SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarter Ended March 31, 1996
Commission File No. 1-14114
RETIREMENT CARE ASSOCIATES, INC.
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Colorado 43-1441789
- ------------------------------ ----------------------------------
(State or Other Jurisdiction of (IRS Employer Identification Number)
Incorporation or Organization)
6000 Lake Forrest Drive, Suite 200, Atlanta, Georgia 30328
----------------------------------------------------------
(Address of Principal Executive Offices)
(404) 255-7500
----------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
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 Exchange Act of 1934
during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such report(s), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [ X ] No [ ]
There were 11,388,048 shares of the Registrant's $.0001 par value Common Stock
outstanding as of May 13, 1996.
RETIREMENT CARE ASSOCIATES AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1996
INDEX
Page(s)
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Introduction. . . . . . . . . . . . . . . . . . . . 3
Consolidated Statements of Operations
(Unaudited) - Three Months Ended
March 31, 1996 and March 31, 1995 . . . . . . . . . 4
Consolidated Statements of Operations
(Unaudited) - Nine Months Ended
March 31, 1996 and March 31, 1995 . . . . . . . . . 5
Consolidated Balance Sheets - (Unaudited)
March 31, 1996 and (Audited) June 30, 1995. . . . . 6 - 7
Consolidated Statements of Cash Flows
(Unaudited) - Nine Months Ended March 31,
1996 and March 31, 1995. . . .. . . . . . . . . . . 8
Notes to Consolidated Financial
Statements (Unaudited). . . . . . . . . . . . . . . 9 - 10
Item 2. Managements' Discussion and Analysis of
Results of Operations and Financial
Condition . . . . . . . . . . . . . . . . . . . . . 11 - 13
PART II. OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . 13
Item 1. None. . . . . . . . . . . . . . . . . . . . . . . . 13
Item 2. None. . . . . . . . . . . . . . . . . . . . . . . . 13
Item 3. None. . . . . . . . . . . . . . . . . . . . . . . . 13
Item 4. None. . . . . . . . . . . . . . . . . . . . . . . . 14
Item 5. Other information . . . . . . . . . . . . . . . . . 14
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 14
Signatures. . . . . . . . . . . . . . . . . . . . . 15
PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements
INTRODUCTION - CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements included herein have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commis-
sion. Certain information and footnote disclosures have been condensed or
omitted pursuant to such rules and regulations. In the opinion of Manage-
ment, all adjustments, which were of a normal recurring nature, necessary to
present fairly the consolidated financial position and results of operations
and cash flows for the periods presented have been included. These consol-
idated financial statements should be read in conjunction with the financial
statements and the notes thereto included in the Annual Report on Form 10-K,
Retirement Care Associates, Inc. (the "Company") for the fiscal year ended
June 30, 1995, File No. 0-22168.
The Financial information included in this report has been prepared by
the
Company, without audit, and should not be relied upon to the same extent as
audited financial statements.
RETIREMENT CARE ASSOCIATES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES
Patient service revenue:
Skilled nursing $26,071,619 $17,465,088
Assisted living 5,932,942 812,809
Medical supply revenue 2,100,600 1,358,462
Management fee revenue:
From affiliates 957,000 1,046,501
From others 73,882 73,809
Other operating revenue 486,370 604,773
35,622,413 21,361,442
EXPENSES
Cost of patient services 18,814,605 12,522,900
Cost of medical supplies sold 2,751,524 842,246
Lease expense 1,542,445 1,407,170
General and administrative 6,848,798 3,193,834
Depreciation and amortization 926,608 208,804
Interest 1,837,484 375,297
32,721,464 18,550,251
INCOME BEFORE MINORITY INTEREST AND
INCOME TAXES 2,900,949 2,811,191
Minority interest (58,097) (26,967)
Income before income taxes 2,842,852 2,784,224
Income taxes 1,106,272 1,070,000
NET INCOME $ 1,736,580 $ 1,714,224
PREFERRED STOCK DIVIDENDS 75,000 75,000
NET INCOME AVAILABLE FOR COMMON
SHAREHOLDERS 1,661,580 1,639,224
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE .15 .14
WEIGHTED AVERAGE SHARES OUTSTANDING 11,861,885 11,830,393
RETIREMENT CARE ASSOCIATES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES
Patient service revenue:
Skilled nursing $76,119,264 $48,116,334
Assisted living 10,062,746 2,095,019
Medical supply revenue 5,294,915 2,402,453
Management fee revenue:
From affiliates 2,538,171 2,698,501
From others 296,506 302,141
Other operating revenue 1,181,165 998,035
95,492,767 56,612,483
EXPENSES
Cost of patient services 52,466,995 35,546,868
