SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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(Mark One) |
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ý Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
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For the quarterly period ended June 30, 2003 or |
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o 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 000-31923 |
HARVARD BIOSCIENCE, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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04-3306140 |
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(State or other Jurisdiction of |
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(I.R.S. Employer Identification No.) |
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84 October Hill Road, Holliston, MA 01746 |
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(Address of Principal Executive Offices) (Zip Code) |
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(508) 893 - 8999 |
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(Registrant’s Telephone Number, Including Area Code) |
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 Exchange Act Rule 12b-2).
Yes ý No o.
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of August 12, 2003
Common Stock Outstanding 30,074,481
HARVARD BIOSCIENCE, INC.
INDEX
2
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
HARVARD BIOSCIENCE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
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6/30/03 |
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12/31/02 |
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Current assets: |
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Cash and cash equivalents |
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$ |
9,186 |
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$ |
15,313 |
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Trade accounts receivable, net |
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15,640 |
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13,917 |
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Other receivables and other assets |
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477 |
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478 |
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Inventories |
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19,894 |
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15,467 |
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Catalog costs |
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86 |
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283 |
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Prepaid expenses |
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1,581 |
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1,883 |
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Deferred tax assets |
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858 |
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1,073 |
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Total current assets |
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47,722 |
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48,414 |
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Property, plant and equipment, net |
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6,306 |
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5,918 |
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Other assets: |
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Deferred tax asset |
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1,101 |
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669 |
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Goodwill and other indefinite lived intangibles |
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34,623 |
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31,140 |
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Amortizable intangible assets |
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25,533 |
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20,206 |
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Other assets |
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1,185 |
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1,237 |
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Total other assets |
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62,442 |
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53,252 |
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Total assets |
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$ |
116,470 |
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$ |
107,584 |
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Current liabilities: |
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Note payable |
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$ |
6,000 |
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— |
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Current installments of long-term debt |
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551 |
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$ |
699 |
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Trade accounts payable |
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6,997 |
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5,525 |
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Deferred revenue |
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1,730 |
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1,459 |
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Accrued income taxes payable |
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1,577 |
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1,151 |
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Accrued expenses |
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4,583 |
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7,362 |
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Other liabilities |
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1,193 |
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403 |
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Total current liabilities |
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22,631 |
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16,599 |
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Long-term debt, less current installments |
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58 |
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400 |
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Deferred income tax liabilities |
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924 |
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930 |
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Other liabilities |
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1,348 |
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1,274 |
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Total long-term liabilities |
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2,330 |
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2,604 |
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Total liabilities |
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$ |
24,961 |
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$ |
19,203 |
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Stockholders’ equity: |
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Common stock, par value $.01 per share, 80,000,000 shares authorized; 34,723,523 and 34,692,050 shares issued and 30,062,739 and 30,031,266 shares outstanding at June 30, 2003 and December 31, 2002, respectively |
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347 |
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347 |
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Additional paid-in-capital |
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172,015 |
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171,622 |
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Accumulated other comprehensive income |
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2,156 |
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894 |
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Note receivable from officer |
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(1,011 |
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(963 |
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Accumulated deficit |
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(81,330 |
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(82,851 |
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Treasury stock, 4,660,784 common shares, at cost |
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(668 |
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(668 |
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Total stockholders’ equity |
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91,509 |
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88,381 |
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Total liabilities and stockholders’ equity |
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$ |
116,470 |
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$ |
107,584 |
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See accompanying notes to unaudited consolidated financial statements.
3
HARVARD BIOSCIENCE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
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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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Product revenues |
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$ |
22,099 |
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$ |
13,240 |
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$ |
41,325 |
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$ |
24,893 |
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Research revenues |
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254 |
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489 |
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501 |
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799 |
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Total revenues |
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22,353 |
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13,729 |
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41,826 |
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25,692 |
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Cost and expenses: |
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Cost of product revenues |
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10,935 |
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6,657 |
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20,570 |
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12,405 |
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General and administrative expense |
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2,877 |
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2,134 |
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5,701 |
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4,032 |
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Sales and marketing expense |
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3,893 |
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1,808 |
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7,494 |
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3,297 |
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Research and development expense |
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1,666 |
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1,007 |
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3,086 |
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2,024 |
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Stock compensation expense |
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134 |
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331 |
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281 |
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655 |
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Amortization of intangibles |
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729 |
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307 |
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