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) July 16, 1996
Curative Health Services, Inc.
(Exact name of registrant as specified in its charter)
Minnesota 000-19370 41-1503914
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
14 Research Way, Box 9052, East Setauket, NY 11733-9052
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (516)689-7000
NOT APPLICABLE
(Former name or former address, if changed since last report.)
Page 1 of 3
<PAGE>
Item 5. Other Events.
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The Registrant issued the press release on July 16, 1996 included as
Exhibit 7 (c)(2).
Item 7. Financial Statements and Exhibits.
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(a)(b) No financial statements or proforma financial information filed
herein.
(c) Exhibits. The following Exhibit is filed as part of this Report:
Item No. Description
7(c)(2) Press Release dated July 16, 1996
Page 2 of 3
<PAGE>
SIGNATURES
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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.
Curative Health Services, Inc.
(Registrant)
Date: July 16, 1996 By: /s/ John C. Prior
----------------------
John C. Prior
Sr. Vice President/Finance and CFO
Page 3 of 3
<PAGE>
Exhibit 7(c)(2)
NEWS
FOR IMMEDIATE RELEASE Contact: John C. Prior
Chief Financial Officer
Curative Health Services
516-689-7000
Susan Noonan x203 (Investor)
Mara Goldfarb x217 (Media)
Noonan/Russo Communications Inc.
212-696-4455
CURATIVE HEALTH SERVICES, INC.
REPORTS SECOND QUARTER RESULTS
East Setauket, New York, July 16, 1996 - Curative Health Services, Inc.
(Nasdaq: CURE), today announced its financial results for the second quarter
ended June 30, 1996.
Total revenues for the second quarter of 1996 were $16.4 million, up 27
percent from $12.9 million reported in the second quarter of 1995. The
Company recorded net income of $2,443,000, or $.21 per share, for the second
quarter of 1996 compared to net income of $794,000, or $.08 per share, for
the second quarter of 1995.
Total revenues for the first six months of fiscal 1996 were $31.3 million
exceeding revenues of $24.9 million for the first six months of 1995 by 26
percent. Net income for the first six months of 1996 was $4,316,000 or $.38
per share compared with net income of $1,308,000 or $.13 per share for the
same period last year.
"We are pleased with the results of the second quarter and the first half of
1996," said John Vakoutis, President and CEO. "Curative had 90 hospital
outpatient Wound Care Centers, five inpatient wound care programs and four
freestanding outpatient Wound Care Centers operating as of the end of the
quarter."
Curative Health Services, is a leading disease management company in chronic
wound care. The Company provides a broad continuum of services to healthcare
providers through a nationwide network of wound care programs which offer
comprehensive, multi-disciplinary wound care.
--- Table follows ---
<PAGE>
CURATIVE HEALTH SERVICES, INC. AND SUBSIDIARIES
Selected Financial Information
Condensed Consolidated Statement of Operations
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(Dollars in thousands, except per share data) - (Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue $ 16,388 $ 12,922 $ 31,305 $ 24,929
Cost and expenses:
Cost of product sales and services 9,024(1) 6,383 17,359(1) 12,494
Selling,general & administrative 4,861 4,630 9,613 8,877
Research and development - 1,196 - 2,394
------ ----- ------ ------
Total costs and expenses 13,885 12,209 26,972 23,765
------ ------ ------ ------
Income from operations 2,503 713 4,333 1,164
Interest income 184 116 367 213
--- --- --- ---
Income before income taxes 2,687 829 4,700 1,377
Income taxes 244 35 384 69
Net income $ 2,443 $ 794 $ 4,316 $ 1,308
===== === ===== =====
Net income per common share and
equivalent shares $ .21 $ .08 $ .38 $ .13
=== === === ===
Weighted average common shares
outstanding 11,382 10,391 11,306 10,256
====== ====== ====== ======
</TABLE>
(1) Includes approximately $436 and $996 of technical service costs for the
three and six month periods ended June 30, 1996. Such costs were reported
as research and development in the prior year periods.
<PAGE>
Condensed Consolidated Balance Sheet
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(Dollars in thousands) - (Unaudited)
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
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<S>
Assets
<C> <C>
Cash and cash equivalents $ 5,254 $ 2,835
Marketable securities 9,918 9,365
Other current assets 10,525 8,596
Property and equipment (net) 3,618 3,383
Other assets 870 851
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$ 30,185 $ 25,030
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Liabilities and Stockholders' Equity
Current liabilities $ 8,253 $ 8,221
Long-term debt 1,120 1,198
Stockholders' equity 20,812 15,611
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$ 30,185 $ 25,030
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</TABLE>
Editors Note: This release is also available on the Internet over the World
Wide Web at:http:www.noonanrusso.com
