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): July 11, 1996
PHP HEALTHCARE CORPORATION
______________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 0-16235 54-1023168
____________________________ ________________ ______________________
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification Number)
11440 Commerce Park Drive, Reston, Virginia 22091
_________________________________________________
(Address of principal executive offices)
Registrant's telephone number, including area code: (703) 758-3600
Former name or former address, if changed since last report:
Not applicable
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ITEM 5. OTHER EVENTS
Attached and incorporated herein by reference as
Exhibit 99.1 is a press release dated July 11, 1996 containing
the financial results of PHP Healthcare Corporation (the
"Company") for the years ended April 30, 1995 and April 30, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits. The following exhibits are furnished as part
of this report.
Exhibit Description
99.1 Press release dated July 11, 1996 containing the
financial results of the Company for the years
ended April 30, 1995 and April 30, 1996.
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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 hereunto duly authorized.
PHP HEALTHCARE CORPORATION
Registrant
By: /s/ Anthony M. Picini
___________________________
Dated: July 11, 1996 Name: Anthony M. Picini
Title: Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description
99.1 Press release dated July 11, 1996 containing the
financial results of the Company for the years ended
April 30, 1995 and April 30, 1996.
PHP Healthcare Corporation Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information contact:
Charles H. Robbins
Chairman and CEO
Telephone: 703-358-3600
Jack M. Mazur
President
Telephone: 703-758-3600
PHP HEALTHCARE REPORTS 800 PERCENT ANNUAL PROFIT INCREASE
Reston, Virginia, July 11, 1996 -- PHP Healthcare Corporation
(NYSE:PPH) today reported net earnings of $9.1 million or 68
cents per share for the fiscal year ended April 30, 1996,
compared with net earnings of $952,000 or 9 cents per share, in
the previous year.
Both the Chairman, Charles H. Robbins, and the President, Jack M.
Mazur, joined in saying that, "these results reflect the
company's successful transition from primarily a government
contractor to a full-service managed care organization, including
both the commercial and government sectors."
"Last year at this time we said that our transition into the
commercial sector with business based on our Integrated System of
Care (ISOC) model was completed. The completion of the
transition is now showing bottom line results," Robbins added.
Based in Reston, Virginia, PHP Healthcare is a full-service
managed care organization with 20 years experience in developing
innovative health care delivery systems for public agencies,
corporations, communities and large population centers. The
company now operates more than 80 projects in 29 states.
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PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Years Ended April 30, 1996 and 1995
(In thousands, except per share data)
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<CAPTION>
1996 1995
<S> <C> <C>
Revenues............................... $203,360 $204,131
Direct costs........................... 163,582 182,053
_______ _______
Gross profit...................... 39,778 22,078
General and administrative expenses.... 27,173 19,660
_______ _______
Operating income.................. 12,605 2,418
Other income (expense):
Interest expense.................. (3,363) (2,209)
Interest income................... 1,448 422
Miscellaneous income.............. 69 1,015
Gain on sale of partial interest
in subsidiary................... 2,247 --
Minority interest in losses
(earnings) of subsidiary........ 212 (159)
_______ _______
Earnings before income taxes.. 13,218 1,487
Income Tax expense..................... 4,100 535
_______ _______
Net earnings.................. $ 9,118 $ 952
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Net earnings per share........ $ .68 $ .09
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Weighted average number of common
shares outstanding............... $ 13,429 $ 11,226
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