in managing the cost
and quality of mental health care services along with the systems to document
outcomes and clinical results. During the first quarter of fiscal 1994, the
Company acquired Strategic Advantage, Inc., whose clinical outcome monitoring
systems track patient progress and help ensure patients receive cost-effective
and appropriate levels of service and medical attention.
The TMI Unit would also develop systems for maximizing the efficiency and
effectiveness of the scheduling of patients and clinical and support
personnel, and the use of materials, such as pharmaceuticals and supplies.
The systems would also provide case management services including outcome
measurement and protocol development, patient health status, longitudinal
patient record keeping and clinical credentialing.
The Company plans for GPA to acquire, develop and manage behavioral group
practices comprised of psychiatrists, psychologists and other mental health
professionals. The Company will provide the marketing, management and
financial resources necessary to expand and improve the economic vitality of
selected group practices.
The Company's growth and expansion strategy will require reconfiguring
and repositioning current hospital-based services to make them more flexible
and independent of traditional settings. The Company plans to offer new
clinical services and risk-bearing arrangements, form alliances with regional
medical systems and enter approximately 30 new geographic markets. The
implementation of the Company's new growth and expansion strategy will occur
over the next three years.
<PAGE>
<PAGE>
Results of Operations
Discontinued Operations
The results of operations of the general hospitals sold on September 30,
1993 have been reported as discontinued operations in the Company's financial
statements. Included in these amounts are net interest expenses related to
debt specifically identifiable as debt of the general hospitals. For the
first quarter of fiscal 1993, the core general hospitals had net revenue of
approximately $88.4 million and a net loss of approximately $3.4 million.
Management of the Company believes the sale of the general hospitals has
allowed the Company to concentrate its efforts on behavioral healthcare
systems. Additionally, the sale of the general hospitals allowed the Company
to reduce its long-term debt by approximately $308.5 million. As a result of
this debt pay off, mandatory and voluntary prepayments and scheduled payments
in fiscal 1993, net interest expense for the quarter ended December 31, 1993
decreased 56% as compared to the first quarter of fiscal 1993.
Psychiatric Hospital Operations
Selected statistics for the 75 psychiatric hospitals in operation at
December 31, 1993, by quarter for fiscal 1994 and fiscal 1993 follow:
<TABLE>
<CAPTION>
Fiscal Fiscal %
1994 1993 Change
<S> <C> <C> <C>
Licensed beds at:
December 31............................. 6,985 6,999 --
March 31................................ 7,049
June 30................................. 7,037
September 30............................ 6,977
Net revenue (in thousands):
Quarter:
First................................. $198,129 $ 212,683 (7)%
Second................................ 217,954
Third................................. 218,568
Fourth................................ 194,637
Year.................................... $ 843,842
Patient days:
Quarter:
First................................. 320,664 339,194 (5)
Second................................ 353,709
Third................................. 342,424
Fourth................................ 323,530
Year.................................... 1,358,857
Equivalent patient days:
Quarter:
First................................. 349,947 362,822 (4)
Second................................ 379,228
Third................................. 371,887
Fourth................................ 351,431
Year.................................... 1,465,368
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Fiscal Fiscal %
1994 1993 Change
<S> <C> <C> <C>
Net revenue per equivalent patient day:
Quarter:
First................................. $566 $586 (3)%
Second................................ 575
Third................................. 588
Fourth................................ 554
Year.................................... 576
Admissions:
Quarter:
First................................. 21,875 19,624 11
Second................................ 22,380
Third................................. 21,702
Fourth................................ 22,361
Year.................................... 86,067
Average length of stay:
Quarter:
First................................. 14.5 16.9 (14)
Second................................ 15.7
Third................................. 16.0
Fourth................................ 14.4
Year.................................... 15.7
</TABLE>
The Company's patient days for the first quarter of fiscal 1994 decreased
5% as compared to the same period of fiscal 1993 despite an 11% increase in
admissions. The decrease in patient days is due primarily to a 14% decrease
in the average length of stay per patient caused primarily by utilization
criteria imposed by third party payors regarding inpatient treatment.
