SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended December 31, 1998
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13
OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-12992
NuMED HOME HEALTH CARE, INC.
(Exact name of small business issuer as specified in its
charter)
STATE OF NEVADA 34-1711764
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
5770 Roosevelt Boulevard, Suite 700, Clearwater, FL 33760
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (727)
524-3227
Indicate by check mark whether the issuer (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. [ X ] Yes [ ] No
The number of shares outstanding of the Issuer's common stock at $.001 par value
as of February 12, 1999 was 5,847,743 (exclusive of Treasury Shares).
Form 10-QSB
1
<PAGE>
NuMED Home Health Care, Inc. and Subsidiaries
Consolidated Balance Sheets
<TABLE>
<CAPTION>
December 31, March 31
1998 1998
-------------- ------------
ASSETS
Current assets:
<S> <C> <C>
Cash and cash equivalents $ 44,324 $ 59,725
Cash deposits securing contractual arrangements 1,176,000 1,275,980
------------ ------------
1,220,324 1,335,705
Accounts receivable, net of allowance for doubtful accounts
of $304,796 4,065,222 4,343,476
Prepaids, inventories, and other current assets 154,287 335,825
------------ ------------
Total current assets 5,439,833 6,015,006
Property and equipment, net 269,300 382,928
Goodwill, net of amortization of $1,357,919
and $1,271,584 respectively 3,822,216 4,081,222
Other intangibles assets, net of accumulated amortization of
$2,250,823 and $1,912,826 respectively 200,828 242,563
Deferred tax and other 74,742 34,185
------------ ------------
Total assets $ 9,806,919 $ 10,755,904
============ ============
LIABILITES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 220,087 $ 289,850
Accrued salaries and payroll related 869,137 1,291,419
Accrued expenses 325,693 278,055
Estimated amounts due to third party payors 0 21,345
Short-term borrowings 2,122,047 1,596,424
Current portion of long-term obligations 12,563 97,053
------------ ------------
Total current liabilities 3,549,527 3,574,146
Long-term obligations, less current portion 906,847 917,427
------------ ------------
Total liabilities 4,456,374 4,491,573
Stockholders' equity:
Preferred stock, authorized 2,000,000, no shares issued or
outstanding 0 0
Common stock, $.001 par value, authorized 48,000,000 shares,
5,901,500 shares issued 5,901 5,010
Additional paid-in capital 11,061,124 10,653,754
Treasury stock, 53,757 and 43,599 shares of common stock at
cost, respectively (77,826) (87,634)
Accumulated deficit (5,638,654) (4,306,799)
------------ ------------
Total stockholders' equity 5,350,545 6,264,331
------------ ------------
Total liabilities and stockholders' equity $ 9,806,919 $ 10,755,904
============ ============
</TABLE>
See notes to consolidated financial statements.
Form 10-QSB
2
<PAGE>
NuMED Home Health Care, Inc. and Subsidiaries
Consolidated Statements of Operations
Nine Months Ended
December 31,
1998 1997
------------ ------------
Revenues $ 13,707,711 $ 17,066,544
Direct expenses 10,075,690 12,868,030
------------ ------------
Gross profit 3,632,021 4,198,514
General and administrative expenses:
Salaries and benefits 2,344,285 2,639,756
Operating expenses 677,758 601,699
Professional fees 148,108 147,781
Legal fees 89,764 58,588
Occupancy expenses 634,421 548,879
Insurance 168,239 197,794
Amortization and depreciation 419,389 449,675
Bad debt expense 125 382
------------ ------------
Total general and administrative 4,482,089 4,644,554