Cost of medical supplies sold 6,171,863 1,451,300
Lease expense 5,023,376 4,262,850
General and administrative 15,619,316 6,341,133
Depreciation and amortization 2,004,397 519,248
Interest 4,110,317 799,916
85,396,264 48,921,315
INCOME BEFORE MINORITY INTEREST AND
INCOME TAXES 10,096,503 7,691,168
Minority interest (127,057) (7,938)
Income before income taxes 9,969,446 7,683,230
Income taxes 3,854,135 2,960,000
NET INCOME $ 6,115,311 $ 4,723,230
PREFERRED STOCK DIVIDENDS 225,000 150,000
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS 5,890,311 4,573,230
NET INCOME PER COMMON AND COMMON EQUIVALENT
SHARE .52 .38
WEIGHTED AVERAGE SHARES OUTSTANDING 11,861,885 12,268,161
RETIREMENT CARE ASSOCIATES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS AS OF
MARCH 31, 1996 AND AUDITED AT JUNE 30, 1995
Unaudited Audited
March 31, June 30,
1996 1995
ASSETS
CURRENT
Cash and cash equivalents $ 340,240 $ 5,207,185
Accounts receivable 23,834,618 11,282,467
Inventory 2,859,196 1,364,569
Advances due from affiliates 2,314,250 2,314,250
Note and accrued interest receivable -- 2,396,667
Prepaid expenses and other 5,685,979 3,217,408
Total current assets 35,034,283 25,782,546
PROPERTY AND EQUIPMENT 76,654,503 37,233,506
OTHER ASSETS
Marketable equity securities 674,276 99,510
Investments in and advances to the Atrium
of Jacksonville, Ltd. the Atrium
Nursing Home, Inc. and In-house Rehab, Inc. 5,709,919 4,431,235
Deferred lease and loan costs 5,394,361 3,732,197
Goodwill 3,061,361 1,798,881
Notes and advances due from affiliates 7,299,177 5,013,972
Other assets 7,787,349 2,165,699
Total other assets 29,926,443 17,241,494
$141,615,229 $80,257,546
RETIREMENT CARE ASSOCIATES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1996 AND AUDITED AT JUNE 30, 1995
Unaudited Audited
March 31, June 30,
1996 1995
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 7,564,907 $ 7,699,640
Accrued expenses 5,976,912 3,184,233
Income taxes payable 6,800,000 3,158,000
Deferred income taxes 134,500 134,500
Current maturities of long-term debt 3,004,364 8,640,871
Deferred gain 40,000 40,000
Total current liabilities 23,520,683 22,857,244
Deferred gain 261,370 261,370
Long-term debt, less current maturities 84,721,064 32,426,023
Total liabilities 108,503,117 55,544,637
Minority interest 4,733,386 1,979,655
Redeemable convertible preferred stock 2,400,000 3,000,000
Shareholders' equity
Common stock, $.0001 par value;
300,000,000 shares authorized; 11,159,270
and 9,526,166 shares outstanding 1,058 1,031
Additional paid-in capital 18,910,811 18,555,677
Retained earnings 7,066,857 1,176,546
Total shareholders' equity 25,978,726 19,733,254
$141,615,229 $80,257,546
RETIREMENT CARE ASSOCIATES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR
THE NINE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
OPERATING ACTIVITIES
Net income $ 6,115,311 $ 4,723,230
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 1,947,411 643,456
Minority interest share of net income 127,057 7,938
Changes in current assets and liabilities
net of effects of acquisitions:
Accounts receivable (12,552,151) (4,270,332)
Inventory (1,494,627) (221,944)
Prepaid expense and other assets (6,814,868) (1,867,645)
Accounts payable and accrued expenses 6,299,946 3,784,287
Increase in deferred lease and loan costs (1,916,153) (546.907)
Cash provided by (used in) operating activities (8,288,044) 2,798,990
INVESTING ACTIVITIES
Purchase of property and equipment (41,025,608) (2,208,054)
Issuance of notes receivable and
advances to affiliates (2,285,205) (2,275,170)
Investment in and advances to Atrium Ltd. (1,278,684) (21,329)
Restricted bond funds 579,775
Changes in marketable equity securities (574,766) (301,630)
Repayment of note receivable 2,396,667
Purchase of cash in acquisition 73,254
Cash (used in) investing activities (42,767,596) (4,153,154)
FINANCING ACTIVITIES
Dividends on preferred stock (225,000)
Redemption of Preferred Stock (600,000)
Net proceeds from issuance of:
Line of credit 1,000,000
Common stock 355,161
Long-term debt 48,036,000
Preferred Stock 2,400,000
Payments on long-term debt (1,377,466) (226,158)
Cash provided by financing activities 46,188,695 3,173,842
Net increase (decrease) in cash and
cash equivalents (4,866,945) 1,272,771
Cash and cash equivalents, beginning of period 5,207,185 960,062
Cash and cash equivalents, end of period $ 340,240 $ 2,232,833
RETIREMENT CARE ASSOCIATES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: BASIS OF PRESENTATION
The consolidated financial statements included herein have been prepared by
the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company believes that
the disclosures are adequate to make the information presented not mis-
leading. These consolidated financial statements and the notes thereto
should be read in conjunction with the consolidated financial statements
included in the Company's Annual Report on Form 10-K for the fiscal year
ended June 30, 1995, File No 0-22168.
