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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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):
July 23, 1998 (July 23, 1998)
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PHYCOR, INC.
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(Exact name of registrant as specified in its charter)
Tennessee 0-19786 62-13344801
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification
Incorporation) Number)
30 Burton Hills Boulevard
Suite 400
Nashville, Tennessee 37015
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(Address of principal executive offices) (Zip Code)
(615) 665-9066
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
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Page 1 of 4 pages
Exhibit Index located on Page 4
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ITEM 5. OTHER EVENTS.
On July 23, 1998, PhyCor, Inc., a Tennessee corporation (the
"Company"), announced that it expects to record a pre-tax asset impairment
charge of approximately $65 million in the third quarter of 1998. This expected
nonrecurring charge relates to transitions from the current arrangement in four
of the Company's 'group formation' physician operations. Additionally, the
Company announced a reduction of approximately 10% in its targeted earnings
per share, excluding the charge, for the full year of 1998.
The press release announcing the expected pre-tax asset impairment
charge and the reduction in the Company's targeted full-year 1998 earnings per
share is attached hereto as Exhibit 99 and is incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Business Acquired.
None required
(b) Pro Forma Financial Information.
None required
(c) Exhibits.
99 Form of press release issued by the Company announcing the
expected pre-tax asset impairment charge and the reduction
in the Company's targeted full-year 1998 earnings per share.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PHYCOR, INC.
By:/s/ John K. Crawford
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John K. Crawford
Executive Vice President
and Chief Financial Officer
Date: July 23, 1998
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBITS
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99 -- Form of press release issued by the Company announcing the
expected pre-tax asset impairment charge and the reduction in the
Company's targeted full-year 1998 earnings per share.
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