SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report: August 4, 1997
ADVANCED NMR SYSTEMS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-11914 22-2457487
-------- ------- ----------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation or No.)
organization)
46 Jonspin Road, Wilmington, Massachusetts 01887
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(Address of principal executive offices)
Registrants Telephone Number including Area Code: (508)657-8876
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AMENDMENT NO. 2
The undersigned registrant hereby amends the following
items, financial statements, exhibits or other portions of its
Form 8-K filed on February 27, 1997 and Form 8-K/A filed on
April 16, 1997 as set forth in the pages attached hereto:
(List all such items, financial statements, exhibits or other
portions amended.)
1. Item 7, page 2 - Financial Statements - Amended to
reflect a change in accounting for the May 1996 issuance of
the convertible preferred stock and debentures (See Note 1
in CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)).
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
-----------------------------------------------------
and Exhibits
------------
Pro Forma Condensed Financial Information
The following unaudited pro forma condensed financial statements
set forth the financial position as of December 31, 1996, as if
the Merger of MDI with USD had occurred on that date, and the
results of operations for the twelve months ended September 30,
1996 and the three months ended December 31, 1996, as if the
Merger had occurred as of October 1, 1995 and October 1, 1996,
respectively. The pro forma condensed financial statements do
not purport to represent what ANMR's financial position or
results of operations would actually have been if the acquisition
had occurred on October 1, 1995 or October 1, 1996, or to project
ANMR's financial position or results of operations for any future
date or period. The financial statements filed under part (a) of
this item should be read in conjunction with these pro forma
condensed financial statements.
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<PAGE>
ADVANCED NMR SYSTEMS, INC.
PRO FORMA CONDENSED BALANCE SHEET
(In Thousands)
(Unaudited)
As of December 31, 1996
----------------------------------
Historical Pro Forma
---------- ---------
Advanced
NMR
Systems, Pro
Inc. Adjustments Forma
-------- ----------- -----
ASSETS
Current assets:
Cash and cash 1,326 6,792 8,118
equivalents . . . . . . .
Cash, restricted . . . . . 500 1,200 1,700
Accounts receivable . . . 7,931 (4,964) 2,967
Inventories . . . . . . . 466 466
Other current assets . . . 806 (538) 268
------ ------ ----
11,029 2,940 13,519
------ ------ ------
Equipment, building, 10,938 (9,934) 1,004
furniture & leasehold
improvements . . . . . . . .
Goodwill, net . . . . . . . . 25,979 (24,393) 1,586
Investment in and advances to 1,377 1,377
unconsolidated subsidiary . .
Other . . . . . . . . . . . . 638 (555) 83
------ ------ ------
TOTAL ASSETS . . . . . . . . 49,961 (32,392) 17,569
====== ====== ======
LIABILITIES AND STOCKHOLDER'S
EQUITY
Current Liabilities:
Accounts Payable . . . . . 1,354 (401) 953
Accrued Expenses . . . . . 2,461 (1,216) 1,245
Other current liabilities . 55 55
Current portion of long-
term debt and capital 14,460 (14,340) 120
lease obligations . . . . . ------ ------ ------
Total current 18,330 (15,957) 2,373
liabilities . . . . . . . ------ ------ ------
Long-term debt and capital
lease obligations, less
current portion . . . . . . . 6,546 (6,443) 103
Minority interest in net 1,686 (1,075) 611
assets of consolidated
entities . . . . . . . . . .
Stockholders' equity:
Preferred stock . . . . . . 1 1
Common stock . . . . . . . 383 383
Additional paid-in capital 55,350 55,350
Accumulated deficit . . . . (32,333) (8,917) (41,250)
------ ------ ------
23,401 (8,917) 14,484
Less: Treasury stock, (2) (2)
at cost . . . . . . . . . . ------ ------ -------
Total stockholders' 23,999 (8,917) 14,482
equity . . . . . . . . . ------ ------ ------
Total liabilities and 49,961 (32,392) 17,569
stockholders' equity . . . . ====== ====== ======
The accompanying notes are an integral part of these condensed financial
statements.
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<PAGE>
ADVANCED NMR SYSTEMS, INC.
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
(In Thousands except Per Share Data)
(Unaudited)
Three Months Ended
December 31, 1996
-------------------------------------
Historical Pro Forma
---------- ---------
Advanced
NMR
Systems,
Inc. Adjustments Pro Forma
-------- ----------- ---------
Revenues:
Net patient service revenue 6,414 (5,184) 1,230
Management fees and other 441 (208) 233
------ ------ ------
Total revenue . . . . . 6,855 (5,392) 1,463
------ ------ ------
Operating expenses:
Cost of service operations 4,331 (3,436) 895
Cost of systems sales . . 190 190
Selling, general and 1,257 (682) 575
administrative . . . . . . . .
Provision for bad debt and 563 (453) 110
collection costs . . . . . . . ------ ------ ------
Total operating costs . 6,341 (4,571) 1,770
------ ------ ------
Operating income . . . . . . . 514 (821) (307)
Other income . . . . . . . . . 223 0 223
Interest income . . . . . . . . 14 92 106
Interest expense . . . . . . . (502) 491 (11)
------ ------ ------
Income before minority interest,
equity in loss of
subsidiary and provision
for taxes . . . . . . . . . . . 249 (238) 11
Minority interest in net income (174) 166 (8)
of consolidated entities . . .
