UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required]
For the fiscal year ended June 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]
For the transition period from ____________ to ____________
Commission File No. 01-18695
WORK RECOVERY, INC.
(Exact name of registrant as specified in its charter)
Delaware 86-0848910
(State or other jurisdiction of (I.R.S. Employer)
incorporation or organization) Identification No.
2341 South Friebus Avenue, Suite 14, Tucson, Arizona 85713
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (520) 322-6634
Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to section 12(g) of the Act:
Common Stock, $0.01 par value per share
(Title of class)
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
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of the registrant. The aggregate market value shall be computed by reference
to the price at which the stock was sold, or the average bid and asked prices
of such stock, as of a specified date within 60 days prior to the date of
filing:
Registrant's $.01 par value per share common stock is its sole class of voting
stock. As of September 25, 1997, there were 14,722,830 shares of common stock
outstanding, of which approximately 11,243,455 shares were held by non-
affiliates of the registrant. The closing trading price of the common stock
on that date was $.26 per share, as reported by National Quotation Bureau.
Based upon this price, the market value of those shares of registrant's voting
stock held by non-affiliates was approximately $2,923,000 as of September 25,
1997, although such stock is thinly traded and there can be no assurance that
the trading price accurately reflects the value thereof.
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
Yes X No Not Applicable
APPLICABLE ONLY TO CORPORATE REGISTRANTS
Indicate the number of shares outstanding of each of the registrant's classes
of common stock, as of the latest practicable date.
Registrant has only one class of common stock outstanding, of which
approximately 14,722,830 shares were outstanding as of September 25, 1996.
DOCUMENTS INCORPORATED BY REFERENCE
Form 10-Q for the quarter ended March 31, 1997; and December 31, 1996, as
amended.
Form 8-K dated January 30, 1997; and July 25, 1997.
<PAGE>
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 thereunto duly authorized.
WORK RECOVERY, INC.
(Registrant)
/s/ Dorcas R. Hardy
Dorcas R. Hardy, Chief Executive Officer (Principal Executive Officer and
Principal Financial and Accounting Officer)
Date: September 30, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AS OF JUNE 30, 1997 AND STATEMENTS OF OPERATIONS FOR THE PERIODS JULY 1,
1996 TO FEBRUARY 1, 1997 AND FEBRUARY 2, 1997 TO JUNE 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CAPTION>
<S> <C> <C> <C>
<PERIOD-TYPE> YEAR OTHER OTHER
<FISCAL-YEAR-END> JUN-30-1997<F1> JUN-30-1997 FEB-1-1997
<PERIOD-END> JUN-30-1997 JUN-30-1997<F2> FEB-1-1997<F3>
<CASH> 460 0 0
<SECURITIES> 0 0 0
<RECEIVABLES> 511 0 0
<ALLOWANCES> (245) 0 0
<INVENTORY> 682 0 0
<CURRENT-ASSETS> 1,517 0 0
<PP&E> 3,118 0 0
<DEPRECIATION> (1,421) 0 0
<TOTAL-ASSETS> 3,442 0 0
<CURRENT-LIABILITIES> 6,180 0 0
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 147 0 0
<OTHER-SE> (2,885) 0 0
<TOTAL-LIABILITY-AND-EQUITY> 3,442 0 0
<SALES> 0 648 1,252
<TOTAL-REVENUES> 0 756 1,331
<CGS> 0 372 1,030
<TOTAL-COSTS> 0 372 372
<OTHER-EXPENSES> 0 3,663 7,726
<LOSS-PROVISION> 0 37,835 0
<INTEREST-EXPENSE> 0 105 196
<INCOME-PRETAX> 0 (41,219) (13,965)
<INCOME-TAX> 0 0 0
<INCOME-CONTINUING> 0 (40,238) (13,965)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 981 16,819
<CHANGES> 0 0 0
<NET-INCOME> 0 (40,238) (13,965)
<EPS-PRIMARY> 0 (2.74) 0
<EPS-DILUTED> 0 (2.74) 0
<FN>
<F1>As of February 2, 1997, the Effective Date, the Company adopted Fresh-Start
reporting in accordance with AICPA Statement of Position 90-7. In
connection with the adoption of Fresh-Start reporting, a new entity has
been deemed created for financial reporting purposes. The period
presented prior to the Effective Date has been designated "Predecessor
Company" and the period subsequent to the Effective Date has been designated
"Successor Company". Accordingly, revenue and expense amounts shown on the
Financial Data Schedule are for the appropriate periods.
<F2>Successor Company for the period February 2, 1997 to June 30, 1997.
<F3>Predecessor Company for the period July 1, 1996 to February 1, 1997.
</FN>
</TABLE>
