UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 24, 2003
OR
o 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 0-14429
Isco, Inc.
(Exact name of registrant as specified in its charter)
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Nebraska |
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47-0461807 |
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(State of Incorporation) |
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(I.R.S. Employer Identification No) |
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4700 Superior Street, Lincoln, Nebraska |
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68504-1398 |
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(Address of principal executive offices) |
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(Zip Code) |
(402) 464-0231
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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
February 28, 2003.
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Common Stock, $0.10 par value |
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5,683,698 |
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Class |
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Number of Shares |
ISCO, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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PART II. OTHER INFORMATION |
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SIGNATURES |
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CERTIFICATIONS |
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2
ISCO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands, except per share data)
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Three months ended |
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Six months ended |
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Jan 24 |
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Jan 25 |
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Jan 24 |
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Jan 25 |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
14,262 |
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$ |
14,540 |
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$ |
29,756 |
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$ |
29,966 |
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Cost of sales |
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6,745 |
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7,220 |
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13,690 |
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14,407 |
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7,517 |
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7,320 |
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16,066 |
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15,559 |
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Operating expenses: |
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Selling, general and administrative |
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6,134 |
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5,523 |
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12,537 |
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10,904 |
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Research and engineering |
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1,570 |
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1,237 |
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3,235 |
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2,613 |
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7,704 |
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6,760 |
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15,772 |
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13,517 |
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Income (loss) from operations |
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(187 |
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560 |
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294 |
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2,042 |
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Other income (expense): |
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Investment income |
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163 |
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174 |
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332 |
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353 |
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Interest expense |
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(68 |
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(72 |
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(127 |
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(150 |
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Other, net |
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33 |
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(16 |
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86 |
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(79 |
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128 |
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86 |
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291 |
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124 |
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Income (loss) before income taxes |
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(59 |
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646 |
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585 |
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2,166 |
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Provision for (benefit from) income taxes |
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(49 |
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285 |
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164 |
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775 |
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Net income (loss) |
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$ |
(10 |
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$ |
361 |
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$ |
421 |
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$ |
1,391 |
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Basic earnings (loss) per share |
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$ |
0.00 |
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$ |
0.06 |
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$ |
0.07 |
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$ |
0.25 |
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Diluted earnings (loss) per share |
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$ |
0.00 |
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$ |
0.06 |
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$ |
0.07 |
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$ |
0.24 |
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Cash dividends per share |
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$ |
0.06 |
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$ |
0.05 |
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$ |
0.12 |
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$ |
0.05 |
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Weighted average number of shares outstanding-basic |
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