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): October 3, 1996
SMT Health Services Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-19897 25-1672183
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
10521 Perry Highway, Wexford, Pennsylvania 15090
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: 412-933-3300
Item 5. Other Information
Incorporated by reference herein is the Registrant's Press Release
dated October 3, 1996, a copy of which is filed as Exhibit 99.01 to
this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
Exhibit No. Reference
99.01 Press Release dated October 3, 1996 Filed herewith
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.
SMT HEALTH SERVICES INC.
(Registrant)
/s/ DAVID A. ZYNN
Date: October 4, 1996 By: _______________________________
David A. Zynn
Chief Financial Officer, Treasurer
and Principal Accounting Officer
EXHIBIT INDEX
Exhibit No. Reference
99.01 Press Release dated October 3, 1996 Filed herewith.
99.01
Contact: David Zynn, CFO
SMT Health Services Inc.
(412) 933-3300
http://www.smthealth.com
SMT HEALTH SERVICES ANNOUNCES PRELIMINARY
THIRD QUARTER RESULTS
Pittsburgh, PA, October 3, 1996 -- SMT Health Services Inc. (NASDAQ/NMS: SHED,
SHEDW) today announced preliminary quarterly results for the third quarter
ended September 30, 1996. The Company stated that it anticipates that net
income for the 1996 third quarter will approximate $.19 to $.21 per share
which exceed analyst estimates of approximately $.16 per share and the $.14
per share reported for the third quarter of 1995.
The Company anticipates that net income from operations will approximate $.17
to $.19, including an after-tax adjustment of approximately $200,000 related
to a sales tax refund. The Company also anticipates recording a deferred tax
adjustment which will reduce its income tax provision approximately $200,000,
or $.02 per share, during the third quarter of 1996.
The Company anticipates that its net income for the nine months ended
September 30, 1996 will approximate $.48 to $.50 per share as compared to net
income per share of $.36 for the nine months ended September 30, 1995.
The Company further announced that it continues a positive cashflow and
maintained a cash balance of approximately $5.0 million as of September 30,
1996 as compared to $3.8 million and $3.9 million reported as of June 30, 1996
and December 31, 1995, respectively. Cash outflows during the nine months
ended September 30, 1996 included approximately $600,000 for the acquisition
of a mobile provider in March, approximately $2.0 million used to acquire new
MRI units and other equipment and approximately $3.6 million of principal
payments under loan agreements and capital leases. In addition to the
approximate $5.4 million of cash generated from operations, SMT also received
approximately $1.9 million as a result of the exercise of stock options and
warrants during the second and third quarter.
The statements contained in this press release are forward-looking statements
that are subject to risks and uncertainties which could cause actual results
to differ materially from those set forth herein, including material
adjustments from final review by management and the Company's independent
auditors. The Company anticipates announcing its actual results for the
third quarter of 1996 on or about October 22, 1996.
SMT Health Services Inc., through its fleet of seventeen mobile units,
provides diagnostic imaging services to healthcare providers in Pennsylvania,
West Virginia, North Carolina, Ohio, Virginia, Kentucky and South Carolina.
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