UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
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 or
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission file number 0-21615
BOSTON BIOMEDICA, INC.
(Exact Name of Registrant as Specified in its Charter)
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Massachusetts |
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04-2652826 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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375 West Street, |
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02379-1040 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(508) 580-1900 |
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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 Exchange Act Rule 12b-2).
o Yes ý No
The number of shares outstanding of the Registrant’s common stock as of October 31, 2003 was 6,827,592.
Part I. Financial Information
Item 1. Financial Statements
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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For the
three months ended |
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For the
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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REVENUE: |
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Products |
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$ |
3,524,740 |
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$ |
2,868,300 |
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$ |
10,186,266 |
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$ |
9,431,905 |
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Services |
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2,304,295 |
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3,007,672 |
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7,308,630 |
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7,253,277 |
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Total revenue |
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5,829,035 |
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5,875,972 |
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17,494,896 |
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16,685,182 |
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COSTS AND EXPENSES: |
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Cost of products |
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1,892,686 |
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1,542,111 |
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5,406,894 |
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4,832,634 |
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Cost of services |
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1,914,442 |
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2,315,721 |
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5,734,411 |
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5,571,661 |
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Research and development |
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491,190 |
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708,284 |
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1,311,757 |
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2,097,083 |
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Selling and marketing |
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827,688 |
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803,956 |
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2,418,182 |
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2,534,297 |
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General and administrative |
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986,489 |
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1,016,087 |
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3,253,526 |
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3,242,397 |
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Total operating costs and expenses |
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6,112,495 |
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6,386,159 |
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18,124,770 |
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18,278,072 |
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Operating loss from continuing operations |
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(283,460 |
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(510,187 |
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(629,874 |
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(1,592,890 |
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Interest income |
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1,988 |
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9,966 |
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17,619 |
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34,744 |
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Interest expense |
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(74,284 |
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(66,957 |
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(218,921 |
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(189,791 |
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Loss from continuing operations before income taxes |
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(355,756 |
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(567,178 |
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(831,176 |
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(1,747,937 |
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Provision for income taxes |
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— |
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— |
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(3,431 |
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— |
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Loss from continuing operations |
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(355,756 |
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(567,178 |
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(834,607 |
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(1,747,937 |
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Discontinued operations (Note 8) |
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Income from discontinued operations of Clinical Laboratory segment, net of income taxes |
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— |
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225,000 |
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— |
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225,000 |
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Net loss |
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$ |
(355,756 |
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$ |
(342,178 |
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$ |
(834,607 |
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$ |
(1,522,937 |
) |
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Loss per share from continuing operations, basic & diluted |
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$ |
(0.05 |
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$ |
(0.08 |
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$ |
(0.12 |
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$ |
(0.26 |
) |
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Income per share from discontinued operations, basic & diluted |
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$ |
— |
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$ |
0.03 |
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$ |
— |
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$ |
0.03 |
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Net loss per share, basic & diluted |
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$ |
(0.05 |
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$ |
(0.05 |
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$ |
(0.12 |
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$ |
(0.23 |
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Number of shares used to calculate net income (loss) per share, basic and diluted |
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6,824,075 |
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6,782,175 |
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6,804,972 |
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6,618,338 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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(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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$ |
1,255,572 |
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$ |
975,649 |
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Accounts receivable, less allowances of $124,283 in 2003 and $117,671 in 2002 |
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3,294,912 |
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3,701,105 |
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Inventories |
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6,507,934 |
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7,094,053 |
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Prepaid expenses and other current assets |
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312,150 |
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303,396 |
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Restricted cash (Note 6) |
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— |
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1,000,000 |
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Total current assets |
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11,370,568 |
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13,074,203 |
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Property and equipment, net |
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4,967,139 |
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5,826,817 |
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OTHER ASSETS: |
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Goodwill and other intangible assets, net |
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762,066 |
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798,542 |
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Other long-term assets |
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228,178 |
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143,807 |
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Total other assets |
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990,244 |
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942,349 |
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TOTAL ASSETS |
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$ |
17,327,951 |
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$ |
19,843,369 |
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