UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the Quarterly Period Ended March 31, 2004
Commission File Number 0-18044
PROCYTE CORPORATION
(Exact name of the registrant as specified in its charter)
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Washington |
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91-1307460 |
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(State of incorporation) |
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(I.R.S. Employer Identification No.) |
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8511 154th Avenue N.E., Redmond, WA |
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98052 |
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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: |
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(425) 869-1239 |
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.
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Yes ý |
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No o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).
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Yes o |
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No ý |
As of April 30, 2004, there were issued and outstanding 15,798,747 shares of common stock, par value $.01 per share.
ProCyte Corporation
Index
2
(in thousands)
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|
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March 31, 2004 |
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December
31, |
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ASSETS |
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|
|
|
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||
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Current Assets |
|
|
|
|
|
||
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Cash and cash equivalents |
|
$ |
4,371 |
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$ |
3,796 |
|
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Accounts receivable, net of allowance for doubtful accounts |
|
1,516 |
|
1,336 |
|
||
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Inventory |
|
2,594 |
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2,942 |
|
||
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Prepaid and Other |
|
230 |
|
289 |
|
||
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Total current assets |
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8,711 |
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8,363 |
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||
|
|
|
|
|
|
|
||
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Property and equipment |
|
|
|
|
|
||
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Equipment |
|
322 |
|
315 |
|
||
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Leasehold improvements |
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3,520 |
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3,520 |
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||
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Less accumulated depreciation and amortization |
|
(3,337 |
) |
(3,294 |
) |
||
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Property and equipment, net |
|
505 |
|
541 |
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||
|
|
|
|
|
|
|
||
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Intangible assets |
|
3,212 |
|
3,212 |
|
||
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Note due from related party, net |
|
781 |
|
781 |
|
||
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Deferred tax asset |
|
7,042 |
|
7,068 |
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||
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Other assets |
|
38 |
|
38 |
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||
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Total Assets |
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$ |
20,289 |
|
$ |
20,003 |
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|
|
|
|
|
|
|
||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
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Current Liabilities |
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|
|
|
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Accounts payable, trade |
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$ |
509 |
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$ |
147 |
|
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Accrued salaries and benefits |
|
206 |
|
246 |
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||
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Other accrued liabilities |
|
182 |
|
239 |
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||
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Deferred revenue |
|
16 |
|
60 |
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||
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Total current liabilities |
|
913 |
|
692 |
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||
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Other liabilities |
|
93 |
|
93 |
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||
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Total Liabilities |
|
1,006 |
|
785 |
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Stockholders’ Equity |
|
|
|
|
|
||
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Common stock and additional paid-in-capital |
|
85,434 |
|
85,419 |
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||
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Deferred compensation |
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(59 |
) |
(59 |
) |
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Accumulated deficit |
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(66,092 |
) |
(66,142 |
) |
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Stockholders’ Equity |
|
19,283 |
|
19,218 |
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||
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Total Liabilities and Stockholders’ Equity |
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$ |
20,289 |
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$ |
20,003 |
|
See notes to condensed consolidated financial statements
3
(in thousands, except per share amounts)
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|
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Three months ended March 31, |
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||||
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|
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2004 |
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2003 |
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Revenues |
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|
|
|
|
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Product sales |
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$ |
2,861 |
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$ |
2,882 |
|
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Licenses and royalties |
|
359 |
|
464 |
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||
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Total revenues |
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3,220 |
|
3,346 |
|
||
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Cost of product sales |
|
861 |
|
1,183 |
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||
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Gross profit |
|
2,359 |
|
2,163 |
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||
|
|
|
|
|
|
|
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Operating Expenses |
|
|
|
|
|
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Marketing and selling |
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1,198 |
|
1,400 |
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Research, general, and administrative |
|
1,091 |
|
966 |
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Total operating expenses |
|
2,289 |
|
2,366 |
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|
|
|
|
|
|
|
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Operating income (loss) |
|
70 |
|
(203 |
) |
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Interest and other income |
|
7 |
|
88 |
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||
|
|
|
|
|
|
|
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Net income before tax |
|
77 |
|
(115 |
) |
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Provision for income tax |
|
(27 |
) |
(18 |
) |
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Net income (loss) |
|
$ |
50 |
|
$ |
(133 |
) |
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|
|
|
|
|
|
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Net earnings (loss) per share |
|
|
|
|
|
||
|
Basic |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
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Diluted |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
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Shares used in per share computation |
|
|
|
|
|
||
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Basic |
|
15,790 |
|
15,746 |
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||
|
Diluted |
|
16,048 |
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