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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number: 0-17969
CUSIP Number: 65333G 10 5
(Check One): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
[ ] Form N-SAR
For Period Ended: September 30, 1996
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
NextHealth, Inc.
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Full Name of Registrant
Sierra Tucson Companies, Inc.
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Former Name if Applicable
16600 North Lago del Oro Parkway
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Address of Principal Executive Office (Street and Number)
Tucson, Arizona 85739
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City, State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. Check box if appropriate)
(a) The reasons described in reasonable detail in Part III
of this form could not be eliminated without
unreasonable effort or expense;
(b) The subject annual report, semi-annual report,
[X] transition report on Form 10-K, Form 20-F, 11-K,
Form N-SAR, or portion thereof, will be filed on
or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report
of transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar
day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by
rule 12b-25(c) has been attached if applicable.
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PART III -- NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (Attach Extra Sheets If Needed)
The registrant is unable to complete its Quarterly Report Form 10-Q for the
period ended September 30, 1996.
The registrant is presently in the final stages of closing a major financial
transaction which would significantly impact the corporation's debt and equity
structure. The targeted closing date is Friday, November 15, 1996. The filing
delay related to the proposed transaction is necessary in order to disclose in
a timely manner highly material information relating to the registrant's
financial condition and the Management's Discussion and Analysis (Item 2) and
other portions of the Form 10-Q.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Loree Thompson (520) 792-5800
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), been
filed. If answer is no, identify report(s). [X] YES [ ] NO
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statement to be included in the subject report
or portion thereof? [X] YES [ ] NO
If so, attach an explanation of the anticipated change, both
narratively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
(SEE ATTACHED SCHEDULE)
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NEXTHEALTH, INC.
3RD QTR 10Q
<TABLE>
<CAPTION>
THREE MONTHS ENDED $ % NINE MONTHS ENDED $ %
9/30/96 9/30/95 CHANGE CHANGE 9/30/96 9/30/95 CHANGE CHANGE
------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Operating Revenue $ 4,255 $ 3,005 $ 1,250 41.60% $13,502 $ 9,368 $ 4,134 44.13%
Investment Income 10 258 (248) -96.12% 40 1,188 (1,148) -96.63%
Other Revenue 61 75 (14) -18.67% 248 523 (275) -52.58%
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Total Net Revenue 4,326 3,338 988 29.60% 13,790 11,079 2,711 24.47%
Salaries & related benefits 3,695 1,953 1,742 89.20% 11,225 5,784 5,441 94.07%
General & Administrative 3,017 1,893 1,124 59.38% 8,759 5,799 2,960 51.04%
Business Expansion 0 2,601 (2,601) -100.00% 0 3,430 (3,430) -100.00%
Interest 266 21 245 1166.67% 374 71 303 426.76%
Depreciation & amortization 681 402 279 69.40% 2,014 1,184 830 70.10%
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Total operating expenses 7,659 6,870 789 11.48% 22,372 16,268 6,104 37.52%
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Loss before income tax benefit $(3,333) $(3,532) $ 199 5.63% $(8,582) $(5,189) $(3,393) -65.39%
=========================================== ===========================================
EPS $ (0.39) $ (0.41) $ (1.00) $ (0.61)
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</TABLE>
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NEXTHEALTH, INC.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: November 13, 1996 By: /s/ LOREE THOMPSON
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LOREE THOMPSON
Corporate Controller
(Principal Financial and Accounting Officer)
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November 15, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Ladies and Gentlemen:
On behalf of NextHealth, Inc. (The "Company"), please find enclosed within this
electronic submission via the EDGAR System, the Company's Form 12b-25 related
to the Company's Quarterly Report on Form 10-Q for the three months ended
September 30, 1996. The appropriate copies have also been filed with the NASDAQ
Stock Market.
Very Truly Yours,
/s/ LOREE THOMPSON
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Loree Thompson
Controller, NextHealth, Inc.
enclosures