UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2003
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-26670
NORTH AMERICAN SCIENTIFIC, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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51-0366422 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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20200 Sunburst Street, Chatsworth, CA 91311 |
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(Address of principal executive offices) |
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(818) 734-8600 |
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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.
ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
o Yes ý No
The number of shares of Registrant’s Common Stock, $.01 par value, outstanding as of May 27, 2003 was 10,245,918 shares.
NORTH AMERICAN SCIENTIFIC, INC.
Index
2
NORTH AMERICAN SCIENTIFIC, INC.
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April 30, |
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October
31, |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
2,194,000 |
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$ |
2,708,000 |
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Marketable securities |
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30,536,000 |
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36,144,000 |
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Accounts receivable |
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1,943,000 |
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2,416,000 |
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Inventories |
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668,000 |
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596,000 |
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Income taxes receivable |
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— |
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1,006,000 |
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Prepaid expenses and other current assets |
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1,601,000 |
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833,000 |
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Total current assets |
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36,942,000 |
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43,703,000 |
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Non-current marketable securities |
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21,297,000 |
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17,093,000 |
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Equipment and leasehold improvements |
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3,259,000 |
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3,264,000 |
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Goodwill |
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3,659,000 |
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3,659,000 |
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Licenses and patents |
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355,000 |
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469,000 |
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Deferred income taxes |
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844,000 |
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844,000 |
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Other assets |
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22,000 |
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103,000 |
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Total assets |
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$ |
66,378,000 |
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$ |
69,135,000 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
1,168,000 |
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$ |
1,109,000 |
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Accrued expenses |
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3,759,000 |
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3,125,000 |
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Total current liabilities |
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4,927,000 |
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4,234,000 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $.01 par value, 2,000,000 shares authorized; no shares issued or outstanding |
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— |
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— |
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Common stock, $.01 par value, 40,000,000 shares authorized; 10,263,418 and 10,250,136 shares issued and 10,244,418 and 10,250,136 shares outstanding as of April 30, 2003 and October 31, 2002, respectively |
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103,000 |
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103,000 |
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Additional paid-in capital |
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74,060,000 |
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73,929,000 |
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Treasury stock, at cost – 19,000 common shares |
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(129,000 |
) |
— |
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Accumulated deficit |
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(12,583,000 |
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(9,131,000 |
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Total stockholders’ equity |
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61,451,000 |
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64,901,000 |
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Total liabilities and stockholders’ equity |
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$ |
66,378,000 |
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$ |
69,135,000 |
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See condensed notes to the consolidated financial statements.
3
NORTH AMERICAN SCIENTIFIC, INC.
Consolidated Statements of Operations
(Unaudited)
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Three
Months Ended |
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Six Months
Ended |
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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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$ |
2,904,000 |
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$ |
4,957,000 |
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$ |
8,045,000 |
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$ |
9,893,000 |
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Cost of goods sold |
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1,412,000 |
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1,870,000 |
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3,255,000 |
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3,641,000 |
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Gross profit |
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1,492,000 |
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3,087,000 |
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4,790,000 |
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6,252,000 |
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Selling, general and administrative expenses |
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3,030,000 |
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1,639,000 |
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5,445,000 |
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2,864,000 |
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Research and development |
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1,813,000 |
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2,139,000 |
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3,770,000 |
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4,369,000 |
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Write-off of licenses and equipment |
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— |
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2,714,000 |
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— |
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2,714,000 |
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Loss from operations |
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(3,351,000 |
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(3,405,000 |
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(4,425,000 |
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(3,695,000 |
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Interest and other income, net |
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926,000 |
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466,000 |
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1,284,000 |
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956,000 |
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