In the opinion of management of the Company, the accompanying unaudited
consolidated financial statements contain all necessary adjustments to present
fairly the financial position, the results of operations and cash flows for
the periods reported. All adjustments are of a normal recurring nature.
The Financial Accounting Standard Board has adopted Statement of Financial
Accounting Standards No. 115, "Accounting for Certain Investments in Debt and
Equity Securities" (SFAS No. 115). The Company has adopted this standard in
fiscal 1995. In management's opinion, adopting SFAS No. 115 did not
materially effect the Company's financial statements for the three months
ended December 31, 1995.
Net income per share is computed on the basis of the weighted average number
of common and common equivalent shares outstanding during each year retro-
actively adjusted to give effect to the stock dividend discussed in Note 8.
Net income is reduced for the 10% cumulative preferred dividend on the Series AA
preferred stock.
NOTE 2. ACCOUNTS RECEIVABLE AND COST REIMBURSEMENTS
Accounts receivable and operating revenue include net amounts reimbursed by
Medicaid under the provisions of cost reimbursement formulas in effect. The
Company operates under a prospective payment system with Medicare, under which
annual rates are assigned based on estimated reimbursements. Differences
between estimated provisions and final settlement are reflected as adjust-
ments to future rates.
NOTE 3. INVENTORIES
Inventories consist of the following at March 31, 1996:
Raw material $ 297,281
Work in process 100,986
Finished goods 2,460,929
$ 2,859,196
NOTE 4: NOTES RECEIVABLE AND ADVANCES TO AFFILIATES
At March 31, 1996 and June 30, 1995, the Company had notes and advances to
affiliates totaling approximately $9,613,427 and $7,328,222, respectively.
The notes receivable from affiliates are secured by second mortgages on
facilities owned by partnerships in which Winter Haven Homes, Inc., an
affiliate of the Company, is the corporate general partner. The notes
receivable are also collateralized by guarantees provided by the principals
of Winter Haven Homes, Inc., who are shareholders of the Company. The
guarantees are also collateralized by a pledge of marketable securities of
$2,300,000 at March 31, 1996, which is equal to approximately 10% of the
fair value of the underlying facility collateral.
NOTE 5. LONG-TERM DEBT
Long-term debt payable consisted of the following:
March 31, June 30,
1996 1995
Amounts outstanding under Revenue Bonds
secured by retirement facilities $30,740,000 $24,355,000
Other debt secured by retirement and
nursing facilities 54,264,321 13,930,347
Other debt 2,721,107 2,781,547
Totals 87,725,428 41,066,894
Current maturities 3,004,364 8,640,871
Total long-term debt $84,721,064 $32,426,023
NOTE 6: FACILITY ACQUISITIONS AND SIGNIFICANT LEASES
During the three months ended March 31, 1996, the Company consummated the
following acquisitions:
(a) On January 1, 1996 the Company leased Wilkinson Health Care Center,
a 50-bed nursing facility located in Gastonia, North Carolina, The lease is
for a ten year period with monthly lease payments of $14,000.
(b) On March 1, 1996 the Company leased Highland Manor, a 132-bed facility
located in Dublin, Virginia. The lease is for 20 years with monthly lease
payments of $14,583.33.
(c) On March 1, 1996 the Company leased Clinch Health Care Center, a 72-bed
facility located in Homerville, Georgia. The lease is for 20 years with
monthly lease payments of $18,083.33.
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
THREE MONTHS ENDED MARCH 31, 1996 COMPARED TO THREE MONTHS ENDED MARCH 31,
1995.
The Company's total revenues for the three months ended March 31, 1996,
were $35,622,413 compared to $21,361,442 for the three months ended March 31,
1995.
Management fees decreased from $1,120,310 in the quarter ended March 31,
1995 to $1,030,882 in the quarter ended March 31, 1996, due to the decreased
number of facilities which the Company manages. As of March 31, 1995, the
Company was managing 26 facilities, and as of March 31, 1996, the Company was
managing 24 facilities.
