Form12b-25
[As last amended in Release No. 34-35113, December 19,1994, 59 F.R.
67752.]
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One)
[ X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: June 30, 1997
[ ]Transition Report on Form 10-K
[ ]Transition Report on Form 20-F
[ ]Transition Report on Form 11-K
[ ]Transition Report on Form 10-Q
[ ]Transition Report on Form N-SAR
For the Transition Period Ended:
______________________________________________________________________________
Read Attached Instruction Sheet Before Preparing Form. Please
Print or Type.
Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
______________________________________________________________________________
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
- -------------------------------------------------------------------------------
_______________________________________________________________________________
Part I - Registrant Information
_______________________________________________________________________________
Full Name of Registrant
PHC,Inc
Former Name if Applicable: N/A
200 Lake Street, Suite 102
Address of Principal Executive Office ( Street and number)
Peabody, Massachusetts 01960
City, State and Zip Code
_______________________________________________________________________________
Part II - Rules 12b-25 (b) and (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III
of this form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof
will be filed on or before the fifteenth calendar day following the
drescribed due date; or the subject quarterly report or transition
report on Form 10-Q, or portion thereof will be filed on or before the
fifth calendar day following the prescribed due date; and
(c)The accountant's statement or other exhibit required
by Rule 12b-25(c) has been attached if applicable.
Part III - Narrative
State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K,
10-Q, N-SAR or the transition report or portion thereof could not be
filed within the prescribed time period.
Audited Financial Statements are unavailable. (Attach Extra Sheets if
Needed)
Part - IV Other Information
______________________________________________________________________________
(1) Name and telephone number of person to contact in regard to this
notification.
Paula C. Wurts (978) 536-2777
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or
15(d) of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for
such shorter period that the registrant was required to file such
report(s) been filed? If the answer is no, identify report(s).
[ X ] Yes
[ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof?
[ X ] Yes
[ ] No
See attached press release.
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
..............................................................................
PHC, Inc. has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date September 29, 1997 By: Paula C. Wurts__________________________
Controller, Assistant Treasurer,
Assistant Clerk
<PAGE>
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Bruce A. Shear, President
PHC, Inc. (508) 536-2777
PHC, INC.REPORTS RECORD INCREASE IN CORE BUSINESS REVENUES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
PEABODY, MA, September 29, 1997 - PHC, Inc., dba Pioneer Healthcare,
(NASDAQ...PIHC) today announced record revenues for the Fiscal Year Ended June
30, 1997. Revenues were $27,234,372 compared to $21,802,758 for the Fiscal Year
ended June 30, 1996, a 25% increase. Pioneer reported a net loss of $2,839,664
or 87 cents per share compared to a net loss of $585,315 or 22 cents per share
for the Fiscal Year ended June 30, 1996. The Company's core behavioral
healthcare business reported record revenues of $21,927,655 compared to revenues
of $16,758,836 for the Fiscal Year ended June 30, 1996, a 31% increase.
In commenting on this year's results, Mr. Shear stated, "Pioneer's behavioral
healthcare business has expanded significantly in this fiscal year with new
contracts signed in the railroad and gaming industries, reflecting its safety
sensitive industry focused strategy. The continued expansion of outpatient
services as well as the Company's new contract with FHP establishes Pioneer as a
recognized leader in the behavioral healthcare industry." Shear further stated,
"Our growth and our future is focused in the behavioral healthcare industry. By
identifying industry niches of need and cultivating key relationships with these
sectors, we can leverage our strategies and play a dominate role. This is the
strategy that will best serve our shareholders."
"Pioneer also adopted a tougher approach to its accounts receivable allowance
reserves. The environment we operate in today makes collections of older
receivables more difficult than in previous years. Accordingly, we are adopting
a more stringent reserve policy going forward as well as instituting more
aggressive collection techniques."
Shear further stated, "The Fiscal Year ended June 30, 1997 loss was primarily
related to its long term care facility, Franvale Nursing & Rehabilitation
Center. The loss at Franvale was $2,318,756. The operation has now stabilized
and is approaching profitability with occupancy levels at a six month high. A
new management team is in place and marketing efforts have begun to show
positive results. As previously reported Pioneer continues to look for the best
strategic alternative for Franvale.z"
Pioneer Healthcare's core business provides inpatient and outpatient behavioral
healthcare services. Pioneer contracts with national insurance companies in
addition to major transportation and gaming companies who have selected them to
provide behavioral health services.
This press release may include forward-looking statements about the Company's
revenues and earnings and future plans and objectives. Any such statements are
subject to risks and uncertainties that could cause the actual results to vary
materially. These risks are discussed in the Company's Report on Form 10-KSB for
the year ended June 30, 1996 and filed with the Securities and Exchange
Commission on October 4, 1996.
NOTE TO EDITORS: Pioneer Healthcare's press releases are available at no charge
through PR Newswire's Company News On-Call fax service. For a menu of Pioneer
Healthcare's press releases or to retrieve a specific release, call
800-758-5804, extension 105159.
** SEE FINANCIAL HIGHLIGHTS ATTACHED **
<PAGE>
PHC INC. AND SUBSIDIARIES
CONDENSED BALANCE SHEET
June 30 June 30
----------- ----------
1997 1996
----------- ----------
(Fiscal Year (Fiscal Year
End) End)
ASSETS
Total current assets.................... 12,786,954 10,001,286
Total Assets............................ $27,860,809 $20,817,217
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities............... 7,998,040 5,129,897
Total Liabilities....................... 22,136,228 $14,400,028
Total Stockholders'Equity............... 5,724,581 $6,417,189
Total Liabilities and Stockholders
Equity.................................. $27,860,809 $20,817,217
============= =============
HIGHLIGHTS OF
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE FISCAL YEAR ENDED
June 30 June 30
----------- ----------
1997 1996
----------- ----------
Total Revenue........................... 27,234,372 21,802,758
(Loss) From Operations.................. (1,266,518) (42,834)
NET (LOSS).............................. (2,839,664) (585,315)
(Loss) Per Share:
(Loss) per Share from Operations (.39) (.02)
NET (LOSS)per Share (.87) (.22)
Weighted Average Number of Shares 3,270,175 2,709,504
Outstanding
(2)
