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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
COMMISSION FILE NUMBER 0-19600
CORE, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2828817
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
18881 VON KARMAN AVENUE, SUITE 1750, IRVINE, CALIFORNIA 92612
(Address of principal executive offices) (zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (714) 442-2100
Pursuant to Rule 12b-15, the undersigned registrant hereby amends the
following items, financial statements, exhibits or other portions of its
Quarterly Report on Form 10-Q for the period ended June 30, 1997, as set forth
in the pages attached hereto:
Item 1. Financial Statements. Note 3 to the Consolidated Condensed Financial
Statements (unaudited) as previously filed on Form 10-Q has been deleted in
its entirety and is replaced by the Note 3 attached.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
CORE, INC.
By /s/ William E. Nixon
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William E. Nixon
Chief Financial Officer, Treasurer
and Executive Vice President (Duly
authorized officer)
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ITEM 1.
Part 1. Financial Statements
CORE, INC.
Notes to Consolidated Condensed Financial Statements
(Unaudited)
June 30, 1997
Note 3 - Purchase of SSDC
On June 25, 1997, a wholly-owned subsidiary of the Company purchased certain
assets and liabilities of Social Security Disability Consultants and Disability
Services, Inc. (collectively, "SSDC") for an initial purchase price of
$6,500,000, additional performance related cash payments and stock options. An
initial cash payment of $5,000,000 was paid at close. Additional payments of
$1,500,000 and performance based payments of up to $920,000 are payable through
June 1999. SSDC provides disability management services with two key areas of
business: social security disability benefits advocacy and Medicare coordination
of benefits. The acquisition has been accounted for as a purchase.
The pro forma unaudited results of operations for the six months ended June 30,
1996 and June 30, 1997, assuming consummation of the purchase as of January 1,
1996, are as follows:
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<CAPTION>
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Six months ended June 30,
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1996 1997
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<S> <C> <C>
Revenues $17,884,492 $20,491,560
Income before extraordinary item $ 3,089,197 $ 2,314,210
Net income $ 3,089,197 $ 3,018,361
Earnings per common share
Income before extraordinary item $ 0.51 $ 0.22
Net income $ 0.51 $ 0.37
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