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First Financial Management Corp – ‘10-Q’ for 6/30/94

As of: Friday, 8/12/94 · For: 6/30/94 · Accession #: 950144-94-1478 · File #: 1-10442

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/12/94  First Financial Management Corp   10-Q        6/30/94    4:215K                                   Bowne of Atlanta Inc/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        First Financial Management 10-Q                       13     55K 
 2: EX-4.1      Amendments 1 & 2 to Savings Plan                      23     40K 
 3: EX-10.1     Amendment to Incentive Stock Plan                      1      7K 
 4: EX-10.2     Agreement Plan of Reorganization and Merger           57    255K

10-Q — First Financial Management 10-Q
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Consolidated Financial Statements: Exhibits and Reports on Form 8-K Management's Discussion and Analysis of Financial Condition and Results of Operations
1	1st Page - Filing Submission
2	Item 1. Consolidated Financial Statements:
9	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
11	Item 6. Exhibits and Reports on Form 8-K

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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549 

FORM 10-Q 

(Mark One)                                                                      

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES     
EXCHANGE ACT OF 1934                                          
For the quarterly period ended JUNE  30, 1994                 
              --------------

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 number   1-10442    
                    ------------

FIRST FINANCIAL MANAGEMENT CORPORATION  
------------------------------------------------------------------------------  
(Exact name of registrant as specified in its charter)  

    GEORGIA                                           58-1107864
-------------------------------                             ------------------  
(State or other jurisdiction of                             (I.R.S. Employer    
incorporation or organization)                              Identification No.) 

3 CORPORATE SQUARE, SUITE 700,   ATLANTA, GEORGIA                  30329        
------------------------------------------------------------------------------  
(Address of principal executive offices)                         (Zip Code)     

Registrant's telephone number, including area code    (404) 321-0120    
                                                  --------------

NOT APPLICABLE  
------------------------------------------------------------------------------  
(Former name, former address and former fiscal year, if changed since last      
report.)                                                                        

 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 registrant's
classes of common stock, as of the latest practicable date.                     

                                            Number of Shares Outstanding
Title of each class                            as of  August 1, 1994    
----------------------------                    ----------------------------    
Common Stock, $.10 par value                             62,437,859             

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FIRST FINANCIAL MANAGEMENT CORPORATION

INDEX 

                                                        [Enlarge/Download Table]

                                                                                                 PAGE 
PART I.  FINANCIAL INFORMATION                                                                  NUMBER
                                                                                                ------
                                                                                                      
Item 1   Consolidated Financial Statements:                                                           

         Consolidated Balance Sheets at June 30, 1994                                                 
         and December 31, 1993  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    3  

         Consolidated Statements of Income for the                                                    
         three and six months ended June 30, 1994 and 1993  . . . . . . . . . . . . . . . . . .    4  

         Consolidated Statements of Cash Flows for the                                                
         six months ended June 30, 1994 and 1993  . . . . . . . . . . . . . . . . . . . . . . .    6  

         Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . .  7  

Item 2   Management's Discussion and Analysis of                                                      
         Financial Condition and Results of Operations  . . . . . . . . . . . . . . . . . . . . .  9  


PART II. OTHER INFORMATION                                                                            
                                                                                                      
Item 6   Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11  

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PART I.   FINANCIAL INFORMATION 

FIRST FINANCIAL MANAGEMENT CORPORATION

CONSOLIDATED BALANCE SHEETS 
(UNAUDITED) 

                                                        [Enlarge/Download Table]

                                                     JUNE 30, 1994     DECEMBER 31, 1993
                                                    --------------     -----------------
ASSETS                                                    (Dollars in thousands)        
                                                                                        
