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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period Ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission File No. 0-9407
REHABILICARE INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 41-0985318
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1811 OLD HIGHWAY 8
NEW BRIGHTON, MINNESOTA 55112
(Address of principal executive offices)
(651) 631-0590
(Registrant's telephone number, including area code)
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 the number of shares outstanding of each of the issuer's classes of
common stock as of November 10, 2000 was:
COMMON STOCK, $.10 PAR VALUE 10,764,487 SHARES
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REHABILICARE INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, June 30,
2000 2000
------------------ ---------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,562,330 $ 2,227,352
Receivables, less reserve for uncollectible accounts of $6,542,635 17,876,319 19,268,252
and $6,575,715
Inventories -
Raw materials 1,828,888 1,283,791
Work in process 95,171 334,900
Finished goods 6,313,531 6,817,964
Deferred tax assets 3,351,294 3,351,294
Prepaid expenses 2,084,541 1,404,968
------------------ ----------------
Total current assets 33,112,074 34,688,521
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PROPERTY, PLANT AND EQUIPMENT: 13,127,256 11,877,772
Less accumulated depreciation (7,733,413) (6,281,597)
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Net property, plant and equipment 5,393,843 5,596,175
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Intangible assets, net 11,878,175 12,152,185
Deferred tax assets 196,769 223,923
Other assets 462,095 47,158
------------------ ----------------
$ 51,042,956 $ 52,707,962
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 2,164,723 $ 2,170,468
Note payable -- 1,200,000
Accounts payable 2,351,607 3,108,514
Medicare lawsuit payable 1,677,021 1,677,021
Accrued liabilities -
Payroll 484,465 327,856
Commissions 285,144 350,893
Income taxes 1,277,941 1,672,636
Other 2,413,481 2,684,301
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Total current liabilities 10,654,382 13,191,689
LONG-TERM LIABILITIES:
Long term-debt 13,128,395 13,662,792
Deferred tax liabilities 556,474 583,927
------------------ -----------------
Total liabilities 24,339,251 27,438,408
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STOCKHOLDERS' EQUITY
Common stock, $.10 par value: 25,000,000 shares authorized; 1,076,448 1,055,871
issued and outstanding 10,764,487 and 10,558,710 shares,
respectively
Preferred stock, no par value; 5,000,000 shares authorized; none
issued and outstanding ---- ----
Additional paid-in capital 21,367,816 20,873,737
Less note receivable from officer/stockholder (210,417) (210,417)
Accumulated other non-owner changes in equity (357,402) (154,719)
Retained earnings 4,827,260 3,705,082
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Total stockholders' equity 26,703,705 25,269,554
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$ 51,042,956 $ 52,707,962
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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 thereunto duly authorized.
REHABILICARE INC.
November 28, 2000 /s/ David B. Kaysen
- --------------------------- ------------------------------------------------
Date David B. Kaysen
President and Chief Executive Officer
November 28, 2000 /s/ W. Glen Winchell
- --------------------------- ------------------------------------------------
Date W. Glen Winchell
Vice President of Finance
(Principal Financial and Accounting Officer)
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