<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter period ended April 30, 1995
--------------
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 Number
0-14003
------------
ROTECH MEDICAL CORPORATION
------------------------------
(Exact name of Registrant as specified on its Charter)
Florida 59-2115892
------------ --------------
(State or jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4506 L.B. McLeod Road, Suite F, Orlando, Florida 32811
- ----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 841-2115
- ----------------------------------------------------------------------
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
---- ----
Indicate the number of shares outstanding of each class of issuer's classes of
common stock as of June 13, 1995: 11,649,624
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
________________________________________________________________________________
Index
<TABLE>
<CAPTION>
Page
<S> <C>
Part I. Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance
Sheets, Interim at April 30, 1995
and Year End at July 31, 1994 1
Condensed Consolidated Interim
Statements of Income for the
Three Months and Nine Months Ended
April 30, 1995 and 1994 2
Condensed Consolidated Interim
Statements of Shareholders' Equity
for the Nine Months Ended April
30, 1995 and 1994 3
Condensed Consolidated Interim
Statements of Cash Flows for the
Nine Months Ended April 30, 1995
and 1994 4
Notes to Condensed Consolidated
Interim Financial Statements 5
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 10
Part II. Other Information 13
Signature 14
</TABLE>
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
April 30
1995 July 31
(Unaudited) 1994
---------------- ----------------
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 2,388,046 $ 331,681
Accounts Receivable:
Trade, less allowance for contractual
adjustments and doubtful accounts 37,016,068 29,568,314
Other 2,902,861 1,622,975
Inventories 10,483,661 5,918,437
Prepaid expenses 429,217 711,350
----------- -----------
Total Current Assets 53,219,853 38,152,757
Other Assets:
Intangible assets, less accumulated amortization 49,550,697 30,880,930
Other assets 342,940 2,009,230
----------- ----------
49,893,637 32,890,160
Property and equipment, less accumulated depreciation 32,670,855 23,389,838
----------- ----------
TOTAL ASSETS $135,784,345 $94,432,755
============ ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, accrued expenses and
other liabilities $ 8,709,896 $ 5,521,033
Notes payable to banks 27,497,000 4,098,000
Income taxes payable 1,794,716 750,609
----------- ----------
Total Current Liabilities 38,001,612 10,369,642
Deferred income taxes 1,342,650 742,650
Shareholders' Equity:
Common Stock, par value $.0002 per share,
50,000,000 shares authorized, 9,756,273 shares
at April 30, 1995 and 9,504,770 shares
at July 31, 1994 issued and outstanding 1,960 1,909
Treasury stock, at cost (814,535) (814,535)
Additional paid-in capital 68,493,297 64,520,077
Retained earnings 28,759,361 19,613,012
----------- ----------
96,440,083 83,320,463
----------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $135,784,345 $94,432,755
============ ===========
</TABLE>
Note: The consolidated balance sheet at July 31, 1994 has been condensed from
the audited financial statements at that date.
See notes to condensed consolidated interim financial statements.
1
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Condensed Consolidated Interim Statements of Income
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
April 30 April 30 April 30 April 30
1995 1994 1995 1994
(Unaudited) (Unaudited)
----------------------------------- ------------------------------------
<S> <C> <C> <C> <C>
Operating revenue $35,031,464 $18,138,769 $94,336,199 $48,031,489
Cost and expenses:
Cost of revenue 9,226,431 4,496,422 25,620,513 12,108,625
Selling, general and administrative 17,915,022 8,907,000 47,449,051 24,233,405
Depreciation and amortization 2,186,204 1,274,675 6,046,955 3,206,435
Interest 452,961 20,250 763,331 24,022
----------- ----------- ----------- -----------
29,780,618 14,698,347 79,879,850 39,572,487
----------- ----------- ----------- -----------
Income before income taxes 5,250,846 3,440,422 14,456,349 8,459,002
Income tax expense 1,900,000 1,225,000 5,310,000 2,987,900
----------- ----------- ----------- -----------
Net Income $ 3,350,846 $ 2,215,422 $ 9,146,349 $ 5,471,102
=========== =========== =========== ===========
Net Income Per Share $0.34 $0.26 $0.92 $0.70
=========== =========== =========== ===========
Weighted Average Number
of Shares Outstanding 9,900,423 8,595,653 9,982,972 7,818,193
</TABLE>
See notes to condensed consolidated interim financial statements.
