-----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, RQEfJvNA0U9rZHGMFx+sc8Dpv0jYWVaiUGV4vJ1N+6G5822YMXZWAok1jgqLwzEZ lKrkQsuvJAbfcUq0BvLaJQ== 0000950147-03-000661.txt : 20030521 0000950147-03-000661.hdr.sgml : 20030521 20030521155957 ACCESSION NUMBER: 0000950147-03-000661 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030520 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030521 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 SEC ACT: 1934 Act SEC FILE NUMBER: 000-22056 FILM NUMBER: 03714633 BUSINESS ADDRESS: STREET 1: 8401 EAST INDIAN SCHOOL RD CITY: SCOTTSDALE STATE: AZ ZIP: 85251 BUSINESS PHONE: 4809943886 8-K 1 e-10039.txt CURRENT REPORT DTD. 05/20/2003 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): May 20, 2003 RURAL/METRO CORPORATION (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 0-22056 86-0746929 (Commission File Number) (IRS Employer Identification No.) 8401 East Indian School Road Scottsdale, Arizona 85251 (Address of Principal Executive Offices) (Zip Code) (480) 994-3886 (Registrant's telephone number, including area code) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS DESCRIPTION -------- ----------- 99.1 Press Release of Rural/Metro Corporation, dated May 20, 2003. ITEM 9. REGULATION FD DISCLOSURE On May 20, 2003, Rural/Metro Corporation, a Delaware corporation (the "Company"), issued a press release announcing that it has postponed its fiscal 2003 third-quarter announcement scheduled for Wednesday, May 21, 2003. On May 15, 2003, the Company filed a Form 8-K with the SEC announcing the need to increase its allowance for Medicare, Medicaid and contractual discounts and doubtful accounts in the range of $35 to $45 million. The Company has now determined that the charge will require a restatement of its financial statements of prior years. A copy of the May 20, 2003 release is filed herewith as Exhibit 99.1. The Registrant is making this disclosure under Item 12 of Form 8-K, but in accordance with SEC Release 33-8216, it is set forth under Item 9. The information in this Form 8-K, including the exhibits, shall not be deemed to be "filed" for purposes of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. 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 hereunto duly authorized. RURAL/METRO CORPORATION Date: May 21, 2003 By: /s/ John S. Banas III ------------------------------------ John S. Banas III Senior Vice President CURRENT REPORT ON FORM 8-K EXHIBIT INDEX EXHIBIT NO. EXHIBIT - ----------- ------- 99.1 Press Release of Rural/Metro Corporation, dated May 20, 2003 EX-99.1 3 ex99-1.txt PRESS RELEASE DTD. 05/20/2003 Exhibit 99.1 CONTACT: Liz Merritt, Rural/Metro Corporation (480) 606-3337 FD Morgen-Walke, Investor Relations Jim Byers (investors), (415) 439-4504 Christopher Katis (media), (415) 439-4515 RURAL/METRO POSTPONES THIRD-QUARTER ANNOUNCEMENT SCOTTSDALE, ARIZ. (May 20, 2003) - Rural/Metro Corporation (Nasdaq: RURL), a leading national provider of ambulance and fire protection services, announced today that it has postponed its fiscal 2003 third-quarter announcement scheduled for Wednesday, May 21, 2003. The company previously announced the need to increase its allowance for Medicare, Medicaid and contractual discounts and doubtful accounts in the range of $35 to $45 million and has now determined that the charge will require a restatement of its financial statements of prior years. The company is working to determine the final amount of the charge as well as the fiscal years to which the charge relates. Jack Brucker, President and Chief Executive Officer, said, "While our analysis has taken longer than expected to complete, we are pleased that the anticipated adjustment will have no impact on our current cash balances or cash flows from operating activities. This process in no way diminishes the fundamental strength of the company or the progress we have made in recent years to enhance the quality of our revenue and strengthen our billing and collections process." After the company completes its determination, it will release the results of the restatement and results for the third fiscal quarter ended March 31, 2003. The company will file its Form 10-Q for the third quarter promptly thereafter. The delay in filing the10-Q has caused the company to be out of compliance with regulatory filing obligations under its amended credit facility and its bond indenture. The company anticipates this situation will be remedied upon filing the 10-Q or that an appropriate waiver or other resolution can be negotiated. As previously announced, a charge in the range of $35 to $45 million will cause the company to be out of compliance with three financial covenants under its amended credit facility and the company is working with its lenders on a variety of alternatives to structure an amended credit agreement. Rural/Metro Corporation provides emergency and non-emergency medical transportation, fire protection, and other safety services in 26 states and more than 400 communities throughout the United States. EXCEPT FOR HISTORICAL INFORMATION HEREIN, THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. THESE RISKS AND UNCERTAINTIES INCLUDE, AMONG OTHERS, THE FINAL DETERMINATION OF THE RESTATEMENT ADJUSTMENTS RELATING TO THE ALLOWANCE FOR MEDICARE, MEDICAID AND CONTRACTUAL DISCOUNTS AND DOUBTFUL ACCOUNTS; THE COMPANY'S ABILITY TO COLLECT ITS ACCOUNTS RECEIVABLE; COMPETITORS' ACTIONS; LITIGATION MATTERS; AND THE COMPANY'S ABILITY TO SUSTAIN OPERATING CASH FLOW, SECURE NEW CONTRACTS, RETAIN EXISTING CONTRACTS, IMPROVE EARNINGS AND OPERATING MARGINS, FURTHER ENHANCE THE EFFICIENCY OF THE COLLECTION PROCESS, EFFECTIVELY MANAGE COLLATERAL REQUIREMENTS AND COSTS RELATED TO ITS INSURANCE COVERAGE, AND THE COMPANY'S ABILITY TO CURE OR OBTAIN A WAIVER OF COVENANT NON-COMPLIANCE OR AN AMENDMENT TO ITS CREDIT FACILITY OR INDENTURE. ADDITIONAL FACTORS THAT COULD AFFECT THE COMPANY ARE DESCRIBED IN ITS FORM 10-K AS AMENDED FOR THE YEAR ENDED JUNE 30, 2002 UNDER THE CAPTION "RISK FACTORS" IN THE MANAGEMENT'S DISCUSSION AND ANALYSIS SECTION, AND OTHER FACTORS AS DESCRIBED FROM TIME TO TIME IN THE COMPANY'S SEC FILINGS. THE COMPANY DISCLAIMS ANY OBLIGATION TO UPDATE ITS FORWARD-LOOKING STATEMENTS. -----END PRIVACY-ENHANCED MESSAGE-----