-----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, EaeBkFqV1cvGELSsA5T9WEzoDND3KY6xN8sIksdNZvNO0dG8UvzjP+T6qF63QnLz D262a3rJ2t/Q5HPt03Fwqg== 0001011438-98-000143.txt : 19980506 0001011438-98-000143.hdr.sgml : 19980506 ACCESSION NUMBER: 0001011438-98-000143 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980428 ITEM INFORMATION: FILED AS OF DATE: 19980505 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: SEC FILE NUMBER: 000-19935 FILM NUMBER: 98610450 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): April 28, 1998 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 press release of Registrant, issued on April 28, 1998, which contains information meeting the requirements of this Item 5, and which is incorporated herein by this reference. A copy of this press release is attached to this Form 8-K as Exhibit 99.1. 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. May 4, 1998 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 April 28, 1998. EX-99 2 EXHIBIT - PRESS RELEASE Veterinary Centers of America Inc. Reports First Quarter Financial Results; Company Reports a 57 Percent Increase in EPS on Record First Quarter Earnings and Revenues. SANTA MONICA, Calif.--April 28, 1998--Veterinary Centers of America Inc. (NASDAQ/NM:VCAI) Tuesday reported financial results for the first quarter ended March 31, 1998. Earnings per share for the first quarter ended March 31, 1998, increased 57 percent to 11 cents per share (basic and diluted) from 7 cents per share (basic and diluted) in the first quarter of 1997. Revenues in the first quarter of 1998 increased 13 percent to a record $63,312,000 from $56,023,000 in the first quarter of last year. Net income for the quarter increased 64 percent to $2,307,000, compared with $1,410,000 in the corresponding quarter in 1997. Bob Antin, chairman and chief executive officer, stated: "We are pleased to report significant growth in our net income and earnings per share in the first quarter ended March 31, 1998. The company continued to make significant advances throughout all of its operations during the first quarter. "Our operating income in the first quarter of 1998 increased 38 percent to $6,781,000 from $4,926,000 in the first quarter of 1997. EBITDA for the first quarter increased 30 percent to $9,917,000, or 46 cents per diluted share, compared to $7,654,000, or 37 cents per diluted share, in the prior year quarter." Antin concluded: "Thus far in 1998, Antech Diagnostics further expanded its national laboratory network with the acquisition of Laboratory Corp. of America's $10 million veterinary laboratory business, and our hospital division expanded by three hospitals and a kennel. In addition, we recently completed our $5 million strategic investment in Veterinary Pet Insurance, the nation's largest pet health insurance company." Veterinary Centers of America owns and operates the largest network of free-standing veterinary hospitals and one of the largest networks of veterinary-exclusive clinical laboratories in the country. In addition, VCA owns a partnership interest in 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, as well as an investment in Veterinary Pet Insurance, the nation's largest pet health insurance company. - -0- With the exception of the historical information, the matters discussed above include forward-looking statements that involve risks and uncertainties. Actual results may vary substantially as a result of a variety of factors. Among the important factors that could cause actual results to differ are the level of direct costs and the ability of the company to maintain gross revenues at a level necessary to maintain gross profit margins; the level of selling, general and administrative costs; the effects of competition; the continued success of the company's integration process; the effects of the company's recent acquisitions and its ability to effectively manage its growth; the continued implementation of its management information systems; pending litigation and governmental investigations; and the results of the company's acquisition program. 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. NOTE: News releases, Form 10-Ks and Form 10-Qs can be obtained from the company's Web site at www.vcai.com. Page 2 VETERINARY CENTERS OF AMERICA INC. Consolidated Statements of Operations (Unaudited - In Thousands, Except Per Share Amounts)
Three Months Ended March 31, 1998 1997 Revenues: Animal Hospital $ 45,584 $ 39,939 Laboratory 19,102 16,246 Pet Food -- 1,064 Eliminations (1,374) (1,226) 63,312 56,023 Direct Costs 48,507 43,520 Gross Profit: Animal Hospital 8,716 7,224 Laboratory 6,089 5,561 Pet Food -- (282) 14,805 12,503 General & Administrative: Corporate 3,622 3,489 Laboratory 1,266 960 Pet Food -- 400 4,888 4,849 Depreciation & Amortization 3,136 2,728 Operating Income 6,781 4,926 Interest Expense, Net 2,284 1,798 Income Before Minority Interest and Income Taxes 4,497 3,128 Minority Interest Expense 155 171 Provision for Income Taxes 2,035 1,547 Net Income $ 2,307 $ 1,410 Basic Earnings Per Share $ 0.11 $ 0.07 Diluted Earnings Per Share $ 0.11 $ 0.07 Shares Used for Computing Basic EPS 20,205 19,444 Shares Used for Computing Diluted EPS 21,402 20,699 - --30-- CONTACT: Veterinary Centers of America, Santa Monica Bob Antin/Tom Fuller, 310/392-9599 310/392-7464 (fax)
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