UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
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
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) |
Registrant’s telephone number, including area code
(508) 580-1900
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 June 30, 2004 was 6,853,646.
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 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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REVENUE: |
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PCT Products |
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$ |
5,540 |
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$ |
3,492 |
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$ |
10,556 |
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$ |
73,782 |
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Grant Revenues |
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102,374 |
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151,803 |
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225,536 |
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334,118 |
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Total revenue |
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107,914 |
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155,295 |
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236,092 |
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407,900 |
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COSTS AND EXPENSES: |
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Cost of products |
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17,279 |
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2,692 |
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35,019 |
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54,265 |
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Research and development |
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177,975 |
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328,479 |
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432,771 |
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657,121 |
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Selling and marketing |
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41,645 |
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42,316 |
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125,880 |
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196,082 |
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General and administrative |
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279,620 |
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319,734 |
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622,000 |
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747,445 |
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Total operating costs and expenses |
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516,519 |
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693,221 |
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1,215,670 |
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1,654,913 |
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Operating loss from continuing operations |
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(408,605 |
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(537,926 |
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(979,578 |
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(1,247,013 |
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Other operating credits and (charges), net (Note 5) |
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(215,429 |
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(201,903 |
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(302,996 |
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(337,671 |
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Interest income |
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1,548 |
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3,014 |
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3,538 |
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15,631 |
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Interest expense |
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(43,155 |
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(13,165 |
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(50,970 |
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(26,712 |
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Loss from continuing operations before income taxes |
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(665,641 |
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(749,980 |
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(1,330,006 |
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(1,595,764 |
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Income tax benefit |
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79,282 |
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139,399 |
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244,036 |
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233,462 |
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Loss from continuing operations |
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(586,359 |
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(610,581 |
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(1,085,970 |
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(1,362,303 |
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Discontinued operations (Note 4) |
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Income from discontinued operations (net of income taxes of $79,281 and $245,135 for the three and six months ended June 30, 2004 respectively and net of income taxes of $139,750 and $236,892 for the three and six months ended June 30, 2003 respectively) |
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237,283 |
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385,277 |
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581,159 |
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883,452 |
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Net loss |
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$ |
(349,076 |
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$ |
(225,304 |
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$ |
(504,811 |
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$ |
(478,851 |
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Loss per share from continuing operations, basic & diluted |
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$ |
(0.09 |
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$ |
(0.09 |
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$ |
(0.16 |
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$ |
(0.20 |
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Income per share from discontinued operations, basic & diluted |
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$ |
0.04 |
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$ |
0.06 |
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$ |
0.09 |
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$ |
0.13 |
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Net loss per share, basic & diluted |
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$ |
(0.05 |
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$ |
(0.03 |
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$ |
(0.07 |
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$ |
(0.07 |
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Weighted average number of shares used to calculate income (loss) per share basic and diluted |
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6,844,090 |
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6,801,157 |
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6,836,337 |
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6,795,262 |
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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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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
425,984 |
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$ |
967,185 |
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Marketable securities |
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3,827 |
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4,071 |
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Accounts receivable, net of allowances of $250 and $0, respectively |
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31,097 |
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27,557 |
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Inventories |
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282,112 |
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298,351 |
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Prepaid expenses and other current assets |
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52,461 |
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105,048 |
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Restricted cash (Note 9) |
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33,049 |
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— |
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Assets held for sale (Note 3) |
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13,944,887 |
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13,522,893 |
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Total current assets |
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14,773,417 |
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14,925,105 |
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Property and equipment, net |
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64,937 |
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117,422 |
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OTHER ASSETS: |
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Acquired PCT patent costs, net |
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498,506 |
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522,822 |
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Assets transferred under contractual arrangements (Note 5) |
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1,257,613 |
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1,228,200 |
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Deferred costs (Note 1) |
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556,985 |
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39,719 |
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Other long-term assets |
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9,178 |
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9,178 |
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Total other assets |
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2,322,282 |
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1,799,919 |
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TOTAL ASSETS |
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$ |
17,160,636 |
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$ |
16,842,446 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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