-----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, JCI/h4gJBiPgA1kiVQWUnAz/TVDG7JaD6A2IuY4g1iKiz5c2pkUUF9u1CEqCRcsX a6j9bqJ66IxUkAcstFENVQ== 0000909518-05-000393.txt : 20050611 0000909518-05-000393.hdr.sgml : 20050611 20050603163552 ACCESSION NUMBER: 0000909518-05-000393 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050418 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050603 DATE AS OF CHANGE: 20050603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RURAL METRO CORP /DE/ CENTRAL INDEX KEY: 0000906326 STANDARD INDUSTRIAL CLASSIFICATION: LOCAL & SUBURBAN TRANSIT & INTERURBAN HWY PASSENGER TRAINS [4100] IRS NUMBER: 860746929 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-22056 FILM NUMBER: 05878068 BUSINESS ADDRESS: STREET 1: 8401 EAST INDIAN SCHOOL RD CITY: SCOTTSDALE STATE: AZ ZIP: 85251 BUSINESS PHONE: 4809943886 8-K/A 1 jd6-3_8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 This current report on Form 8-K/A updates the pro forma financial information included in the current report filed on Form 8-K on April 22, 2005, to reflect the financial statements for the period ended March 31, 2005. Date of Report (Date of earliest event reported): April 18, 2005 __________________ RURAL/METRO CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 0-22056 86-0746929 ---------------------------- ------------- ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 9221 East Via de Ventura Scottsdale, Arizona 85258 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (480) 606-3886 Check the appropriate box below if the Form 8-K/A filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.01 Completion of Acquisition or Disposition of Assets. Effective April 18, 2005, the Area Metropolitan Ambulance Authority d/b/a MedStar ("MedStar") for metropolitan Forth Worth, Texas approved Rural/Metro Corporation's (the "Company" ) proposal to discontinue operations in metropolitan Fort Worth. The Company ceased providing service to the metropolitan Fort Worth, Texas area May 1, 2005. The Company provided emergency and non-emergency ambulance services to the Forth Worth area using ambulances, equipment and other assets of MedStar. MedStar was obligated to pay the Company for its services through April 30, 2005. The Company was not required to pay a termination fee in connection with this discontinuation of service, and MedStar returned the letter of credit that was furnished to MedStar by the Company as a performance security. Assets of the Company not otherwise sold to MedStar generally were not disposed of by the Company, but instead were redeployed in other Company operations. In addition, the Company understands that the majority of the Company's employees serving the Fort Worth area were offered employment with MedStar. Following the Company's discontinuation of service in Forth Worth, the Company now provides services to communities in 22 states. The results of this service area will be included in discontinued operations beginning with filings made for the quarter ended June 30, 2005. The assets related to the service area totaled $2.6 million (primarily consisting of accounts receivable of $1.0 million and a cash collateralized letter of credit in the amount of $1.0 million) or 1.2% of total assets of the Company at March 31, 2005. The Company provides emergency and non-emergency medical transportation, fire protection, and other safety services in 22 states and approximately 365 communities throughout the United States. For more information, visit the Company's web site at www.ruralmetro.com. Item 9.01 Financial Statements and Exhibits. (a) Not applicable. (b) Pro Forma Financial Information. The required pro forma financial information is included as Exhibit 99.1 to this Report. (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Pro forma financial statements of Rural/Metro Corporation 2 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. RURAL/METRO CORPORATION Date: June 3, 2005 By: /s/ Michael S. Zarriello ----------------------------- Michael S. Zarriello Senior Vice President and Chief Financial Officer 3 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Pro forma financial statements of Rural/Metro Corporation 4 EX-99 2 jd6-3ex_99.txt 99.1 EXHIBIT 99.1 RURAL/METRO CORPORATION PROFORMA STATEMENT OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2005 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ---------------- ---------------- ---------------- ---------------- Net revenue $ 418,906 $ (8,817) $ - $ 410,089 ---------------- ---------------- ---------------- ---------------- Operating expenses Payroll and employee benefits 221,170 (6,460) - 214,710 Provision for doubtful accounts 64,576 - - 64,576 Depreciation and amortization 8,512 (164) - 8,348 Other operating expenses 89,647 (1,144) - 88,503 ---------------- ---------------- ---------------- ---------------- Total operating expenses 383,905 (7,768) - 376,137 ---------------- ---------------- ---------------- ---------------- Operating income 35,001 (1,049) - 33,952 Interest expense (22,039) - - (22,039) Interest income 227 - - 227 Loss on early extinguishment of debt (8,170) - - (8,170) ---------------- ---------------- ---------------- ---------------- Income from continuing operations before income taxes and minority interest 5,019 (1,049) - 3,970 Income tax provision (397) - - (397) Minority interest (40) - - (40) ---------------- ---------------- ---------------- ---------------- Income from continuing operations $ 4,582 $ (1,049) $ - $ 3,533 ================ ================ ================ ================ Income per share from continuing operations: Basic $ 0.20 $ 0.16 ================ ================ Diluted $ 0.19 $ 0.15 ================ ================ Average number of shares outstanding: Basic 22,406 22,406 ================ ================ Diluted 23,837 23,837 ================ ================
