-----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, TFuiyVpe1HYZRN9BpfMj0oEEJAWPYW++3cJ5jtELBzD/+rHPYCyYVgEXGbAFsXMf MwNnsV4FSfe8+sJSrd52BA== 0000936392-96-000069.txt : 19960320 0000936392-96-000069.hdr.sgml : 19960320 ACCESSION NUMBER: 0000936392-96-000069 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960131 FILED AS OF DATE: 19960318 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PMR CORP CENTRAL INDEX KEY: 0000829608 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011] IRS NUMBER: 232491701 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20488 FILM NUMBER: 96535968 BUSINESS ADDRESS: STREET 1: 3990 OLD TOWN AVE STE 206A CITY: SAN DIEGO STATE: CA ZIP: 92110 BUSINESS PHONE: 6192952227 MAIL ADDRESS: STREET 1: 3990 OLD TOWN AVENUE SUITE 206A CITY: SAN DIEGO STATE: CA ZIP: 92110 FORMER COMPANY: FORMER CONFORMED NAME: ZARON CAPITAL INC DATE OF NAME CHANGE: 19891116 10-Q 1 FORM 10-Q FOR THE PERIOD ENDED JANUARY 31, 1996 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-20488 PMR CORPORATION --------------- (Exact name of registrant as specified in its charter) Delaware 23-2491707 -------------------- -------------------- (State or other (I.R.S. Employer jurisdiction of Identification incorporation or Number) organization) 3990 Old Town Avenue, Suite 206A, San Diego, California, 92110 -------------------------------------------------------------- (Address of principal executive offices, including zip code) (619) 295-2227 -------------- Registrant's Telephone No., Including Area Code) N/A --- (Former name, former address and former fiscal year, if changed since last report) 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. (1) Yes X No ----- ----- (2) Yes X No ----- ----- As of March 14, 1996 the Registrant has issued and outstanding 3,547,149 shares of common stock, par value $.01 per share. 2 PMR CORPORATION INDEX PART I FINANCIAL INFORMATION Page Item 1. Consolidated Condensed Balance Sheets as of January 31, 1996 (Unaudited) and April 30, 1995 1 Consolidated Condensed Statements of Operations for the three and nine months ended January 31, 1996 and 1995 (Unaudited) 2 Consolidated Condensed Statements of Cash Flows for the nine months ended January 31, 1996 and 1995 (Unaudited) 3 Notes to Consolidated Condensed Financial Statements (Unaudited) 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5
PART II OTHER INFORMATION Item 1. Legal Proceedings 11 Item 2. Changes in Securities 11 Item 3. Defaults Upon Senior Securities 11 Item 4. Submission of Matters to a Vote of Security Holders 11 Item 5. Other Information 11 Item 6. Exhibits and Reports on Form 8-K 11
3 PMR Corporation and Subsidiaries Consolidated Condensed Balance Sheets
January 31 April 30 1996 1995 ----------- ----------- (Unaudited) Assets Current assets: Cash and cash equivalents $ 1,688,710 $ 1,382,376 Notes and accounts receivable, net 12,505,408 8,465,568 Prepaid expenses and other current assets 264,355 289,996 Refundable income tax benefits 817,159 817,165 Deferred income tax benefits 1,217,000 1,217,000 ----------- ----------- Total current assets 16,492,632 12,172,105 Furniture and office equipment, less accumulated depreciation of $817,378 in January 1996 and $579,656 in April 1995 673,721 790,243 Long-term receivables 419,705 937,705 Other assets 2,005,667 910,701 ----------- ----------- $19,591,725 $14,810,754 =========== =========== Liabilities and stockholders' equity Current liabilities: Accounts payable and other liabilities $ 2,192,762 $ 1,114,134 Accrued compensation and benefits 1,693,241 861,029 Note payable to bank 800,000 1,200,000 Current portion of long term debt 157,766 206,550 ----------- ----------- Total current liabilities 4,843,769 3,381,713 Reserve for contract settlement 5,410,999 3,523,223 Deferred income taxes 425,200 458,000 Other long term liabilities 363,821 386,225 Commitments Stockholders' equity: Common Stock, $.01 par value, authorized shares - 10,000,000; issued and outstanding shares - 3,547,149 in January 1996; 3,338,656 in April 1995. 35,471 33,385 Convertible preferred stock, $.01 par value, authorized shares - 1,000,000 Series C - issued and outstanding - 700,000 shares (aggregate liquidation preference $1,750,000) 7,000 7,000 Paid-in capital 8,116,216 7,050,262 Notes receivable from shareholders (39,351) (62,626) Retained earnings 428,600 33,572 ----------- ----------- 8,547,936 7,061,593 ----------- ----------- $19,591,725 $14,810,754 =========== ===========
See notes to consolidated condensed financial statements. Page 1 4 PMR Corporation and Subsidiaries Consolidated Condensed Statements of Operations (Unaudited)
