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<SEC-DOCUMENT>0001010549-04-000758.txt : 20041116
<SEC-HEADER>0001010549-04-000758.hdr.sgml : 20041116
<ACCEPTANCE-DATETIME>20041116152132
ACCESSION NUMBER:		0001010549-04-000758
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041116
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041116
DATE AS OF CHANGE:		20041116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREENBRIAR CORP
		CENTRAL INDEX KEY:			0000105744
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SKILLED NURSING CARE FACILITIES [8051]
		IRS NUMBER:				752399477
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08187
		FILM NUMBER:		041149406

	BUSINESS ADDRESS:	
		STREET 1:		1755 WITTINGTON PLACE
		STREET 2:		SUITE 340
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724078400

	MAIL ADDRESS:	
		STREET 1:		1755 WITTINGTON PLACE
		STREET 2:		SUITE 340
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL RESOURCE COMPANIES OF AMERICA
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESPAC INVESTORS TRUST
		DATE OF NAME CHANGE:	19900605
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>green8k111604.txt
<TEXT>

================================================================================

                       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

                        Date of Report: November 16, 2004
                        (Date of Earliest Event Reported)


                             GREENBRIAR CORPORATION
             (Exact Name of Registrant as Specified in its Charter)


           Nevada                         0-8187                  75-2399477
       (State or other                 (Commission            (I.R.S. Employer
jurisdiction of incorporation)           File No.)           Identification No.)


                        1755 Wittington Place, Suite 340
                               Dallas, Texas 75234
                    (Address of principal executive offices)


                                  972-407-8400
              (Registrant's telephone number, including area code)



         Check the  appropriate  box below if the Form 8-K filing is intended to
simultaneously  satisfy the filing obligation of the Registrant under any of the
following provisions:

[_]      Written  communications  pursuant to Rule 425 under the  Securities Act
         (17 CFR 230.425)

[_]      Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)

[_]      Pre-commencement  communications  pursuant to Rule  14d-2(b)  under the
         Exchange Act (17 CFR 240.14d-2(b))

[_]      Pre-commencement  communications  pursuant to Rule  13e-4(c)  under the
         Exchange Act (17 CFR 240.13e-4(c))




================================================================================

<PAGE>

Section 2 - Financial Information

Item 2.02.  Results of Operations and Financial Condition

         On November 16, 2004,  Greenbriar  Corporation ("GBR" or the "Company")
announced its operational results for the third quarter and first nine months of
2004. A copy of the announcement is attached as Exhibit "99.1."

         The  information  furnished  pursuant  to Item  2.02 in this  Form 8-K,
including Exhibit "99.1" attached hereto,  shall not be deemed to be "filed" for
purposes  of  Section 18 of the  Securities  Exchange  Act of 1934 or  otherwise
subject to the liabilities of that Section,  unless we specifically  incorporate
it by  reference  in a document  filed under the  Securities  Act of 1933 or the
Securities  Exchange  Act of  1934.  We  undertake  no  duty  or  obligation  to
publicly-update  or revise the  information  furnished  pursuant to Item 2.02 of
this Current Report on Form 8-K.

Section 9 - Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits

         (c)      Exhibits.

         The following exhibit is furnished with this Report:


           Exhibit
         Designation
                           Description of Exhibit

           99.1*           Press Release dated November 16, 2004.

- -----------------
*Furnished herewith.






<PAGE>

                                                    SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the Registrant has  duly-caused  this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly-authorized.

         Dated: November 16, 2004.            GREENBRIAR CORPORATION


                                              By: /s/ Gene S. Bertcher
                                                 -------------------------------
                                                 Gene S. Bertcher, President and
                                                 Chief Financial Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>green8kex991111604.txt
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 16, 2004
<TEXT>

                                                                    EXHIBIT 99.1


                        GREENBRIAR CORPORATION ANNOUNCES
                           THIRD QUARTER 2004 RESULTS

FOR IMMEDIATE RELEASE
                                                         Contact: Gene Bertcher
                                                                  Oscar Smith
                                                         Phone:   (972) 407-8400

Dallas, Texas, (Business Wire) November 16, 2004...Greenbriar Corporation (AMEX:
GBR) announced  today  operating  results for the quarter  ending  September 30,
2004.  Operating  revenues were  $1,947,000  compared to $1,011,000 for the same
quarter in 2003.  Operating  income for the quarter was  $270,000  compared to a
loss of $129,000 for the same quarter in 2003.  The  Company's net earnings were
$623,000  for the three month  period  ending  September  30,  2004  compared to
$855,000 for the same period ending  September 30, 2003.  Net earnings per share
for the quarter were $0.64 compared to $1.21 per share in 2003.

For the nine months ended September 30, 2004 the Company's operating revenue was
$5,473,000 compared to $2,559,000 for the same period in 2003.  Operating income
was  $288,000  compared to a loss of $358,000  for the same nine months in 2003.
Net  earnings  for the nine  months  ending  September  30,  2004 were  $243,000
compared to $416,000  for the same nine months in 2003.  Net  earnings per share
for the nine months were $0.25 per share in 2004 and $0.59 per share in 2003.

