-----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, Uf/iaWd7diSWeeVnqhz3PeheWEU040mJGM6TrrzC+jGg6cKmVnnH/TJYSOlCR0g5 juDRoQReelefK7WBUaC0kg== 0000950168-97-003053.txt : 19971024 0000950168-97-003053.hdr.sgml : 19971024 ACCESSION NUMBER: 0000950168-97-003053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971022 ITEM INFORMATION: FILED AS OF DATE: 19971023 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDIC COMPUTER SYSTEMS INC CENTRAL INDEX KEY: 0000885378 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 561306083 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20183 FILM NUMBER: 97699484 BUSINESS ADDRESS: STREET 1: 8601 SIX FORKS RD STE 300 CITY: RALEIGH STATE: NC ZIP: 27615 BUSINESS PHONE: 9198478102 8-K 1 MEDIC COMPUTER SYSTEMS, INC. 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) October 22, 1997 Medic Computer Systems, Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) North Carolina - ------------------------------------------------------------------------------- (State or other jurisdiction of incorporation) 0-20183 56-1306083 - ------------------------- ------------------------------------------- (Commission File Number) (IRS Employer ID Number) 8601 Six Forks Road, Raleigh, North Carolina 27615 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (919) 847-8102 ----------------------------- N/A - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. On October 22, 1997, the Registrant issued a press release stating (in part) as follows: Raleigh, N.C., October 22 -- Medic Computer Systems, Inc. (Nasdaq: MCSY) , announced today the results of its third quarter and nine months ended September 30, 1997. Total net revenues for the third quarter were $61,468,000, up 23% compared with $50,072,000 for the same period in the previous year. Net income for the third quarter was $7,277,000, up 20% compared with net income of $6,086,000 for the same period in the previous year. Net income per share was $0.28 compared to $0.25 in the previous year. Income from operations for the third quarter was $10,952,000 up 15% compared with $9,539,000 in the previous year. For the nine months ended September 30, 1997, total net revenues were $169,255,000, up 23% compared with $138,030,000 for the same period in the previous year. Excluding the effect of acquisition-related expenses, net income for the nine months ended September 30, 1997, was $17,608,000, up 5% compared with pro forma net income of $16,826,000 for the same period in the previous year. Net income per share, excluding acquisition-related expenses, was $0.68 for both periods. Income from operations, excluding acquisition-related charges, was $26,377,000, up 1%, compared with $26,067,000 for the same period in the previous year. Acquisition-related expenses were $1,079,000 pretax ($1,030,000 net of income tax benefit) for the nine months ended September 30, 1997 for the acquisition of Home Care Information Systems, Inc. and Computer Business Systems of Virginia, Inc. in February 1997 and $243,000 pretax ($146,000 net of income tax benefit) for the acquisition of CompuSystems for the nine months ended September 30, 1996. Medic signed a merger agreement on September 4 with Misys plc, the UK's largest independent applications software products group, whereby Misys would acquire Medic for $35 per share in cash, or an aggregate of approximately $923 million. The merger proposal has already gained Misys shareholder approval, and Misys has arranged sufficient financing to consummate the acquisition subject only to customary loan conditions. The Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the acquisition earlier this month. The parties expect that the proposed merger will be presented for approval to Medic shareholders in mid-to-late November 1997. As previously indicated, the transaction remains subject to a number of other customary closing conditions, and there can be no assurance that the merger will occur by such time, or at all. Medic Computer Systems, Inc. is a leading provider and developer of healthcare information management systems to integrated delivery networks, management service organizations, managed care organizations, hospitals, physician practices and home health care agencies. Medic's products are designed to manage financial, administrative, clinical and managed care information. Medic also develops, markets and supports clinical information management system products designed principally to automate the recording, maintenance and management of patient medical records. In addition, the Company provides transaction-based electronic data interchange services, which include patient billing and insurance claim submission, and sells hardware, peripherals, training and installation support, forms and supplies, and software and hardware maintenance services. The Company, including its most recent acquisitions, has over 10,000 installations nationwide which serve approximately 50,000 physicians. For more information, visit Medic's web page at www.medcmp.com. or contact Medic at 1-919-847-8102. This press release contains forward- looking statements and references to potential future developments. Such statements and references are based upon certain assumptions. MEDIC COMPUTER SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA)
