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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31,1999 Commission File No. 0-16992
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CONCORDE CAREER COLLEGES, INC.
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(exact name of registrant as specified in its charter)
Delaware 43-1440321
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(State of other jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
5800 Foxridge, Suite 500
Mission, Kansas 66202
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (913) 831-9977
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Securities registered pursuant to Section 12(g) of the Act:
Common Stock $.10 Par Value
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.
(1) Yes X No ___ (2) Yes X No ___
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As of April 28, 1999 Concorde Career Colleges, Inc. had 7,852,826 shares of
Common Stock outstanding.
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CONCORDE CAREER COLLEGES, INC.
FORM 10-Q/A
THREE MONTHS ENDED MARCH 31, 1999
INDEX
PART I - FINANCIAL INFORMATION
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Item 1. Financial Statements
Notes to Condensed Consolidated Financial Statements
Note 1 and 2.................................................. 1
Condensed Consolidated Balance Sheets........................... 2,3
Condensed Consolidated Statements of Operations................. 4
Condensed Consolidated Statements of Cash Flows................. 5
Consolidated Statement of Changes in Stockholders' Equity....... 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations..................................... 7
PART II - OTHER INFORMATION
Item 1. Legal Proceedings............................................... 12
Item 2. Change in Securities............................................ 12
Item 3. Defaults Upon Senior Securities................................. 12
Item 4. Submission of Matters to a Vote of Security Holders............. 12
Item 5. Other Information............................................... 12
Item 6. Exhibits and Reports on Form 8-K................................ 13
Signatures................................................................ 14
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PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
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CONCORDE CAREER COLLEGES, INC., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1999
OVERVIEW
The discussion set forth below, as well as other portions of this Form 10-
Q/A, may contain forward-looking comments. Such comments are based upon
information currently available to management and management's perception
thereof as of the date of this Form 10-Q/A. Actual results of the Company's
operations could materially differ from those forward-looking comments. The
differences could be caused by a number of factors or combination of factors
including, but not limited to, potential adverse effects of regulations;
impairment of federal funding; adverse legislative action; student loan default
rates; changes in federal or state authorization or accreditation; changes in
market needs and technology; changes in competition and the effects of such
changes; changes in the economic, political or regulatory environments;
litigation involving the Company; changes in the availability of a stable labor
force; or changes in management strategies. Readers should take these factors
into account in evaluating any such forward-looking comments.
NOTES TO FINANCIAL STATEMENTS
Note 1:
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The condensed interim 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 ("SEC"). Certain
information and footnote disclosures normally included in financial statements
prepared according to 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
misleading. It is suggested that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto included in the
Company's 1998 Annual Report on Form 10-K that was filed by the Company with the
Commission on March 31, 1999 (the "1998 Form 10-K") incorporated herein by
reference.
The information included in these interim financial statements reflects all
normal recurring adjustments that are, in the opinion of management, necessary
to fairly state the results of the periods presented. Annualization of amounts
in these interim financial statements may not necessarily be indicative of the
actual operating results for the full year.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. The Company
has litigation pending which arose in the normal course of business. See further
discussion in Part I, Item 2 - "Contingencies", and Part II, Item 1 - "Legal
Proceedings".
Note 2:
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Basic earnings per share is computed by deducting imputed preferred
dividends from net income or loss. This amount is then divided by weighted
average number of common shares outstanding.
Diluted earnings per share is computed by deducting imputed preferred
dividends from net income. This amount is then divided by the weighted average
number of common shares outstanding during the year after giving effect for
common stock equivalents (if dilutive) arising from stock options and for
warrants and preferred stock assumed converted to common stock.
1
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<ARTICLE> 5
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 2,473,000
<SECURITIES> 0
<RECEIVABLES> 14,229,000
<ALLOWANCES> 1,217,000
<INVENTORY> 0
<CURRENT-ASSETS> 18,054,000
<PP&E> 8,333,000
<DEPRECIATION> 5,155,000
<TOTAL-ASSETS> 22,945,000
<CURRENT-LIABILITIES> 13,483,000
<BONDS> 3,500,000
0
6,000
<COMMON> 786,000
<OTHER-SE> 4,707,000
<TOTAL-LIABILITY-AND-EQUITY> 22,945,000
<SALES> 8,315,000
<TOTAL-REVENUES> 8,315,000
<CGS> 0
<TOTAL-COSTS> 8,580,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 284,000
<INTEREST-EXPENSE> 45,000
<INCOME-PRETAX> (594,000)
<INCOME-TAX> (232,000)
<INCOME-CONTINUING> (362,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (362,000)
<EPS-PRIMARY> (.05)
<EPS-DILUTED> (.05)
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