UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 April 23, 2004 |
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OR |
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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 0-14429 |
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Isco, Inc.
(Exact name of registrant as specified in its charter)
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Nebraska |
47-0461807 |
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(State of Incorporation) |
(I.R.S. Employer Identification No) |
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4700 Superior Street, Lincoln, Nebraska |
68504-1398 |
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(Address of principal executive offices) |
(Zip Code) |
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(402) 464-0231 |
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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 Sections 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 o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of May 31, 2004.
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Common Stock, $0.10 par value |
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5,781,946 |
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Class |
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Number of Shares |
ISCO, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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CERTIFICATIONS |
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2
ISCO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands, except per share data)
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Three months ended |
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Nine months ended |
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Apr 23 |
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Apr 25 |
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Apr 23 |
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Apr 25 |
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Net sales |
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$ |
18,093 |
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$ |
15,057 |
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$ |
52,633 |
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$ |
44,813 |
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Cost of sales |
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7,965 |
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7,358 |
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24,358 |
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21,048 |
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10,128 |
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7,699 |
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28,275 |
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23,765 |
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Operating expenses: |
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Selling, general and administrative |
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7,187 |
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5,975 |
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19,154 |
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18,512 |
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Research and engineering |
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1,661 |
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1,602 |
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5,016 |
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4,837 |
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8,848 |
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7,577 |
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24,170 |
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23,349 |
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Income from operations |
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1,280 |
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122 |
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4,105 |
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416 |
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Other income (expense): |
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Investment income |
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127 |
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108 |
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447 |
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440 |
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Interest expense |
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(38 |
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(52 |
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(118 |
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(179 |
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Other, net |
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42 |
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50 |
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143 |
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136 |
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131 |
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106 |
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472 |
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397 |
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Income before income taxes |
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1,411 |
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228 |
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4,577 |
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813 |
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Provision for income taxes |
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470 |
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6 |
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1,494 |
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170 |
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Net income |
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$ |
941 |
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$ |
222 |
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$ |
3,083 |
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$ |
643 |
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Basic earnings per share |
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$ |
0.16 |
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$ |
0.04 |
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$ |
0.54 |
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$ |
0.11 |
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Diluted earnings per share |
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$ |
0.16 |
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$ |
0.04 |
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$ |
0.52 |
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$ |
0.11 |
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Cash dividends per share |
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$ |
0.06 |
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$ |
0.06 |
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$ |
0.18 |
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$ |
0.18 |
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Weighted average number of shares outstanding-basic |
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5,739 |
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5,704 |
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5,733 |
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5,686 |
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Additional shares assuming exercise of common stock equivalents and dilutive stock options |
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180 |
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139 |
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166 |
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158 |
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Weighted average number of shares outstanding-diluted |
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5,919 |
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5,843 |
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5,899 |
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5,844 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
3
ISCO, INC. AND SUBSIDIARIES