UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
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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 quarterly period ended September 27, 2003 |
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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 1-16121
VIASYS HEALTHCARE INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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04-3505871 |
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(State or Other
Jurisdiction of |
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(I.R.S. Employer |
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227
Washington Street |
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19428 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (610) 862-0800 |
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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 Exchange Act). 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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Class |
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Outstanding at November 3, 2003 |
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Common Stock, $.01 par value |
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30,232,569 |
VIASYS HEALTHCARE INC.
INDEX TO FORM 10-Q
2
PART I – Financial Information
VIASYS HEALTHCARE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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September 27, 2003 |
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December 28, 2002 |
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(Unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
69,318 |
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$ |
15,036 |
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Accounts receivable, less allowances of $6,477 and $6,113 |
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84,064 |
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81,192 |
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Inventories: |
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Raw materials and supplies |
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38,069 |
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44,736 |
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Work in process |
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7,121 |
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8,777 |
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Finished goods |
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23,600 |
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22,222 |
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Assets of discontinued operations |
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16,513 |
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35,561 |
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Deferred tax assets |
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12,966 |
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12,975 |
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Prepaid expenses |
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3,850 |
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2,563 |
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Total Current Assets |
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255,501 |
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223,062 |
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Property, Plant and Equipment, at Cost |
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87,347 |
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86,276 |
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Less: Accumulated depreciation and amortization |
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(63,342 |
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(58,315 |
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Property, Plant and Equipment, net |
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24,005 |
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27,961 |
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Goodwill, net |
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175,419 |
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170,495 |
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Intangible Assets, net |
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13,649 |
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13,360 |
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Deferred Tax Assets |
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3,021 |
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2,984 |
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Other Assets |
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4,067 |
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3,638 |
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TOTAL ASSETS |
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$ |
475,662 |
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$ |
441,500 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Short-term obligations |
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$ |
1,095 |
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$ |
48,113 |
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Accounts payable |
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16,133 |
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16,787 |
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Accrued payroll and employee benefits |
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9,741 |
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9,755 |
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Deferred revenue |
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10,965 |
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8,910 |
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Warranty and installation costs |
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4,562 |
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4,406 |
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Accrued commissions |
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2,326 |
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4,028 |
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Income taxes payable |
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2,456 |
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7,346 |
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Deferred tax liabilities |
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161 |
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161 |
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Liabilities of discontinued operations |
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2,274 |
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6,272 |
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Other accrued expenses |
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13,480 |
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12,007 |
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Total Current Liabilities |
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63,193 |
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117,785 |
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Deferred Tax Liabilities |
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3,617 |
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3,535 |
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Other Long-Term Liabilities |
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740 |
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2,555 |
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TOTAL LIABILITIES |
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67,550 |
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123,875 |
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Stockholders’ Equity: |
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Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued |
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— |
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— |
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Common stock, $.01 par value, 100,000,000 shares authorized; 30,153,011 and 26,256,295 shares issued |
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302 |
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263 |
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Additional paid-in capital |
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335,888 |
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266,474 |
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Treasury Stock, 5,597 shares |
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(111 |
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(111 |
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Retained earnings |
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58,406 |
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44,583 |
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Accumulated other comprehensive income |
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13,627 |
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6,416 |
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Total Stockholders’ Equity |
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408,112 |
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317,625 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
475,662 |
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$ |
441,500 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
VIASYS HEALTHCARE INC.
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Three Months Ended |
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September 27, |
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September 28, |
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(Unaudited) |
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Revenues |
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$ |
87,131 |
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$ |
83,538 |
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Costs and Operating Expenses: |
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Cost of revenues |
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48,252 |
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45,036 |
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Selling, general and administrative expenses |
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25,498 |
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24,807 |
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Research and development expenses |
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6,187 |
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5,672 |
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Restructuring costs |
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461 |
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624 |
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80,398 |
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76,139 |
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Operating Income |
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6,733 |
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7,399 |
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Interest Expense, Net |
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(4 |
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(337 |
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Other Income, Net |
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1 |
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26 |
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Income from Continuing Operations before Income Taxes |
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6,730 |
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7,088 |
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Provision for Income Taxes |
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(2,192 |
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(2,497 |
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Income from Continuing Operations |
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4,538 |
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4,591 | |||