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, 1996.
HEALTH MANAGEMENT, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-18472 75-2096632
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation or
organization)
4250 Veterans Memorial Hwy, Ste 400 W., Holbrook, NY 11741
(Address of principal executive offices) (Zip Code)
(516) 981-0034
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
Item 5. Other Events.
On April 15, 1996 the Registrant issued a press release, a copy of which
is attached as Exhibit 1 to this Form 8-K and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
99.3 Press release dated April 15, 1996 issued by the
Registrant.
SIGNATURES<PAGE>
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.
HEALTH MANAGEMENT, INC.
(Registrant)
Date: April 26, 1996
/s/ James Mieszala
Name: James Mieszala
Its: Acting President
Index to Exhibits
Exhibit Sequential
Number Description Page No.
99.3 Press release dated April 15, 1996 6
issued by the Registrant.
Exhibit 99.3
Health Management, Inc.
4250 Veterans Memorial Highway
Suite 400 West
Holbrook, NY 11741
Tel: 516-981-0034
Fax: 516-981-0801
FOR IMMEDIATE RELEASE
HEALTH MANAGEMENT, INC. ISSUES UPDATE ON
FINANCIAL RESTATEMENTS AND THIRD QUARTER 1996 RESULTS
Holbrook, NY April 15,1996... Health Management, Inc. ("HMI")(NNM: HMISE) today
announced that it will release financial results for the fiscal third quarter
ended January 31, 1996 by April 26. In addition, the Company said the
restatement of earnings for the first and second quarters of 1996, as well as
the fourth quarter of fiscal 1995, will also be completed by April 26.
As previously announced, the Company expects that it will report, before any
onetime write-offs, a year to date profit for the first nine months of fiscal
1996. The Company also expects that fiscal year 1995 will continue to be
profitable even after the restatements.
Additionally, the Company during the first week of April paid its regularly
scheduled principal and interest payments due on its long-term debt.
The Company's cost reduction efforts are continuing and include the decision to
consolidate its Long Island, NY corporate administrative functions to HMI's
offices located in Buffalo Grove, Illinois. The Company expects to save in
excess of $500,000 annually from these efforts. This is incremental to the
previously announced savings of over $1 million from other cost reduction
efforts. In addition, the Company's search for a CEO is continuing and the
Company hopes to finalize its selection by the end of the month.
The Company has been served with shareholder lawsuits seeking unspecified
damages resulting from matters disclosed in the February, 1996 press releases.
The Company has retained counsel to defend these lawsuits and intends to respond
appropriately.
Health Management, Inc. is a national provider of integrated health management
services to patients with chronic medical conditions and to health care
professionals, drug manufacturers and third-party payers involved in their care.
# # #
For additional information:
Diane Perry, Joseph Kist or Ruth Markowitz (Analysts) Mark Danes
(Media)
212-704-8293/212-704-8239/212-704-4451 212-704-4464