Third Quarter Year-to-Date -------------------------- ---------------------------- Three Months Ended Nine Months Ended January 31 January 31 1996 1995 1996 1995 ----------- ---------- ----------- ----------- Management fees & other revenues $10,154,252 $5,107,489 $24,374,956 $17,262,307 Expenses Operating expenses 8,462,791 5,121,831 19,674,822 15,731,323 Marketing, general and administrative 914,496 840,437 2,798,106 2,513,284 Provision for bad debts 233,921 162,000 645,489 603,427 Depreciation and amortization 151,680 106,782 417,832 303,865 Interest - net (46,048) 15,146 1,330 11,012 Minority interest in loss of subsidiary - (44,701) (524) (136,339) ----------- ---------- ----------- ----------- 9,716,840 6,201,495 23,537,055 19,026,572 Income (loss) before income taxes 437,412 (1,094,006) 837,901 (1,764,265) Less income tax expense (benefit) 182,000 (453,000) 344,000 (723,000) ----------- ---------- ----------- ----------- Net income (loss) 255,412 (641,006) 493,901 (1,041,265) Less dividends on: Series C convertible preferred stock 32,813 32,813 98,873 32,813 ----------- ---------- ----------- ----------- Net income (loss) for common stock $222,599 $(673,819) $395,028 $(1,074,078) =========== ========== =========== =========== Earnings (loss) per common share Primary $ .06 $ (.20) $ .11 $ (.32) =========== ========== =========== =========== Fully diluted $ .06 $ (.20) $ .11 $ (.32) =========== ========== =========== =========== Shares used in computing earnings Primary 4,556,745 3,338,004 4,419,810 3,337,106 =========== ========== =========== =========== Fully diluted 4,556,745 3,338,004 4,450,528 3,337,106 =========== ========== =========== ===========
See notes to consolidated condensed financial statements. Page 2 5 PMR Corporation and Subsidiaries Consolidated Condensed Statements of Cash Flows (Unaudited)
Third Quarter --------------------------- Nine Months Ended January 31 1996 1995 ---------- ----------- OPERATING ACTIVITIES Net income (loss) $493,901 $(1,041,265) Adjustments to reconcile net income (loss) to net cash used by operating activities: Provision for bad debts 645,489 603,427 Depreciation and amortization 417,832 303,865 Provision (benefit) for deferred taxes 344,000 (723,000) Changes in operating assets and liabilities: Accounts receivable (4,167,329) (6,009,964) Other assets (176,819) (376,748) Accounts payable and accrued compensation 1,976,378 (387,991) Reserve for contract settlement 1,887,776 1,870,150 Other liabilities (315,881) (107,176) ---------- ----------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,105,347 (5,868,702) INVESTING ACTIVITIES Purchases of furniture and equipment (123,049) (141,910) ---------- ----------- NET CASH USED IN INVESTING ACTIVITIES (123,049) (141,910) FINANCING ACTIVITIES Proceeds from sale of preferred stock 1,583,059 Proceeds from sale of common stock 132,513 Proceeds from note payable to bank 2,800,000 Payments on note payable to bank (400,000) (1,600,000) Payments on long term debt (153,575) (193,742) Payment of dividends on preferred stock (126,935) - Proceeds from exercise of warrants & options 4,546 - ---------- ----------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (675,963) 2,721,830 ---------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $306,334 $(3,288,782) ========== ===========
See notes to consolidated condensed financial statements. Page 3 6 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) PMR CORPORATION AND SUBSIDIARIES January 31, 1996 NOTE A - BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For purposes of computing earnings per share, the Series C Preferred Stock is a common stock equivalent and conversion is assumed except when anti-dilutive. Operating results for the three and nine months ended January 31, 1996, are not necessarily indicative of the results that may be expected for the year ending April 30, 1996. For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended April 30, 1995. NOTE B - ACQUISITION OF MINORITY INTEREST IN SUBSIDIARY On July 13, 1995, the Company acquired the 49% partnership interest in the Twin Town Outpatient partnership formerly held by a third party by paying $185,000 in cash and 97,087 shares of the Company's Common Stock valued at $550,000. Prior to that date, the Company owned a 51% interest in the partnership which resulted in consolidation for financial statement purposes. NOTE C - CASE MANAGEMENT AGREEMENTS The Company entered into management agreements