The Company's decrease in net revenue and net revenue per equivalent
patient day is due primarily to a shift in payor mix toward more Medicare,
Medicaid and other cost-based business. The Company's revenue generated from
outpatient visits continues to increase. For the quarter ended December 31,
1993, gross outpatient revenue increased 33% to $29.1 million from $21.9
million for the first quarter of fiscal 1993. Net outpatient revenue for the
same period increased 22% to $16.6 million.
Consolidated Operating Expenses - The Company experienced a 5% decrease
in operating expenses for the first quarter of fiscal 1994, as compared to the
first quarter of fiscal 1993, primarily due to reductions in salaries and
benefits and other purchased services.
Bad debt expenses for the quarter ended December 31, 1993 decreased 12%
from the same period of the previous fiscal year. Bad debt expenses as a
percentage of net revenue decreased to 7.7% in the first quarter of fiscal
1994 from 8.1% in the first quarter of fiscal 1993.
Stock option expense for the first quarter of fiscal 1994 increased over
the same period of the previous year due to additional vesting, the increased
<PAGE>
<PAGE>
market price of the Company's common stock and a one-time charge of $3.9
million related to the exercise of certain options by a former employee and
director. During December 1993, the former employee and director exercised
approximately 2.2 million options to purchase shares of the Company's common
stock and surrendered approximately 570,000 of such optioned shares as
consideration for the payment of required withholding taxes. As a result, the
Company was required to make withholding tax payments on behalf of the former
employee of approximately $14.2 million which was charged against additional
paid-in capital. This charge was offset by a tax benefit recorded in
additional paid-in capital of approximately $9.4 million related to additional
stock option expense deductible for income tax purposes.
Liquidity and Sources of Capital
During October 1993, the Company made mandatory prepayments of
approximately $17.1 million to the Banks which represented 75% of net proceeds
from asset sales and estimated excess cash at September 30, 1993. In December
1993, the Company also made mandatory prepayments of approximately $3.3
million to the Banks which represented 75% of net proceeds from asset sales.
The Company made a mandatory payment of approximately $3.1 million to the
Banks in January 1994 which represented actual excess cash over estimated
excess cash at September 30, 1993. Additionally, in January 1994 the Company
made a voluntary prepayment to the Banks of $30 million which reduced the
amount due on March 31, 1994, to $2.5 million and the amount due on
September 30, 1994 to approximately $18.3 million. As of January 31, 1994,
the Company had an available commitment of $50 million under the Credit
Agreement.
During the first quarter of fiscal 1994, the Company incurred
approximately $2.7 million in capital expenditures primarily for routine
capital replacement. The Company also incurred expenditures of approximately
$1.7 million for the acquisition of a business related to the implementation
of the Company's new growth and expansion strategy. The capital outlays were
financed from cash provided by operations. The Company anticipates that
capital expenditures for fiscal 1994 relating to existing hospitals will be
approximately $15 million and will be financed from cash provided by
operations.
The number of days net patient revenue in net patient accounts receivable
was 60 days at December 31, 1993 and 61 days at September 30, 1993.
<PAGE>
<PAGE>
FORM 10-Q
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 6. - Exhibits and Reports on Form 8-K
(a) Report on Form 8-K
There were no Current Reports on Form 8-K filed by the Registrant
with the Securities and Exchange Commission during the quarter ended
December 31, 1993.
<PAGE>
<PAGE>
FORM 10-Q
CHARTER MEDICAL CORPORATION AND SUBSIDIARIES
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.
CHARTER MEDICAL CORPORATION
(Registrant)
Date: February 11, 1994 /s/ Lawrence W. Drinkard
Lawrence W. Drinkard
Executive Vice President - Finance
(Chief Financial Officer)
Date: February 11, 1994 /s/ John R. Day
John R. Day
Vice President and Controller
(Principal Accounting Officer)