------------ ------------
Operating income (loss) (850,068) (446,040)
Other revenues (expenses):
Interest income 39,508 94,162
Interest expense (216,904) (147,115)
Other Income 525,000 --
Other Expense (824,510) 0
------------ ------------
Total other revenues (expenses) (476,906) (52,953)
------------ ------------
Profit (Loss) before income tax
expense (benefit) (1,326,974) (498,993)
Income tax expense (benefit) 4,881 (219,557)
------------ ------------
Net profit (loss) $ (1,331,855) $ (279,436)
============ ============
Net income (loss) per share-basic
and diluted $ (0.26) $ (0.06)
============ ============
Weighted average shares outstanding-
basic and diluted 5,199,663 4,948,301
See notes to consolidated financial statements
Form 10-QSB
3
<PAGE>
NuMED Home Health Care, Inc. and Subsidiaries
Consolidated Statements of Operations
Three Months Ended
December 31,
1998 1997
------------ ------------
Revenues $ 4,328,064 $ 5,720,465
Direct expenses 3,157,849 4,446,852
------------ ------------
Gross profit 1,170,215 1,273,613
General and administrative expenses:
Salaries and benefits 730,713 854,699
Operating expenses 211,490 239,851
Professional fees 40,509 74,707
Legal fees 15,710 37,844
Occupancy expenses 183,829 216,588
Insurance 46,612 68,501
Amortization and depreciation 143,217 142,233
Bad debt expense 0 0
------------ ------------
Total general and administrative 1,372,080 1,634,423
------------ ------------
Operating income (loss) (201,865) (360,810)
Other revenues (expenses):
Interest income 13,499 47,850
Interest expense (74,260) (62,163)
Other Income 0
Other Expense (799,847) 0
------------ ------------
Total other revenues (expenses) (860,608) (14,313)
------------ ------------
Profit (Loss) before income tax
expense (benefit) (1,062,473) (375,123)
Income tax expense (benefit) (165,054)
------------ ------------
Net profit (loss) $ (1,062,473) $ (210,069)
============ ============
Net income (loss) per share-basic
and diluted $ (0.20) $ (0.04)
============ ============
Weighted average shares outstanding-
basic and diluted 5,410,648 4,958,502
See notes to consolidated financial statements
Form 10QSB
4
<PAGE>
<TABLE>
<CAPTION>
NuMED Home Health Care, Inc. and Subsidiaries
Consolidated Statements of Stockholders' Equity
Nine Months Ended December 31, 1998 and Year Ended March 31, 1998
Additional
Common Stock Paid-in Accumulated Treasury Stock
Shares Dollars Capital (Deficit) Shares Dollars Total
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at April 1, 1997 5,010,219 $ 5,010 $ 10,679,113 $(2,342,321) (67,075) $ (134,821) $ 8,206,981
Net loss (1,964,478) (1,964,478)
Shares issued under
employee stock purchase plan (25,359) 23,476 47,187 21,828
-----------------------------------------------------------------------------------------
Balance at March 31, 1998 5,010,219 5,010 10,653,754 (4,306,799) (43,599) (87,634) 6,264,331
Net loss (1,331,855) (1,331,855)
Purchase Treasury Shares 19,627 20 9,205 (19,627) (9,225) (0)
Other 126,974 127 59,550 59,677
Shares issued under
employee stock purchase plan (10,640) 9,469 19,033 8,393
Shares issued for Termination
and Mutual Release Agreement 744,680 745 349,255 350,000
-----------------------------------------------------------------------------------------
Balance at December 31, 1998 5,901,500 $ 5,901 $11,061,124 $(5,638,654) (53,757) $(77,826) $ 5,350,545
=========================================================================================
</TABLE>
See notes to consolidated Finacial statements.
