-----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, C1cnIvWl/1GlnMIpMZUsrGewlR9MWN1z4oO3E9qi0jfy1EdnFPSYKk/vWgSVVaMT hAThrUVuUkWspN2M8zgi6g== 0001011438-97-000025.txt : 19970222 0001011438-97-000025.hdr.sgml : 19970222 ACCESSION NUMBER: 0001011438-97-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970214 ITEM INFORMATION: Other events FILED AS OF DATE: 19970218 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: VETERINARY CENTERS OF AMERICA INC CENTRAL INDEX KEY: 0000817366 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 954097995 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19935 FILM NUMBER: 97536681 BUSINESS ADDRESS: STREET 1: 3420 OCEAN PARK BLVD STE 1000 CITY: SANTA MONICA STATE: CA ZIP: 90405 BUSINESS PHONE: 3103929599 MAIL ADDRESS: STREET 1: 3420 OCEAN PARK BLVD STE 1000 CITY: SANTA MC STATE: CA ZIP: 90405 8-K 1 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 Date of Report (Date of earliest event reported): January 20, 1997 VETERINARY CENTERS OF AMERICA, INC. (Exact Name of Registrant as Specified in Charter) Delaware 1-10787 95-4097995 (State or Other Jurisdiction(Commission (IRS Employer of Incorporation) File Number) Identification No.) 3420 Ocean Park Boulevard, Suite 1000 Santa Monica, California 90405 (Address of Principal Executive Offices) (310) 392-9599 (Registrant's Telephone Number) ITEM 5. OTHER EVENTS ------------ Reference is made to the two press releases of Registrant, issued on January 20, 1997 and February 3, 1997, both of which contain information meeting the requirements of this Item 5, and which are incorporated herein by this reference. A copy of each press release is attached to this Form 8-K as Exhibit 99.1 and 99.2. 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 hereunto duly authorized. February 14, 1997 VETERINARY CENTERS OF AMERICA, INC. By: /s/Tomas Fuller ------------------------------------------ Tomas W. Fuller Chief Financial Officer, Vice President and Assistant Secretary EXHIBIT INDEX EXHIBITS PAGE NUMBER - -------- ----------- 99.1 Press Release dated January 20, 1997. 99.2 Press Release dated February 3, 1997. EX-99.1 2 HEADLINE: Veterinary Centers of America Inc. expected fourth quarter results DATELINE: SANTA MONICA, Calif. BODY: Jan. 20, 1997-- Veterinary Centers of America Inc. ("VCA") (NASDAQ NM Symbol: VCAI), Monday announced that revenues for the fourth quarter and the fiscal year ending Dec. 31, 1996 hit record levels. The company expects that revenues will approximate $52.1 million for the quarter and $181.9 million for the year. This represents an increase for the quarter and the year of approximately 70 percent and 97 percent, respectively, over revenues of $30.6 million and $92.0 million in the comparable periods in the prior year. Bob Antin, chairman and CEO, reported: "We are making significant progress in resolving the system integration and acquisition problems that resulted from the acquisition of The Pet Practice, Pets' Rx, and several laboratories, as well as the implementation of new systems in the summer of 1996. Our results for the fourth quarter will reflect the impact of seasonal revenue variations and a decline in same-store revenue of approximately 1 percent, as well as the continued effort to complete the task of integrating the acquisitions and systems. We expect to complete the integration by the end of the first quarter of 1997. In connection with the restructuring program that the company initiated in the third quarter, the company expects to take a restructuring and asset write-down charge in the quarter. Although the final results are not yet available, VCA expects that net results (before the writedowns and restructuring charges) will range from break even to a net loss of 4 cents per share." VCA's historical operating results include the results of Pets' Rx, acquired through a pooling of interests merger on June 19, 1996. In addition, during the third quarter of 1996, the company completed the acquisition of The Pet Practice Inc. At the conclusion of The Pet Practice merger, VCA announced that it intended to restructure its animal hospital and laboratory operations. VCA expects to release actual results of operation during the week of Feb. 17. Antin stated: "We are still excited about the prospects of the business and we see continued growth opportunities as we move forward and continue with our acquisition program. We have added several people to our senior staff to support our internal growth. We look forward to putting the problems behind us, and we are pleased that we have demonstrated that we have taken steps in improving our systems by being able to provide an early indication of our fourth quarter results." Veterinary Centers of America owns and operates a nationwide network of veterinary hospitals and veterinary clinical laboratories. The company currently provides goods and services to approximately 9,000 animal hospitals nationwide. In addition, VCA is a partner of Vet's Choice, a joint venture with Heinz Pet Products, an affiliate of H.J. Heinz Co. (NYSE Symbol: HNZ), which markets and distributes a complete line of specialty pet foods. With the exception of the historical information, the matters discussed above include forward-looking statements that involve risks and uncertainties. Among the important factors that could cause actual results to differ from those indicated in the forward-looking statements are costs of sales and the ability of the company to maintain pricing at a level necessary to maintain gross profit margins, the level of selling, general and administrative costs, the success of the company's integration and restructuring plan and the effects of competition. The failure of any of these steps would cause actual results to differ materially from the forward-looking statements discussed above. These and other risk factors are discussed in the company's recent filings with the Securities and Exchange Commission on Forms 8-K, 10-Q and 10-K and the reader is directed to these reports for a further discussion of important factors which could cause actual results to differ materially from those in the forward-looking statements. CONTACT: Veterinary Centers of America Inc. Bob Antin/Tom Fuller, 310/392-9599 EX-99.2 3 HEADLINE: Veterinary Centers of America Inc. agreement with Heinz Pet Products to become managing director of Vet's Choice DATELINE: SANTA MONICA, Calif. BODY: Feb. 3, 1997--Veterinary Centers of America Inc. (NASDAQ/NM:VCAI) (VCA) Monday announced that effective Feb. 1, 1997, Heinz Pet Products, a division of H.J. Heinz, will assume the role of managing general partner of Vet's Choice, a partnership between VCA and Heinz Pet Products. VCA will continue to own 50.5 percent, a majority interest, and provide contracted management services for a fee. However, the day-to-day operations will be transferred to Heinz Pet Products. Heinz Pet Products has an option to purchase VCA's interest at the end of 1999, based on a fixed formula. Bob Antin, chairman of the board, chief executive officer and president of VCA, stated: "The change in the day-to-day management will take our relationship to a more productive level and help us accomplish some very significant objectives. First, VCA will be able to focus on its core businesses of owning and operating a very rapidly expanding network of animal hospitals and diagnostic clinical laboratories. "Second, we hope to enjoy more rapid sales growth because of Heinz Pet Products' expanded distribution nationwide and Heinz Pet Products' recent acquisition of Nature's Recipe and Martin Pet Food. We believe that VCA's investment in Vet's Choice will be enhanced by the change. Additionally, VCA will not be required to provide any future capital to maintain its current equity interest. "The restructuring of the partnership will change the accounting treatment of our ownership. VCA will no longer consolidate the revenue, losses or profits. VCA will recognize its capital gain (or loss) on the investment in the future." Veterinary Centers of America owns and operates a nationwide network of veterinary hospitals and veterinary clinical laboratories. The company currently provides goods and services to approximately 9,000 animal hospitals nationwide. In addition, VCA is a partner of Vet's Choice, a joint venture with Heinz Pet Products, an affiliate of H.J. Heinz Co. (NYSE:HNZ), which markets and distributes a complete line of specialty pet foods. CONTACT: Veterinary Centers of America Inc., Santa Monica Tom Fuller/Bob Antin, 310/392-9599 -----END PRIVACY-ENHANCED MESSAGE-----