FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
(Mark One)
{ X } QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
For Quarter Ended March 31, 1999 Commission file number 000-17596
Meridian Healthcare Growth and Income Fund Limited Partnership
(Exact Name of Registrant as Specified in its Charter)
Delaware 52-1549486
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
225 East Redwood Street, Baltimore, Maryland 21202
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (410) 727-4083
N/A
(Former Name, Former Address, and Former Fiscal Year,
if Changed Since Last Report.)
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 reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
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MERIDIAN HEALTHCARE GROWTH AND INCOME FUND LIMITED PARTNERSHIP
INDEX
Page No.
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Partners' Capital 5
Consolidated Statements of Cash Flows 6
Signatures 14
<PAGE>
MERIDIAN HEALTHCARE GROWTH AND INCOME FUND LIMITED PARTNERSHIP
Consolidated Balance Sheets
(Dollars in thousands)
<TABLE>
<CAPTION>
March 31,
1999 December 31,
(Unaudited) 1998
Assets
Current Assets
<S> <C> <C>
Cash and cash equivalents $ 2,199 $ 2,928
Accounts receivable, net 7,703 7,279
Estimated third-party payor settlements 593 882
Prepaid expenses 457 565
Total current assets 10,952 11,654
Property and equipment, net of accumulated depreciation 33,432 33,653
Other assets - goodwill, net 4,935 4,998
Total assets $ 49,319 $ 50,305
Liabilities and Partners' Capital
Current liabilities
Current portion of long-term debt $ 23,128 $ 720
Accrued compensation and related costs 601 941
Accounts payable and other accrued expenses 2,547 3,184
Estimated third party payor settlements 2,299 2,093
Total current liabilities 28,575 6,938
Deferred management fee payable 864 852
Loan payable to the Development General Partner 1,099 1,086
Long-term debt - 22,616
1,963 24,554
Partners' capital
General partners (128) (128)
Assignee limited partners; 1,540,040
units issued and outstanding 18,909 18,941
Total partners' capital 18,781 18,813
Total liabilities and
partners' capital $ 49,319 $ 50,305
</TABLE>
See accompanying notes to consolidated financial statements
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<PAGE>
MERIDIAN HEALTHCARE GROWTH AND INCOME FUND LIMITED PARTNERSHIP
Consolidated Statements of Earnings For the three months
ended March 31,
(Unaudited)
(Dollars in thousands except per unit amounts)
<TABLE>
<CAPTION>
1999 1998
Revenues
<S> <C> <C>
Medicaid and Medicare patients $ 9,736 $ 9,604
Private patients 2,536 2,792
Investment and other income 35 76
12,307 12,472
Expenses
Operating, including $1,279 and
$1,816 to related parties 9,550 9,873
Management and administration fees
to related parties 800 798
General and administrative 251 180
Depreciation and amortization 497 486
Interest expense 415 539
11,513 11,876
Net earnings $ 794 $ 596
Net earnings per unit of assignee
limited partnership interest - basic $ 0.51 $ 0.38
(computed based on 1,540,040 units)
</TABLE>
See accompanying notes to consolidated financial statements
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<PAGE>
MERIDIAN HEALTHCARE GROWTH AND INCOME FUND LIMITED PARTNERSHIP
Consolidated Statements of Partners' Capital
For the Three Months Ended March 31, 1999 and 1998
(Unaudited)
Dollars in thousands
<TABLE>
<CAPTION>
Assignee
General Limited
Partners Partners Total
<S> <C> <C> <C>
Balance at December 31, 1998 $ (128) $ 18,941 $18,813
Net earnings 8 786 794
Distributions to partners (8) (818) (826)
Balance at March 31, 1999 $ (128) $ 18,909 $18,781
Balance at December 31, 1997 $ (153) $ 16,504 $16,351
Net earnings 6 590 596
Distributions to partners (8) (818) (826)
Balance at March 31, 1998 $ (155) $ 16,276 $16,121
</TABLE>
See accompanying notes to consolidated financial statements
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<PAGE>
MERIDIAN HEALTHCARE GROWTH AND INCOME FUND LIMTIED PARTNERSHIP
Consolidated Statements of Cash Flows
For the Three Months Ended March 31,
(Unaudited)
(Dollars in thousands)
<TABLE>
<CAPTION>
1999 1998
Cash flows from operating activities
<S> <C> <C>
Net earnings $ 794 $ 596
Adjustments to reconcile net earnings to net
cash provided by operating activities
Depreciation and amortization 497 486
Minority interest in net earnings of operating
partnerships 9 7
Increase in loan payable to Development General Partner 13 13
Increase in deferred management fee payable 12 10
Change in other assets and liabilities
Accounts receivable (433) (291)
Estimated third-party payor settlements 495 1,310
Prepaid expenses 107 123
Accrued compensation and related costs (340) (439)
Accounts payable and other accrued expenses (1,462) 356
Net cash provided by operating activities (308) 2,171
Cash flows from investing activities-
additions to property and equipment (213) (104)
Cash flows from financing activities
Repayment of long-term debt (208) (143)
Distributions to partners - (826)
Net cash used in financing activities (208) (969)
Net increase (decrease) in cash and cash equivalents (729) 1,098
Cash and cash equivalents
Beginning of period 2,928 2,275
End of period $ 2,199 $3,373
</TABLE>
See accompanying notes to consolidated financial statements
-6-
<PAGE>
MERIDIAN HEALTHCARE GROWTH AND INCOME FUND LIMITED PARTNERSHIP
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
MERIDIAN HEALTHCARE GROWTH AND INCOME FUND
LIMITED PARTNERSHIP
DATE: 9/30/99 By: /s/ John M. Prugh
John M. Prugh
President and Director
Brown-Healthcare, Inc.
Administrative General Partner
DATE: 9/30/99 By: /s/ Timothy M. Gisriel
Timothy M. Gisriel
Treasurer
Brown-Healthcare, Inc.
Administrative General Partner
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