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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
JULY 29, 1998
Date of Report (Date of earliest event reported)
PEDIATRIC SERVICES OF AMERICA, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-23946 58-1873345
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(State of incorporation) (Commission (IRS Employer
File Number) Identification NO.)
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310 Technology Parkway, Norcross, Georgia 30092-2929
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (770) 441-1580
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ITEM 5. OTHER EVENTS
See the following press release, dated September 19, 1994, announcing an
expected loss for the third quarter of approximately $.05 to $.07 cents before
additional charges, and expected additional charges of approximately $13
million. The Company expects to release its earnings report on or about August
10, 1998:
FOR IMMEDIATE RELEASE
PEDIATRIC SERVICES OF AMERICA, INC.
TO REPORT THIRD QUARTER LOSS
NORCROSS, GA, JULY 28, 1998 . . . . . . PEDIATRIC SERVICES OF AMERICA, INC.
(NASDAQ:PSAI) today announced it will report a net loss for the third quarter of
approximately $.05 to $.07 cents per share before additional charges. The
Company expects to take an additional charge of approximately $13 million to (i)
increase the provision for doubtful accounts; (ii) reflect the impact of
retroactive changes in Medicare reimbursement under the Interim Payment System;
(iii) account for certain restructuring charges relating to closing of
unprofitable locations.
PSAI indicated that net revenue for the quarter is expected to be approximately
$78 million. The Company cited revenue weakness in its medical services
divisions and higher costs related to transition in the medical testing
acquisition as the primary reasons for the shortfall in earnings.
The increase in reserves for accounts receivable is due primarily to potentially
higher uncollectable receivables billed under the Company's previous billing
system.
PSAI provides comprehensive pediatric home health care services, specializing in
pediatric nursing, respiratory and infusion services and related equipment to
medically fragile children. PSAI provides its services through a network of 126
branch offices in 29 states and the District of Columbia and provides medical
insurance testing services nationwide.
FOR FURTHER INFORMATION CONTACT:
JOSEPH D. SANSONE, PRESIDENT/CEO
OR
STEPHEN M. MENGERT, CFO/SR VICE PRESIDENT FINANCE
(770) 441-1580
Forward looking statements made in this release involve a number of risks and
uncertainties, including, but not limited to changes in government regulation
and health care reforms, ability to execute on the Company's acquisition and
strategic alliance programs, both in finding suitable acquisitions and alliance
candidates and financing therefor, changing economic and market conditions and
other risk factors detailed in the company's Securities and Exchange Commission
filing.
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.
PEDIATRIC SERVICES OF AMERICA, INC.
By: /s/ Stephen M. Mengert
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Stephen M. Mengert
Senior Vice President, Chief Financial
Officer, Secretary and Treasurer
Dated: July 29, 1998
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