with two case management agencies in Tennessee, effective September 1 and October 1, 1995, respectively. The Company has agreed to issue 50,000 shares of the Company's Common Stock, valued at $225,000 and $256,250, respectively, to each agency in connection with the agreements. Page 4 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL PMR Corporation (the "Company") is a manager of programs which treat the diseases that comprise Serious and Persistent Mental Illness (SPMI). These diseases are primarily Schizophrenia and Bipolar Disorder (Manic Depression). In addition, the Company manages chemical dependency programs. The Company's programs are outpatient and community based. They focus on limiting hospitalization and returning the mentally disabled back to work, or into other productive activities. The Company manages three distinct types of programs. First, PMR engages in the development and management of outpatient acute psychiatric programs (Programs) which include partial hospitalization programs. These are intensive outpatient treatment programs designed for SPMI individuals as an alternative to inpatient acute care. These Programs are operated in conjunction with Hospitals or Community Mental Health Centers (CMHCs), "the Providers." During the third quarter, the Company commenced operations in one new market area, re-opened one site with a new Provider and re-opened the fourth San Diego site in a new location. Second, the Company manages a complete mental health benefit for the SPMI individuals and has expanded its focus to compete within the managed care segment of the industry. In line with its strategic goals, during the second quarter of fiscal year 1996, the case management subsidiary began operating in September in Nashville and a second site was initiated in Memphis in October. During the third quarter, the Company signed a General Enabling Agreement with a consortium of CMHCs in Arkansas. Case management for SPMI is continual face to face contacts with patients in the home, community or office. The case manager assists with access to all health care, social and daily living services needed to sustain living in the community. It is believed to be the essential service required for SPMI in a managed care environment. Third, the Company, through its subsidiary, Twin Town Outpatient, provides outpatient chemical dependency treatment services from detoxification to rehabilitation and recovery principally for the commercial managed care market. During the third quarter, Twin Town Outpatient began the management of the first ambulatory detoxification program for public sector patients in Arkansas. Page 5 8 RESULTS OF OPERATIONS Third Quarter Operations During the third quarter of fiscal year 1996, the Company earned $223,000 on net revenues of $10.2 million. Comparable figures for the equivalent prior year period reflected a loss of $674,000 on net revenue of $5.1 million. Net revenue for the nine months was 99% higher than the net revenue in the equivalent prior year period, primarily as the result of revenue from the case management subsidiary of approximately $3.0 million and the improved net revenue per patient and improved margins in the outpatient acute psychiatric programs. Patient census in the outpatient acute psychiatric program was up 40% from the equivalent prior year period, but net revenue was up 51%, reflecting an improvement in net revenue per patient of 23%. The outpatient acute psychiatric program's "same store" statistics were: an increase in patient census of 35%, an increase in net revenue of 39%, an increase in operating expenses of 18%, and an increase in gross margin of 105%. Net revenue for chemical dependency treatment services was unchanged from the equivalent prior year period. Operating expenses. Operating expenses for the quarter of $8.4 million, up $3.3 million, reflected a 65% increase from the equivalent prior year period, also primarily as the result of the case management subsidiary's operating expenses of approximately $2.7 million. Operating expenses were 83% of net revenue for the current quarter compared to 100% of net revenue for the equivalent prior year period. Outpatient acute psychiatric program expenses increased 21% from the equivalent prior year period, but decreased 1% on a per patient basis. Marketing, general and administrative expenses. Marketing, general and administrative expenses increased $74,000 or 9%, due to the administrative costs associated with the addition of the case management subsidiary operations. Marketing, general