Current Assets:                                                                         
Cash and cash equivalents                           $  201,619         $  186,263       
Accounts receivable, net of allowance for doubtful                                      
   accounts of $4,143 (1994) and $4,043 (1993)         359,164            323,130       
Prepaid expenses and other current assets               94,346             87,797       
                                                    ----------         ----------       
     Total Current Assets                              655,129            597,190       
Property and equipment, net                            135,574            134,804       
Excess of cost over fair value of assets acquired,                                      
   less accumulated amortization of $61,412 (1994)                                      
   and $52,001 (1993)                                  677,574            647,746       
Customer contracts, less accumulated amortization                                       
   of $37,841 (1994) and $31,806 (1993)                152,107            140,124       
Other assets                                           119,929            106,279       
                                                    ----------         ----------       
                                                    $1,740,313         $1,626,143       
                                                    ==========         ==========       
LIABILITIES AND SHAREHOLDERS' EQUITY                                                    
Current Liabilities:                                                                    
Accounts payable and accrued expenses                 $311,958           $278,637       
Income taxes payable                                    13,047             10,563       
Current portion of long-term debt                        5,642              6,218       
                                                    ----------         ----------       
     Total Current Liabilities                         330,647            295,418       
Long-term debt, less current portion                    15,330              8,495       
Deferred income taxes payable                           63,882             63,347       
Other liabilities                                       10,512             10,919       
                                                    ----------         ----------       
       Total Liabilities                               420,371            378,179       
                                                    ----------         ----------       
Commitments                                                                             
Shareholders' Equity:                                                                   
  Common stock, $.10 par value; authorized                                              
    150,000,000 shares, issued 61,348,093                                               
    shares (1994) and 59,881,709 shares (1993)           6,135              5,988       
  Paid-in capital                                      841,960            828,699       
  Retained earnings                                    472,498            413,928       
  Treasury stock at cost, 20,000 shares                   (651)              (651)      
                                                    ----------         ----------       
       Total Shareholders' Equity                    1,319,942          1,247,964       
                                                    ----------         ----------       
                                                    $1,740,313         $1,626,143       
                                                    ==========         ==========       

See notes to consolidated financial statements.                       

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FIRST FINANCIAL MANAGEMENT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME 
(UNAUDITED) 

                                                                [Download Table]

                                           THREE MONTHS ENDED JUNE 30,     
                                   ----------------------------------------
                                            1994                       1993
                                   -------------              -------------
                                   (In thousands, except per share amounts)

                                                                           
REVENUES:                                                                  
Service revenues                        $469,547                   $365,925
Product sales                             17,934                     25,817
Other                                      1,215                      1,655
                                        --------                   --------
                                         488,696                    393,397
                                        --------                   --------
EXPENSES:                                                                  
Operating                                389,714                    305,994
General and administrative                 7,183                      5,895
Cost of products sold                     11,446                     14,179
Depreciation and amortization             23,022                     18,854
Interest, net                             (1,491)                       885
                                        --------                   --------
                                         429,874                    345,807
                                        --------                   --------

Income before income taxes                58,822                     47,590
Income taxes                              24,707                     19,703
                                        --------                   --------
    Net income                          $ 34,115                   $ 27,887
                                        ========                   ========

Earnings per common share               $   0.56                   $   0.46
                                        ========                   ========

See notes to consolidated financial statements.                         

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FIRST FINANCIAL MANAGEMENT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME 
(UNAUDITED) 

                                                                [Download Table]

                                       SIX MONTHS ENDED JUNE 30,       
                               ----------------------------------------
                                            1994                   1993
                               ------------------     -----------------
                               (In thousands, except per share amounts)
                                                                       
Revenues:                                                              
Service revenues                         $883,225              $688,854
Product sales                              36,752                49,836
Other                                       1,574                 3,176
                                         --------              --------
                                          921,551               741,866
                                         --------              --------
Expenses:                                                              
Operating                                 738,119               577,934
General and administrative                 11,986                10,613
Cost of products sold                      22,893                29,509
Depreciation and amortization              44,959                37,440
Interest, net                              (2,677)                2,220
                                         --------              --------
                                          815,280               657,716
                                         --------              --------

Income before income taxes                106,271                84,150
Income taxes                               44,635                34,799
                                         --------              --------
    Net income                           $ 61,636              $ 49,351
                                         ========              ========

Earnings per common share                $   1.01              $   0.81
                                         ========              ========

See notes to consolidated financial statements.                         

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FIRST FINANCIAL MANAGEMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED) 

                                                        [Enlarge/Download Table]

                                                                SIX MONTHS ENDED JUNE 30, 
                                                                ------------------------- 
                                                                   1994           1993    
                                                                ----------       -------- 
                                                                     (In thousands)       
                                                                                          
Cash and cash equivalents at January 1                           $ 186,263      $  16,823 
                                                                 ---------      --------- 