Form 10-QSB
5
<PAGE>
NuMED Home Health Care, Inc. and Subsidiaries
Consolidated Statements of Cash Flow
December 31, March 31,
1998 1998
----------- -------------
Cash flows from operating activities
Net Income loss $(1,331,855) $ (1,964,478)
Adjustments to reconcile net income loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 419,389 604,479
Cash securing contractual arrangements 103,733
Loss on sale or disposal of property, plant and
equipment
Increase (decrease) in cash due to net changes
in operating assets
and liabilities:
Accounts receivable 278,254 (901,427)
Prepaids and other current assets 181,538 (53,732)
Accounts payable and accrued expenses (465,752) (401,512)
Deferred charges and other (40,557) 499,897
---------------------------
Net cash provided by (used in ) operating activities (958,983) (2,113,040)
Cash flows from investing activities
Purchase of property and equipment (5,020) (129,289)
Purchase of accounts receivable lists
---------------------------
Net cash provided by (used in) investing activities (5,020) (129,289)
Cash flows from financing activities
Proceeds from borrowings 8,889,197 9,979,258
Payments from borrowings (8,458,645) (9,095,492)
Proceeds from issuance of stock through employee
purchase plan 8,393 21,828
Proceeds from the issuance of stock 350,000 0
Cash securing letters of credit 99,980 599,020
Purchase of treasury stock 0 0
Proceeds from the issuance of stock 59,677 0
Net cash provided by (used in) financing activities 948,602 1,504,614
---------------------------
Increase (decrease) in cash and cash equivalents (15,401) (737,715)
Cash and cash equivalents at beginning of year 59,725 797,440
---------------------------
Cash and cash equivalents at end of year $ 44,324 $ 59,725
===========================
Supplemental Disclosure:
Interest paid during the year $ 216,904 $ 197,105
===========================
Income taxes paid during the year $ 4,881 $ -
===========================
See notes to consolidated financial statements
Form 10QSB
6
<PAGE>
NuMED Home Health Care Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 1998
NOTE A-BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-QSB and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, the
accompanying unaudited condensed consolidated financial statements contain all
adjustments (consisting of only normal recurring accruals) considered necessary
for a fair presentation have been included. Operating results for the nine month
period ended December 31, 1998 are not necessarily indicative of the results
that may be expected for the year ending March 31, 1999. For further
information, refer to the consolidated financial statements and footnotes
included in the Company's and Subsidiaries' Form 10-KSB for the year ended March
31, 1998.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Results of Operations
Net Revenues for the nine months ended December 31, 1998, decreased by
20% or $3,359,000 over the same period one year ago. The revenues in the
rehabilitation division, NuMED Rehabilitation, Inc. ("NuMED Rehab"), decreased
$891,000 or 16% compared to the same period last year. The cause was the
completion of the transition of a major rehab client's in-house therapy program
and long-term care facility planning for impending Prospective Payment System.
The major client contributed $1,251,000 to the company's nine month revenue
ended December 31, 1997. The company has replaced 29% of this revenue in the
nine months ending December 31, 1998. The Home Health division's revenue
decreased $2,467,000 or 21% compared to the same period last year. The Company
strategically took a conservative stand with the new IPS (Interim Payment
System) regulations enacted by the federal government by successfully reducing
the number of visits per patient. The company developed a disease/treatment
program called Clinical Pathways to help achieve the goal. Additionally the
company has now completed a complete review of the potential impact of "IPS"
after calculating the per beneficiary cap (per client) and has developed a
statistical ratio of shorter-term client diagnosis vs. longer-term client
diagnosis. Because of the compilation, the firm believes it can accept a greater
number of longer-term clients, which is expected in the later quarters. The Home
Health Division now comprises 66% of the total revenues compared to 68% for the
nine month period last year.
Form 10QSB
7
<PAGE>
NuMED Home Health Care Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 1998 - (Continued)
For the three month period ending December 31, 1998 direct expenses
declined $1,289,000 or 29%. For the nine month period ending December 31, 1998
direct expenses decreased $2,792,000 or 22% compared to the same period last
year. As a percentage of net revenues, direct expenses were 74% for the nine
month period ended December 31, 1998 and 75% for the nine month period ended
December 31, 1997. The cost of sales for NuMED Rehab is 82% and the cost of
sales for the NuMED Home Health division is 69%.
Gross Profit has increased to 27% as a percentage of net revenues for
the three month period ending December 30, 1998 from 22% for the three month
period December 31, 1997. Gross Profit as a percentage of net revenues for the
nine month period ending December 31, 1998 is 26% and 25% for the same period
one year ago.
General and Administrative expenses for the three month period ending
December 31, 1998, decreased $262,000 while increasing as a percentage of net
revenue by 3% to $1,372,000 or 32% of net revenue from $1,634,000 or 29% of net
revenue for the same period one year ago. The decrease of $291,000 was a result
of management's specific steps to control costs.
Other Expenses of $799,900 for the three month period ending December
31, 1998 includes $600,000 expense for the Termination, Noncompetition and
Mutual Release Agreement of Jugal K. Taneja, $111,000 for the legal and
accounting fees on the failed merger agreement with Mednu, and $30,000 for the
additional proxy costs to date, associated with the proxy battle with the Turkey
Vulture Fund XIII, Ltd.
