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) March 21, 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 March 21, 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
99.2 Press release dated March 21, 1996 issued by the Registrant.
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 thereunto duly authorized.
HEALTH MANAGEMENT, INC.
(Registrant)
Date: March 22, 1996
/s/ James Mieszala
Name: James Mieszala
Its: Acting President
Exhibit 99.2
Health Management, Inc.
4250 Veterans Memorial Highway
Suite 400 West
Holbrook, NY 11741
Tel: 516-981-0034
Fax: 516-981-0801
FOR IMMEDIATE RELEASE
March 21, 1996
HEALTH MANAGEMENT, INC. UPDATE
Holbrook, NY...Health Management, Inc. ("HMI") (NNM: HMIS) today announced that
as a result of its internal review, it intends to restate the financial results
for the first and second quarters of fiscal year 1996 and the fourth quarter of
fiscal 1995. Consequently, BDO Seidman, LLP, has advised the Company that it
has withdrawn its opinion on the 1995 fiscal year financial statements. The
Company has delayed the reporting of its financial results for the fiscal
quarter ended January 31, 1996.
While the Company's restatement process is not yet complete, the Company
believes it will report, before any one-time write-offs, a year-to-date profit
for the first nine months of fiscal year 1996. The Company also believes that
each of the three individual quarters in fiscal 1996, before the one-time write-
offs, will be profitable, although the restatement process is necessary to
confirm this. Furthermore, the Company believes that even after the
restatement, fiscal year 1995 will continue to be profitable. The Company
intends to complete the restatements by the end of the second week of April.
Andre C. Dimitriadis, Chairman of the Office of the CEO, noted that HMI's
previously announced cost reduction programs were proceeding on target with
annualized savings in excess of $1.0 million already achieved.
Jim Mieszala, HMI President, and Paul Jurewicz, CFO, further noted that these
reductions are associated with consolidation of selected administrative and
marketing functions. Other cost reduction programs are being implemented with a
target of achieving additional significant savings. These programs will not
affect HMI's national pharmacy distribution network. Company operations have
proceeded without interruption and HMI has continued to meet all of its
financial obligations.
In addition, the Company reported that its former Chairman, President and CEO,
Dr. Clifford E. Hotte, is no longer an employee of the Company. HMI has
retained an executive search firm to identify a new CEO to succeed the Committee
that currently holds that office.
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 information, please contact:
Diane Perry, Joseph Kist or Ruth Markowitz (Analysts)
212-704-8293/212-704-8239/212-704-4451
Mark Danes (Media)
212-704-4464
