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<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 18, 1998
OXFORD HEALTH PLANS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-19442 06-1118515
(State or other jurisdiction) (Commission (IRS Employer
of incorporation) File Number) Identification No.)
800 Connecticut Avenue, Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
(203) 852-1442
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
The Company's March 31, 1998 balance sheet included in a Form 8-K filed on April
30, 1998 has been restated to reflect the purchase of approximately $20.3
million of peripheral computer equipment in a March 1998 capital lease
transaction.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
99 Restated balance sheet as of March 31, 1998
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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.
OXFORD HEALTH PLANS, INC.
Date: May 18, 1998 By: /s/ BRENDAN R. SHANAHAN
-----------------------------
BRENDAN R. SHANAHAN
Vice President and Controller
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OXFORD HEALTH PLANS, INC. AND SUBSIDIARIES
EXHIBIT INDEX
Exhibit Page
Number Description of Document Number
- ------ ----------------------- ------
99 Restated consolidated balance sheet as of March 31, 1998 5
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EXHIBIT 99
OXFORD HEALTH PLANS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1998 AND DECEMBER 31, 1997
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
ASSETS
MAR. 31, Dec. 31,
1998 1997
------------ -----------
Current assets: (Unaudited)
<S> <C> <C>
Cash and cash equivalents $ 61,053 4,141
Short-term investments-available for sale, at market value 635,270 635,743
Premiums receivable 289,549 275,646
Other receivables 53,484 45,418
Prepaid expenses and other current assets 20,849 10,097
Refundable income taxes 71,603 120,439
Deferred income taxes 31,866 38,092
----------- ---------
Total current assets 1,163,674 1,129,576
Property and equipment, at cost, net of accumulated depreciation and
amortization of $139,999 in 1998 and $125,926 in 1997 171,801 147,093
Deferred income taxes 117,846 86,406
Other noncurrent assets 38,409 34,914
----------- ---------
Total assets $ 1,491,730 1,397,989
=========== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bridge notes payable $ 200,000 --
Current portion of capital lease obligations 6,186 --
Medical costs payable 739,195 762,959
Trade accounts payable and accrued expenses 176,262 152,152
Unearned premiums 46,897 124,603
Deferred income taxes 7,798 9,059
----------- ---------
Total liabilities 1,176,338 1,048,773
----------- ---------
Obligations under capital leases 14,123 --
Shareholders' equity:
Common stock, $.01 par value, authorized 400,000,000
shares; issued and outstanding 79,514,037 in 1998
and 79,474,439 in 1997 795 795
Additional paid-in capital 437,983 437,653
Retained earnings (deficit) (140,800) (95,498)
Unrealized net appreciation of investments 3,291 6,266
----------- ---------
Total shareholders' equity 301,269 349,216
=========== =========
Total liabilities and shareholders' equity $ 1,491,730 1,397,989
=========== =========
</TABLE>
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