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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):
October 2, 1996
CAPSTONE PHARMACY SERVICES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-20606 11-2310352
-------- ----------- ----------
(State or other (Commission File (Employer
jurisdiction of Number) Identification
incorporation) Number)
2930 Washington Boulevard, Baltimore, Maryland 21230
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(Address of principal executive offices)
(410) 646-6987
----------------------------------------------------
(Registrant's telephone number, including area code)
Not applicable
----------------------------------------------------
(Former name or former address,
if changed since last report)
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ITEM 5. OTHER EVENTS.
For the convenience of its shareholders and in order to incorporate
the financial information for January 1, 1995 through February 28, 1995 into
the restatement of calendar 1995, Capstone Pharmacy Services, Inc. files the
following unaudited restated Financial Statements for the twelve months ended
December 31, 1995:
<TABLE>
<CAPTION>
Quarters Ended Year Ended
----------------------------------------------------- December 31,
March 31 June 30 September 30 December 31 1995
---------- ---------- ------------ ----------- ----------
<S> <C> <C> <C> <C> <C>
Net Sales 10,755,919 12,384,154 16,135,791 16,618,615 55,894,479
Cost of sales 6,906,544 7,940,181 9,960,394 10,374,664 35,181,783
---------- ---------- ---------- ---------- -----------
Gross Profit 3,849,375 4,443,973 6,175,397 6,243,951 20,712,696
---------- ---------- ---------- ---------- -----------
Operating expenses:
Selling, general and administrative
expenses 3,873,246 4,777,552 5,898,826 5,575,116 20,124,740
Depreciation and amortization 281,714 281,752 391,020 352,658 1,307,144
Restructuring charges 2,069,432 (5,802) 0 240,000 2,303,630
---------- ---------- ---------- ---------- -----------
Total operating expenses 6,224,392 5,053,502 6,289,846 6,167,774 23,735,514
---------- ---------- ---------- ---------- -----------
Income (loss) from operations (2,375,017) (609,529) (114,449) 76,177 (3,022,818)
---------- ---------- ---------- ---------- -----------
Non-operating expense (income):
Interest, net 212,280 252,749 246,393 10,882 722,304
Other, net (55,932) (314,268) (76,781) 87,085 (359,896)
---------- ---------- ---------- ---------- -----------
Total non-operating expense, net 156,348 (61,519) 169,612 97,967 362,408
---------- ---------- ---------- ---------- -----------
Loss before income taxes,
discontinued operations
and extraordinary item (2,531,365) (548,010) (284,061) (21,790) (3,385,226)
Provision (benefit) for income taxes (118,845) 300 0 (226,882) (345,427)
---------- ---------- ---------- ---------- -----------
Loss from continuing operations (2,412,520) (548,310) (284,061) 205,092 (3,039,799)
Discontinued operations:
Gain (loss) from operations of
discontinued business segments
net of income taxes (268,041) (4,587) 0 213,242 (59,386)
Gain (loss) on disposal of business
segments, net (503,067) 477,840 0 0 (25,227)
---------- ---------- ---------- ---------- -----------
Loss before extraordinary item (3,183,628) (75,057) (284,061) 418,334 (3,124,412)
Extraordinary item:
Discount/repayment of vendor debt 0 283,364 0 0 283,364
---------- ---------- ---------- ---------- -----------
Net Income (loss) (3,183,628) 208,307 (284,061) 418,334 (2,841,048)
========== ========== ========== ========== ===========
</TABLE>
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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 thereunto duly authorized.
CAPSTONE PHARMACY SERVICES, INC.
By: /s/ Donald W. Hughes
----------------------------
Donald W. Hughes
Vice-President and
Chief Financial Officer
Date: October 2, 1996
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