-----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, ROAEEA7DVuoRbu061J1HwfEaHtNo47THmlm1wZOrtRRRaGDES/QquIb37SQNvi81 to75L0FQ2Bb0qQ2VOtojwg== 0000881917-97-000002.txt : 19970222 0000881917-97-000002.hdr.sgml : 19970222 ACCESSION NUMBER: 0000881917-97-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970205 ITEM INFORMATION: Other events FILED AS OF DATE: 19970219 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMT HEALTH SERVICES INC CENTRAL INDEX KEY: 0000881917 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 251672183 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19897 FILM NUMBER: 97538161 BUSINESS ADDRESS: STREET 1: 10521 PERRY HIGHWAY CITY: WEXFORD STATE: PA ZIP: 15090 BUSINESS PHONE: 4129333300 MAIL ADDRESS: STREET 1: 10521 PERRY HIGHWAY CITY: WEXFORD STATE: PA ZIP: 15090 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): February 5, 1997 SMT Health Services Inc. (Exact name of registrant as specified in its charter) Delaware 0-19897 25-1672183 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) 10521 Perry Highway, Wexford, Pennsylvania 15090 (Address of principal executive offices) (ZIP code) Registrant's telephone number including area code: 412-933-3300 Item 5. Other Information Incorporated by reference herein is the Registrant's Press Release dated February 5, 1997, a copy of which is filed as Exhibit 99.01 to this Form 8-K. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit No. Reference 99.01 Press Release dated Filed herewith. February 5, 1997 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 thereunto duly authorized. SMT HEALTH SERVICES INC. (Registrant) Date: February 19, 1997 By: _____/S/_David A. Zynn___________ David A. Zynn Chief Financial Officer, Treasurer and Principal Accounting Officer EXHIBIT INDEX Exhibit No. Reference 99.01 Press Release dated February 5, 1997 Filed herewith. 99.01 Contact: David Zynn, CFO James K. White, Managing Director SMT Health Services Inc. Kehoe, White, Savage & Company, Inc. (412) 933-3300 (310) 437-0655 http://www.smthealth.com SMT HEALTH SERVICES INC. REPORTS FOURTH QUARTER AND TWELVE MONTH EARNINGS; NET INCOME INCREASES 28% AND 76%, RESPECTIVELY; MOBILE MRI REVENUES RISE 49% AND 32%, RESPECTIVELY; REVENUES DERIVED FROM EXISTING CUSTOMERS INCREASES 22% AND 13%, RESPECTIVELY Pittsburgh, PA, February 5, 1997 -- SMT Health Services Inc. (NASDAQ/NMS: SHED, SHEDW) today reported that net income for the quarter ended December 31, 1996 increased 28% to $475,000, or $.15 per share, from $371,000, or $.12 per share, for the fourth quarter of 1995. Revenues for the fourth quarter of 1996 increased $1,853,000, or 49%, to $5,606,000 from $3,753,000 for the same period in 1995. The Company attributed the income and revenue gain for the three months ended December 31, 1996 to increased revenues from the seven new units placed in service during the year (including four units placed in service during September through November 1996) as well as a 22% increase in revenues derived from hospitals which the Company serviced during both comparable periods, partially offset by a $95,000 deferred tax adjustment in the fourth quarter. The Company's income before income taxes increased $428,000, or 88%, to $917,000, as compared to $489,000 for the same period in 1995. The Company stated that the earnings per share numbers for all reported periods have been adjusted to reflect the 7% Common Stock Dividend paid January 14, 1997. Excluding the 7% stock dividend adjustment, the earnings per share for the three months ended December 31, 1996 and 1995 would have been $.16 and $.13, respectively. Net income for the fiscal year 1996 increased 76% to $2,411,000, or $.61 per share, from $1,373,000, or $.46 per share, during 1995. Excluding the 7% stock dividend adjustment, the earnings per share for 1996 and 1995 would have been $.66 and $.49, respectively. Revenues for fiscal 1996 increased $4,054,000, or 27%, to $19,212,000 compared to $15,158,000 during 1995. Excluding the revenues of $548,000 related to the Cardiac Partnerships which the Company sold on June 30, 1995, 1996 mobile MRI revenues increased approximately 32% from 1995. The Company attributed the increased profitability and revenues for the fiscal year to the seven new units acquired throughout the year (including four new units placed in service during September through November 1996), a 13% increase in revenues derived from hospitals which the Company serviced during both comparable periods and greater operating efficiencies. Net income for fiscal 1996 further increased as a result of several one-time tax adjustments totaling approximately $285,000. Excluding the one-time adjustments, fiscal year 1996 net income would have approximated $2,126,000, or $.55 per share. The Company operated a weighted average of approximately 14 units during 1996. The Company has available approximately $8.2 and $10.1 million of federal and state tax net operating loss carryforwards which are available to offset future taxable income through 2010. The Company anticipates that its future effective tax rate will approximate 39%. The Company also announced that it has signed a purchase order and intends to purchase its nineteenth mobile MRI unit. The Company expects to take delivery and begin operations with this new unit in April 1997. The Company further announced that 154,761 publicly traded Warrants have been exercised. The Company has received cash proceeds of approximately $1,083,000 and issued 168,089 shares of Common Stock as a result of such Warrant exercises. As of January 31, 1997, 1,529,189 Warrants to purchase 1,718,044 Common Shares remain outstanding. The Warrants expire at 5:00 p.m. on March 4, 1997. Each Warrant entitles the holder to purchase 1.1235 shares of Common Stock for $7.00. SMT Health Services Inc., through its current fleet of eighteen mobile MRI units, provides diagnostic imaging services to healthcare providers in Pennsylvania, West Virginia, North Carolina, South Carolina, Virginia, Ohio and Kentucky. (table follows) SMT HEALTH SERVICES INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF OPERATIONS For The Three Months Ended For The Twelve Months Ended December 31, December 31, 1996 1995 1996 1995 Total Revenues $5,606,000 $3,753,000 $19,212,000 $15,158,000* Operating Expenses 1,802,000 1,215,000 6,280,000 5,396,000 Depreciation and Amortization 1,418,000 953,000 4,725,000 3,679,000 Selling, General and Administrative 875,000 657,000 2,877,000 2,472,000 Interest Expense 594,000 439,000 2,041,000 1,758,000 Other -- -- ( 300,000) -- Total Costs and Expenses $4,689,000 $3,264,000 $15,623,000 $13,305,000 Income Before Income Taxes $ 917,000 $ 489,000 $ 3,589,000 $ 1,851,000 Income Taxes 442,000** 118,000 1,178,000** 478,000 Net Income $ 475,000 $ 371,000 $ 2,411,000 $ 1,373,000 Earnings Per Common Share $ .15 $ .12 $ .61 $ .46 Average Number of Shares Outstanding 3,689,000 2,838,000 3,233,000 2,770,000 *Includes revenues related to the cardiac partnerships which were sold on June 30, 1995 totaling $548,000. **Includes a $95,000 unfavorable tax adjustment and a net $105,000 favorable tax adjustment for the three and twelve months ended December 31, 1996, respectively. # # # -----END PRIVACY-ENHANCED MESSAGE-----