Cash flows from operating activities:                                                     
 Net income                                                         61,636         49,351 
 Adjustments to reconcile to net cash provided by                                         
  operating activities:                                                                   
    Depreciation and amortization                                   44,959         37,440 
    Interest expense allocated to discontinued operations                            (636)
    Other non-cash items                                             3,033          1,307 
    Increase (decrease) in cash, net of effects from                                      
     acquisitions and dispositions, resulting from changes in:                            
      Accounts receivable                                          (26,818)       (55,646)
      Prepaid expenses and other assets                             (5,884)        (3,067)
      Accounts payable and accrued expenses                         48,144         80,100 
      Income tax accounts                                            9,236        (13,384)
                                                                 ---------      --------- 
     Net cash provided by operating activities                     134,306         95,465 
                                                                 ---------      --------- 

Cash flows from financing activities:                                                     
 Proceeds from exercise of stock warrants                            8,069          1,333 
 Principal payments on long-term debt                               (2,027)      (144,259)
 Payments of other liabilities                                      (2,998)        (4,314)
                                                                 ---------      --------- 
     Net cash provided by (used in) financing activities             3,044       (147,240)
                                                                 ---------      --------- 

Cash flows from investing activities:                                                     
 Acquisitions, net of cash received                                (46,532)        (7,882)
 Payments related to businesses previously acquired                (35,012)       (10,296)
 Proceeds, net of expenses, from sale of business                                  87,955 
 Proceeds and dividends received from discontinued                                        
   operations, net of expenses and taxes paid                       (3,008)       213,864 
 Additions to property and equipment, net                          (13,961)       (14,104)
 Software development and customer conversions                     (23,481)       (17,698)
                                                                 ---------      --------- 
     Net cash provided by (used in) investing activities          (121,994)       251,839 
                                                                 ---------      --------- 

Change in cash and cash equivalents                                 15,356        200,064 
                                                                 ---------      --------- 

Cash and cash equivalents at June 30                             $ 201,619      $ 216,887 
                                                                 =========      ========= 

See notes to consolidated financial statements.                         

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FIRST FINANCIAL MANAGEMENT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) 

1.       The consolidated financial statements include the accounts of First    
    Financial Management Corporation and its wholly-owned subsidiaries
(the "Company" or "FFMC").  All material intercompany profits,
        transactions, and balances have been eliminated.  The Company operates
        in a single business segment, providing a vertically integrated set of
   data processing, storage and management products for the capture,
 manipulation and distribution of information.  Services include
      merchant credit card authorization, processing and settlement; check
     guarantee and verification; debt collection and accounts receivable
  management; data imaging, micrographics and electronic data base
     management; health care claims processing and integrated management
       services; and the development and marketing of data communication and
       information processing systems, including in-store marketing programs
and systems for supermarkets.                                 

        The financial information presented should be read in conjunction with
  the Company's annual consolidated financial statements and notes
        included in its Annual Report on Form 10-K for the year ended December
      31, 1993.  The foregoing unaudited consolidated financial statements
 reflect all adjustments (all of which are of a normal recurring
       nature) which are, in the opinion of management, necessary for a fair
      presentation of the results of the interim periods.  The results for
     the interim periods are not necessarily indicative of results to be
expected for the year.                                        

2.       Cash and cash equivalents at June 30, 1994 include approximately       
      $106.8 million in First Financial Bank ("FFB"), of which $70 million
relates to FFB's current capital requirements.                

3.       On March 22, 1994, the Company entered into an employment agreement    
     with Patrick H. Thomas, FFMC's Chairman of the Board, President and
        Chief Executive Officer, which begins coterminous with the termination
      of his current employment agreement on December 31, 1994 and extends
       through 1999.  Two awards totalling 972,500 restricted shares of FFMC
    common stock were granted to Mr. Thomas in connection with the new
     employment agreement.  The first of these awards, for up to 472,500
      shares, is in lieu of any cash bonus.  For each calendar year during
the term of the agreement up to 94,500 shares will be earned, 
        contingent upon Mr. Thomas' continued employment through 1999, subject
 to acceleration in the event of death, disability, a "change in
        control" of FFMC or certain other circumstances.  The number of shares
      earned for any year will be equal to 2 1/2% of the pre-tax income of
      FFMC, divided by the then current market price of FFMC Common Stock.
      If all of the 94,500 shares are not earned in any year or years, the
   difference between the number of shares earned and 94,500 will be
    forfeited.  The vesting of the second of these awards, for 500,000
        shares, is contingent upon FFMC's attainment of a performance goal for
    1994 and continued employment through 1999, except in the event of
disability, death or involuntary termination.                 