As a result of the foregoing, the Company experienced a net operating
loss of $202,000 and a net loss of $1,062,000 for the three months ending
December 31, 1998, as compared to a net operating loss of $361,000 and a net
loss of $210,000 for the same period one year ago. For the nine month period
ending December 31, 1998 the Company experienced a net operating loss of
$850,068 and a net loss of $1,332,000 as compared to a net operating loss of
$446,040 and a net loss of $279,436 for the same period one year ago.
Form 10QSB
8
<PAGE>
NuMED Home Health Care Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 1998 - (Continued)
Management has and is taking specific steps to control costs such as
consolidation of offices and monitoring productivity. The NuMED Rehabilitation
Horsham (Eastern) office was closed and NuMED rehabilitation ceased to operate
in that geographic region. The NuMED Rehabilitation Midwestern Region office
located in Cincinnati has been consolidated in the Parke Home Health Care site
and has traditionally been the larger office. That office will be monitored
closely due to the Federal Prospective Payment changes mandated as a result of
the Balanced Budget Act of 1997. On July 1, 1998 the Total Professional Health
Care offices were combined with Florida Nursing Services in St. Petersburg
Florida and with the Countryside Health Services in Clearwater Florida. Each
consolidation resulted in the savings of an Assistant Administrator in addition
to occupancy expenses. Consolidation of the back office processes and monitoring
of field personnel efficiencies is expected to assist in managing future costs.
A full review of present contracts is underway to evaluate profitability in
light of the IPS and PPS industry changes.
During the third quarter of fiscal 1997, NuMED paid a total of $568,000 to
a key rehab customer, representing disallowed costs for the client's fiscal year
ending June 30, 1996, The Company was successful in its pursuit to recover such
costs, approximately $525,000 was accepted as recovery of the disallowed costs
in the appeal process. The entire disallowed cost was expensed when paid and the
$525,000 was included in other income during this quarter.
Liquidity and Capital Resources
The Company's working capital and current ratio were $1,880,000 and $1.5,
respectively, as of December 30, 1998, as compared to $2,441,000 and $1.7,
respectively, as of March 31, 1998. Both working capital and the current ratio
have decreased as a result of net losses. Cash decreased $15,000 for the nine
months ended December 31, 1998, as compared to March 31, 1998. The decrease in
cash was primarily attributable to normal operations.
The Company has established a $3,000,000 credit facility secured by NuMED
Home Health Care, Inc., NuMED Rehabilitation, Inc., Silver Moves, Inc.,
Countryside Health Services, Inc., Pennsylvania Medical Concepts, Inc., Whole
Person Health Care of Ohio Inc., Whole Person Health Care of Pennsylvania Inc.,
and Parke Home Health Care, Inc. The credit advances are limited to the
aggregate accounts receivable balances of qualified accounts under 120 days. The
outstanding balance as of December 31, 1998 was $1,847,047.
Form 10QSB
9
<PAGE>
NuMED Home Health Care Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 1998 - (Continued)
The Company has two additional lines of credit in the amount of
$1,500,000 and $275,000. The credit lines are fully secured by certificates of
deposits. There was $901,000 and $275,000 outstanding as of December 31, 1998.
The Company's net income has been and will continue to be impacted
significantly by the non-cash charge of amortization expense of goodwill and
intangible assets of the Company. At December 31, 1998, net goodwill and
intangible assets of the Company were $4.0 million. The amortization of goodwill
and intangible assets in the future will decrease net income or increase any net
loss.
The Company funded its cash flow requirements through borrowings. The
Company believes that its current cash reserves, current cash flow and the funds
available under its credit facilities will allow the Company to continue to meet
its expected operating expenses and working capital needs for at least the next
12 months.
Form 10QSB
10
<PAGE>
Part II.
OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The Company maintains professional liability insurance in amounts believed
to be adequate by the Company based on its experience. Currently, the Company
maintains coverage on its home health care operations in the amount of
$1,000,000 per occurrence with a $3,000,000 annual limit. The Company maintains
coverage on its rehabilitation therapy operations in the amount of $4,000,000
annual limit. The Company may be subject to liability for the actions of its
employees who provide medical services. There can be no assurance that the
Company's professional liability insurance will cover all types of claims, that
such insurance will continue to be available to the Company on terms that are
acceptable to it, or that the amount of such insurance will be sufficient.
allegations.
On November 17, 1998, the Company filed a suit against Turkey Vulture Fund
in the United States District Court, Middle District of Florida, Tampa Division.
Although the suit was filed on November 17, 1998, it was not served until
November 24, 1998, because certain directors of the Company were attempting to
amicably resolve the disagreements with Turkey Vulture Fund. In the Complaint,
the Company sought injunctive relief for Turkey Vulture Fund's alleged
violations of Section 13(d) of the Securities Exchange Act of 1934.
Specifically, the Company alleged that Turkey Vulture Fund failed to timely
amend its Schedule 13D to (I) reflect its true intention, as stated in its
November 12, 1998 Proxy Statement, to oust current management, gain control of
the Company through a proxy fight, and eliminate the Company's staggered Board
of Directors, and (ii) indicate its increased ownership of shares. As a result
of these allegations, the Company sought (i) a temporary and permanent
injunction requiring the Turkey Vulture Fund to file an amendment to the
Schedule 13D, which will accurately reflect its true purpose, (ii) a temporary
injunction enjoining Turkey Vulture Fund from exercising voting rights and
soliciting proxies during the pendancy of this lawsuit, (iii) an appropriate
"cooling off period," to permit the investing public a reasonable amount of time
to digest any amendment to the Schedule 13D ordered by the Court and (iv) a
judgment in favor of the Company for the costs and attorneys' fees associated
with bringing lawsuit.
On December 16, 1998, the Company was served with Turkey Vulture Fund's
Verified Amended Answer and Counterclaim for Preliminary Injunction. In its
Answer, Turkey Vulture Fund denied the material allegations against it and
alleged that any violations of Section 13(d) were cured. In its Counterclaim,
Turkey Vulture Fund requested that the court (i) preliminarily and permanently
enjoin the Company and its directors from (a) taking or authorizing any action
outside of the ordinary course of business, and (b) taking any action that have
the effect of bestowing a benefit upon the Company's directors, officers, or
employees; (iii) preliminarily and permanently enjoin the Company from changing
the date of the stockholders' meeting or advancing the record date of the
meeting; and (iv) require the Company to provide Turkey Vulture Fund an updated
stockholders ledger. On December 29, 1998, the Company filed a Motion to Dismiss
the Counterclaim.
Form 10-QSB
11
<PAGE>
On December 16, 1998, the Company was served with Turkey Vulture Fund's
Motion for Summary Judgment in which Turkey Vulture Fund alleged that it cured
the deficiencies in its 13D and that the Company's Complaint was moot. The
Company's response was filed on December 31, 1998.
On December 17, 1998, the Company was served with Turkey Vulture Fund's
Motion for Preliminary Injunction, which also named the individual directors
that were previously named in the Counterclaim. The Company, together with the
named directors, filed its Opposition to the Motion from Preliminary Injunction
on December 29, 1998. A hearing on this Motion for Preliminary Injunction was
held on December 30, 1998. Following the hearing, the Court issued an Order
finding that "it needs further information with respect to the complex factual
matters involved," and enjoining the Company from taking any actions outside the
ordinary course of business. Accordingly, the court appointed an independent
mediator with authority in the nature of a special master. The mediator held
hearings on January 4 through January 6, 1999.
On January 6, 1999, the Company and its Board of Directors reached an
agreement with Turkey Vulture Fund to settle all outstanding litigation and
present to NuMED's stockholders a combined slate of nominees to the Board of
Directors for this Meeting. Pursuant to the settlement agreement, Turkey Vulture
Fund agreed to cause the Committee for a New NuMED to withdraw its proxy
statement that had been filed in opposition to the Board of Directors' proxy
statement. The parties to the settlement agreement agreed to take all
appropriate steps pursuant to applicable law necessary to allow the Turkey
Vulture Fund to enter into a stock purchase agreement for 744,680 shares of
common stock directly from the company, from its currently authorized but
unissued stock for $350,000 in cash. The settlement agreement provided that the
closing was to occur within two days of the shareholders' approval. However,
Stockholder approval was not required under Nevada law, and accordingly, no such
approval was sought. As of February 12, 1999 the Stock Purchase Agreement with
the Turkey Vulture Fund has not been consummated.
