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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the quarterly period ended September 24, 1994
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OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 0-11618
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HPSC, INC.
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(Exact name of registrant as specified in its charter)
Delaware 04-2560004
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(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
60 STATE STREET, BOSTON, MASSACHUSETTS 02109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 720-3600
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(Former name, former address, and former fiscal year if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities and 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
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APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date COMMON STOCK, PAR VALUE $.01 PER
SHARE. SHARES OUTSTANDING AT NOVEMBER 1, 1994, 5,574,395.
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HPSC, INC.
EXHIBIT INDEX
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EXHIBIT
NO. TITLE PAGE
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10.1 First Amendment, dated as of September 2,
1994, to Revolving Credit Agreement, dated
as of June 23, 1994, among HPSC, Inc., The
First National Bank of Boston,
individually and as Agent, and Continental
Bank, N.A., individually and as Co-Agent.
10.2 Amendment and Restatement, dated November
4, 1994, of First Amendment, dated as of
September 2, 1994, to Revolving Credit
Agreement, dated as of June 23, 1993,
among HPSC, Inc., The First National Bank
of Boston, individually and as Agent, and
Bank of America , Illinois, individually
and as Co-Agent.
10.3 Stock Purchase Agreement, dated as of
November 1, 1994, by and among HPSC, Inc.
and each of Chemical Bank; The CIT
Group/Business Credit, Inc.; Van Kampen
Merritt Prime Rate Income Trust; the
Nippon Credit Bank, Ltd.; Union Bank of
Finland, Grand Cayman Branch; SPBC, Inc.;
The Bank of Tokyo Trust Company; and
Morgens, Waterfall, Vintiadis & Co. Inc.,
and related Schedules
27 Financial Data Schedule
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<LEGEND>
This schedule contains summary financial information extracted from the
filer's consolidated financial statements as of September 24, 1994 and
for the nine-month period then ended and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> DEC-25-1993
<PERIOD-END> SEP-24-1994
<CASH> 9,841
<SECURITIES> 0
<RECEIVABLES> 95,891
<ALLOWANCES> 6,008
<INVENTORY> 0
<CURRENT-ASSETS> 99,724
<PP&E> 853
<DEPRECIATION> 262
<TOTAL-ASSETS> 102,562
<CURRENT-LIABILITIES> 11,579
<BONDS> 47,522
<COMMON> 52
0
0
<OTHER-SE> 37,715
<TOTAL-LIABILITY-AND-EQUITY> 102,562
<SALES> 0
<TOTAL-REVENUES> 9,443
<CGS> 0
<TOTAL-COSTS> 5,237
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 524
<INTEREST-EXPENSE> 2,998
<INCOME-PRETAX> 684
<INCOME-TAX> 268
<INCOME-CONTINUING> 416
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 416
<EPS-PRIMARY> 0.08
<EPS-DILUTED> 0.08
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