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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25 --------------------
| SEC FILE NUMBER |
NOTIFICATION OF LATE FILING | 1-13778 |
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(Check One):
[_] Form 10-K [_] Form 20-F [_] Form 11-K --------------------
[X] Form 10-Q [_] Form N-SAR | CUSIP NUMBER |
| 71941S-10-1 |
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For Pebriod Ended: June 30, 1998
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[_] 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:
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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
Physicians Resource Group, Inc.
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FULL NAME OF REGISTRANT
Three Lincoln Centre, Suite 1540, 5430 LBJ Freeway
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ADDRESS OF PRINCIPAL EXECUTIVE OFFICE (STREET AND NUMBER)
Dallas, Texas 75240
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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. (Mark box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
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[X] (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will
be filed on or before the fifteenth calendar day following the
prescribed 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
Physicians Resource Group, Inc. (the "Company") is in the process of
recording reserves for the quarter ended June 30, 1998 in connection with the
valuation of the intangible assets of and affiliate receivables from certain
practices that have initiated legal proceedings against the Company as well as
receivable balances from other affiliates. Disputes with several of these
practices have arisen recently. The Company has not yet completed the process of
determining the appropriate levels of reserves to be taken, but expects to have
completed the process by August 19, 1998. Although the Company is vigorously
defending these actions, the ultimate outcome of these proceedings is not
certain. It is expected that the Company will file its Form 10Q for the quarter
ended June 30, 1998 on or before August 19, 1998. The reasonss causing the
inability to file timely could not be eliminated by Physicians Resource Group,
Inc. without unreasonable effort or expense.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Pamela B. Westbrook (972) 982-8200
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(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 reports). [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
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.
Physicians Resource Group, Inc.
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(NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 14, 1998 By:
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Pamela B. Westbrook,
Chief Financial Officer
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PART IV--ATTACHMENT
Physicians Resource Group, Inc. anticipates recording pre-tax charges
for the quarter ended June 30, 1998 in the range of $50.0 to $55.0 million for
the impairment of certain assets associated with practices that have initiated
legal proceedings against the Company and receivable balances from other
affiliates.
