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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
October 26, 1995
SUNRISE MEDICAL INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
0-12744 95-3836867
(Commission File Number) (I.R.S. Employer Identification No.)
2382 Faraday Avenue, Suite 200
Carlsbad, California 92008
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code
(619) 930-1500
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Item 5. Other Events.
On October 26, 1995, the Registrant issued the press release attached
hereto as Exhibit A announcing that it had commenced an internal investigation
of its financial controls and financial statements for previously reported
periods to determine the nature and extent of accounting practices at a Company
subsidiary that may have been inconsistent with generally accepted accounting
principles. In addition, the Registrant announced that it expects to delay the
announcement of results of operations for the three month period ended September
29, 1995 and its annual meeting of shareholders currently scheduled for November
7, 1995, pending further developments.
Item 7. Exhibits.
A. Press Release dated October 26, 1995
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 hereunto duly authorized.
SUNRISE MEDICAL INC.
By Steven Jaye
Vice President, General Counsel and
Secretary
Date: October 26, 1995
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EXHIBIT A
PRESS RELEASE
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October 26, 1995
SUNRISE MEDICAL ANNOUNCES SPECIAL COMMITTEE FORMATION
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CARLSBAD, Calif.--Sunrise Medical Inc. (NYSE:SMD) announced today that it
has commenced an internal investigation of its financial controls and financial
statements for previously reported periods to determine the nature and extent of
accounting practices at a Company subsidiary that may have been inconsistent
with generally accepted accounting principles. The Company's Board of Directors
has formed a Special Committee, consisting of outside members of the Board, to
oversee the internal investigation. Based on currently available information,
the net income and assets of the Company may have been overstated for previously
reported periods. These overstatements may be material and may require
restatements of the Company's financial statements for those fiscal years and
fiscal quarters.
Since the internal investigation is in its preliminary stage, the Company
does not have an estimate of the amounts of adjustments or changes, including
earnings per share, that may be required. The internal investigation is focused
on the Bio Clinic and Comfort Clinic divisions of its subsidiary, Bio Clinic
Corporation, although the Special Committee will vigorously pursue any other
indications of financial irregularity that arise as part of its investigation.
During the investigation, the president and chief operating officer of
Sunrise Medical and two other executives, currently or previously associated
with Bio Clinic, have been placed on a paid leave of absence.
The Company expects to delay the announcement of results of operations for
the three month period ended September 29, 1995 and its annual meeting of
shareholders currently scheduled for November 7, 1995, pending further
developments.
Sunrise Medical designs, manufactures and markets medical products used in
institutional and home care settings that address the recovery, rehabilitation
and respiratory needs of the patient.
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