and administrative expenses have decreased from 16% of revenue in the equivalent prior year quarter to 9% of revenue in the current quarter. Depreciation and amortization. Depreciation and amortization increased $45,000 or 42% primarily as the result of the amortization of the covenants not to compete associated with the acquisition of all of the other partner's interest in the Twin Town Outpatient subsidiary. Interest - net. Net interest earned is a reflection of the improved cash collections and interest earned on notes receivable as well as the result of the decrease in debt and the increase in cash available for investment. Dividends. The Company accrued dividends on its Series C Convertible Preferred Stock at the rate of 7.5% per annum. Page 6 9 Nine Month Operations For the nine months ended January 31, 1996, the Company earned $395,000 on net revenue of $24.4 million. Comparable figures for the equivalent prior year period reflected a loss of $1.1 million on net revenue of $17.3 million. Net revenue for the nine months was 41% higher than the net revenue in the equivalent prior year period, primarily as the result of revenue from the case management subsidiary of approximately $4.5 million and the improved net revenue per patient and improved margins in the outpatient acute psychiatric programs. In addition, volume in the outpatient acute psychiatric programs was up 17% from the equivalent prior year period, but net revenue was up 26%, reflecting an improvement in net revenue per patient of 8%. The outpatient acute psychiatric program's "same store" results were: an increase of 12% in patient census, an increase in net revenue of 15%, an increase in operating expenses of 5%, and an increase in gross margin of 38%. Net revenue for chemical dependency treatment services was up 9% from the equivalent prior year period. Operating expenses. Operating expenses for the nine months of $19.7 million reflected a 25% increase from the equivalent prior year period, primarily as the result of operating expenses of the case management subsidiary of approximately $4.1 million. Operating expenses were 81% of net revenue for the year-to-date compared to 91% of net revenue for the equivalent prior year period. Outpatient acute psychiatric program expenses increased 9% from the equivalent prior year period, but decreased 6% on a per patient basis. Marketing, general and administrative expenses. Marketing, general and administrative expenses increased $285,000 or 11%, due to the administrative costs associated with addition of the case management subsidiary operations. Marketing, general and administrative expenses have decreased from 15% of revenue in the equivalent prior year period to 11% of revenue in the current period. Depreciation and amortization. Depreciation and amortization increased $114,000 or 38% primarily as the result of the amortization of the covenants not to compete associated with the acquisition of all of the other partner's interest in the Twin Town Outpatient subsidiary. Interest - net. Net interest earned is a reflection of the improved cash collections and interest earned on notes receivable as well as the result of the increase in cash and the decrease in debt. Dividends. The Company accrued dividends on its Series C Convertible Preferred Stock at the rate of 7.5% per annum. Page 7 10 LIQUIDITY AND CAPITAL RESOURCES General At January 31, 1996, the Company had $1,689,000 in cash available for working capital purposes, an increase of approximately $307,000 from the end of the prior fiscal year. Borrowings on the line of credit have been reduced to $800,000. Management has arranged a new line of credit with Sanwa Bank effective February 1, 1996 for a total commitment of $3.0 million at an interest rate of either the bank's reference rate plus one or the Euro dollar rate plus three. The expiration date is August 30, 1997. The ratio of current assets to current liabilities of 3.4 at the end of the current quarter compares to a ratio of 3.6 at April 30, 1995. The average number of days' revenue in accounts receivable of 113 days at the end of the current quarter has declined from 134 at April 30, 1995, and from 175 at the end of the equivalent prior year period. Working capital is anticipated to be utilized during the year to continue expansion of the Company's outpatient acute psychiatric programs which typically require $45,000 to $60,000 for office equipment, supplies, lease deposits, and the hiring and training of personnel prior to opening as well as for the