-----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, NZiXKTVJlF14MYKHRXEnQv0eJTLWL1YTwsVTq5pE1R275GsMV2M2TCqq7RDGPu4h ZJfuYLW1CRwMDyN02BS64g== 0000830158-96-000012.txt : 19960910 0000830158-96-000012.hdr.sgml : 19960910 ACCESSION NUMBER: 0000830158-96-000012 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960620 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960906 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEAFIELD CAPITAL CORP CENTRAL INDEX KEY: 0000830158 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 431039532 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-16946 FILM NUMBER: 96626914 BUSINESS ADDRESS: STREET 1: 2600 GRAND AVE STE 500 STREET 2: P O BOX 410949 CITY: KANSAS CITY STATE: MO ZIP: 64141 BUSINESS PHONE: 8168427000 MAIL ADDRESS: STREET 1: P.O. BOX 410949 STREET 2: 2600 GRAND AVENUE, SUITE 500 CITY: KANSAS CITY STATE: MO ZIP: 64141 FORMER COMPANY: FORMER CONFORMED NAME: BMA CORP /MO/ DATE OF NAME CHANGE: 19910520 FORMER COMPANY: FORMER CONFORMED NAME: SEAFIELD CAPTIAL CORP DATE OF NAME CHANGE: 19910520 FORMER COMPANY: FORMER CONFORMED NAME: BMA PROPERTIES INC DATE OF NAME CHANGE: 19880411 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K/A (Amendment No. 2) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: June 20, 1996 Seafield Capital Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Missouri 0-16946 43-1039532 ----------------------------------------------------------------- (State of other (Commission File Number) (IRS Employer jurisdiction of Identification incorporation) Number) 2600 Grand Ave. Suite 500 P. O. Box 410949 Kansas City, MO 64141 ----------------------------------------------------------------- (Address of principal executive offices) (Zip code) (816) 842-7000 ----------------------------------------------------------------- (Registrant's telephone number, including area code) Item 2. ACQUISITION AND DISPOSITION OF ASSETS. On July 10, 1996, the Registrant filed a Current Report on Form 8-K dated June 20, 1996 reporting the consummation of the acquisition by its 54% owned subsidiary, Response Oncology, Inc., of Jeffrey L. Paonessa, M.D., P.A. (Paonessa). On July 25, 1996, the Registrant filed Amendment No. 1 to this Form 8-K. The Registrant hereby files this amendment No. 2 to the previously filed Form 8-K and Form 8-K (Amendment No. 1) to provide the Registrant's pro forma financial information. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements Audited Balance Sheet, Statement of Income, Statement of Shareholders' Equity, and Statement of Cash Flows, including footnotes, as of and for the year ended December 31, 1995 for Jeffrey L. Paonessa, M.D., P.A. (filed in the Registrant's Current Report on Form 8-K (Amendment No. 1) dated June 20, 1996 and incorporated herein by reference). (b) Pro Forma Financial Information Pro Forma Consolidated Balance Sheet for Seafield Capital Corporation (Seafield) and Paonessa as of March 31, 1996 and Pro Forma Consolidated Statements of Operations for Seafield and Paonessa for the three months ended March 31, 1996 and the year ended December 31, 1995. (c) Exhibits 10(a) Form of the Stock Purchase Agreement by and among Response Oncology, Inc., Jeffrey L. Paonessa, M.D. and J. Paonessa, M.D., P.A. dated as of June 19, 1996 (filed as Exhibit 99.1 to Registrant's Form 8-K dated June 20, 1996 and incorporated herein by reference). 10(b) Form of the Service Agreement dated as of June 19, 1996 by and among Response Oncology, Inc., J. Paonessa, M.D., P.A. and Jeffrey L. Paonessa, M.D. (filed as Exhibit 99.1 to Registrant's Form 8-K (Amendment No. 1) dated June 20, 1996 and incorporated herein by reference). SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Unaudited Pro Forma Consolidated Financial Information Basis of Presentation The accompanying pro forma consolidated balance sheet as of March 31,1996 and the related pro forma consolidated statements of operations for the year ended December 31, 1995 and the three months ended March 31, 1996 give effect to the acquisitions by Response Oncology, Inc.(Response), a 54% owned subsidiary of Seafield Capital Corporation (Seafield), of Jeffrey L. Paonessa, M.D., P.A. (Paonessa), Knoxville Hematology Oncology Associates (KHOA) and Oncology Hematology Group of South Florida, P.A. (OHGSF), (collectively referred to as the "Groups") as if the acquisitions of the Groups had occurred on January 1, 1995. The pro forma information is based on the historical audited financial statements of Seafield and the Groups, giving effect to the acquisitions under the purchase method of accounting, and the assumptions and adjustments described in the accompanying notes to the pro forma consolidated financial information. The pro forma statements have been prepared by Seafield's management based on the audited financial statements of the Groups. These pro forma statements may not be indicative of the results that would have occurred if the acquisitions had been in effect on the dates indicated or which may be obtained in the future. The pro forma statements do not reflect the effect of expense reductions and other operational changes, which, in the opinion of Response, is likely to result in profitable operations for the Groups. The pro forma financial statements should be read in conjunction with the consolidated financial statements and notes of Seafield. SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Pro Forma Consolidated Balance Sheet March 31, 1996 (Unaudited)