   The value of these awards is adjusted using closing prices of the
   Company's common stock on balance sheet dates through the date of
    measurement for the FFMC performance goal or the date on which the
     number of shares earned in each year is determined, as appropriate.
     The Company has assumed that the performance goals will be attained
       and that the maximum number of shares will be earned in each calendar
    year during the term of the contract. The value of these awards is
    being amortized to expense on a straight-line basis from the grant
date over the restriction period.                             

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FIRST FINANCIAL MANAGEMENT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(UNAUDITED) 

4.       Publicly held stock warrants were exercised during the second quarter  
  of 1994, resulting in the issuance of 303,000 new shares of FFMC
       common stock and cash proceeds to the Company of $8.1 million.  After
      such exercises, 1.3 million shares remained subject to publicly held
      warrants at June 30, 1994, with these remaining warrants exercisable
at $26.67 per share during the second quarter of 1995.        

5.       Earnings per share amounts are computed by dividing income amounts by  
    the weighted average number of common and common equivalent shares
(when dilutive) outstanding during the period.  Common stock  
  equivalents consist of shares issuable under the Company's stock
     option plans and in connection with outstanding warrants.  Weighted
        average shares used in earnings per share computations were as follows
(amounts in thousands):                                       

                                                                [Download Table]

                                              1994            1993  
                                             ------          ------ 
                                                                    
Three months ended June 30                    61,341          60,611
Three months ended March 31                   61,222          60,588

Six months ended June 30                      61,281          60,600

6.       On June 30, 1994, FFMC signed a definitive agreement to acquire GENEX  
Services, Inc. ("GENEX"), a company that provides workers'    
       compensation programs to self-insured employers, insurance companies,
    third party administrators, and government agencies throughout the
       United States, Puerto Rico and Canada.  This business combination was
  consummated on July 21, 1994, and the Company issued or reserved
     1,258,000 unregistered shares of FFMC common stock as consideration
for all the outstanding shares and stock options of GENEX.    

        This transaction will be accounted for as a pooling of interests.  The
accompanying financial statements do not reflect the combined 
      businesses or the additional shares issued or reserved to effect the
 merger because the merger occurred subsequent to the end of the
periods presented.                                            

        Prior to the merger, GENEX was a Subchapter S Corporation and included
      no federal income taxes in its financial statements since its income
was taxed at the shareholder level.  The separate results of  
    operations of GENEX prior to combination with FFMC were as follows
(dollars in thousands):                                       

                                                                [Download Table]

                        Six Months Ended              Year Ended    
                         June 30, 1994             December 31, 1993
                      -------------------          -----------------
                                                                    
Revenues                     $44,946                     $89,965    
Net income                     2,053                       4,169    

The effect of combining the separate results of GENEX with the
     Company's results will increase FFMC's earnings per common share by
       $.01 per share for the six months ended June 30, 1994 and by $.02 per
share for the year ended December 31, 1993.                   

   The Company paid $46.5 million in cash (net of cash received) and
     entered into $7.0 million in notes payable in connection with other
  acquisitions in 1994.  These other acquisitions include a credit
    claims and collection company, two merchant credit card processing
        portfolios, and data imaging assets, all of which expanded the markets
     for FFMC's existing information services.  These other acquisitions
       were accounted for as purchases, and their results have been included
        in the Company's results from the effective dates of acquisition.  The
  results of operations of these other acquisitions are immaterial
relative to the overall results of operations of the Company. 

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ITEM 2.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF                     
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

Results of Operations                                                           

FFMC reported net income of  $34.1 million for the second quarter ended June    
30, 1994, an increase of 22% from the $27.9 million in the second quarter of    
1993.  Revenues were $488.7 million for the quarter, or 24% over the $393.4     
million in revenues for 1993's second quarter.  Earnings per share increased to 
$.56 per share in the second quarter of 1994 from $.46 per share in the prior   
year's second quarter.                                                          

For the six months ended June 30, 1994, the Company reported net income of      
$61.6 million, a 25% increase over the $49.4 million for the comparable 1993    
period.  Revenues were $921.6 million compared with $741.9 million in the first 
six months of 1993, an increase of 24%.  Earnings per share increased to $1.01  
per share for the six months ended June 30, 1994 from the $.81 per share        
reported in 1993's first six months.                                            

Record new business (signed in the latter half of 1993 and during 1994)         
together with the assimilation of acquisitions contributed to the Company's 24% 
revenue growth.  Internal growth approximating 13% and 14% for the second       
quarter and first six months of 1994, respectively, was the principal component 
of the overall revenue increases compared with similar 1993 periods.  Over      
33,000 new customers were added during the first six months of 1994 (including  
18,000 during the second quarter), the majority of which occurred in FFMC's     
merchant services areas.                                                        