implementation and expansion of other Company programs. New outpatient acute psychiatric programs generally experience operating losses through an average of the first four months of operation. The Company is obligated to provide up to $1.0 million for operating expenses of the Tennessee operations to the Company's case management subsidiary. In satisfaction of this obligation, the Company provided $1.0 million in the second and third quarters of the current fiscal year to fund the initial operations of the case management subsidiary. Additional funding of approximately $400,000 may be required in the fourth quarter for case management operations in Tennessee, but subsequent operations are expected to be funded from cash collections of the case management subsidiary. The Company expects to require additional funds for the expansion or start up of additional case management operations, and Management is exploring new sources of financing for expansion. The Company, during the course of its ordinary business operations, from time to time is faced with claims asserted by employees whose employment have been terminated. Presently, one attorney represents two former employees who have filed separate wrongful termination lawsuits against the Company. One of these employees was involuntarily terminated by the Company and the other voluntarily quit. The employee who was involuntarily terminated also filed a complaint against the Company in the United States District Court, Northern District of California, under the federal and state false claims acts alleging the submission of false claims to Medicare. The complaint was filed on August 24, 1994, and was unsealed in June 1995. The United States declined to intervene. The Company requested special counsel to review the assertions regarding false claims. As a result of the Company's internal review and an investigation performed by special counsel, management has concluded that these lawsuits lack merit and will be defended vigorously. Management believes that the resolution of these claims will not have a material adverse effect on the Company's financial position or results of Page 8 11 operations, although the Company will be required to incur legal fees and costs in defending these lawsuits. Uncertainty Associated with Health Care Regulations For the three and nine month periods ended January 31, 1996, 67% and 76%, respectively, of the Company's revenues were derived from the Company's management of its outpatient acute psychiatric programs. The remaining revenues were derived from operations of the Company's case management and chemical dependency programs. Substantially all of the funds paid to the case management agencies that the Company is managing are derived from Federal and State Medicaid funds. Since substantially all of the patients of the Company's outpatient acute psychiatric programs are eligible for Medicare, collection of a significant component of the Company's management fees is dependent upon reimbursement of claims submitted to fiscal intermediaries by the Hospitals or CMHCs (Providers) on whose behalf these programs are managed. The Company maintains a contractual settlement reserve to cover the effect of primarily two uncertainties: 1) that the Company may not receive full payment of the management fees owed to it by the Providers during the periodic review of the Providers' claims by the fiscal intermediaries, and 2) that the Company may have an obligation to indemnify certain Providers for some portions of its management fee which may be subject to disallowance upon audit of the Providers' cost report by fiscal intermediaries. During the fourth quarter of Fiscal Year 1994, the Company became aware that fiscal intermediaries for Hospitals and CMHCs had begun a Focused Medical Review of claims for partial hospitalization services throughout the country. The Company's initial experience with the Focused Medical Review was that there were numerous denials of Providers' claims and the denials had an impact on the Company's cash flow because Providers delayed payment of the Company's management fee because of the substantial number of denials. On behalf of the Providers, the Company strenuously disputed these denials, particularly the interpretations implemented by one singular fiscal intermediary. The initial review process was particularly complicated by the absence of comprehensive standards governing the partial hospitalization benefit. To the extent claims for services have been denied in Programs managed by the