-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IGQzcQqzBJuI5dNWiIRkLx0T8KkDqVQqosSKgAKiPVZeLcigSQmF39c5RHzfv1hS WIDdIotMag4SPR4SpAc7dA== 0000912057-96-010038.txt : 19960517 0000912057-96-010038.hdr.sgml : 19960517 ACCESSION NUMBER: 0000912057-96-010038 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: RAYTEL MEDICAL CORP CENTRAL INDEX KEY: 0001002017 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 942787342 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27186 FILM NUMBER: 96567991 BUSINESS ADDRESS: STREET 1: 2755 CAMPUS DRIVE STREET 2: SUITE 200 CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 4153490800 MAIL ADDRESS: STREET 1: 2755 CAMPUS DRIVE STREET 2: SUITE 200 CITY: SAN MATEO STATE: CA ZIP: 94403 10-Q 1 10-Q [GRAY CARY WARE & FREIDENRICH LETTERHEAD] OUR FILE NO. 1180523-900402 May 13, 1996 VIA FEDERAL EXPRESS - ------------------- Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Attention: Filing Desk RE: REPORT ON FORM 10-Q OF RAYTEL MEDICAL CORPORATION FOR THE PERIOD ENDED MARCH 31, 1996 Dear Ladies and Gentlemen: On behalf of Raytel Medical Corporation (the "Company"), enclosed herewith for filing under the Securities Exchange Act of 1934, as amended, are on manually signed and two conformed copies of a Report on Form 10-Q of the Company for the Period Ended March 31, 1996 (the "Form 10-Q"), each with all required exhibits, and five additional conformed copies of the Form 10-Q without exhibits. One originally signed copy of the Form 10-Q with all required exhibits, is today being transmitted to The Nasdaq Stock Market for filing therewith. Please acknowledge your receipt of this letter and the enclosed materials by file-stamping the enclosed copy of this letter and then returning it to the undersigned in the stamped, self-addressed envelope provided. GRAY CARY WARE & FREIDENRICH Securities and Exchange Commission Mary 13, 1996 Page 2 If you have any questions regarding the enclosed, please contact me at (415) 833-2085 or Dennis C. Sullivan (415) 833-2243. Very truly yours, GRAY CARY WARE & FREIDENRICH A Professional Corporation By: /s/ William R. Schreiber ------------------------------------- William R. Schreiber Enclosures cc: E. Payson Smith, Jr., Raytel Medical Corporation Michael Kokesh, Esq., Raytel Medical Corporation Dennis C. Sullivan, Esq. The Nasdaq Stock Market (One manually signed and two conformed copies) Market Listing Qualifications 1735 K Street, N.W. Washington, D.C. 20006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) /X/ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Quarterly period ended March 31, 1996; or / / Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ____________________ to ___________________. Commission File Number: 0-27186 RAYTEL MEDICAL CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 94-2787342 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2755 CAMPUS DRIVE, SUITE 200, SAN MATEO, CALIFORNIA 94403 (Address of principal executive offices) (Zip code) (415) 349-0800 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS SHARES OUTSTANDING AS OF APRIL 30, 1996 COMMON STOCK 8,165,397 ($.001 PAR VALUE) RAYTEL MEDICAL CORPORATION AND SUBSIDIARIES INDEX PAGE PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 1996 and September 30, 1995 . . . . . . . . . . . . . . .3 Condensed Consolidated Statements of Operations for the three months and the six months ended March 31, 1996 and 1995 . . .4 Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 1996 and 1995.5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . .6 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . . . .10 SIGNATURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 2 PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS RAYTEL MEDICAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (000'S OMITTED) ASSETS
MARCH 31, SEPTEMBER 30, 1996 1995 (UNAUDITED) ----------- ------------- Current assets: Cash and cash equivalents $13,732 $ 4,983 Receivables, net 24,459 22,415 Prepaid expenses and other 1,604 1,286 ------- ------- Total current assets 39,795 28,684 Investment in and advances to unconsolidated entities and partnerships 202 158 Property and equipment, less accumulated depreciation and amortization 7,936 8,598 Intangible assets, less accumulated amortization 9,436 9,328 ------- ------- Total assets $57,369 $46,768 ------- ------- ------- ------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 291 $ 4,275 Current portion of capital lease obligations 796 1,047 Accounts payable 2,571 2,189 Accrued liabilities 4,951 5,626 ------- ------- Total current liabilities 8,609 13,137 Long-term debt, net of current portion 2,081 7,718 Capital lease obligations, net of current portion 756 984 Redeemable warrants - 1,600 Deferred liabilities 922 749 Minority interest in consolidated entities 1,035 1,081 ------- ------- Total liabilities 13,403 25,269 ------- ------- Stockholders' equity: Preferred stock - 7 Common stock 8 2 Additional paid-in capital 55,149 31,410 Accumulated deficit (11,191) (9,920) ------- ------- Total stockholders' equity 43,966 21,499 ------- ------- Total liabilities and stockholders' equity $57,369 $46,768 ------- ------- ------- -------
