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): August 16, 2004
Commission File Number: 0-30018
MERIDIAN HOLDINGS, INC.
(Exact name of registrants specified in its charter)
COLORADO 52-2133742
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
900 Wilshire Avenue, Suite 500
Los Angeles, California 90017
(213) 627-8878 Fax: (213) 627-9183
(Address, Including Zip Code, And Telephone Number, Including Area Code,
Of Registrant's Principal Executive Offices)
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ITEM 1. Changes in Control of Registrant Not Applicable
ITEM 2. Acquisition or Disposition of Assets Not Applicable
ITEM 3. Bankruptcy or Receivership Not Applicable
ITEM 4. Changes in Registrant's Certifying Accountant Not Applicable
ITEM 5. Other Materially Important Events Not Applicable
ITEM 6. Resignation of Registrant's Directors Not Applicable
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED. (None)
(b) EXHIBITS.
ITEM 8: Change in Fiscal year Not Applicable
ITEM 9: Regulation FD Disclosure
On August 16, 2004,issued a press release announcing the filing of
Second quarter 2004 financial results.
EXHIBIT ITEM. DESCRIPTION
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Exhibit 99.1 - Copy of the Press Release of August 16 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Meridian Holdings, Inc.
(Registrant)
Date: August 16, 2004 By:/s/ Anthony C. Dike
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Anthony C. Dike
(Chairman, Chief Executive Officer)
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE: Monday, August 16, 2004
CONTACT: Anthony C. Dike, Chairman/CEO
Meridian Holdings, Inc.
213-627-8878
www.meho.com
MERIDIAN HOLDINGS REPORTS SECOND QUARTER 2004 FINANCIAL RESULTS
Second quarter results reflect favorable court decision booked as "judgment
receivable."
LOS ANGELES, CALIF.-Anthony C. Dike, Chairman and CEO of Meridian Holdings, Inc.
(OTC Bulletin Board: MEHO), announced today the timely filing of the company's
quarterlyreport to the Securities and Exchange Commission for the period ended
June 30, 2004, on Form 10-QSB. Full text of the report may be viewed on the
SEC's EDGAR database at www.sec.gov.
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Medical services revenues decreased by 30% from $ 458,342 for the three
months ended June 30, 2003 to $ 321,638 for the three months ended June
30, 2004, and by 27% from $ 955,033 for the six months ended June 30, 2003
to $ 700,821 for the six months ended June 30, 2004.
On January 8, 2004, a default judgment was entered in favor of the company by
the Los Angeles County Superior Court in a case titled Meridian Holdings, Inc.
versus Sirius Technologies of America, a Delaware Corporation, Case No.
BC256860. The amount of the judgment including damages, court costs and punitive
damages is $30,687,926, with a pre-judgment interest at the annual rate of 10%.
This amount has been reflected in the balance sheet and the income statement as
a judgment receivable. Management is pursuing all collections options regarding
this judgment.
Meridian, through its Capnet IPA division, provided managed care services
for approximately 28,000 and 30,000 member months (members per month multiplied
by the months for which services were available) during the six months ended
June 30, 2004 and 2003, respectively. The decrease in member months and medical
services revenue was due to disenrollment of Medi-Cal members following the
ongoing State of California Department of Health Services Medi-Cal membership
redetermination efforts.
Revenue generated by the company's managed care entities under contracts
with HMOs as a percentage of medical services revenue was approximately
99% and 96%, respectively, during the six months ended June 30, 2004 and
2003. Revenue generated by the Los Angeles County Community Health Plan ("CHP")
contracts was 99% of medical services revenue for the six months ended June 30,
2004 and 2003, respectively.
"The Company will soon launch the International Preferred Provider Network
(IPPN) division known as "Meridian Health Systems", which will be involved in
the business of facilitating the delivery of international, tertiary healthcare
services provided in the United States to individuals who cannot obtain
certain specialized treatments in their homelands."
"Meridian's IPPN is designed to allow the company to leverage its resources
internationally and we are confident in its ability to enhance the company's
ability to generate additional revenue," said Anthony C. Dike, MD, Chairman &
CEO.
About Meridian Holdings, Inc.
Meridian Holdings, Inc., is a Healthcare Services and Technology Company.
Meridian's network of affiliated companies is designed to encourage maximum
leverage of information technology, operational excellence, industry
expertise, and synergistic business opportunities. Meridian is committed to
building shareholder value by positioning affiliated companies as independent
business entities in which Meridian shareholders enjoy equity participation.
Learn more about the company and its affiliated entities, including CGI
Communications Services, Inc. and InterCare DX, Inc. (OTCBB:ICCO) by visiting
Meridian's web site at www.meho.com.
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NOTE: Statements in this news release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and any amendments thereto. Material that is forward-looking
may contain statements about expected future events and/or financial results
that are forward-looking in nature. Editors and investors are cautioned that
such forward-looking statements invoke risk and uncertainties that may cause the
company=s results to differ from such forward-looking statements. These
include, but are not limited to, economic, competitive, governmental,
technological and other factors discussed in the statements and/or in the
company's filings with the Securities and Exchange Commission.
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