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 March 31, 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 0-21615
BOSTON BIOMEDICA, INC.
(Exact Name of Registrant as Specified in its Charter)
Massachusetts |
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04-2652826 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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375 West Street,
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02379-1040 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code
(508) 580-1900
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.
ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).
o Yes ý No
The number of shares outstanding of the Registrant’s common stock as of May 1, 2003 was 6,793,382.
Part I. Financial Information
Item 1. Financial Statements
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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For the three months ended |
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2003 |
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2002 |
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REVENUE: |
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Products |
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$ |
3,288,257 |
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$ |
2,975,625 |
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Services |
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2,354,617 |
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1,977,490 |
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Total revenue |
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5,642,874 |
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4,953,115 |
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COSTS AND EXPENSES: |
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Cost of products |
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1,618,631 |
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1,507,040 |
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Cost of services |
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1,838,151 |
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1,561,434 |
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Research and development |
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400,680 |
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757,711 |
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Selling and marketing |
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808,294 |
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915,704 |
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General and administrative |
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1,167,194 |
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1,046,442 |
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Total operating costs and expenses |
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5,832,950 |
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5,788,331 |
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Operating loss |
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(190,076 |
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(835,216 |
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Interest income |
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12,617 |
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13,656 |
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Interest expense |
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(73,008 |
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(65,306 |
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Loss before income taxes |
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(250,467 |
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(886,866 |
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Provision for income taxes |
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(3,080 |
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— |
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Net loss |
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$ |
(253,547 |
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$ |
(886,866 |
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Net loss per share, basic & diluted |
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$ |
(0.04 |
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$ |
(0.14 |
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Number of shares used to calculate net loss per share, basic and diluted |
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6,789,389 |
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6,297,408 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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March 31, |
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December 31, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
1,613,160 |
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$ |
975,649 |
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Accounts receivable, less allowances of $119,171 in 2003 and $117,671 in 2002 |
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3,089,097 |
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3,701,105 |
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Inventories |
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6,924,952 |
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7,094,053 |
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Prepaid expenses and other current assets |
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448,452 |
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303,396 |
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Restricted cash (Note 6) |
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— |
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1,000,000 |
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Total current assets |
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12,075,661 |
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13,074,203 |
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Property and equipment, net |
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5,529,917 |
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5,826,817 |
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OTHER ASSETS: |
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Goodwill and other intangible assets, net |
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786,771 |
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798,542 |
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Other long-term assets |
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195,807 |
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143,807 |
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Total other assets |
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982,578 |
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942,349 |
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TOTAL ASSETS |
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$ |
18,588,156 |
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$ |
19,843,369 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
1,781,529 |
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$ |
1,970,517 |
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Accrued employee compensation |
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1,029,499 |
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898,449 |
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Other accrued expenses |
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658,769 |
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506,823 |
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Net liabilities from discontinued operations (Note 8) |
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289,923 |
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302,436 |
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Current maturities of long term debt (Note 9) |
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71,062 |
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79,875 |
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Deferred rent and other current liabilities |
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114,307 |
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118,609 |
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Total current liabilities |
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3,945,089 |
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3,876,709 |
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LONG-TERM LIABILITIES: |
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Long term debt, less current maturities (Note 9) |
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2,322,309 |
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2,337,874 |
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Net liabilities from discontinued operations (Note 8) |
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349,349 |
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408,005 |
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Other liabilities |
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583,753 |
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593,735 |
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STOCKHOLDERS’ EQUITY: |
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Common stock, $.01 par value; authorized 20,000,000 shares authorized, 6,793,382 and 6,786,335 issued and outstanding at March 31, 2003 and December 31, 2002, respectively |
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67,934 |
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67,863 |
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Additional paid-in capital |
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21,825,348 |
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21,811,262 |
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Accumulated deficit |
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(9,505,626 |
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(9,252,079 |
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Loan receivable from Director and former CEO (Note 6) |
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(1,000,000 |
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— |
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Total stockholders’ equity |
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11,387,656 |
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12,627,046 |
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TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
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$ |
18,588,156 |
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$ |
19,843,369 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
(Unaudited)
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