2
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Condensed Consolidated Interim Statements of Shareholders' Equity
<TABLE>
<CAPTION>
Treasury Additional
Common Stock Stock Paid-in Retained
Shares Amount Capital Earnings
(Unaudited)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance, August 1, 1993 7,242,825 $1,449 --- $24,695,107 $11,500,792
Issuance of Common Stock pursuant to
Employee Stock Compensation Plan 600 0 6,346
Issuance of Common Stock in acquisition 358,587 71 3,814,272
of subsidiaries
Issuance of Common Stock in Public
Offering 2,000,000 400 36,751,842
Net income for the nine months
ended April 30, 1994 5,471,102
---------- --------- ---------- ------------- -----------
Balance, April 30, 1994 9,602,012 $1,920 --- $65,267,567 $16,971,894
========== ========= ========== ============= ===========
Balance, August 1, 1994 9,504,770 $1,909 ($814,535) $64,520,077 $19,613,012
Issuance of Common Stock pursuant to
Employee Stock Compensation Plan 19,268 4 230,214
Issuance of Common Stock in acquisition
of subsidiaries 232,235 47 3,743,006
Net income for the nine months
ended April 30, 1995 9,146,349
---------- --------- ---------- ------------- -----------
Balance, April 30, 1995 9,756,273 $1,960 ($814,535) $68,493,297 $28,759,361
========== ========= ========== ============= ===========
</TABLE>
See notes to condensed consolidated interim financial statements.
3
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Condensed Consolidated Interim Statements of Cash Flows
<TABLE>
<CAPTION>
Nine Months Ended
April 30 April 30
1995 1994
(Unaudited)
________________________________
<S> <C> <C>
Net Cash Provided by (Used In) Operating Activities $8,844,835 ($2,572,694)
Investing Activities
Purchase of property and equipment (9,465,837) (5,479,478)
Changes in advances and deposits (171,939) (231,256)
Net payments for acquisitions and dispositions of
net assets, net of cash acquired (20,549,694) (8,165,845)
------------- ----------
Net Cash Used in Investing Activities (30,187,470) (13,876,579)
Financing Activities
Proceeds from issuance of Common Stock - 36,752,242
Net proceeds from notes payable 23,399,000 -
------------- -----------
Net Cash Provided by Financing Activities 23,399,000 36,752,242
------------- -----------
Increase in Cash 2,056,365 20,302,969
Cash at Beginning of Period 331,681 2,617,013
-------------- -----------
Cash at End of Period $2,388,046 $22,919,982
============== ===========
</TABLE>
4
See notes to condensed consolidated interim financial statements.
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
________________________________________________________________________________
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited)
Note A - Basis of Reporting
The condensed consolidated interim balance sheet as of April 30, 1995
and the condensed consolidated interim statements of income, shareholders'
equity and cash flows for the three months and nine months ended April 30, 1995
and 1994 are unaudited. In the opinion of management, these statements have
been prepared on the same basis as the audited consolidated financial statements
and include all adjustments, consisting only of normal recurring accruals,
necessary for the fair statement of the results of the interim periods.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. These condensed consolidated
financial statements should be read in conjunction with the financial statements
and notes thereto included in the Company's consolidated audited financial
statements as of and for the year ended July 31, 1994. The results of
operations for the interim period are not necessarily indicative of the results
which may be expected for an entire year.
Certain prior year amounts have been reclassified to conform with the
current year classification.
Note B - Subsequent Events
On May 10, 1995, the Company completed a public offering of 1.7
million shares of its Common Stock at $31.00 per share. The proceeds of the
sale, after deducting issuance costs, were approximately $50 million. The
Company used approximately $27 million of the net proceeds to reduce outstanding
debts. Pending utilization for acquisitions and expansion, the remaining net
proceeds of $23 million were invested in short-term, interest-bearing
obligations.