3 RAYTEL MEDICAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (000'S OMITTED, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED ------------------------ ------------------------- MARCH 31, MARCH 31, MARCH 31, MARCH 31, 1996 1995 1996 1995 ------- ------- ------- ------- Revenues: Net patient and service revenues $17,860 $15,812 $33,443 $31,286 Other revenues 186 (14) 419 117 ------- ------- ------- ------- Total revenues 18,046 15,798 33,862 31,403 ------- ------- ------- ------- Costs and expenses: Operating costs 7,089 5,338 12,180 10,664 Selling, general and administrative 6,838 6,605 13,642 13,367 Depreciation and amortization 1,302 1,458 2,633 2,902 Non-recurring tender offer expense - 400 - 750 ------- ------- ------- ------- Total costs and expenses 15,229 13,801 28,455 27,683 ------- ------- ------- ------- Operating income 2,817 1,997 5,407 3,720 Interest expense 76 520 434 1,093 Other expense (income) (165) (62) (297) (210) Minority interest 172 264 423 477 ------- ------- ------- ------- Income before income taxes and extraordinary item 2,734 1,275 4,847 2,360 Provision for income taxes 1,093 395 1,938 731 ------- ------- ------- ------- Income before extraordinary item 1,641 880 2,909 1,629 Extraordinary item, net of related tax benefit - - 402 - ------- ------- ------- ------- Net income $ 1,641 $ 880 $ 2,507 $ 1,629 ------- ------- ------- ------- ------- ------- ------- ------- Net income per share before extraordinary item $ .19 $ .16 $ .39 $ .29 ------- ------- ------- ------- ------- ------- ------- ------- Net income per share $ .19 $ .16 $ .33 $ .29 ------- ------- ------- ------- ------- ------- ------- ------- Weighted average common shares and dilutive equivalents outstanding 8,756 5,606 7,544 5,598 ------- ------- ------- ------- ------- ------- ------- -------
4 RAYTEL MEDICAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (000'S OMITTED)
SIX MONTHS ENDED ----------------------------- MARCH 31, MARCH 31, 1996 1995 ------- ------ Cash flows from operating activities: Net income $ 2,507 $ 1,629 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,633 2,902 Minority interest 423 477 Equity earnings of unconsolidated entities (14) 205 Extraordinary item, net 402 - Other, net 134 267 Changes in operating accounts: Receivables, net (2,034) (2,938) Prepaid expenses and other (318) (1,035) Accounts payable 361 (485) Accrued liabilities and other (407) 2,121 ------- ------ Net cash provided by operating activities 3,687 3,143 ------- ------ Cash flows from investing activities: Capital expenditures (917) (879) Increase in intangible assets (7) (95) Cash received from unconsolidated entities 7 7 Other, net (46) 8 ------- ------ Net cash used in investing activities (963) (959) ------- ------ Cash flows from financing activities: Net proceeds from initial public offering 20,400 - Repurchase of warrants (2,101) - Proceeds from exercise of stock options 63 - Repurchase of Company stock - (24) Income distributions to noncontrolling investors (464) (560) Principal repayments of debt (11,873) (2,994) ------- ------ Net cash provided by (used in) financing activities 6,025 (3,578) ------- ------ Net increase (decrease) in cash and cash equivalents 8,749 (1,394) Cash and cash equivalents at beginning of period 4,983 5,847 ------- ------ Cash and cash equivalents at end of period $13,732 $ 4,453 ------- ------ ------- ------
The interim financial statements furnished above reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These interim financial statements should be read in conjunction with the financial statements and notes included in the Company's Form S-1 Registration Statement filed on October 6, 1995, as amended, and included in the Company's final Prospectus dated November 30, 1995 related thereto. The foregoing interim results are not necessarily indicative of the results of operations for the full fiscal year ending September 30, 1996. 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The Company generates substantially all of its revenues from the provision of transtelephonic monitoring ("TTM") services for cardiac pacemaker patients, cardiac event detection services ("CEDS"), diagnostic imaging services and cardiac catheterization procedures. Beginning on February 1, 1996, revenue is also being provided from the operation of the Raytel Heart Center at Granada Hills (the "RHCGH"), as described below. On March 1, 1996, an existing imaging center in Turnersville, New Jersey began operations under Raytel management. This multi-modality facility provides mammography, ultrasound, diagnostic X-ray and fluoroscopy procedures. The Company expects to expand the modalities offered at the facility to include computed tomography (CT) and magnetic resonance imaging (MRI) in the near future. In January 1996, the Company signed two agreements for the development of heart centers. Under an agreement with Stanford Health Services, the Company will provide interventional cardiac services at a cardiac catheterization center to be developed