Historical Previous Pro forma Pro Forma Total Company Acquisitions Adjustments Subtotal Paonessa Adjustments Pro Forma --------------------------------------------------------------------------------------- (in thousands) ASSETS Current assets: Cash and cash equivalents $ 9,139 166 1,547 10,852 10 (9,448) 1,414 Short-term investments 70,597 (10,000) 60,597 60,597 Accounts and notes receivable 24,609 999 (199) 25,409 1,179 26,588 Current income tax receivable 4,737 4,737 4,737 Deferred income taxes 1,406 1,406 1,406 Other current assets 12,966 109 13,075 421 (30) 13,466 ------------------------------------------------------------------------------------ Total current assets 123,454 1,274 (8,652) 116,076 1,610 (9,478) 108,208 Property, plant and equipment 20,835 1,699 (148) 22,386 247 (247) 22,386 Investments: Securities 5,757 5,757 5,757 Oil and gas 3,689 3,689 3,689 Intangible assets 30,624 7,091 37,715 15,323 53,038 Deferred income taxes 7,171 7,171 7,171 Other assets 1,143 1,143 1,143 Net assets of discontinued real estate operations 40,686 40,686 40,686 ------------------------------------------------------------------------------------ $ 233,359 2,973 (1,709) 234,623 1,857 5,598 242,078 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,772 245 318 8,335 315 8,650 Notes payable 4,005 1,714 (1,714) 4,005 4,005 Other current liabilities 6,735 47 (47) 6,735 6,735 ------------------------------------------------------------------------------------ Total current liabilities 18,512 2,006 (1,443) 19,075 315 19,390 Notes payable 6,265 23 127 6,415 5,100 11,515 Other liabilities 2,520 49 (49) 2,520 2,520 ------------------------------------------------------------------------------------ Total liabilities 27,297 2,078 (1,365) 28,010 315 5,100 33,425 ------------------------------------------------------------------------------------ Minority interests 21,190 551 21,741 2,040 23,781 ------------------------------------------------------------------------------------ Stockholders' equity: Preferred stock of $1 par value. Authorized 3,000,000 shares; none issued -- -- -- Common stock of $1 par value. Authorized 24,000,000 shares; issued 7,500,000 shares 7,500 7,500 1 (1) 7,500 Paid-in capital 1,747 1,747 1,747 Equity adjustment from foreign (469) (469) (469) currency translation Retained earnings 206,045 895 (895) 206,045 1,541 (1,541) 206,045 ------------------------------------------------------------------------------------ 214,823 895 (895) 214,823 1,542 (1,542) 214,823 Less: Cost of 1,029,199 shares of treasury stk 29,951 29,951 29,951 ------------------------------------------------------------------------------------ Total stockholders' equity 184,872 895 (895) 184,872 1,542 (1,542) 184,872 ------------------------------------------------------------------------------------ $ 233,359 2,973 (1,709) 234,623 1,857 5,598 242,078 ====================================================================================
SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Pro Forma Consolidated Statements of Operations Three months ended March 31, 1996 (Unaudited)
Historical Previous Pro Forma Pro Forma Total Company Acquisitions Adjustments Subtotal Paonessa Adjustments Pro Forma ----------------------------------------------------------------------------------------- (in thousands) REVENUES Healthcare services $ 14,950 1,567 (511)a,b 16,006 2,471 (697) a,b 17,780 Insurance services 11,669 11,669 11,669 Other 16 16 16 --------------------------------------------------------------------------------------- Total revenues 26,635 1,567 (511) 27,691 2,471 (697) 29,465 COSTS AND EXPENSES Healthcare services 13,457 623 19 a,d 14,099 1,520 (175) a,d 15,444 Insurance services 5,308 5,308 5,308 Other 45 45 45 Selling, general,administrative 8,415 151 8,566 8,566 --------------------------------------------------------------------------------------- Earnings (loss) from operations (590) 793 (530) (327) 951 (522) 102 Investment income - net 1,170 1,170 1,170 Interest expense (192) (23) (215) (51) c (266) Other income/(loss) 27 50 (50) 27 29 (29) 27 --------------------------------------------------------------------------------------- Earnings before income taxes 415 820 (580) 655 980 (602) 1,033 Income taxes 155 155 155 --------------------------------------------------------------------------------------- Earnings before minority interest 260 820 (580) 500 980 (602) 878 Minority interest 374 374 374 --------------------------------------------------------------------------------------- NET EARNINGS (LOSS) $ (114) 820 (580) 126 980 (602) 504 =======================================================================================
SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Pro Forma Consolidated Statements of Operations Twelve months ended December 31, 1995 (Unaudited)
Historical Previous Pro Forma Pro Forma Total Company Acquisitions Adjustments Subtotal Paonessa Adjustments Pro Forma ----------------------------------------------------------------------------------------- (in thousands) REVENUES Healthcare services $ 56,410 14,723 (5,467)a,b 65,666 7,896 (1,978)a,b 71,584 Insurance services 55,862 55,862 55,862 Other 7,272 7,272 7,272 ---------------------------------------------------------------------------------------- Total revenues 119,544 14,723 (5,467) 128,800 7,896 (1,978) 134,718 COSTS AND EXPENSES Healthcare services 52,838 10,839 (2,529)a,d 61,148 4,782 (581)a,d 65,349 Insurance services 23,598 23,598 23,598 Other 6,357 6,357 6,357 Selling, general,administrative 42,300 1,090 43,390 43,390 --------------------------------------------------------------------------------------- Earnings (loss) from operations (5,549) 2,794 (2,938) (5,693) 3,114 (1,397) (3,976) Investment income - net 4,401 4,401 4,401 Interest expense (124) (270) (591) c (985) (204) c (1,189) Other income/(loss) (4,564) 297 (297) (4,564) 55 (55) (4,564) --------------------------------------------------------------------------------------- Earnings (loss) before income taxes (5,836) 2,821 (3,826) (6,841) 3,169 (1,656) (5,328) Income taxes (6,563) 210 (210) e (6,563) (6,563) --------------------------------------------------------------------------------------- Earnings (loss) before minority interest 727 2,611 (3,616) (278) 3,169 (1,656) 1,235 Minority interest 1,475 1,475 1,475 --------------------------------------------------------------------------------------- EARNINGS (LOSS) FROM CONTINUING OPERATIONS $ (748) 2,611 (3,616) (1,753) 3,169 (1,656) (240) =======================================================================================
SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Notes to Pro Forma Consolidated Financial Information The accompanying pro forma consolidated financial information presents the pro forma financial condition of Seafield Capital Corporation and subsidiaries (Seafield) as of March 31, 1996 and the results of their operations for the year ended December 31, 1995 and the three months ended March 31, 1996. On June 20, 1996, Seafield's 54% owned subsidiary, Response Oncology, Inc. (Response), acquired the general partnership interest of Jeffrey L. Paonessa, M.D., P.A. (Paonessa). The accompanying pro forma consolidated balance sheet includes the acquired assets, assumed liabilities and effects of financing as if all acquisition practices held by Response had been acquired on March 31, 1996. The accompanying pro forma consolidated statements of operations reflect the pro forma results of operations, as adjusted, as if all acquisition practices held by Response had been acquired on January 1, 1995. PRO FORMA CONSOLIDATED BALANCE SHEET The adjustments reflected in the pro forma consolidated balance sheet are to reflect the fair values of assets acquired and liabilities assumed in connection with the acquisition of Paonessa, to reflect the issuance of long-term debt and cash payment to complete the acquisition; and to reflect the recording of management service agreements acquired. PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS The adjustments reflected in the pro forma consolidated statements of operations are as follows: (a) To eliminate certain revenues and expenses that would not constitute revenue to Response or be the responsibility of Response pursuant to the Service Agreement. (b) To accrue net revenue resulting from service agreements related to the acquisition of the practice. Amounts were calculated based upon actual operating results for the period, as adjusted, under the terms of the related service agreement. (c) To reflect interest on the long-term debt issued. Interest was calculated at the annual rate of 6.5%. (d) To record amortization of the intangible asset related to the service agreement. The assets are amortized over the service agreement period (40 years). (e) To remove the effect of federal income taxes as Response would have utilized tax net operating loss carryforwards to fully offset the acquired practice's 1995 taxable income. 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 officer. Seafield Capital Corporation Date: September 6, 1996 By: /s/ Steven K. Fitzwater --------------------------- Steven K. Fitzwater Vice President, Chief Accounting Officer and Secretary -----END PRIVACY-ENHANCED MESSAGE-----