During the period May 1, 1995 to June 1, 1995, the Company issued
193,351 shares of its restricted Common Stock valued at approximately $4.2
million and paid cash of approximately $16 million to purchase the net assets of
seven home health care companies based in Arkansas, Florida, Louisiana,
Mississippi , Montana, Texas and Wyoming.
Effective June 1, 1995 the Company obtained an increase in its line of
credit to $75 million. The line of credit requires compliance by the Company
with certain financial and negative covenants, including a restriction on
dividends. Management believes that this credit capacity and cash flow from
operations, in addition to the net proceeds from the May 1995 offering, will be
sufficient for the Company's projected growth in the near future.
5
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
________________________________________________________________________________
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited)-continued
Note C - Pro Forma Condensed Combined Statements of Income
The pro forma condensed combined statement of income for the year
ended July 31, 1994 has been prepared to illustrate the estimated combined
effects of the various Agreements of Purchase and Sale (Agreements) upon RoTech
Medical Corporation (the Company) for those acquisition transactions consummated
between August 1, 1994 and June 1, 1995. The pro forma condensed combined
statement of income was derived by adjusting the historical statement for the
year ended July 31, 1994 of the Company and the unaudited historical statements
of income for the most recent fiscal year end of the unaudited acquired
entities.
The pro forma condensed combined statement of income for the nine
months ended April 30, 1995 was derived by adjusting the unaudited historical
statement of income for the nine months ended April 30, 1995 of the Company and
the unaudited historical statements of income for the acquired entities for the
period prior to their respective inclusion in the unaudited historical statement
of income of the Company for the nine months ended April 30, 1995. The entities
acquired prior to April 30, 1995 are included in the Company's balance sheet as
of April 30, 1995.
The operations of any entities acquired subsequent to April 30, 1995
are not included in the Company's historical statement of income as presented
herein. The net assets of any entities acquired subsequent to April 30, 1995
are not included in the Company's balance sheet as of April 30, 1995.
The pro forma condensed combined statements of income were prepared as
if the purchases and sales had occurred on August 1, 1993. The pro forma
condensed combined statements of income presented are not necessarily indicative
of the results of operations that might have occurred had such transactions been
completed as of the date specified or of the results of operations of the
Company and its subsidiaries for any future period.
No changes in operating revenue and expenses have been made to reflect
the results of any modification to operations that might have been made had the
Agreements been consummated on the aforesaid assumed effective date for purposes
of presenting pro forma results. Certain supportable payroll costs attributable
to acquired entities' employees whose services would have been terminated upon
the effective date of purchase and sale have been eliminated. The acquisitions
have been accounted for in accordance with the purchase method of accounting.
The pro forma condensed combined statements of income include amortization of
goodwill as if the Agreements had been completed on the assumed effective date
referred to above.
The pro forma condensed combined statements of income should be read
in conjunction with the audited consolidated financial statements and related
notes thereto included elsewhere herein.