and managed by the Company. The Company will provide the facilities and equipment for the center and will be responsible for the day-to- day operations of the facility, including administrative support facilities management. The Company will also be primarily responsible for marketing and public relations activities for the center. The second agreement, with Granada Hills Community Hospital, became effective February 1, 1996 and provides for the creation of the Company's first integrated heart center, RHCGH. The Company is responsible for the day-to-day operations of RHCGH, including administrative support and billing. The Company is also primarily responsible for all marketing and public relations activities, as well as assisting the hospital in the negotiation and administration of contracts with managed care organizations and other third-party payors. In December 1995, the Company completed the initial public offering of its Common Stock which yielded net proceeds, after underwriting discounts and expenses, of $20,400,000. The Company used approximately $6,000,000 of the proceeds of the offering to pay the remaining balance of a term loan from two banks, approximately $2,101,000 to repurchase certain outstanding redeemable warrants and $5,000,000 to repay substantially all of a subordinated note of the Company. The remaining proceeds will be used for working capital and general corporate purposes. For the three months and six months ended March 31, 1996, the Company's operating results were slightly adversely effected by weather conditions on the East Coast. RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1996 COMPARED TO THREE MONTHS ENDED MARCH 31, 1995. The operations of RHCGH are included in the Company's Consolidated Statements of Operations since February 1, 1996, the effective date of the Company's agreement with Granada Hills Community Hospital. Accordingly, RHCGH's operations are included for two months of the three month period ended March 31, 1996, but are not included in the three month period ended March 31, 1995. REVENUES. Total revenues increased by $2,248,000, or 14.2%, from $15,798,000 for the three months ended March 31, 1995 to $18,046,000 for the three months ended March 31, 1996, due primarily to the inclusion of the revenues of RHCGH. Revenues for TTM, diagnostic imaging services, and the catheterization laboratories all remained relatively unchanged. 6 OPERATING EXPENSES. Operating costs and selling, general and administrative expenses increased by $1,984,000, or 16.6%, from $11,943,000 for the three months ended March 31, 1995 to $13,927,000 for the three months ended March 31, 1996 due primarily to the inclusion of expenses related to RHCGH. Operating costs and selling, general and administrative expenses as a percentage of total revenues increased slightly from 75.6% for the three months ended March 31, 1995 to 77.2% for the three months ended March 31, 1996. DEPRECIATION AND AMORTIZATION. Depreciation and amortization expense decreased by $156,000, from $1,458,000 for the three months ended March 31, 1995 to $1,302,000 for the three months ended March 31, 1996, and declined as a percentage of revenues from 9.2% for the three months ended March 31, 1995 to 7.2% for the three months ended March 31, 1996. NON-RECURRING TENDER OFFER EXPENSE. During the three months ended March 31, 1995, the Company charged off costs of $400,000 relating to an unsuccessful tender offer for a public company. OPERATING INCOME. As a result of the foregoing factors, operating income increased by $820,000 or 41.1% from $1,997,000 for the three months ended March 31, 1995 to $2,817,000 for the three months ended March 31, 1996. INTEREST EXPENSE. Interest expense decreased by $444,000, or 85.4%, from $520,000 for the three months ended March 31, 1995 to $76,000 for the three months ended March 31, 1996 primarily due to the repayment of term debt in the first quarter of fiscal 1996 and a reduction in the principal amount outstanding under equipment loans and capital leases. INCOME TAXES. The provision for income taxes increased by $698,000, or 176.7%, from $395,000 for the three months ended March 31, 1995 to $1,093,000 for the three months ended March 31, 1996 as a result of increased taxable income and a higher effective tax rate in the current period. NET INCOME. As a result of the foregoing factors, net income increased by $761,000, or 86.5%, from $880,000 for the three months ended March 31, 1995 to $1,641,000 for the three months ended March 31, 1996. SIX MONTHS ENDED MARCH 31, 1996 COMPARED TO SIX MONTHS ENDED MARCH 31, 1995. The operations of RHCGH are included in the Company's Consolidated Statements of Operations since February 1, 1996, the effective date of the Company's agreement with Granada Hills Community Hospital. Accordingly, the RHCGH's operations are included for two months of the six month period ended March 31, 1996, but are not included in the six month period ended March 31, 1995. REVENUES. Total revenues increased by $2,459,000, or 7.8%, from $31,403,000 for the six months ended March 31, 1995 to $33,862,000 for the six months ended March 31, 1996, due primarily to the inclusion of the revenues from RHCGH. Revenues for TTM, diagnostic imaging services, and the catheterization laboratories all remained relatively unchanged. OPERATING EXPENSES. Operating costs and selling, general and administrative expenses increased by $1,791,000, or 7.5%, from $24,031,000 for the six months ended March 31, 1995 to $25,822,000 for the six months ended March 31, 1996, due primarily to the inclusion of expenses related to RHCGH. Operating costs and selling, general and administrative expenses as a percentage of total revenues remained relatively unchanged. 