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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: September 17, 1997
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ROTECH MEDICAL CORPORATION
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(Exact name of Registrant as specified on its Charter)
Florida 59-2115892
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(State or jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4506 L.B. McLeod Road, Suite F, Orlando, Florida 32811
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 841-2115
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Not Applicable
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(former name or former address, if changed since last report)
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Item 5. Other Events
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FOR IMMEDIATE RELEASE
ROTECH MEDICAL CORPORATION
YEAR END RESULTS
PAGE 1 OF 2
Orlando, Florida, September 16, 1997, RoTech Medical Corporation (NASDAQ/NMS-
ROTC), a diversified provider of home respiratory care, home infusion therapy
and other pharmacy-related services and other home medical services and products
announced earnings of $1.12 per share for the fiscal year ended July 31, 1997,
compared to earnings of $0.82 per share for the fiscal year ended July 31, 1996
on a fully diluted basis. Net income for the 1997 fiscal year increased 50% to
$30,807,000 from $20,556,000 for the prior fiscal year. Management attributes
the growth in operating revenue to the continued expansion of its homecare
business through internal growth of 16% and acquisitions of related businesses
during the 1997 fiscal year.
The Company derived the following percentage revenues for the year ended July
31, 1997 from the following lines of business and mix of payors:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Respiratory products and services 50% Medicare 51%
Home medical equipment 29% Other insurances/private pay 34%
Pharmacy products and services 14% Medicaid 10%
Physician and other services 7% Managed care 5%
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Total 100% 100%
1997 1996
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Locations 613 390
States 35 28
</TABLE>
During the fiscal year ended July 31, 1997, RoTech added 223 home care
locations, with 174 established through acquisitions and another 49 as new
locations. RoTech's philosophy of expansion through acquisitions and new start-
ups in lesser medically-serviced areas of the country, along with integration of
its new products and services into existing and acquired locations, has
contributed significantly to the improved results of its operations for the year
ended July 31, 1997.
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FOR IMMEDIATE RELEASE
ROTECH MEDICAL CORPORATION
YEAR END RESULTS
PAGE 2 OF 2
<TABLE>
<CAPTION>
FISCAL YEAR RESULTS
(in thousands) (in thousands) %
1997 1996 Increase
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<S> <C> <C> <C>
Operating Revenue $422,692 $263,030 61%
EBITDA $108,151 $64,660 67%
Net Income $30,807 $20,556 50%
Earnings Per Share:
Primary $1.17 $0.83 41%
Fully diluted $1.12 $0.82 37%
Weighted Average Shares:
Primary 26,352 24,657 7%
Fully diluted 30,940 25,206 23%
</TABLE>
<TABLE>
<CAPTION>
FOURTH QUARTER RESULTS
(in thousands) (in thousands) %
1997 1996 Increase
---------------- ---------------- -----------
<S> <C> <C> <C>
Operating Revenue $125,118 $83,464 50%
EBITDA $33,378 $21,008 59%
Net Income $8,914 $5,860 52%
Earnings Per Share:
Primary $0.33 $0.23 43%
Fully diluted $0.31 $0.23 35%
Weighted Average Shares:
Primary 26,850 25,565 5%
Fully diluted 31,572 25,940 22%
</TABLE>
As of July 31, 1997, RoTech operated 589 home care locations in 35 states and 24
primary care physician practices in 2 states. RoTech Medical Corporation,
headquartered in Orlando, Florida, provides home respiratory care, home infusion
therapy and other pharmacy-related services and other medical services and
equipment to patients referred to the Company principally by primary care
physicians in smaller cities and rural areas.
Visit our web site at WWW.ROTECH.COM
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report on 8-K to be signed on its behalf by the
undersigned hereunto duly authorized.
RoTech Medical Corporation,
a Florida Corporation
Dated: September 17, 1997 By: /s/ Rebecca R. Irish
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Rebecca R. Irish, Treasurer
and Chief Financial Officer
