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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): April 15, 1998
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MEDICAL RESOURCES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-12461 13-3584552
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(State of other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
15 State Street, Hackensack, NJ 07601
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (201) 488-6230
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Item 5.
On April 15, 1998, Medical Resources, Inc. (the "Company") announced that it
will be unable to file its Annual Report on Form 10-K for the fiscal year ended
December 31, 1997 by the April 15, 1998 extended due date for such filing. A
copy of the Press Release issued by the Company is attached hereto as Exhibit
99.1 and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
99.1 Press Release, dated April 15, 1998, issued by Medical Resources, Inc.
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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.
MEDICAL RESOURCES, INC.
Dated: April 15, 1998 By: /s/ Geoffrey A. Whynot
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Name: Geoffrey A. Whynot
Title: Chief Financial Officer
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MEDICAL
RESOURCES, INC.
PRESS RELEASE
Medical Resources, Inc. Announces Further Delay in Filing Form 10-K;
Fourth Quarter and Full Year 1997 Results Expected Within 30 Days
Hackensack, NJ, April 15, 1998 -- Medical Resources, Inc. (NASDAQ:MRII) today
announced that it will be unable to file its 1997 Form 10-K with the Securities
and Exchange Commission by the April 15, 1998 extended due date for such filing.
The Company stated that it expects to release fourth quarter and full year
results for the period ended December 31, 1997, and file its 1997 Form 10-K,
within the next 30 days. At the time of Medical Resources' prior announcement
that it had filed for a 15-day extension of its Form 10-K, the Company indicated
that no assurance could be given the April 15 due date would be met.
"As previously disclosed, the delay in reporting and filing has been caused
principally by difficulties we've experienced integrating and consolidating the
financial and accounting systems of the many companies we acquired during 1997,"
said Duane C. Montopoli, Medical Resources' President and Chief Executive
Officer. "Getting a late start with the year-end closing also contributed
somewhat to the delay. We are making substantial progress, but we still have a
little ways to go to complete the year-end closing and audit processes. We look
forward to releasing our results as quickly as possible."
Commenting further, Mr. Montopoli, added, "In light of the systems integration
difficulties we've had to date, I'm very pleased to report that we are in the
process of installing a standardized radiology information system throughout our
diagnostic imaging business. This integrated state-of-the-art software, which
was acquired in our September, 1997 acquisition of Dalcon Technologies, Inc.,
handles scheduling, billing and collections, transcription and financial
reporting. Excepting only those relatively few imaging centers that will
continue to be covered by third party billing and collections agreements, we
expect this software technology to be fully on-line in existing facilities by
the end of the current calendar quarter."
Medical Resources specializes in the ownership, operation and management of
diagnostic imaging centers. The Company operates approximately 100 imaging
centers in the U.S. and provides network management services to managed care
organizations in regions where its centers are concentrated. Through its StarMed
Staffing subsidiary, the Company also provides temporary healthcare staffing to
acute and sub-acute care facilities nationwide.
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Note: This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual performance and
results may differ materially from that projected or suggested herein due to
certain risks and uncertainties including, without limitation the ability of the
Company to effectively integrate the operations and information
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systems of businesses acquired in 1997 and earlier; the ability of the Company
to generate net positive cash flows from operations; the payment timing and
ultimate collectibility of accounts receivable (including purchased accounts
receivable) from different payer groups (including Letter of Protection type);
the economic impact of involuntary share repurchases and other payments
(including price protection payments) caused by the delay in the effectiveness
of the Company's pending Registration Statement and by the recent decline in the
Company's share price; the impact of a changing and increasing mix of managed
care and personal injury claim business on contractual allowance provisions, net
revenues and bad debt provisions; the ultimate economic impact of recent
litigation including shareholder and former management lawsuits against the
Company and certain of its Directors; the availability of debt and/or equity
capital, on reasonable terms, to finance operations as needed and to finance
growth; and the effects of federal and state laws and regulations on the
Company's business over time. Additional information concerning certain risks
and uncertainties that could cause actual results to differ materially from that
projected or suggested is contained in the Company's filings with the Securities
and Exchange Commission (SEC) over the last 12 months, copies of which are
available from the SEC or from the Company upon request.
CONTACT:
MEDICAL RESOURCES, INC.
Geoffrey A. Whynot
Senior Vice President - Finance and
Chief Financial Officer
(201) 488-6230, Ext. 5460
D. Gordon Strickland
Chairman, Executive Committee of the Board of Directors
(717) 560-2907
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