Due to the increased number of facilities owned or leased by the Company,
patient service revenue increased from $18,277,897 for the quarter ended March
31, 1995, to $32,004,561 for the quarter ended March 31, 1996. The Company
was operating 54 facilities for the quarter ended March 31, 1996 compared to 31
for the quarter ended March 31, 1995. The cost of patient services in the
amount of $18,814,605 for the quarter ended March 31, 1996, represented 59%
patient service revenue, as compared to $12,522,900 or 68% of patient service
revenue during the quarter ended March 31, 1995. This decrease is attributed
to the Company acquiring assisted living facilities which require less
skilled care.
General and administrative expenses for the three months ended March 31,
1996 were $6,848,798 representing 19% of total revenues, as compared to
$3,193,834 representing 15% of total revenues, for the three months ended
March 31, 1995. This increase is due to the general and administrative expenses
related to operating the additional facilities owned or leased by the Company,
and to a one-time charge of approximately $400,000 related to the termination
of the Company's proposed merger with NewCare Health Corporation.
For the quarter ended March 31, 1996, the Company incurred expense for
income taxes of $1,106,272 which represents an effective tax rate of 39%, as
compared to expenses for income taxes of $1,070,000 which represents an
effective tax rate of 39% for the quarter ended March 31, 1995.
The net income of $1,736,580 for the quarter ended March 31, 1996, is
higher than the net income of $1,714,224 for the quarter ended March 31,
1995. The net income for the quarter ended March 31, 1996, is a result of
the profits from the Company's operation of nursing and retirement facilities.
Most of the revenue from the management services division of the
Company's business is received pursuant to management agreements with entities
controlled by Messrs. Brogdon and Lane, two of the Company's officers and
directors. These management agreements have five year terms, however, they
are all subject to termination on 60 days notice, with or without cause by
either the Company or the owners. Therefore, Messrs. Brogdon and Lane have
full control over whether or not these management agreements, and thus the
management services revenue, continue in the future.
NINE MONTHS ENDED MARCH 31, 1996 COMPARED TO NINE MONTHS ENDED MARCH 31, 1995.
The Company's total revenues for the nine months ended March 31, 1996,
were $95,492,767 compared to $56,612,483 for the nine months ended March 31,
1995.
Management fees decreased from $3,000,642 in the nine months ended March
31, 1995 to $2,834,677 in the nine months ended March 31, 1996. As of March
31, 1995, the Company was managing 26 facilities, and as of March 31, 1996,
the Company was managing 24 facilities.
Due to the increased number of facilities owned or leased by the Company,
patient service revenue increased from $48,116,334 for the nine months ended
March 31, 1995, to $76,119,269 for the nine months ended March 31, 1996. The
Company was operating 54 facilities for the nine months ended March 31, 1996
compared to 31 for the nine months ended March 31, 1995. The cost of patient
services in the amount of $52,466,995 for the nine months ended March 31,
1996, represented 68% patient service revenue, as compared to $35,546,868 or
73% of patient service revenue during the nine months ended March 31, 1995.
This decrease is attributed to the Company acquiring assisted living facilities
which require less skilled care.
General and administrative expenses for the nine months ended March 31,
1996 were $15,619,316 representing 16% of total revenues, as compared to
$6,341,133 representing 12% of total revenues, for the nine months ended
March 31, 1995. This increase is due to the general and administrative
expenses related to operating the additional facilities owned or leased by
the Company, and to a one-time charge of approximately $400,000 related to
the termination of the Company's proposed merger with NewCare Health
Corporation.
For the nine months ended March 31, 1996, the Company incurred expense
for income taxes of $3,854,135 which represents an effective tax rate of 39%, as
compared to expenses for income taxes of $2,960,000 which represents an
effective tax rate of 39% for the six months ended March 31, 1995.
The net income of $6,115,311 for the nine months ended March 31, 1996, is
higher than the net income of $4,723,230 for the nine months ended March 31,
1995. The net income for the nine months ended March 31, 1996, is a result of
the profits from the Company's operation of nursing and retirement facilities.
Most of the revenue from the management services division of the
Company's business is received pursuant to management agreements with entities
controlled by Messrs. Brogdon and Lane, two of the Company's officers and
directors. These management agreements have five year terms, however, they
are all subject to termination on 60 days notice, with or without cause by
either the Company or the owners. Therefore, Messrs. Brogdon and Lane have
full control over whether or not these management agreements, and thus the
management services revenue, continue in the future.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 1996, the Company had $11,513,600 in working capital
compared to $2,925,302 at June 30, 1995. This increase was due to an
increase in receivables due to the new facilities which came on line in the
current fiscal year.