Total expenses also increased 24% for both the second quarter and first six     
months of 1994 compared with prior year periods.  Operating expenses grew at a  
slower rate than service revenues for these same periods due to a continued     
emphasis on expense controls, which more than offset the fact that the          
strongest growth in service revenues was concentrated in an area (merchant      
services) that has a margin lower than the overall Company enjoys.  Product     
sales declined during the second quarter and six month periods in 1994 compared 
with similar periods in 1993, partially from the Company's decision to          
eliminate certain ancillary product sales in its imaging business.  Changes in  
the composition of product sales resulted in a gross profit percentage on       
product sales of 37.7% during 1994's first six months compared with 40.8% for   
the first six months of 1993.                                                   

General and administrative expenses increased in the second quarter and first   
six months of 1994 compared with year earlier periods, due primarily to the     
amortization of stock compensation costs in 1994's second quarter from an       
employment agreement entered into on March 22, 1994.  Depreciation and          
amortization expense increased in the 1994 periods compared with the second     
quarter and six month periods in 1993, due to reinvestment in the business      
through equipment purchases and software development activities associated with 
the Company's revenue growth and the impact of acquisitions completed in the    
preceding twelve months.  As a result of proceeds from sales of businesses      
during 1993's first six months and strong cash flow from operations, the        
Company moved from a net interest expense position in the second quarter and    
first six months of 1993 to a net interest income position in the comparable    
periods in 1994.                                                                

The combination of these revenue and expense changes produced pre-tax margins   
during the second quarter and first six months of 1994 that were comparable to  
pre-tax margins for the prior year periods.  The second quarter pre-tax margin  
of 12.0% was similar to the 12.1% for the second quarter of 1993.  For the      
first six months of 1994 the pre-tax margin was 11.5%, up slightly from the     
11.3% in 1993's first six months.                                               

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (continued) 

The Company's effective tax rate for the quarter and six month period ended     
June 30, 1994 was 42%, up slightly from the 41.4% effective tax rate during the 
comparable 1993 periods.  The increase in the effective tax rate is due         
primarily to the pooling of interests accounting treatment of a 1993 merger     
with a Subchapter S Corporation, which had previously recorded taxes at the     
shareholder level.                                                              

FFMC's business is not seasonal, except that its revenues, earnings and margins 
are favorably affected in the fourth quarter, primarily by increased merchant   
credit card and check volume during the holiday season.                         

Capital Resources and Liquidity                                                 

Cash generated from operating activities for the six months ended June 30, 1994 
totalled $134.3 million, compared with $95.5 million generated in 1993's first  
six months.  This increase was due to higher earnings in the 1994 period        
(before non-cash expenses for depreciation and amortization) and the favorable  
timing of income tax payments compared with the year earlier period.            

Amounts reinvested in existing businesses, principally for property and         
equipment additions, software development and customer conversions, totalled    
$37.4 million in 1994's first six months compared with $31.8 million during the 
first six months of 1993.  The majority of this increase is due to higher 1994  
spending on software development activities in FFMC's health claims processing  
business.  The Company anticipates that total outlays for these capital         
expenditures in its existing businesses for the full year 1994 will be similar  
to the total outlays incurred in the year ended December 31, 1993.              

Cash from operating activities exceeded reinvestments in existing businesses by 
$96.9 million in the six months ended June 30, 1994, as compared with the $63.7 
million excess for the first six months of 1993.  This excess cash generated in 
1994's first six months was utilized primarily to fund $81.5 million in         
payments related to current and prior year acquisitions.                        

Publicly held stock warrants were exercised during the second quarter of 1994,  
resulting in the issuance of  303,000 new shares of FFMC common stock and cash  
proceeds to the Company of $8.1 million.  After such exercises, 1.3 million     
shares remained subject to publicly held warrants at June 30, 1994, with these  
remaining warrants exercisable at $26.67 per share during the second quarter of 
1995.                                                                           

On January 3, 1994, FFMC paid a cash dividend of $.05 per share to shareholders 
of record as of December 1, 1993 (declared by the Company's Board of Directors  
on October 27, 1993).  On July 1, 1994, FFMC paid a cash dividend of $.05 per   
share to shareholders of record as of June 1, 1994 (declared by the Company's   
Board of Directors on April 27, 1994).                                          