Equity in net loss of subsidiary
(474) (474)
------ ------ ------
Loss before income taxes . . . (399) (72) (471)
Provision for income taxes . . (21) (21)
------ ------ ------
Net Loss . . . . . . . . . . . (420) (72) (492)
====== ====== ======
Net Loss per share . . . . . . $ (.01) $ (.01)
====== ====== ======
Weighted average number
of Common Shares
outstanding . . . . . . . . . 35,334 -- 35,334
The accompanying notes are an integral part of these condensed financial
statements.
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<PAGE>
ADVANCED NMR SYSTEMS, INC.
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
(In Thousands except Per Share Data)
(Unaudited)
Twelve months Ended
September 30, 1996
-------------------------------------
Historical Pro Forma
---------- ---------
Advanced
NMR
Systems,
Inc. Adjustments Pro Forma
-------- ----------- ---------
Revenues:
Net patient service revenue . 25,481 (20,770) 4,711
Management fees and other . . 653 (653) 0
------- ------- -------
Total revenue . . . . . . . 26,134 (21,423) 4,711
------- ------- -------
Operating expenses:
Cost of service operations . . 16,206 (13,237) 2,969
Selling, general and 4,255 (3,419) 836
administrative . . . . . . . .
Provision for bad debt and 2,126 (1,738) 388
collection costs . . . . . . . ------- ------- -------
Total operating costs . . . 22,587 (18,394) 4,193
------- ------- -------
Operating income from continuing 3,547 (3,029) 518
operations . . . . . . . . . . .
Other income . . . . . . . . . . 126 (126) 0
Interest income . . . . . . . . . 213 356 569
Interest expense . . . . . . . . (1,848) 1,848 0
------- ------- -------
Income from continuing operations
before minority interest,
equity in loss of subsidiary and
provision for taxes 2,038 (951) 1,087
Minority interest in net income of (1,006) 846 (160)
consolidated entities . . . . . .
Equity in net loss of subsidiary (2,374) (2,374)
------- ------- -------
Loss from continuing operations (1,342) (105) (1,447)
before income taxes . . . . . . .
Provision for income taxes . . . (42) (42)
------- ------- -------
Loss from continuing operations . (1,384) (105) (1,489)
Loss from operations of (3,929) (3,929)
discontinued division . . . . . .
Loss on disposal of discontinued (3,510) (3,510)
division . . . . . . . . . . . . ------- ------- -------
Net Loss . . . . . . . . . . . . (8,823) (105) (8,928)
======= ======= =======
Loss per common share:
Loss from continuing
operations . . . . . . . . . . $ (.05) $ (.05)
Loss from operations of
discontinued division . . . . (.13) (.13)
Loss on disposal of
discontinued division . . . . (.11) (.11)
------- -------
Net Loss per share . . . . . . . $ (.29) $ (.29)
======= =======
Weighted average number of
common shares outstanding . . . 30,583 30,583
The accompanying notes are an integral part of these condensed financial
statements.
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<PAGE>
ADVANCED NMR SYSTEMS, INC.
NOTES TO PRO FORMA CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 Basis of Presentation
The consolidated financial statements include the accounts of the Company
and its wholly-owned subsidiaries, including MDI's wholly-owned
subsidiaries and various majority-owned or controlled partnerships and
joint ventures. All significant intercompany transactions have been
eliminated in consolidation.
The pro forma adjustments reflect the merger of MDI and USD and the
simultaneous assignment of MDI's rehabilitation services business to ANMR.
Note 2 Pro Forma Adjustments to Pro Forma Condensed Balance Sheet
As of December 31, 1996
-----------------------
(In Thousands, except
in test)
Debit (Credit)
Net consideration received for merger of
MDI with USD
Cash, net of transaction costs . . . . 7,405
Cash, restricted . . . . . . . . . . . 1,200
To record payoff of Chase debt
Current portion of long-term
and capital lease obligations . . . . 11,855
To record loss on merger, plus
transaction costs
Accumulated deficit . . . . . . . . . 8,917
Remove accounts of MDI Imaging
Services Business and payoff
Chase Debt
Cash and cash equivalents . . . . . . (613)
Accounts receivable . . . . . . . . . (4,964)
Other current assets . . . . . . . . . (538)
Equipment, building, furniture & (9,934)
leasehold improvements . . . . . . . .
Goodwill, net . . . . . . . . . . . . (24,393)
Other . . . . . . . . . . . . . . . . (555)
Accounts payable . . . . . . . . . . . 401
Accrued expenses . . . . . . . . . . . 1,216
Current portion of long-term debt and 2,485
capital lease obligations
Long-term debt and lease obligations 6,443
less current portion . . . . . . . . .
Minority interest in net assets of 1,075
consolidated entities . . . . . . . .
Note 3 Pro Forma Adjustments to Pro Forma Condensed Statement of Loss
Three months Twelve months
ended ended
December 31, 1996 September 30, 1996
----------------- ------------------
In Thousands, In Thousands,
except in text except in text
Debit (Credit) Debit (Credit)
Remove income for MDI Imaging
Services Business
Net patient service revenue 5,184 20,770
Management fees and other . 208 653
Cost of service operation . (3,436) (13,237)
Selling, general and (682) (3,419)
administrative . . . . .
Provision for bad debt and (453) (1,738)
collection costs . . . .
Other income . . . . . . . 0 126
Interest income . . . . . . 5 31
Interest expense . . . . . (491) (1,848)
Minority interest in net
income of consolidated (166) (846)
subsidiaries . . . . . .
Increase in interest income
from net proceeds Interest (97) (387)
income . . . . . . . . .
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<PAGE>
SIGNATURE
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Pursuant to the requirements of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
Advanced NMR Systems, Inc.
Date: August 4, 1997 By: /s/ Steven J. James
------------------------------
Steven J. James,
Chief Financial Officer
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