6
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Pro Forma Condensed Combined Statements of Income
<TABLE>
<CAPTION>
For the Year Ended July 31, 1994
----------------------------------------------------------------------------------
(Unaudited)
RoTech RoTech
Medical Medical
Corporation Corporation
Consolidated Combined Combined
Year Ended Acquired Pro Forma Pro Forma
July 31, 1994 Entities Adjustments Results
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operating revenue $71,469,618 $31,163,311 $102,632,929
Cost and expenses:
Cost of revenue 17,408,548 9,226,947 26,635,495
Selling, general
and administrative 35,879,483 16,440,607 (150,000) (a) 52,170,090
Depreciation and amortization 5,338,494 1,045,787 1,660,811 (b) 8,045,092
Interest 66,676 262,564 1,208,686 (c) 1,537,926
----------- ----------- ----------- ------------
58,693,201 26,975,905 2,719,497 88,388,603
----------- ----------- ----------- ------------
Income before income taxes 12,776,417 4,187,406 (2,719,497) 14,244,326
Income tax expense 4,664,197 1,532,224 (989,098) (d) 5,207,323
----------- ----------- ----------- ------------
Net Income $ 8,112,220 $ 2,655,182 $(1,730,399) $ 9,037,003
=========== =========== =========== ============
Net Income Per Share $0.99 $1.08
=========== ============
Weighted Average Number
of Shares Outstanding 8,147,144 193,351 (e) 8,340,495
</TABLE>
7
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Pro Forma Condensed Combined Statements of Income
<TABLE>
<CAPTION>
For the Year Ended April 30, 1995
----------------------------------------------------------------------------------
(Unaudited)
RoTech
Medical RoTech
Corporation Medical
Consolidated Corporation
Nine Months Combined Combined
Ended Acquired Pro Forma Pro Forma
April 30, 1995 Entities Adjustments Results
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operating revenue $94,336,199 $9,295,760 $103,631,959
Cost and expenses:
Cost of revenue 25,620,513 3,269,955 28,890,468
Selling, general
and administrative 47,449,051 4,638,817 (112,500) (a) 51,975,368
Depreciation and amortization 6,046,955 118,396 615,884 (b) 6,781,235
Interest 763,331 42,098 448,225 (c) 1,253,654
----------- ----------- ----------- ------------
79,879,850 8,069,266 951,609 88,900,725
----------- ----------- ----------- ------------
Income before income taxes 14,456,349 1,226,494 (951,609) 14,731,234
Income tax expense 5,310,000 489,700 (396,239) (d) 5,403,461
----------- ----------- ----------- ------------
Net Income $ 9,146,349 $ 736,794 ($555,370) $ 9,327,773
=========== =========== =========== ============
Net Income Per Share $0.92 $0.92
=========== ============
Weighted Average Number
of Shares Outstanding 9,982,972 193,351 (e) 10,176,323
</TABLE>
8
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Notes to Condensed Consolidated Interim Financial Statements
(Unaudited)-continued
Note C - Pro Forma Condensed Combined Statements of Income-continued
(a) Supportable general and administrative expenses relating directly to the
payroll and related expenses of those terminated employees determined to be
duplicated by the Company's existing personnel and therefore would not be
needed after the acquisitions.
(b) Amortization on intangibles recorded in the combined acquisitions
(amortized over various lives from 5 to 25 years).
(c) Additional interest expense related to borrowings for cash paid to acquire
combined entities; assumed borrowed on August 1, 1993.
(d) Adjustment to income tax expense for the tax expense relating to the net
income as adjusted for the combined acquired entities. Income taxes are
calculated on the basis that operations of the consolidated company could
be combined as one company for federal income tax purposes at the actual
historical rate for the period. No assurance can be given that these tax
benefits will be realizable by the Company.
(e) Additional shares of the Company's Common Stock issued pursuant to the
Agreements; assumed issued on August 1, 1993.
9
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations
For the Three Months and Nine Months Ended
April 30, 1995, and 1994
Operating revenue increased 93% to $35,031,000 for three months ended
April 30, 1995 from $18,139,000 for three months ended April 30, 1994.
Operating revenue increased 96% to $94,336,000 for the nine months ended April
30, 1995 from $48,031,000 for the nine months ended April 30, 1994. These
increases are discussed by respective lines of business below.
Operating revenue from home respiratory and other medical equipment
increased 116% to $22,123,000 for the three months ended April 30, 1995 from
$10,229,000 for the three months ended April 30, 1994. Operating revenue from
home respiratory and other medical equipment increased 121% to $60,781,000 for
the nine months ended April 30, 1995 from $27,479,000 for the nine months ended
April 30, 1994. Acquisitions of businesses that focus on these products
continue to be a strategic part of the Company's growth. Maturation of existing
locations has led to increases in the types and quantities of products and
services provided to the Company's referral sources and patient bases.
Operating revenue from pharmacy and home infusion therapy products and
services increased 37% to $8,811,000 for the three months ended April 30, 1995
from $6,442,000 for the three months ended April 30, 1994. Operating revenue
from pharmacy and home infusion therapy products and services increased 36% to
$24,512,000 for the nine months ended April 30, 1995 from $18,053,000 for the
nine months ended April 30, 1994. Pricing for these products and services
appears to have stabilized and the Company has experienced unit growth and new
demand for home infusion therapy in its markets.
