SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
September 30, 2002
Commission file number 0-19878
optioncareâ
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OPTION CARE, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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36-3791193 |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification No.) |
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485 Half Day Road, Suite 300 |
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60089 |
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(Address of principal executive office) |
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(zip code) |
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(847) 465-2100 |
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(Registrant’s telephone number, including area code) |
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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 ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Issued and Outstanding |
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Common Stock - .01 par value |
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20,587,427 |
INDEX
OPTION CARE, INC. AND SUBSIDIARIES
2
PART I. FINANCIAL INFORMATION
Option Care, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
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September 30, 2002 |
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December 31, 2001 |
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(Unaudited) |
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(Note 1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
303 |
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$ |
8,511 |
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Accounts receivable, net |
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69,342 |
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56,341 |
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Inventory |
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6,709 |
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6,388 |
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Deferred tax asset |
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2,940 |
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3,038 |
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Other current assets |
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3,115 |
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3,421 |
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Total current assets |
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82,409 |
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77,699 |
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Equipment and other fixed assets, net |
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11,182 |
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7,330 |
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Goodwill, net |
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55,731 |
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38,384 |
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Intangible assets, net |
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1,905 |
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1,555 |
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Other assets |
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546 |
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294 |
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Total assets |
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$ |
151,773 |
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$ |
125,262 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
221 |
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$ |
265 |
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Trade accounts payable |
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11,489 |
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11,117 |
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Other current liabilities |
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11,464 |
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9,960 |
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Total current liabilities |
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23,174 |
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21,342 |
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Long-term debt, less current portion |
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8,781 |
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353 |
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Other liabilities |
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3,149 |
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2,333 |
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Minority interest |
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1,042 |
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468 |
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Total liabilities |
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36,146 |
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24,496 |
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Stockholders’ equity: |
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Common stock, $.01 par value per share, 60,000 shares authorized, 20,587 and 20,046 shares issued and outstanding at September 30, 2002 and December 31, 2001 |
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206 |
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200 |
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Common stock to be issued, 99 and 191 shares at September 30, 2002 and December 31, 2001 |
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1,318 |
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1,270 |
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Additional paid-in capital |
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101,806 |
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98,128 |
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Retained earnings |
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12,297 |
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1,168 |
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Total stockholders’ equity |
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115,627 |
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100,766 |
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Total liabilities and stockholders’ equity |
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$ |
151,773 |
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$ |
125,262 |
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See notes to condensed consolidated financial statements
3
Option Care, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenue |
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$ |
80,873 |
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$ |
56,093 |
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$ |
229,105 |
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$ |
151,901 |
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Cost of revenue |
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55,503 |
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37,333 |
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157,499 |
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100,178 |
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Gross profit |
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25,370 |
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18,760 |
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71,606 |
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51,723 |
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Selling, general and administrative expenses |
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