UNITED STATES
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 |
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For the quarter ended June 30, 2003. |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission file number 0-18549
SICOR Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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33-0176647 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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19 Hughes |
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(Address of principal executive offices and zip code) |
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(949) 455-4700 |
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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 by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). 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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Common stock $0.01 par value |
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118,961,690 |
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Class |
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Outstanding at June 30, 2003 |
SICOR Inc.
INDEX
2
SICOR Inc.
Part I – FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
(in thousands except par value data)
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
163,871 |
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$ |
169,914 |
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Short-term investments |
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95,040 |
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29,909 |
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Accounts receivable, net |
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81,089 |
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84,707 |
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Inventories, net |
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91,509 |
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75,870 |
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Deferred income tax assets |
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20,220 |
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20,161 |
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Other current assets |
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21,779 |
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19,659 |
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Total current assets |
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473,508 |
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400,220 |
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Property and equipment, net |
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199,091 |
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186,616 |
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Long-term investments |
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99,731 |
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130,416 |
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Goodwill |
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69,640 |
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69,640 |
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Intangibles, net |
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42,620 |
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41,382 |
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Other noncurrent assets |
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22,163 |
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35,104 |
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$ |
906,753 |
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$ |
863,378 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
39,919 |
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$ |
41,272 |
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Accrued payroll and related expenses |
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10,098 |
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10,546 |
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Other accrued liabilities |
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40,026 |
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44,851 |
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Short-term borrowings |
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29,421 |
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29,356 |
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Current portion of long-term debt |
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4,327 |
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6,618 |
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Current portion of capital lease obligations |
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280 |
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478 |
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Total current liabilities |
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124,071 |
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133,121 |
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Other long-term liabilities |
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5,582 |
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6,254 |
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Long-term debt, less current portion |
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7,152 |
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23,933 |
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Long-term capital lease obligations, less current portion |
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33 |
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85 |
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Deferred income tax liabilities |
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14,093 |
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14,535 |
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Total liabilities |
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150,931 |
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177,928 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, $0.01 par value, 250,000 shares authorized, 118,962 and 117,470 shares issued and outstanding at June 30, 2003 and December 31, 2002, respectively |
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1,190 |
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1,175 |
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Additional paid-in capital |
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799,106 |
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788,224 |
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Deferred compensation |
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(549 |
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(855 |
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Accumulated deficit |
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(50,818 |
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(105,173 |
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Accumulated other comprehensive income |
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6,893 |
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2,079 |
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Total stockholders’ equity |
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755,822 |
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685,450 |
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$ |
906,753 |
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$ |
863,378 |
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See accompanying notes.
3
SICOR Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(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 product sales |
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$ |
133,583 |
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$ |
111,921 |
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$ |
261,999 |
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$ |
221,474 |
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Costs and expenses: |
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Cost of sales |
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60,288 |
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46,786 |
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119,352 |
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98,025 |
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Research and development |
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8,217 |
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5,548 |
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15,705 |
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10,506 |
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Selling, general and administrative |
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19,392 |
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17,549 |
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36,556 |
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32,073 |
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Amortization |
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1,073 |
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942 |
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2,025 |
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1,884 |
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Write-down of long-lived assets |
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— |
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1,229 |
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Interest and other, net |
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244 |
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