7 DEPRECIATION AND AMORTIZATION. Depreciation and amortization expense decreased by $269,000, from $2,902,000 for the six months ended March 31, 1995 to $2,633,000 for the six months ended March 31, 1996, and declined as a percentage of revenues from 9.2% for the six months ended March 31, 1995 to 7.8% for the six months ended March 31, 1996. NON-RECURRING TENDER OFFER EXPENSE. During the six months ended March 31, 1995, the Company charged off costs of $750,000 relating to an unsuccessful tender offer for a public company. OPERATING INCOME. As a result of the foregoing factors, operating income increased by $1,687,000 or 45.3% from $3,720,000 for the six months ended March 31, 1995 to $5,407,000 for the six months ended March 31, 1996. INTEREST EXPENSE. Interest expense decreased by $659,000, or 60.3%, from $1,093,000 for the six months ended March 31, 1995 to $434,000 for the six months ended March 31, 1996 primarily due to the final repayment of term debt in the first quarter of fiscal 1996 and a reduction in the principal amount outstanding under equipment loans and capital leases, offset by a slight increase in applicable interest rates. INCOME TAXES. The provision for income taxes increased by $1,207,000, or 165.1%, from $731,000 for the six months ended March 31, 1995 to $1,938,000 for the six months ended March 31, 1996 as a result of increased taxable income and a higher effective tax rate in the current period. EXTRAORDINARY ITEM. An extraordinary noncash charge of $402,000, net of the related tax benefit, for the write-off of unamortized debt discount and the write-off of capitalized debt issuance expense was charged off in the six months ended March 31, 1996. This charge resulted from the repayment of indebtedness and the repurchase of certain redeemable warrants from the net proceeds of the initial public offering. NET INCOME. As a result of the foregoing factors, net income increased by $878,000, or 53.9%, from $1,629,000 for the six months ended March 31, 1995 to $2,507,000 for the six months ended March 31, 1996. Excluding the extraordinary item, net income would have increased by $1,280,000, or 78.6%, to $2,909,000 for the six months ended March 31, 1996. BUSINESS ENVIRONMENT AND FUTURE RESULTS The Company's future operating results may be effected by various trends in the healthcare industry as well as by a variety of other factors, some of which are beyond the Company's control. The healthcare industry is undergoing significant change as third-party payors attempt to control the cost, utilization and delivery of healthcare services. Substantially all of the Company's revenues are derived from Medicare, HMOs, and commercial insurers and other third-party payors. Both government and private payment sources have instituted cost containment measures designed to limit payments made to healthcare providers, by reducing reimbursement rates, limiting services covered, increasing utilization review of services, negotiating prospective or discounted contract pricing, adopting capitation strategies and seeking competitive bids. Although the Company's total revenues have increased in each of the last three fiscal years, revenue growth of the Company's TTM operations during that period has been negatively impacted by Medicare reimbursement rate reductions in certain geographic areas. Additional reimbursement rate reductions applicable to the Company's TTM procedures became effective on January 1, 1996. Unless modified, these reductions will have some negative effect on the Company's operating results for the remainder of fiscal 1996. The Company cannot predict with any certainty whether or when additional reductions or changes in Medicare or other third- party reimbursement rates or policies will be implemented. There can be no assurance that future changes, if any, will not adversely affect the amounts or types of services that may be reimbursed to the Company, or that future reimbursement of any service offered by the Company will be sufficient to cover the costs and overhead allocated to such service. 