-----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, TdqQ8rfBFvDbMTB3HjRoQJhJo69k/Qh/AKVWPoBg6R1oHM8/C6l2XZqmn2hOl9Hv lEOwC56JKvVK+7VM0fr7aQ== 0001010549-04-000758.txt : 20041116 0001010549-04-000758.hdr.sgml : 20041116 20041116152132 ACCESSION NUMBER: 0001010549-04-000758 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041116 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041116 DATE AS OF CHANGE: 20041116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENBRIAR CORP CENTRAL INDEX KEY: 0000105744 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SKILLED NURSING CARE FACILITIES [8051] IRS NUMBER: 752399477 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08187 FILM NUMBER: 041149406 BUSINESS ADDRESS: STREET 1: 1755 WITTINGTON PLACE STREET 2: SUITE 340 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 9724078400 MAIL ADDRESS: STREET 1: 1755 WITTINGTON PLACE STREET 2: SUITE 340 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL RESOURCE COMPANIES OF AMERICA DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESPAC INVESTORS TRUST DATE OF NAME CHANGE: 19900605 8-K 1 green8k111604.txt ================================================================================ 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 Date of Report: November 16, 2004 (Date of Earliest Event Reported) GREENBRIAR CORPORATION (Exact Name of Registrant as Specified in its Charter) Nevada 0-8187 75-2399477 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File No.) Identification No.) 1755 Wittington Place, Suite 340 Dallas, Texas 75234 (Address of principal executive offices) 972-407-8400 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Section 2 - Financial Information Item 2.02. Results of Operations and Financial Condition On November 16, 2004, Greenbriar Corporation ("GBR" or the "Company") announced its operational results for the third quarter and first nine months of 2004. A copy of the announcement is attached as Exhibit "99.1." The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit "99.1" attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly-update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K. Section 9 - Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits (c) Exhibits. The following exhibit is furnished with this Report: Exhibit Designation Description of Exhibit 99.1* Press Release dated November 16, 2004. - ----------------- *Furnished herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized. Dated: November 16, 2004. GREENBRIAR CORPORATION By: /s/ Gene S. Bertcher ------------------------------- Gene S. Bertcher, President and Chief Financial Officer EX-99.1 2 green8kex991111604.txt PRESS RELEASE DATED NOVEMBER 16, 2004 EXHIBIT 99.1 GREENBRIAR CORPORATION ANNOUNCES THIRD QUARTER 2004 RESULTS FOR IMMEDIATE RELEASE Contact: Gene Bertcher Oscar Smith Phone: (972) 407-8400 Dallas, Texas, (Business Wire) November 16, 2004...Greenbriar Corporation (AMEX: GBR) announced today operating results for the quarter ending September 30, 2004. Operating revenues were $1,947,000 compared to $1,011,000 for the same quarter in 2003. Operating income for the quarter was $270,000 compared to a loss of $129,000 for the same quarter in 2003. The Company's net earnings were $623,000 for the three month period ending September 30, 2004 compared to $855,000 for the same period ending September 30, 2003. Net earnings per share for the quarter were $0.64 compared to $1.21 per share in 2003. For the nine months ended September 30, 2004 the Company's operating revenue was $5,473,000 compared to $2,559,000 for the same period in 2003. Operating income was $288,000 compared to a loss of $358,000 for the same nine months in 2003. Net earnings for the nine months ending September 30, 2004 were $243,000 compared to $416,000 for the same nine months in 2003. Net earnings per share for the nine months were $0.25 per share in 2004 and $0.59 per share in 2003. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Any of the matters and subject areas discussed in this press release that are not historical or current facts deal with potential future circumstances, operations, and prospects. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and may also materially differ from Greenbriar Corporation's actual future experience involving any one or more of such matters and subject areas relating to interest rate fluctuations, ability to obtain adequate debit and equity financing, demand, pricing, competition, construction, licensing, permitting, construction delays on new developments, contractual and licensure matters and other delays on the disposition, transition, or restructuring of currently or previously owned, leased or managed investments in the Company's portfolio, and the ability of the Company to continue managing its costs and cash flow. Greenbriar Corporation has attempted to identify, in context, certain of the factors that they currently believe may cause actual future experience and results to differ from Greenbriar Corporation's current expectations regarding the relevant matter or subject area. These and other risks and uncertainties are detailed in the Company's reports filed with the Securities and Exchange Commission (SEC), including Greenbriar Corporation's Annual Reports on form 10-K and Quarterly Reports on Form 10-Q.
