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 June 30, 2004
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) |
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Registrant’s Telephone Number, Including Area Code: (781) 932-6616 |
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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 August 2, 2004 there were 10,104,004 outstanding shares of Common Stock, par value $.01 per share.
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
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June 30, |
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December
31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
33,536,000 |
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$ |
14,592,000 |
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Restricted cash |
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— |
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818,000 |
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Accounts receivable, net of reserves of $29,000 at June 30, 2004 and December 31, 2003 |
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1,693,000 |
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1,421,000 |
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Inventories |
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3,749,000 |
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3,627,000 |
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Current portion deferred income taxes |
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1,270,000 |
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— |
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Prepaid expenses and other current assets |
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995,000 |
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81,000 |
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Total current assets |
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41,243,000 |
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20,539,000 |
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Property and equipment, at cost |
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10,103,000 |
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9,875,000 |
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Less: accumulated depreciation |
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(9,021,000 |
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(8,684,000 |
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1,082,000 |
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1,191,000 |
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Long-term deposits |
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143,000 |
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143,000 |
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Deferred income taxes |
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8,202,000 |
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— |
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Total assets |
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$ |
50,670,000 |
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$ |
21,873,000 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
587,000 |
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$ |
349,000 |
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Income taxes payable |
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— |
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65,000 |
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Accrued expenses |
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1,433,000 |
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1,297,000 |
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Deferred revenue |
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3,120,000 |
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378,000 |
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Total current liabilities |
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5,140,000 |
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2,089,000 |
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Long-term deferred revenue |
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18,700,000 |
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1,800,000 |
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Total liabilities |
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23,840,000 |
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3,889,000 |
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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 June 30, 2004 and December 31, 2003 |
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— |
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— |
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Common stock, $.01 par value; 30,000,000 shares authorized, 10,104,004 shares issued and outstanding at June 30, 2004 and 9,991,943 shares issued and 9,986,404 outstanding at December 31, 2003 |
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101,000 |
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100,000 |
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Additional paid-in capital |
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31,747,000 |
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31,480,000 |
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Treasury stock, at cost, no shares at June 30, 2004 and 5,538 shares at December 31, 2003 |
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— |
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(27,000 |
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Accumulated deficit |
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(5,018,000 |
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(13,569,000 |
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Total stockholders’ equity |
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26,830,000 |
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17,984,000 |
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Total liabilities and stockholders’ equity |
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$ |
50,670,000 |
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$ |
21,873,000 |
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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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Six Months
Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Product revenue |
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$ |
5,690,000 |
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$ |
3,303,000 |
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$ |
11,259,000 |
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$ |
6,673,000 |
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License and milestone revenue |
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572,000 |
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15,000 |
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1,144,000 |
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29,000 |
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Total revenue |
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6,262,000 |
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3,318,000 |
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12,403,000 |
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6,702,000 |
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Cost of product revenue |
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2,442,000 |
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1,846,000 |
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5,163,000 |
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3,815,000 |
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Gross profit |
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3,820,000 |
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1,472,000 |
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7,240,000 |
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2,887,000 |
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Operating expenses: |
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Research and development |
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1,125,000 |
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648,000 |
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2,032,000 |
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1,457,000 |
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Selling, general and administrative |
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1,407,000 |
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945,000 |
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2,715,000 |
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2,060,000 |
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Total operating expenses |
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2,532,000 |
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1,593,000 |
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4,747,000 |
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3,517,000 |
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Income (loss) from operations |
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1,288,000 |
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(121,000 |
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2,493,000 |
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(630,000 |
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Interest income |
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80,000 |
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40,000 |
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126,000 |
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82,000 |
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Income (loss) before income tax benefit |
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1,368,000 |
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(81,000 |
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2,619,000 |
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(548,000 |
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Income tax expense (benefit) |
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Provision (benefit) for income taxes |
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603,000 |
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— |
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1,107,000 |
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(154,000 |
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Benefit from release of valuation allowance |
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— |
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— |
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(7,039,000 |
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— |
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Net income (loss) |
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$ |
765,000 |
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$ |
(81,000 |
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$ |
8,551,000 |
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$ |
(394,000 |
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Basic net income (loss) per common share |
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$ |
0.08 |
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$ |
(0.01 |
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$ |
0.85 |
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$ |
(0.04 |
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Shares used to calculate net income (loss) per common share |
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10,060,866 |
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9,941,121 |
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10,024,138 |
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