8 In 1995, Congress passed legislation to reduce Medicare and Medicaid expenditures. This legislation was vetoed by the President; however, future legislation of this type could have a material adverse effect on the Company's business, financial condition and operating results. A key element of the Company's long-range strategy is the development and operation of integrated heart centers. The Company has entered into two agreements for the development of heart centers. One of these projects is now operating, but the other project is in the early stage of development and there can be no assurance that the Company will be able to complete this or other similar projects. The success of the Company's proposed heart centers will depend upon several factors including the Company's ability to: obtain, and operate in compliance with, appropriate licenses; control costs and realize operating efficiencies; educate patients, referring physicians and third-party payors about the benefits of such heart centers; and provide cost-effective services that meet or exceed existing standards of care. Providers of healthcare services are subject to numerous federal, state and local laws and regulations that govern various aspects of their business. There can be no assurance that the Company will be able to obtain regulatory approvals that may be required to expand its services or that new laws or regulations will not be enacted or adopted that will have a material adverse effect on the Company's business, financial condition or operating results. The healthcare businesses in which the Company is engaged are highly competitive. The Company expects competition to increase as a result of ongoing consolidations and cost-containment pressures, among other factors. The trading price of the Company's Common Stock could be subject to wide fluctuations in response to quarterly variations in the Company's operating results, shortfalls in such operating results from levels forecasted by securities analysts and other events or factors. In addition, the stock market has, from time to time, experienced extreme price and volume fluctuations that have particularly affected the market prices of companies in the healthcare service industries and that have often been unrelated to the operating performance of the affected companies. Announcements of changes in reimbursement policies of third-party payors, regulatory developments, economic news and other external factors may have a significant impact on the market price of healthcare stocks. LIQUIDITY AND CAPITAL RESOURCES The Company's liquidity was materially improved during the first six months of fiscal 1996 as a result of the completion of the initial public offering of its Common Stock. At March 31, 1996, the Company had working capital of $31,186,000, compared to $15,547,000 at September 30, 1995. At March 31, 1996, the Company had cash and temporary cash investments of $13,732,000. At March 31, 1996 the amount available under the existing $10,000,000 line of credit totaled $5,414,000 and there was no amount outstanding. The Company batch-bills Medicare insurance carriers for most TTM services performed during the first five months of each calendar year. This practice results in a temporary build-up of accounts receivable during the Company's second and third fiscal quarters and the collection of these receivables primarily during the subsequent fourth fiscal quarter and the first quarter of the following fiscal year. The Company has received a commitment from the Bank of Boston Connecticut to provide a revolving line of credit in the amount of $7,000,000 and an additional line of credit in the amount of $23,000,000 to fund future acquisitions of facilities, equipment and businesses. These lines of credit will bear interest based on a defined formula and are subject to certain covenants. These credit facilities are subject to the completion and execution of definitive loan documentation and approval by the Board of Directors of the Company. The Company's long-term capital requirements will depend on numerous factors, including the rate at which the Company develops and opens heart centers or acquires existing heart centers or other businesses, if any. The Company believes the proceeds of the initial public offering, together with amounts available from bank borrowings and cash generated by its operating activities, will be adequate to meet the Company's anticipated needs for working capital and capital expenditures through at least the next 12 months. 9 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. EXHIBITS: The following exhibits are filed as a part of this Report: Exhibit Number Title ------ ----- 27 Financial data schedule b. REPORTS ON FORM 8-K: The Company filed no reports on Form 8-K during the quarter ended March 31, 1996. 10 SIGNATURE 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. RAYTEL MEDICAL CORPORATION Dated: May 10, 1996 By: /s/ E. Payson Smith, Jr. --------------------------------- E. Payson Smith, Jr. Senior Vice President, Chief Financial Officer and Secretary (duly authorized officer and principal financial officer) 11 EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RAYTEL MEDICAL CORPORATION AND SUBSIDIARIES FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS SEP-30-1996 OCT-01-1995 MAR-31-1996 13,732 0 24,459 0 0 39,795 21,429 (13,493) 57,369 8,609 0 0 0 8 43,958 57,369 0 33,862 0 28,455 126 0 434 4,847 1,938 2,909 0 402 0 2,507 .33 .33
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