SEPTEMBER 30, DECEMBER 31, 1997 1996 ---- ---- ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 42,942 $ 25,557 Short-term investments 31,926 32,852 Accounts receivable, trade, net 56,227 54,737 Inventories and maintenance parts 12,710 13,778 Prepaid expenses 5,799 4,968 Other current assets 1,208 1,006 Deferred income tax benefit 2,935 2,886 ------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 153,747 135,784 Property and equipment, at cost, net 12,770 10,099 Intangible assets, at cost, net 17,469 18,798 Other assets 57 55 ------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 184,043 $ 164,736 ------------------------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term note $ 1,418 $ 1,575 Accounts payable, trade 9,517 10,013 Customer deposits and deferred maintenance revenue 11,561 11,340 Income taxes payable 2,746 1,131 Accrued expenses: Commissions 1,788 2,213 Compensation and related items 5,145 4,915 Other 2,759 2,839 ------------------------------------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 34,934 34,026 Long-term note, less current portion 258 1,418 Other long-term liabilities 81 82 ------------------------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY: Common Stock, $.01 par value; 40,000,000 shares authorized; 25,785,717 and 24,441,470 shares issued and outstanding in 1997 and 1996, respectively 258 244 Additional paid-in capital 72,825 70,797 Retained earnings 75,687 58,169 ------------------------------------------------------------------------------------------------------------- 148,770 129,210 ------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 184,043 $ 164,736 -------------------------------------------------------------------------------------------------------------
MEDIC COMPUTER SYSTEMS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
------------------------------------------------------------------------------- THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------------------------------------------------------- SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 1997 1996 1997 1996 NET REVENUES: Systems $28,802 $24,373 $76,435 $65,861 Maintenance, forms and other services 32,666 25,699 92,820 72,169 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL NET REVENUES 61,468 50,072 169,255 138,030 - --------------------------------------------------------------------------------------------------------------------------------- COST OF REVENUES: Systems 17,585 14,625 48,196 39,513 Maintenance, forms and other services 19,293 15,768 55,497 43,609 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL COST OF REVENUES 36,878 30,393 103,693 83,122 - --------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------- GROSS MARGIN 24,590 19,679 65,562 54,908 - --------------------------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES: Sales and marketing 6,024 4,512 16,824 12,909 Research and development 3,625 2,602 11,079 7,395 General and administrative 3,546 2,584 11,032 7,446 Amortization of intangible assets 443 442 1,329 1,334 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL OPERATING EXPENSES 13,638 10,140 40,264 29,084 - --------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------- INCOME FROM OPERATIONS 10,952 9,539 25,298 25,824 - --------------------------------------------------------------------------------------------------------------------------------- OTHER INCOME: Interest income 922 481 2,251 1,599 - --------------------------------------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 11,874 10,020 27,549 27,423 - --------------------------------------------------------------------------------------------------------------------------------- PROVISION FOR INCOME TAXES 4,597 3,934 10,971 10,254 - --------------------------------------------------------------------------------------------------------------------------------- NET INCOME $7,277 $6,086 $16,578 $17,169 - --------------------------------------------------------------------------------------------------------------------------------- PRO FORMA DATA: INCOME BEFORE PRO FORMA INCOME TAX PROVISION $7,277 $6,086 $16,578 $17,169 PRO FORMA INCOME TAX EXPENSE FOR THE PERIODS PRIOR TO MAY 31, 1996 0 0 0 489 - ---------------------------------------------------------------------------------------------------------------------------------- PRO FORMA NET INCOME $7,277 $6,086 $16,578 $16,680 - ---------------------------------------------------------------------------------------------------------------------------------- PRO FORMA EARNINGS PER SHARE: Net income per share $0.28 $0.25 $0.64 $0.67 - ---------------------------------------------------------------------------------------------------------------------------------- Pro forma weighted average common shares and equivalents used in computing net income per share 26,275,946 24,815,880 25,878,709 24,786,994 - ----------------------------------------------------------------------------------------------------------------------------------
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. MEDIC COMPUTER SYSTEMS, INC. Date: October 22, 1997 /s/ Luanne L. Roth Luanne L. Roth, Vice President, Chief Financial Officer, Secretary and Treasurer (Principal Financial and Accounting Officer) -----END PRIVACY-ENHANCED MESSAGE-----