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2004 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- ----------------- ----------------- ----------------- Net revenue $ 393,811 $ (8,886) $ - $ 384,925 ----------------- ----------------- ----------------- ----------------- Operating expenses Payroll and employee benefits 207,729 (6,313) - 201,416 Provision for doubtful accounts 64,306 - - 64,306 Depreciation and amortization 8,733 (186) - 8,547 Other operating expenses 85,587 (1,098) - 84,489 ----------------- ----------------- ----------------- ----------------- Total operating expenses 366,355 (7,597) - 358,758 ----------------- ----------------- ----------------- ----------------- Operating income 27,456 (1,289) - 26,167 Interest expense (22,106) - - (22,106) Interest income 67 - - 67 ----------------- ----------------- ----------------- ----------------- Income from continuing operations before income taxes and minority interest 5,417 (1,289) - 4,128 Income tax provision (277) - - (277) Minority interest (398) - - (398) ----------------- ----------------- ----------------- ----------------- Income from continuing operations $ 4,742 $ (1,289) $ - $ 3,453 ================= ================= ================= ================= Loss per share from continuing operations: Basic $ (0.05) $ (0.07) ================= ================= Diluted $ (0.05) $ (0.07) ================= ================= Average number of shares outstanding: Basic 16,557 16,557 ================= ================= Diluted 16,557 16,557 ================= =================
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF INCOME (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2004 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- ----------------- ---------------- --------------- Net revenue $ 526,603 $ (11,685) $ - $ 514,918 ----------------- ----------------- ---------------- --------------- Operating expenses Payroll and employee benefits 277,549 (8,434) - 269,115 Provision for doubtful accounts 87,268 - - 87,268 Depreciation and amortization 11,404 (247) - 11,157 Other operating expenses 114,855 (1,478) - 113,377 ----------------- ----------------- ---------------- --------------- Total operating expenses 491,076 (10,159) - 480,917 ----------------- ----------------- ---------------- --------------- Operating income 35,527 (1,526) - 34,001 Interest expense (29,243) - - (29,243) Interest income 97 - - 97 ----------------- ----------------- ---------------- --------------- Income from continuing operations before income taxes and minority interest 6,381 (1,526) - 4,855 Income tax provision (300) - - (300) Minority interest 475 - - 475 ----------------- ----------------- ---------------- --------------- Income from continuing operations $ 6,556 $ (1,526) $ - $ 5,030 ================= ================= ================ =============== Income per share from continuing operations: Basic $ 0.54 $ 0.46 ================= =============== Diluted $ 0.30 $ 0.23 ================= =============== Average number of shares outstanding: Basic 16,645 16,645 ================= =============== Diluted 21,817 21,817 ================= ===============
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF OPERATIONS (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2003 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- --------------- ---------------- --------------- Net revenue $ 484,639 $ (12,523) $ - $ 472,116 ----------------- --------------- ---------------- --------------- Operating expenses Payroll and employee benefits 266,713 (8,848) - 257,865 Provision for doubtful accounts 77,184 - - 77,184 Depreciation and amortization 12,587 (768) - 11,819 Other operating expenses 107,574 (1,992) - 105,582 Restructing and other (1,421) - - (1,421) ----------------- --------------- ---------------- --------------- Total operating expenses 462,637 (11,608) - 451,029 ----------------- --------------- ---------------- --------------- Operating income 22,002 (915) - 21,087 Interest expense (28,012) - - (28,012) Interest income 197 - - 197 ----------------- --------------- ---------------- --------------- Loss from continuing operations before income taxes and minority interest (5,813) (915) - (6,728) Income tax provision (118) - - (118) Minority interest (1,507) - - (1,507) ----------------- --------------- ---------------- --------------- Loss from continuing operations $ (7,438) $ (915) $ - $ (8,353) ================= =============== ================ =============== Loss per share from continuing operations: Basic $ (0.69) $ (0.74) ================= =============== Diluted $ (0.69) $ (0.74) ================= =============== Average number of shares outstanding: Basic 16,116 16,116 ================= =============== Diluted 16,116 16,116 ================= ===============
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF OPERATIONS (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2002 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- ----------------- ----------------- --------------- Net revenue $ 453,151 $ (11,619) $ - $ 441,532 ----------------- ----------------- ----------------- --------------- Operating expenses Payroll and employee benefits 250,724 (8,154) - 242,570 Provision for doubtful accounts 70,689 - - 70,689 Depreciation and amortization 14,443 (884) - 13,559 Other operating expenses 96,581 (1,949) - 94,632 Restructing and other (626) - - (626) ----------------- ----------------- ----------------- --------------- Total operating expenses 431,811 (10,987) - 420,824 ----------------- ----------------- ----------------- --------------- Operating income 21,340 (632) - 20,708 Interest expense (25,462) - - (25,462) Interest income 644 - - 644 ----------------- ----------------- ----------------- --------------- Loss from continuing operations before income taxes and minority interest (3,478) (632) - (4,110) Income tax benefit 2,531 - - 2,531 Minority interest (750) - - (750) ----------------- ----------------- ----------------- --------------- Loss from continuing operations $ (1,697) $ (632) $ - $ (2,329) ================= ================= ================= =============== Loss per share from continuing operations: Basic $ (0.11) $ (0.15) ================= =============== Diluted $ (0.11) $ (0.15) ================= =============== Average number of shares outstanding: Basic 15,190 15,190 ================= =============== Diluted 15,190 15,190 ================= ===============
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. -----END PRIVACY-ENHANCED MESSAGE-----