During the nine months ended March 31, 1996, cash used by operating
activities was ($8,288,044) as compared to $2,252,083 provided by operating
activities during the nine months ended March 31, 1995. The ($10,540,127)
decrease was primarily due to the increase in accounts receivable for the nine
months ended March 31, 1996 of $12,552,151. This increase in non-cash assets
was partially offset by increases in accounts payable and accrued expenses
totalling $6,299,946. Accounts receivable increased due to the increase in
facilities being operated by the Company.
Cash used in investing activities during the nine months ended March 31,
1996 was ($42,767,596). The expenditures related to purchases of equipment,
securities, investments in subsidiaries and advances to affiliates.
Cash provided by financing activities during the nine months ended March
31, 1996 consisted of $48,036,000 in long term loans and $355,161 in issuance
of common stock. Cash used in financing activities consisted of ($1,377,466) in
payments of long term debt, ($225,000) in dividends on preferred stock and
($600,000) in redemption of preferred stock.
IMPACT OF PENDING FEDERAL HEALTH CARE LEGISLATION
Management is uncertain what the final impact will be of the pending
federal health care reform package since the legislation has not been
finalized. However, based on information which has been released to the
public thus far, Management doesn't believe that there will be cuts in
reimbursements paid to nursing homes.
Legislative and regulatory action, at the state and federal level, has
resulted in continuing changes in the Medicare and Medicaid reimbursement
programs. The changes have limited payment increases under these programs.
Also, the timing of payments made under Medicare and Medicaid programs are
subject to regulatory action and governmental budgetary constraints. Within
the statutory framework of the Medicare and Medicaid programs, there are
substantial areas subject to administrative rulings and interpretations which
may further affect payments made under these programs. Further, the federal
and state governments may reduce the funds available under those programs in
the future or require more stringent utilization and quality review of
healthcare facilities.
PART II - OTHER INFORMATION
Item 1 Legal Proceedings
None
Item 2 Changes in Securities
None
Item 3 Defaults Upon Senior Securities
None
Item 4 Submission of Matters to a Vote of Security Holders
On January 18, 1996, the Company held an Annual Meeting of
Shareholders at which Chris Brogdon, Edward E. Lane, Darrell C. Tucker,
Michael P. Traba and Julian S. Daley were elected to serve as Directors of the
Company, and an amendment to the Company's 1993 Stock Option Plan was
approved. No other matters were presented for a vote at the meeting.
The following sets forth the votes cast for and withheld in the
election of the Directors. There were no abstentions or broker non-votes.
Nominees For Withheld
Chris Brogdon 9,021,900 Votes 159,700 Votes
Edward E. Lane 9,015,618 Votes 165,982 Votes
Darrell C. Tucker 9,016,176 Votes 165,424 Votes
Michael P. Traba 9,015,914 Votes 165,686 Votes
Julian S. Daley 9,003,894 Votes 177,706 Votes
The following sets forth the votes cast for, against or abstained
and broker non-votes on an amendment to the Company's 1993 Stock Option Plan
to increase the number of shares which may be issued upon the exercise of
options granted under the Plan from 1,102,500 to 1,602,500.
For Against Abstain Broker Non-Votes
--------- ------- ------- ----------------
8,437,146 495,680 198,074 50,700
Item 5 Other Information
During the quarter ended March 31, 1996, the Company terminated
its proposed merger with NewCare Helath Corporation. Management continues to
look for acquisitions in the retirement and nursing home field for the
Company.
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits. None
(b) Reports on Form 8-K.
The Company filed a Report on Form 8-K dated February 12, 1996,
reporting information under Item 4 - Changes in Registrant's Certifying
Accountants, concerning a change in the Company's accountants.
The Company filed a Report on Form 8-K dated February 20,
1996, reporting information under Item 5 - Other Events, concerning the
signing of an Agreement and Plan of Merger with NewCare Health Corporation.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
RETIREMENT CARE ASSOCIATES, INC.
DATED: May 15, 1996 By: /s/Chris Brogdon
Chris Brogdon, President
EXHIBIT INDEX
EXHIBIT METHOD OF FILING
- ------- ------------------------------
27. Financial Data Schedule Filed herewith electronically
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<LEGEND>
This schedule contains summary financial information extracted from the
balance sheets and statements of operations found on pages 4-7 of the
Company's Form 10-Q for the year to date, and is qualified in its entirety
by reference to such financial statements.
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<NAME> RETIREMENT CARE ASSOCIATES, INC.
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