Operating revenue from physician practices increased to $4,097,000 for
the three months ended April 30, 1995 from $1,468,000 for the three months ended
April 30, 1994. Operating revenue from physician practices increased to
$9,043,000 for the nine months ended April 30, 1995 from $2,500,000 for the nine
months ended April 30, 1994. The Company currently owns 18 physician practices
which are clustered in two rural marketplaces. Growth in this line of business
should continue as the Company continues to acquire primary care physician
practices.
Cost of revenue as a percentage of operating revenue increased to
26.3% for the three months and 27.1% for the nine months ended April 30, 1995
from 24.8% for the three months and 25.2% for the nine months ended April 30,
1994. The addition of new entities coupled with changes in the product mix at
existing locations causes this relationship to be subject to constant change.
Consolidation of purchasing functions and purchasing power is an on-going task
as the Company continues to acquire businesses with varied needs, strengths and
product mixes. Selling, general and administrative expenses as a percentage of
operating revenue increased to 51.1% for the three months and 50.3% for the nine
months ended April 30, 1995 from 49.1% and 50.5% for the respective periods in
the prior year. Changes in the Company's mix of business affect these
categories, for example, physician practices have no cost of revenue, since
expenses are of a selling,
10
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Management's Discussion and Analysis of Financial Condition and Results of
Operation
general and administrative nature.
Depreciation and amortization expense increased 72% to $2,186,000 for
the three months ended April 30, 1995 from $1,275,000 for the three months ended
April 30, 1994. Depreciation and amortization expense increased 89% to
$6,047,000 for the nine months ended April 30, 1995 from $3,206,000 for the nine
months ended April 30, 1994. Depreciation and amortization expense as a
percentage of operating revenue was 6.4% for the nine months ended April 30,
1995 compared to 6.7% for the nine months ended April 30, 1994. The increase
was attributable to the Company's purchases of fixed and intangible assets
resulting from its various acquisitions along with additional rental equipment
purchased to support internal growth.
Interest expense increased to $453,000 for the three months ended
April 30, 1995 from interest expense of $20,000 for the three months ended April
30, 1994. Net interest expense increased to $763,000 for the nine months ended
April 30, 1995 from $24,000 for the nine months ended April 30, 1994. The
Company received funding from its recent public offering in early May, 1995.
See Liquidity and Capital Resources for further discussion.
Income taxes were provided based on an effective tax rate at 36.7% for
the nine months ended April 30, 1995, compared to 35.3% for the nine months
ended April 30, 1994.
As a result of the foregoing, net income increased 67% to $9,146,000
for the nine months ended April 30, 1995 from $5,471,000 for the nine months
ended April 30, 1994. Net income as a percentage of operating revenue decreased
to 9.7% for the nine months ended April 30, 1995 from 11.4% for the nine months
ended April 30, 1994.
Liquidity and Capital Resources
At April 30, 1995, total current assets were $53,200,000 and total
current liabilities were $38,002,000, resulting in working capital of
$15,198,000. The Company's current ratio was 1.40 to 1.00 at April 30, 1995
compared to 3.68 to 1.00 at July 31, 1994, as borrowings from banks have
increased to $27,497,000 from $4,098,000.
Net trade accounts receivable increased 25% or $7,448,000 to
$37,016,000 in the nine months ended April 30, 1995. The Company's days revenue
outstanding on net accounts receivable were 95 days at April 30, 1995 compared
to 112 days at April 30, 1994. Acquired receivables with no corresponding
revenue account for approximately 10 days and 5 days revenue outstanding on net
accounts receivable at April 30, 1995 and April 30, 1994, respectively.
11
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Management's Discussion and Analysis of Financial Condition and Results of
Operations
During the nine months ended April 30, 1995, the Company generated
cash of $8,845,000 from operating activities, primarily as a result of net
income of $9,146,000 and the timing of purchases of and payments for operating
items. As of April 30, 1995, the Company had borrowed $27,500,000 on its
working capital line of credit of $50,000,000 to fund certain acquisitions.
