UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Anika Therapeutics, Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Massachusetts |
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04-3145961 |
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(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
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160 New Boston Street, Woburn, Massachusetts |
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01801 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report.
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 last 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 o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date. At November 5, 2003 there were 9,986,405 outstanding shares of Common Stock, par value $.01 per share.
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
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September
30, |
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December
31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
12,611,000 |
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$ |
11,002,000 |
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Restricted cash |
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253,000 |
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— |
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Marketable securities |
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— |
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2,500,000 |
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Accounts receivable, net of reserves of $29,000 and $35,000 at September 30, 2003 and December 31, 2002, respectively |
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1,909,000 |
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1,198,000 |
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Inventories |
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3,342,000 |
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2,924,000 |
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Prepaid expenses and other current assets |
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141,000 |
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320,000 |
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Total current assets |
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18,256,000 |
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17,944,000 |
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Property and equipment, at cost |
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9,785,000 |
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9,619,000 |
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Less: accumulated depreciation |
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(8,427,000 |
) |
(7,679,000 |
) |
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1,358,000 |
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1,940,000 |
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Long-term deposits |
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143,000 |
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143,000 |
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Notes receivable from officer |
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— |
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59,000 |
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Total assets |
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$ |
19,757,000 |
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$ |
20,086,000 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
428,000 |
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$ |
845,000 |
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Accrued expenses |
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1,145,000 |
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1,703,000 |
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Customer Deposit |
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— |
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327,000 |
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Deferred revenue |
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1,030,000 |
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147,000 |
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Total current liabilities |
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2,603,000 |
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3,022,000 |
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Stockholders’ equity: |
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Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at September 30, 2003 and December 31, 2002 |
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— |
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— |
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Common stock, $.01 par value; 30,000,000 shares authorized, 9,991,943 shares issued September 30, 2003 and December 31, 2002 |
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100,000 |
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100,000 |
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Additional paid-in capital |
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31,572,000 |
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31,640,000 |
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Treasury stock, at cost, 30,538 shares at September 30, 2003 and 57,663 shares at December 31, 2002 |
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(148,000 |
) |
(280,000 |
) |
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Accumulated deficit |
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(14,370,000 |
) |
(14,396,000 |
) |
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Total stockholders’ equity |
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17,154,000 |
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17,064,000 |
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Total liabilities and stockholders’ equity |
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$ |
19,757,000 |
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$ |
20,086,000 |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
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Quarter
Ended |
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Nine
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 revenue |
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$ |
3,666,000 |
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$ |
2,889,000 |
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$ |
10,339,000 |
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$ |
8,690,000 |
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License revenue |
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22,000 |
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16,000 |
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51,000 |
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26,000 |
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Total revenue |
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3,688,000 |
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2,905,000 |
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10,390,000 |
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8,716,000 |
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Cost of product revenue |
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1,930,000 |
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1,975,000 |
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5,745,000 |
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6,264,000 |
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Gross profit |
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1,758,000 |
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930,000 |
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4,645,000 |
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2,452,000 |
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Operating expenses: |
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Research and development |
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482,000 |
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999,000 |
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1,939,000 |
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3,139,000 |
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Selling, general and administrative |
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885,000 |
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900,000 |
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2,945,000 |
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3,368,000 |
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Total operating expenses |
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1,367,000 |
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1,899,000 |
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4,884,000 |
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6,507,000 |
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Income (loss) from operations |
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391,000 |
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(969 ,000 |
) |
(239,000 |
) |
(4,055,000 |
) |
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Interest income |
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29,000 |
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61,000 |
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111,000 |
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186,000 |
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Income (loss) before income tax benefit |
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420,000 |
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(908,000 |
) |
(128,000 |
) |
(3,869,000 |
) |
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Income tax benefit |
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— |
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— |
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154,000 |
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— |
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Net income (loss) |
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$ |
420,000 |
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$ |
(908,000 |
) |
$ |
26,000 |
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$ |
(3,869,000 |
) |
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Basic net income (loss) per common share |
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$ |
0.04 |
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$ |
(0.09 |
) |
$ |
— |
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$ |
(0.39 |
) |
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Shares used to calculate net income (loss) per common share |
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9,959,904 |
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9,934,280 |
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9,945,195 |
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9,934,280 |
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Diluted net income (loss) per common share |
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$ |
0.04 |
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$ |
(0.09 |
) |
$ |
— |
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$ |
(0.39 |
) |
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Shares used to calculate diluted net income (loss) per common share |
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10,422,066 |
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9,934,280 |
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10,271,681 |
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9,934,280 |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Nine Months Ended
(Unaudited)