As part of the settlement agreement Management agreed to recommend a slate
consisting of the following six (6) directors: Susan J. Carmichael, Thomas V.
Chema, J. Michael Gorman, Richard M. Osborne, Thomas J. Smith and Jugal K.
Taneja. Additionally, all of the parties agreed to vote all of their shares,
which were eligible to vote in favor of the foregoing slate. However, Mr.
Taneja, the Company's former Chairman and Chief Executive Officer, was not
eligible to vote the 744,680 shares of NuMED Common Stock he received in
connection with the entering into of his Termination Noncompetition and Mutual
Release Agreement at the Meeting. In addition, the Board had agreed to reduce
the number of Directors to six (6) and amend the By-Laws to eliminate the
staggered Board of Directors prior to the Meeting. Finally, the parties from the
settlement agreement agreed to enter into a standstill agreement on proxy fights
through the year 2000 Annual Stockholders meeting. The Board of Directors did
take all required action prior to the annual meeting of the Stockholders' held
on January 28, 1999. Moreover the Stockholders elected the afforementioned
nominees to the Board.
Items 2 through 3. - Not applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Form 10QSB
12
<PAGE>
There have been no matters submitted to security holders during the third
quarter of fiscal 1999.
Item 5. OTHER INFORMATION
On August 20, 1998, the Company signed an Agreement and Plan of Merger
with Mednu Acquisition Corp. ("Mednu") Mednu was organized by certain investors
residing in New Jersey to effect the acquisition of synergistic health care
companies to provide comprehensive home health care services, back-office and
management services.
The merger was subject to satisfactory completion of due diligence,
Mednu's receipt of an acceptable financing commitment and shareholder approval.
On October 14, 1998 after the satisfactory completion of due diligence, Mednu
terminated the agreement because of Mednu's failure to secure financing or
commitments on terms satisfactory to Mednu. Mednu cited then current unfavorable
financial market conditions.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits. There are no exhibits filed with this report
(b) Reports on Form 8-K. The following 8-K's were filed in the third quarter of
fiscal 1999:
1. November 23, 1998 - Regarding Mr. Jugal K. Taneja's Termination,
Noncompetition and Mutual Release Agreement and Ms. Carmichael's new
Employment Agreement.
2. December 1, 1998 - Regarding Change in Registrant's Certifying
Accountant.
Form 10-QSB
13
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
NuMED Home Health Care, Inc.
Date: February 12, 1999 By: /s/ Susan J. Carmichael
------------------------
Susan J. Carmichael
Chairman of the Board,
Chief Executive Officer
Date: February 12, 1999 By: /s/ Marilyn K. Maginnes
-----------------------
Marilyn K. Maginnes
Corporate Controller
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF NUMED HOME HEALTH CARE, INC AS OF AND FOR
THE NINE MONTHS ENDED DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> DEC-31-1998
<CASH> 1220
<SECURITIES> 0
<RECEIVABLES> 4370
<ALLOWANCES> 305
<INVENTORY> 23
<CURRENT-ASSETS> 5440
<PP&E> 784
<DEPRECIATION> 515
<TOTAL-ASSETS> 9807
<CURRENT-LIABILITIES> 3550
<BONDS> 907
0
0
<COMMON> 6
<OTHER-SE> 5345
<TOTAL-LIABILITY-AND-EQUITY> 9807
<SALES> 0
<TOTAL-REVENUES> 13708
<CGS> 0
<TOTAL-COSTS> 10076
<OTHER-EXPENSES> 4482
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 217
<INCOME-PRETAX> (1327)
<INCOME-TAX> 5
<INCOME-CONTINUING> (1332)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1332)
<EPS-PRIMARY> (.26)
<EPS-DILUTED> (.26)
</TABLE>
