-----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, DDpJeffNfx3ahIa+cHG25w3j45IkwnUdbzvVaBs2MXMiN5ntXv6caqeqL24Esm+X FjBlinhZh8qA563QV0JE7w== 0000950131-99-003394.txt : 19990624 0000950131-99-003394.hdr.sgml : 19990624 ACCESSION NUMBER: 0000950131-99-003394 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST COMMONWEALTH INC CENTRAL INDEX KEY: 0001001493 STANDARD INDUSTRIAL CLASSIFICATION: HOSPITAL & MEDICAL SERVICE PLANS [6324] IRS NUMBER: 752154228 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 000-27064 FILM NUMBER: 99633621 BUSINESS ADDRESS: STREET 1: 444 NORTH WELLS ST STREET 2: STE 600 CITY: CHICAGO STATE: IL ZIP: 60610 BUSINESS PHONE: 3126441800 MAIL ADDRESS: STREET 1: 444 NORTH WELLS ST STREET 2: STE 600 CITY: CHICAGO STATE: IL ZIP: 60610 10-K/A 1 FORM 10-K ============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K/A [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-27064 First Commonwealth, Inc. (Exact name of registrant as specified in its charter) Delaware 75 - 2154228 (State or other jurisdiction (I.R.S. employer identification number) of incorporation or organization) 444 N. Wells St., Suite 600, Chicago, IL 60610 (Address of principal executive offices, including zip code) (312) 644-1800 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $.001 per share, including associated Preferred Stock Purchase Rights (Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] The aggregate market value of the voting stock held by non-affiliates of the registrant as of February 26, 1999 was approximately $30 million, based on the closing price of $12.50 of the registrant's common stock on the Nasdaq National Market. This calculation does not reflect a determination that persons are affiliates for any other purposes. Number of shares of common stock outstanding as of February 26, 1999: 3,727,025 Documents Incorporated by Reference: Part III - Portions of the registrant's definitive proxy statement to be distributed in conjunction with registrant's annual stockholders' meeting to be held in 1999 (the "Proxy Statement"), as indicated herein. ============================================================================== The Registrant hereby amends Item 6 in its entirety as follows: Item 6. Selected Financial Data SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA The selected consolidated statement of income data and balance sheet data as of, and for, the years ended December 31, 1998, 1997 and 1996 are derived from, and are qualified by reference to, the consolidated financial statements of the Company audited by Arthur Andersen LLP, independent public accountants, appearing elsewhere herein. The selected consolidated statement of income data and balance sheet data as of, and for, the years ended December 31, 1995 and 1994 are derived from audited financial statements of the Company not included herein. The selected consolidated financial information set forth below should be read in conjunction with "Management's Discussion and Analysis of Results of Operations and Financial Condition" and the Company's consolidated financial statements and related notes appearing elsewhere herein. The selected operating data has been derived from the accounting records of the Company and has not been audited.
Year Ended December 31, ----------------------- 1998 1997 1996(3) 1995 1994 ---- ---- ------- ---- ---- (in thousands, except for per share and operating data) Consolidated Statement of Income Data: Subscriber revenue.......................... $ 64,170 $ 56,594 $ 44,099 $ 33,315 $ 22,077 Benefit coverage expenses................... 42,731 37,932 27,873 20,286 12,321 ---------- ---------- ---------- ---------- ---------- Gross margin................................ 21,439 18,662 16,226 13,029 9,756 Selling, general and administrative expense 15,496 13,550 12,273 9,883 7,458 ---------- ---------- ---------- ---------- ---------- Operating income............................ 5,943 5,112 3,953 3,146 2,298 Interest income, net........................ 693 495 642 194 59 ---------- ---------- ---------- ---------- ---------- Income before income taxes.................. 6,636 5,607 4,595 3,340 2,357 Provision for income taxes.................. 2,645 2,284 1,864 1,336 1,009 ---------- ---------- ---------- ---------- ---------- Net income.................................. $ 3,991 $ 3,323 $ 2,731 $ 2,004 $ 1,348 ========== ========== ========== ========== ========== Basic earnings per share (1)................ $ 1.10 $ 0.92 $ 0.79 $ 0.69 $ 0.48 ========== ========== ========== ========== ========== Diluted earnings per share (1).............. $ 1.07 $ 0.89 $ 0.76 $ 0.67 $ 0.47 ========== ========== ========== ========== ========== Selected Operating Data: Members at end of period: Managed Care.............................. 482,200 450,400 341,600 265,800 215,700 Indemnity/PPO............................. 75,600 65,300 56,200 36,700 11,600 Fee Income (2)............................ 87,100 76,600 34,000 6,100 NC ---------- ---------- ---------- ---------- ---------- Total Members........................... 644,900 592,300 431,800 308,600 227,300 Consolidated Balance Sheet Data (at end of period): Total current assets........................ $ 20,252 $ 16,554 $ 21,023 $ 16,889 $ 5,716 Total assets................................ 38,076 31,895 34,454 19,111 7,217 Total current liabilities................... 10,181 8,325 14,331 7,280 3,977 Total liabilities........................... 10,357 8,573 14,498 7,405 4,077 Preferred stock............................. -- -- -- -- 892 Stockholders' equity........................ 27,719 23,323 19,956 11,706 2,248
(1) Earnings per share reflects the conversion of all outstanding shares of Series B Preferred Stock upon the consummation of initial public offering in November 1995. (2) 1994 members are not comparable. (3) Reflects results of the acquisition of Smileage Dental Services, Inc. from July 18, 1996. Balance sheet data (but not income or operating data) as of December 31, 1996 includes amounts relating to Champion Dental Services, Inc., which was acquired as of December 31, 1996. SIGNATURES Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, this Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: May 24, 1999 FIRST COMMONWEALTH, INC By: /s/ Christopher C. Multhauf Christopher C. Multhauf Chairman of the Board of Directors and Chief Executive Officer POWER OF ATTORNEY AND SIGNATURES Each of the undersigned officers and directors of First Commonwealth, Inc. hereby severally constitutes and appoints Christopher C. Multhauf, David W. Mulligan and Scott B. Sanders, and each of them singly, our true and lawful attorneys, with full power to them and each of them singly, to sign for us in our names in the capacities indicated below, all amendments to this Annual Report on Form 10-K, and generally to do all things in our names and on our behalf in such capacities to enable First Commonwealth, Inc. to comply with the provisions of the Securities Act of 1934, as amended, and all requirements of the Securities and Exchange Commission. Pursuant to the requirements of the Securities Exchange Act of 1934, this Registration Statement has been signed by the following persons in the capacities indicated on this 24th day of May, 1999.
Name Capacity ---- -------- /s/ Christopher C. Multhauf Chairman of the Board of Directors and Chief Executive Officer - -------------------------------- (principal executive officer) Christopher C. Multhauf /s/ David W. Mulligan* Director, President, Secretary and Chief Operating Officer - -------------------------------- David W. Mulligan /s/ Scott B. Sanders* Chief Financial Officer and Treasurer (principal financial and - -------------------------------- accounting officer) Scott B. Sanders /s/ Richard M. Burdge, Sr.* Director - -------------------------------- Richard M. Burdge, Sr. /s/ William J. McBride* Director - -------------------------------- William J. McBride /s/ Jackson W. Smart, Jr.* Director - -------------------------------- Jackson W. Smart, Jr. *By: /s/ Christopher C. Multhauf --------------------------- Christopher C. Multhauf Attorney-In-Fact
-----END PRIVACY-ENHANCED MESSAGE-----