-----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, DlGR/QYGtRIzPzSt9/gITeAf7f4L7UPz75wfcjKa5On28+Eh0QM9zOMTy0dTGWVJ Cku461n6nGbB1/58vaRpTA== 0000830158-96-000016.txt : 19961018 0000830158-96-000016.hdr.sgml : 19961018 ACCESSION NUMBER: 0000830158-96-000016 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960708 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961017 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: 96644843 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: July 8, 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 19, 1996, the Registrant filed a Current Report on Form 8-K dated July 8, 1996 reporting the consummation of the acquisition by its 54% owned subsidiary, Response Oncology, Inc. (Response), of Rymer, Zaravinos & Faig, M.D., P.A. (d/b/a/ Southeast Florida Hematology Oncology Group, P.A.) (Fort Lauderdale practice). The Registrant hereby files amendment No. 2 to the previously filed Form 8-K and 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 Rymer, Zaravinos & Faig, M.D., P.A. (d/b/a/ Southeast Florida Hematology Oncology Group, P.A.) (filed in the Registrant's Current Report on Form 8-K dated July 8, 1996 and incorporated herein by reference). (b) Pro Forma Financial Information Pro Forma Consolidated Balance Sheet for Seafield Capital Corporation (Seafield) and the Fort Lauderdale practice as of June 30, 1996 and Pro Forma Consolidated Statements of Operations for Seafield and the Fort Lauderdale practice for the six months ended June 30, 1996 and the year ended December 31, 1995. (c) Exhibits 10(a) Form of the Stock Purchase Agreement by and among Response Oncology, Inc., and stockholders of Rymer, Zaravinos & Faig, M.D., P.A., dated as of July 1, 1996 (filed as Exhibit 99.1 to Registrant's Form 8-K dated July 8, 1996 and incorporated herein by reference). 10(b) Form of the Service Agreement between Response Oncology of Fort Lauderdale, Inc., Southeast Florida Hematology Oncology Group, P.A. and Stockholders of Southeast Florida Hematology Oncology Group, P.A. dated July 1, 1996 (filed as Exhibit 99.2 to Registrant's Form 8-K dated July 8, 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 June 30,1996 and the related pro forma consolidated statements of operations for the year ended December 31, 1995 and the six months ended June 30, 1996 give effect to the acquisitions by Response Oncology, Inc.(Response), a 54% owned subsidiary of Seafield Capital Corporation (Seafield), of Rymer, Zaravinos & Faig, M.D., P.A. (d/b/a/ Southeast Florida Hematology Oncology Group, P.A.) (Fort Lauderdale practice), 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 June 30, 1996 (Unaudited)
Historical Fort Pro forma Total Company Lauderdale Adjustments Pro Forma ---------------------------------------------------- (in thousands) ASSETS Current assets: Cash and cash equivalents $ 6,274 36 (36) 6,274 Short-term investments 65,752 65,752 Accounts and notes receivable 28,911 625 135 29,671 Current income tax receivable 5,407 5,407 Deferred income taxes 1,130 (69) 69 1,130 Other current assets 11,040 179 (74) 11,145 -------------------------------------------------- Total current assets 118,514 771 94 119,379 Property, plant and equipment 22,256 19 22,275 Investments: Securities 7,220 7,220 Oil and gas 2,453 2,453 Intangible assets 61,429 11,234 72,663 Other assets 975 975 Net assets of discontinued real estate operations 37,648 37,648 -------------------------------------------------- $ 250,495 771 11,347 262,613 ================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,277 394 (197) 7,474 Notes payable 636 250 (250) 636 Other current liabilities 7,899 7,899 -------------------------------------------------- Total current liabilities 15,812 644 (447) 16,009 Notes payable 23,378 6,443 29,821 Deferred income taxes 2,851 4,299 7,150 Other liabilities 2,440 2,440 -------------------------------------------------- Total liabilities 44,481 644 10,295 55,420 -------------------------------------------------- Minority interests 23,033 1,179 24,212 -------------------------------------------------- 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 1 (1) 7,500 Paid-in capital 1,763 1,763 Equity adjustment from foreign (466) (466) currency translation Retained earnings 204,287 126 (126) 204,287 -------------------------------------------------- 213,084 127 (127) 213,084 Less: Cost of 1,017,924 shares of treasury stk 30,103 30,103 -------------------------------------------------- Total stockholders' equity 182,981 127 (127) 182,981 -------------------------------------------------- $ 250,495 771 11,347 262,613 ==================================================
SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Pro Forma Consolidated Statements of Operations Six months ended June 30, 1996 (Unaudited)
Historical Previous Pro Forma Fort Pro Forma Total Company Acquisitions Adjustments Subtotal Lauderdale Adjustments Pro Forma ----------------------------------------------------------------------------------------- (in thousands) REVENUES Healthcare services $ 31,981 6,325 (2,265)a,b 36,041 2,416 (902) a,b 37,555 Insurance services 24,505 24,505 24,505 Other 1,086 1,086 1,086 --------------------------------------------------------------------------------------- Total revenues 57,572 6,325 (2,265) 61,632 2,416 (902) 63,146 COSTS AND EXPENSES Healthcare services 28,419 3,520 (373)a,d 31,566 2,557 (1,172) a,d 32,951 Insurance services 10,864 10,864 10,864 Other 1,241 1,241 1,241 Selling, general, administrative 17,431 17,431 17,431 --------------------------------------------------------------------------------------- Earnings (loss) from operations (383) 2,805 (1,892) 530 (141) 270 659 Investment income - net 2,415 2,415 2,415 Interest expense (471) (23) (165) c (659) (9) (232) c (900) Other income/(loss) 247 79 (79) 247 247 --------------------------------------------------------------------------------------- Earnings before income taxes 1,808 2,861 (2,136) 2,533 (150) 38 2,421 Income taxes 891 891 891 --------------------------------------------------------------------------------------- Earnings before minority interest 917 2,861 (2,136) 1,642 (150) 38 1,530 Minority interest 845 845 845 --------------------------------------------------------------------------------------- NET EARNINGS (LOSS) $ 72 2,861 (2,136) 797 (150) 38 685 =======================================================================================
SEAFIELD CAPITAL CORPORATION AND SUBSIDIARIES Pro Forma Consolidated Statements of Operations Twelve Months ended December 31, 1996 (Unaudited)
Historical Previous Pro Forma Fort Pro Forma Total Company Acquisitions Adjustments Subtotal Lauderdale Adjustments Pro Forma ----------------------------------------------------------------------------------------- (in thousands) REVENUES Healthcare services $ 56,410 22,542 (7,414)a,b 71,538 5,008 (1,892)a,b 74,654 Insurance services 55,862 55,862 55,862 Other 7,272 7,272 7,272 --------------------------------------------------------------------------------------- Total revenues 119,544 22,542 (7,414) 134,672 5,008 (1,892) 137,788 COSTS AND EXPENSES Healthcare services 52,838 16,636 (2,883)a,d 66,591 4,606 (1,977)a,d 69,220 Insurance services 23,598 23,598 23,598 Other 6,357 6,357 6,357 Selling, general, administrative 42,300 42,300 42,300 --------------------------------------------------------------------------------------- Earnings (loss) from operations (5,549) 5,906 (4,531) (4,174) 402 85 (3,687) Investment income - net 4,401 4,401 4,401 Interest expense (124) (269) (1,446) c (1,839) (483) (2,322) Other income/(loss) (4,564) 352 (352) (4,564) (4,564) --------------------------------------------------------------------------------------- Earnings (loss) before income taxes (5,836) 5,989 (6,329) (6,176) 402 (398) (6,172) Income taxes (6,563) 210 (210) e (6,563) 52 (52) (6,563) --------------------------------------------------------------------------------------- Earnings before minority interest 727 5,779 (6,119) 387 350 (346) 391 Minority interest 1,475 1,475 1,475 --------------------------------------------------------------------------------------- EARNINGS (LOSS) FROM CONTINUING OPERATIONS $ (748) 5,779 (6,119) (1,088) 350 (346) (1,084) =======================================================================================
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 June 30, 1996 and the results of their operations for the year ended December 31, 1995 and the six months ended June 30, 1996. On July 3, 1996, Seafield's 54% owned subsidiary, Response Oncology, Inc. (Response), acquired from unaffiliated individual sellers 100% of the issued and outstanding common stock of Rymer, Zaravinos & Faig, M.D., P.A. (d/b/a/ Southeast Florida Hematology Oncology Group, P.A.) (Fort Lauderdale practice). 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 June 30, 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 the Fort Lauderdale practice, 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 rates ranging from 5% to 9.5%. (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: October 17, 1996 By: /s/ Steven K. Fitzwater --------------------------- Steven K. Fitzwater Vice President, Chief Accounting Officer and Secretary -----END PRIVACY-ENHANCED MESSAGE-----