Company, the great majority of the denied claims have been appealed and the reversal rate has been favorable. The appeals process continues for a significant number of the denied claims. Generally, to the extent that a denied claim is not reversed, the Company is not entitled to a management fee with respect to the denied claim. Management believes that the Company's reserve for contract settlement should be adequate to offset the negative impact of unsuccessful appeals of denied claims. Page 9 12 The Focused Medical Review of claims for partial hospitalization services conducted by fiscal intermediaries for the Hospitals and CMHCs has substantially abated. During Fiscal 1996, the number of denied claims have been reduced to an insignificant rate. This has occurred as a result of a number of factors, such as the issuance of a Medicare Program Memorandum by HCFA during June 1995 (which defines partial hospitalization eligibility and the scope of covered services), as well as the intensification of the Company's utilization review and utilization management efforts. As the number of denials decrease, the impact on cash flow decreases to what management anticipates will constitute a more normal impact on the Company's cash flow typical of the conditions which existed prior to the Focused Medical Review. The Company has been advised by the Health Care Financing Administration (HCFA) that certain Program-related costs are not allowable for reimbursement. Although the Company believes that its management fee is fully reimbursable, there can be no assurances that, upon regulatory or judicial review, the Company's position will be sustained. If the Company's management fee is not fully allowed, the Company may be responsible for reimbursement of the amounts disallowed, pursuant to warranty obligations that exist with certain Hospital and CMHCs. Even though the Company's financial statements provide a reserve for any such payments, a short-term obligation to provide reimbursement could have a material adverse impact upon the Company's liquidity and capital resources. Management believes, however, that this is unlikely to occur. Certain factors are, in management's view, likely to lessen the impact of any such material adverse effect, including the expectation that, if claims arise, they will arise on a periodic basis over several years; that any disallowance will merely be offset against obligations already owed by the Provider to the Company; and that, in certain instances, funds have already been paid into an escrow account to cover any such eventuality. In the present period of legislative uncertainty and deficit Federal spending, financing the Medicare and Medicaid programs will continue to be a target for reduced spending and the rules and regulations will continue to be refined and changed. It is impossible to predict what changes will be made and, therefore, one cannot speculate as to the impact of future changes on the Company's contracts or revenues. Management believes it is unlikely that funding will cease for the treatment of psychiatric illness. Further, in view of the continued emphasis on outpatient treatment programs, management believes changes in Medicare or Medicaid regulations will not disqualify its outpatient acute psychiatric program conceptually, although modification of its contracts or adjustments in its outpatient acute psychiatric programs may be required. Page 10 13 PART II - OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS None ITEM 2 - CHANGES IN SECURITIES None ITEM 3 - DEFAULTS UPON SENIOR SECURITIES None ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5 - OTHER INFORMATION The management of the Company is not aware of any events required to be reported hereunder. ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) Reports on Form 8-K None Page 11 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: March 15, 1996 PMR CORPORATION BY: Allen Tepper ------------------------------------- ALLEN TEPPER President and Chief Executive Officer (Principal Executive Officer) BY: Susan Yeagley Sullivan ------------------------------------- SUSAN YEAGLEY SULLIVAN Chief Financial Officer (Principal Financial Officer) Page 12 EX-27 2 FINANCIAL DATA SCHEDULE
5 9-MOS APR-30-1996 MAY-01-1995 JAN-31-1996 1,688,710 0 13,510,787 1,005,379 0 16,492,632 673,721 817,378 19,591,725 4,843,769 0 35,471 0 7,000 8,505,465 19,591,725 0 24,374,956 0 19,674,822 417,832 645,489 1,330 837,901 344,000 493,901 0 0 0 493,901 .11 .11
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