FFMC's cash and cash equivalents of $201.6 million at June 30, 1994, except for 
cash and cash equivalents in its credit card bank (currently $106.8 million),   
are available for acquisitions and general corporate purposes.  The Company has 
an available credit facility of $450 million; no borrowings have been made      
under this facility in 1994.  If suitable opportunities arise for additional    
acquisitions, the Company may use cash, draw on its available credit facility,  
or use common stock or other securities as payment of all or part of the        
consideration for such acquisitions or FFMC may seek additional funds in the    
equity or debt markets.  The Company believes that its current level of cash    
and future cash flows from operations are sufficient to meet the needs of its   
existing businesses.                                                            

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PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                       

(a)      Exhibits                                                               

4.1   Amendments 1 and 2 to the FFMC Savings Plus             
Plan, dated November 2, 1992 and April 1,         
1993, respectively.                               

10.1  Amendment to the Registrant's 1988 Incentive            
Stock Plan, dated March 22, 1994.                 

10.2  Agreement, Plan of Reorganization and Plan of           
Merger, dated June 30, 1994, by and among         
First Financial Management Corporation,           
Bluebird Acquisition Corporation, Gencan          
Acquisition Corporation, GENEX Services,          
Inc., GENEX Services of Canada, Ltd.  The         
Schedules to this Agreement, Plan of              
Reorganization and Plan of Merger are             
identified on a list of schedules contained       
at the end of the Table of Contents to such       
agreement, which list is incorporated herein      
by reference.  All schedules were omitted for     
purposes of filing but will be furnished          
supplementally to the Commission upon             
request.                                          

(b)      Reports on Form 8-K                                                    

The Company did not file any current report on Form 8-K during
the quarter ended June 30, 1994.                              

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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.                                          

                                      FIRST FINANCIAL MANAGEMENT CORPORATION
                                      (Registrant)

Date:  August 12, 1994                  By /s/ M. Tarlton Pittard               
 ---------------                     -------------------------------
                        M. Tarlton Pittard
                                     Senior Executive Vice President
                                 and Chief Financial Officer

Date:  August 12, 1994                  By /s/ Richard Macchia                  
 ---------------                    --------------------------------
                   Richard Macchia
                            Executive Vice President
                                    and Principal Accounting Officer

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INDEX OF EXHIBITS 

                                                        [Enlarge/Download Table]

                                                                                 Sequentially 
Exhibits                                                                         Numbered Page
--------                                                                         -------------
                                                                                              
4.1       Amendments 1 and 2 to the FFMC Savings Plus Plan, dated November 2,        14       
          1992 and April 1, 1993, respectively.                                               

10.1      Amendment to the Registrant's 1988 Incentive Stock Plan, dated March       37       
          22, 1994.                                                                           

10.2      Agreement, Plan of Reorganization and Plan of Merger, dated June 30,       38       
          1994, by and among First Financial Management Corporation, Bluebird                 
          Acquisition Corporation, Gencan Acquisition Corporation, GENEX                      
          Services, Inc., GENEX Services of Canada, Ltd.  The Schedules to this               
          Agreement, Plan of Reorganization and Plan of Merger are identified                 
          on a list of schedules contained at the end of the Table of Contents                
          to such agreement, which list is incorporated herein by reference.                  
          All schedules were omitted for purposes of filing but will be                       
          furnished supplementally to the Commission upon request.

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	12/31/94	7		10-K405, 11-K
Filed on:	8/12/94	12
	8/1/94	1
	7/21/94	8
	7/1/94	10
For Period End:	6/30/94	1	11
	6/1/94	10
	4/27/94	10		DEF 14A
	3/22/94	7	11
	1/3/94	10
	12/31/93	2	10	10-K, 10-K/A
	12/1/93	10
	10/27/93	10
	6/30/93	2
	4/1/93	11	13
	11/2/92	11
				List all Filings

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Filing Submission 0000950144-94-001478 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

First Financial Management Corp – ‘10-Q’ for 6/30/94

As of: Friday, 8/12/94 · For: 6/30/94 · Accession #: 950144-94-1478 · File #: 1-10442

Previous ‘10-Q’: ‘10-Q’ on 5/13/94 for 3/31/94 · Next: ‘10-Q’ on 11/4/94 for 9/30/94 · Latest: ‘10-Q’ on 8/14/95 for 6/30/95

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — First Financial Management 10-QDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — First Financial Management 10-Q
Document Table of Contents