     "Safe Harbor"  statement under the Private Securities Litigation Reform
     Act of 1995:  Any of the matters and subject  areas  discussed  in this
     press  release  that are not  historical  or  current  facts  deal with
     potential  future  circumstances,   operations,   and  prospects.   The
     discussion  of such  matters  and  subject  areas is  qualified  by the
     inherent  risks  and  uncertainties   surrounding  future  expectations
     generally and may also materially differ from Greenbriar  Corporation's
     actual future experience  involving any one or more of such matters and
     subject areas relating to interest rate fluctuations, ability to obtain
     adequate  debit and equity  financing,  demand,  pricing,  competition,
     construction,   licensing,  permitting,   construction  delays  on  new
     developments, contractual and licensure matters and other delays on the
     disposition,  transition,  or  restructuring of currently or previously
     owned,  leased or managed investments in the Company's  portfolio,  and
     the  ability of the  Company to  continue  managing  its costs and cash
     flow.  Greenbriar  Corporation  has attempted to identify,  in context,
     certain of the factors  that they  currently  believe may cause  actual
     future  experience and results to differ from Greenbriar  Corporation's
     current  expectations  regarding  the relevant  matter or subject area.
     These and other risks and  uncertainties  are detailed in the Company's
     reports  filed  with the  Securities  and  Exchange  Commission  (SEC),
     including  Greenbriar  Corporation's  Annual  Reports  on form 10-K and
     Quarterly Reports on Form 10-Q.


<PAGE>
<TABLE>
<CAPTION>

                             Greenbriar Corporation
                           Consolidated Balance Sheets
                             (Amounts in thousands)

                                                           September 30,     December 31,
Assets                                                         2004             2003
                                                            (Unaudited)
                                                           -------------    -------------
<S>                                                        <C>              <C>
Current assets
       Cash and cash equivalents                           $         324    $         688
       Accounts receivable-trade                                     336              100
       Note receivable                                             1,156            2,435
       Property held for sale                                      1,876
       Other current assets                                          241              198
                                                           -------------    -------------

              Total current assets                                 3,933            3,421

Notes receivable, from sale of properties                          4,107            4,107
          Less deferred gains                                     (3,720)          (3,720)
                                                           -------------    -------------
                                                                     387              387

Deferred income tax benefit                                        1,161            1,161


Property and equipment, at cost
       Land and improvements                                       2,240            2,758
       Buildings and improvements                                  6,549            9,410
       Equipment and furnishings                                   1,228            1,317
       Proven oil and gas properties (full cost method)            1,466            1,361
                                                           -------------    -------------
                                                                  11,483           14,846
               Less accumulated depreciation and
                    depletion                                      1,288            2,233
                                                           -------------    -------------
                                                                  10,195           12,613

Deposits                                                             307              232

Other assets                                                         691              317
                                                           -------------    -------------

                                                           $      16,674    $      18,131
                                                           =============    =============
</TABLE>


<PAGE>

                             Greenbriar Corporation
                     Consolidated Balance Sheets - Continued
                  (Amounts in thousands, except share amounts)

                                                 September 30,    December 31,
Liabilities and Stockholders' equity                 2004            2003
                                                  (Unaudited)
                                                 -------------    -------------

Current liabilities
       Current maturities of long-term debt      $       4,756    $       4,690
       Current notes payable                             5,571
       Accounts payable - trade                            214              503
       Accrued expenses                                    821              633
       Other current liabilities                           309              931
                                                 -------------    -------------

              Total current liabilities                  6,100           12,328


Long-term debt                                           7,589            2,053

Deferred Gain                                              740

Other long term liabilities                                188              456
                                                 -------------    -------------

              Total liabilities                         13,877           15,577

Stockholders' equity
       Preferred stock                                       1                1

       Common stock $.01 par value; authorized,
          4,000,000 shares; 977,000 shares
          issued and outstanding                            10               10
       Additional paid-in capital                       55,966           55,966
       Accumulated deficit                             (53,180)         (53,423)
                                                 -------------    -------------

                                                         2,797            2,554
                                                 -------------    -------------

                                                 $      16,674    $      18,131
                                                 =============    =============


<PAGE>
<TABLE>
<CAPTION>

                             Greenbriar Corporation
                      Consolidated Statements of Operations
                  (Amounts in thousands, except per share data)

                                           For The Three Month      For The Nine Month
                                               Period Ended            Period Ended
                                               September 30,           September 30,
                                             2004        2003        2004        2003
                                          ---------    --------    --------    --------
                                               (Unaudited)              (Unaudited)
<S>                                       <C>          <C>         <C>         <C>
Revenue
       Real Estate operations             $   1,589    $    837    $  4,477    $  2,385
       Oil and gas operations                   358         174         996         174
                                          ---------    --------    --------    --------
                                              1,947       1,011       5,473       2,559
                                          ---------    --------    --------    --------

Operating expenses
       Real estate operations                   857         413       2,602       1,238
       Oil and gas operations                   267         141         758         141
       Lease expense                            231         212         686         757
       Depletion, depreciation and              109          79         365         227
              amortization
       Corporate general and
              administrative                    213         295         774         554
                                          ---------    --------    --------    --------
                                              1,677       1,140       5,185       2,917
                                          ---------    --------    --------    --------

              Operating earning  (loss)         270        (129)        288        (358)

Other income (expense)
       Interest income                           51         110         179         224
       Interest expense                        (392)       (157)       (994)       (543)
       Net gain on sale of assets             1,409       1,008       1,409       1,008
       Equity in net income of
              Affiliated partnership              0          16          31          49
       Other                                   (715)         27        (649)        109
                                          ---------    --------    --------    --------
                                                353       1,004         (24)        847
                                          ---------    --------    --------    --------

       Earnings from continuing                 623         875         264         489
              Operations

Discontinued operations
       Loss from operations                     (20)        (21)        (73)
                                          ---------    --------    --------    --------

       Net earnings                             623         855         243         416
                                          ---------    --------    --------    --------

Net earnings per common share -
       basic and diluted                  $     .64    $   1.21    $    .25    $    .59

Weighted average of common and
       equivalent shares outstanding -          977         703         977         703
       basic and diluted
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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