-----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, Opp27lieb5MLCR7t+tw7Ty8khxGCEEoE/4joN64Fh9nribGuxCDenBlc1+NxZhuc fr8Xk9jcz/P7lrD6DTnQZw== 0000890925-96-000005.txt : 19961023 0000890925-96-000005.hdr.sgml : 19961023 ACCESSION NUMBER: 0000890925-96-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961022 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MULTICARE COMPANIES INC CENTRAL INDEX KEY: 0000890925 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SKILLED NURSING CARE FACILITIES [8051] IRS NUMBER: 223152527 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22090 FILM NUMBER: 96646273 BUSINESS ADDRESS: STREET 1: 411 HACKENSACK AVE CITY: HACKENSACK STATE: NJ ZIP: 07601 BUSINESS PHONE: 2014888818 MAIL ADDRESS: STREET 1: 411 HACKENSACK AVENUE CITY: HACKENSACK STATE: NJ ZIP: 07601 8-K 1 UNITED STATES 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: October 22, 1996 THE MULTICARE COMPANIES, INC. (Exact name of Registrant as specified in its charter) Commission File No. 34-22090 Delaware 22-3152527 State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 411 Hackensack Avenue Hackensack, New Jersey 07601 (Address of principal Zip Code executive offices) Registrant's telephone number, including area code (201) 488-8818 Item 5. Other Events Third Quarter Results On October 17, 1996, the Company announced in a press release its 1996 third quarter earnings. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit 99 Press Release dated October 17, 1996. Signature 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. The Multicare Companies, Inc. Bradford C. Burkett _____________________________ Bradford C. Burkett Senior Vice President, General Counsel and Secretary October 22, 1996 EX-99 2 FOR IMMEDIATE RELEASE October 17, 1996; 8:00 am EST Contact: Stephen R. Baker Executive Vice President, Chief Operating Officer (201) 525-5955 MULTICARE REPORTS STRONG THIRD QUARTER RESULTS HACKENSACK, NJ, October 17, 1996 -- The Multicare Companies, Inc. (NYSE: MUL) today announced revenues for the third quarter ended September 30, 1996 increased 48.4% to $134.9 million from $90.9 million in the same period of 1995. Income from operations rose 39.5% to $18.8 million from $13.4 million in the comparable period of 1995. Net income increased to $7.4 million or $.26 per share on a fully diluted basis as compared with $5.8 million or $.22 per share for the same quarter a year ago. Revenues for the nine month period increased 49.8% to $386.9 million from $258.3 million during the corresponding period of 1995. Income from operations rose 34.9% to $51.8 million from $38.4 million, while income before extraordinary item increased to $20.4 million or $.71 per share on a fully diluted basis compared with $16.1 million or $.61 per share in the similar period last year. Specialty medical service revenues accounted for 39% of net revenues in the third quarter of 1996 compared to 41% of net revenues in the comparable period of 1995. Specialty medical services include pharmacy operations, subacute care, rehabilitative therapies, medical supplies and other ancillary businesses. The Company's quality mix of non-Medicaid patient revenues was 64% in the third quarter of 1996 compared to 68 % in the similar period last year. The 1996 percentages reflect the impact of certain of the Company's recent acquisitions which historically have generated lower revenues in these areas. Occupancy rates remained stable at 92% for the third quarters of 1996 and 1995. Multicare, founded in 1984, is a leading provider of high quality long-term care and specialty medical services. Upon completion of the pending ADS acquisition, Multicare will own, lease or manage over 150 long-term care facilities with more than 15,000 beds in 11 states. Multicare also owns and operates a number of ancillary health care businesses, including a significant institutional pharmacy business. The Company's long-term care services include skilled nursing care, subacute care, assisted living, home health care and related support activities traditionally provided in long-term care facilities. Certain of the matters discussed in this press release contain forward-looking statements that involve risk and uncertainties. Although Multicare believes that the assumptions accompanying such forward-looking statements are reasonable, it cannot give any assurance that expected results will occur. A significant variation between actual results and any of such assumptions may cause actual results to differ materially from expectations. Reference should be made to Multicare's Form 10-K for the year ended December 31, 1995 for more specific information concerning such risks and assumptions. THE MULTICARE COMPANIES, INC. AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per share data)
1995 1996 1995 1996 Net revenues $ 90,948 134,944 258,253 386,890 Expenses: Operating expenses 69,534 104,130 197,230 300,368 Corporate, general and administrative 4,451 6,214 12,713 18,627 Depreciation and amortization 3,520 5,841 9,865 16,048 Total expenses 77,505 116,185 219,808 335,043 Income from operations 13,443 18,759 38,445 51,847 Other income (expense): Investment income 824 212 1,749 425 Interest expense (4,879) (7,075) (14,000) (19,372) Total other income (expense) (4,055) (6,863) (12,251) (18,947) Income before income taxes and extraordinary item 9,388 11,896 26,194 32,900 Income tax expense 3,608 4,478 10,056 12,505 Income before extraordinary item 5,780 7,418 16,138 20,395 Extraordinary item - loss on extinguishment of debt, net of tax benefit --- --- --- 1,481 Net income $ 5,780 7,418 16,138 18,914 Income per common share assuming full dilution: Income before extraordinary item $ .22 .26 .61 .71 Net income $ .22 .26 .61 .67 Weighted average number of common shares outstanding assuming full dilution 26,515 32,774 26,511 32,748
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