On May 10, 1995, the Company completed a public offering of 1,700,000
shares of its Common Stock at $31.00 per share. The proceeds of the sale, after
deducting issuance costs, were approximately $50,000,000. The Company used
approximately $27,000,000 of the net proceeds to reduce outstanding debts.
Pending utilization for expansion and acquisitions, the remaining net proceeds
will continue to be invested in short-term interest-bearing tax-exempt
obligations.
As of April 30, 1995, the Company had a working capital and
acquisition line of credit of $50,000,000, with approximately $22,500,000
available for future borrowing. The working capital and acquisition line of
credit carries a negative pledge on all Company assets, is payable on demand and
provides for interest rates, at the Company's election, of LIBOR plus .75% or
prime rate minus 1% for the first $20,000,000 advanced to the Company and LIBOR
plus .875% or prime rate minus 1% for any advances in excess of the first
$20,000,000.
Effective June 1, 1995, the Company obtained an increase in its line
of credit to $75,000,000. The $75,000,000 line of credit provides for interest
rates which are 5 basis points less than the $50,000,000 line of credit. The
line of credit requires compliance by the Company with certain financial and
negative covenants, including a restriction on dividends. Management believes
that this credit capacity and cash flow from operations, in addition to the net
proceeds from the May 1995 offering, will be sufficient for the Company's
projected growth in the near future.
12
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Part II. Other Information
Item 1. Legal proceedings
NOT APPLICABLE
Item 2. Changes in securities
NOT APPLICABLE
Item 3. Defaults upon senior securities
NOT APPLICABLE
Item 4. Submission of matters to a vote
of security holders
NOT APPLICABLE
Item 5. Other information
NOT APPLICABLE
Item 6. Exhibits and Reports on Form 8-K
Exhibit 27--Financial Data Schedule
A Current Report on Form 8-K was filed on March 16,
1995 and a related Form 8-K/A was filed on May 1, 1995,
indicating an acquisition of an individually
significant subsidiary.
13
<PAGE>
ROTECH MEDICAL CORPORATION AND SUBSIDIARIES
_______________________________________________________________________________
Signature
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.
ROTECH MEDICAL CORPORATION,
a Florida Corporation
Dated: 06/13/95 By:/s/ Rebecca R. Irish
- -------------------- ---------------------------------
Rebecca R. Irish, Treasurer
and Chief Financial Officer
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3RD QUARTER
FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 3-MOS
<FISCAL-YEAR-END> JUL-31-1994 JUL-31-1994
<PERIOD-START> AUG-01-1994 FEB-01-1995
<PERIOD-END> APR-30-1995 APR-30-1995
<CASH> 2,388,046 2,388,046
<SECURITIES> 0 0
<RECEIVABLES> 37,016,068 37,016,068
<ALLOWANCES> 0 0
<INVENTORY> 10,483,661 10,483,661
<CURRENT-ASSETS> 53,219,853 53,219,853
<PP&E> 32,670,855 32,670,855
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 135,784,345 135,784,345
<CURRENT-LIABILITIES> 38,001,612 38,001,612
<BONDS> 0 0
<COMMON> 1,960 1,960
0 0
0 0
<OTHER-SE> 96,438,123 96,438,123
<TOTAL-LIABILITY-AND-EQUITY> 135,784,345 135,784,345
<SALES> 94,336,199 35,031,464
<TOTAL-REVENUES> 94,336,199 35,031,464
<CGS> 25,620,513 9,226,431
<TOTAL-COSTS> 25,620,513 9,226,431
<OTHER-EXPENSES> 53,496,006 23,101,226
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 763,331 452,961
<INCOME-PRETAX> 14,456,349 5,250,846
<INCOME-TAX> 5,310,000 1,900,000
<INCOME-CONTINUING> 9,146,349 3,350,846
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 9,146,349 3,350,846
<EPS-PRIMARY> .92 .34
<EPS-DILUTED> .92 .34
</TABLE>