Greenbriar Corporation Consolidated Balance Sheets (Amounts in thousands) September 30, December 31, Assets 2004 2003 (Unaudited) ------------- ------------- Current assets Cash and cash equivalents $ 324 $ 688 Accounts receivable-trade 336 100 Note receivable 1,156 2,435 Property held for sale 1,876 Other current assets 241 198 ------------- ------------- Total current assets 3,933 3,421 Notes receivable, from sale of properties 4,107 4,107 Less deferred gains (3,720) (3,720) ------------- ------------- 387 387 Deferred income tax benefit 1,161 1,161 Property and equipment, at cost Land and improvements 2,240 2,758 Buildings and improvements 6,549 9,410 Equipment and furnishings 1,228 1,317 Proven oil and gas properties (full cost method) 1,466 1,361 ------------- ------------- 11,483 14,846 Less accumulated depreciation and depletion 1,288 2,233 ------------- ------------- 10,195 12,613 Deposits 307 232 Other assets 691 317 ------------- ------------- $ 16,674 $ 18,131 ============= =============
Greenbriar Corporation Consolidated Balance Sheets - Continued (Amounts in thousands, except share amounts) September 30, December 31, Liabilities and Stockholders' equity 2004 2003 (Unaudited) ------------- ------------- Current liabilities Current maturities of long-term debt $ 4,756 $ 4,690 Current notes payable 5,571 Accounts payable - trade 214 503 Accrued expenses 821 633 Other current liabilities 309 931 ------------- ------------- Total current liabilities 6,100 12,328 Long-term debt 7,589 2,053 Deferred Gain 740 Other long term liabilities 188 456 ------------- ------------- Total liabilities 13,877 15,577 Stockholders' equity Preferred stock 1 1 Common stock $.01 par value; authorized, 4,000,000 shares; 977,000 shares issued and outstanding 10 10 Additional paid-in capital 55,966 55,966 Accumulated deficit (53,180) (53,423) ------------- ------------- 2,797 2,554 ------------- ------------- $ 16,674 $ 18,131 ============= =============
Greenbriar Corporation Consolidated Statements of Operations (Amounts in thousands, except per share data) For The Three Month For The Nine Month Period Ended Period Ended September 30, September 30, 2004 2003 2004 2003 --------- -------- -------- -------- (Unaudited) (Unaudited) Revenue Real Estate operations $ 1,589 $ 837 $ 4,477 $ 2,385 Oil and gas operations 358 174 996 174 --------- -------- -------- -------- 1,947 1,011 5,473 2,559 --------- -------- -------- -------- Operating expenses Real estate operations 857 413 2,602 1,238 Oil and gas operations 267 141 758 141 Lease expense 231 212 686 757 Depletion, depreciation and 109 79 365 227 amortization Corporate general and administrative 213 295 774 554 --------- -------- -------- -------- 1,677 1,140 5,185 2,917 --------- -------- -------- -------- Operating earning (loss) 270 (129) 288 (358) Other income (expense) Interest income 51 110 179 224 Interest expense (392) (157) (994) (543) Net gain on sale of assets 1,409 1,008 1,409 1,008 Equity in net income of Affiliated partnership 0 16 31 49 Other (715) 27 (649) 109 --------- -------- -------- -------- 353 1,004 (24) 847 --------- -------- -------- -------- Earnings from continuing 623 875 264 489 Operations Discontinued operations Loss from operations (20) (21) (73) --------- -------- -------- -------- Net earnings 623 855 243 416 --------- -------- -------- -------- Net earnings per common share - basic and diluted $ .64 $ 1.21 $ .25 $ .59 Weighted average of common and equivalent shares outstanding - 977 703 977 703 basic and diluted
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