<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: June 19,1998
Commission File No.: 0-19878
OPTION CARE, INC.
(Exact name of registrant as specified in its charter)
Delaware 36-3791193
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation)
100 Corporate North
Suite 212
Bannockburn, Illinois 60015
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (847) 615-1690
<PAGE>
ITEM 7. FINANCIAL STATEMENTS
1. Consolidated Balance Sheet as of April 30, 1998.
2. Consolidated Statement of Operations for the four months ended April
30, 1998.
<PAGE>
Option Care, Inc. and Subsidiaries
Consolidated Balance Sheet
As of April 30, 1998
(in thousands)
<TABLE>
<S> <C>
ASSETS
Patient receivables, net 31,371
Product receivables 972
Royalties receivable 1,282
Allowance for doubtful accounts (3,590)
-----------------
Total receivables, net 30,035
Notes and leases rec., current 339
Inventory 2,276
Deferred income taxes 2,108
Other current assets 1,952
-----------------
Total Current Assets 36,710
Property and equipment, net 6,214
Notes and leases rec., noncurrent 250
Investments in affiliates 320
Goodwill 18,478
Other intangible assets, net 1,560
Other long term assets 240
-----------------
Total Assets 63,772
=================
LIABILITIES
Trade accounts payable 6,438
Accrued wages and related benefits 2,684
Other accrued expenses 4,969
Income taxes payable (receivable) (335)
Current portion of long term debt 431
-----------------
Total Current Liabilities 14,187
Long term debt and capital lease oblig. 26,801
Minority interest 15
-----------------
Total Liabilities 41,003
STOCKHOLDER'S EQUITY
Common Stock 108
Additional paid in capital 42,107
Retained Earnings (19,446)
Total Stockholder's Equity 22,769
-----------------
Total Liabilities and Equity 63,772
=================
</TABLE>
<PAGE>
OPTION CARE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the 4 months ended April 30, 1998
(in thousands, except per share data)
<TABLE>
<S> <C>
Revenues:
Royalty Fees and Other $2,913
Product Sales 925
Patient Care Services 30,900
---------------
Total Revenues 34,738
Cost of Revenues:
Products Sold to Franchises and Patients 13,583
Patient Care Service Operations 14,757
---------------
Total Cost of Revenues 28,340
---------------
Gross Profit 6,398
Operating Expenses:
Selling, General and Administrative Expenses 3,773
Provision for Doubtful Accounts 628
Amortization of Goodwill 187
Asset Write-Offs & Other Charges -
---------------
Total Operating Expenses 4,588
---------------
Operating Income (Loss) 1,810
Other Income (Expense), Net:
Interest Income (Expense) (702)
Minority Interest (20)
Other, Net 302
---------------
Total Other Income (Expense), Net (420)
---------------
Income (Loss) Before Income Taxes 1,390
Provision for Income Taxes 656
---------------
Net Income $734
===============
Net Income Per Common Shares
Outstanding (Basic EPS) $0.068
Net Income Per Common and Common
Equivalent Shares (Diluted EPS) $0.068
Weighted Average Common Shares
Outstanding 10,812
Weighted Average Common and Common
Equivalent Shares Outstanding 10,868
</TABLE>
<PAGE>
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 hereunto duly authorized.
Dated: June 19, 1998
OPTION CARE, INC.
By: Kevin M. Harris
/s/ Kevin M. Harris
-----------------------------
Kevin M. Harris
Chief Financial Officer
