Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2004
or
o TRANSITION REPORT PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-26670
NORTH AMERICAN SCIENTIFIC, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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51-0366422 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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20200 Sunburst Street, Chatsworth, CA 91311 |
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(Address of principal executive offices) |
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(818) 734-8600 |
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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 Rule 12b-2 of the Exchange Act).
o Yes ý No
The number of shares of Registrant’s Common Stock, $.01 par value, outstanding as of September 20, 2004 was 16,257,437 shares.
NORTH AMERICAN SCIENTIFIC, INC.
Index
2
PART II – FINANCIAL INFORMATION
NORTH AMERICAN SCIENTIFIC, INC.
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July 31, |
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October 31, |
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(Unaudited) |
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Assets |
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Current Assets |
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Cash |
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$ |
232,000 |
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$ |
1,761,000 |
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Marketable securities |
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14,481,000 |
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32,587,000 |
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Accounts receivable |
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6,772,000 |
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2,167,000 |
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Inventories |
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6,529,000 |
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692,000 |
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Income tax receivable |
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— |
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496,000 |
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Prepaid and other current assets |
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2,929,000 |
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1,053,000 |
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Total current assets |
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30,943,000 |
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38,756,000 |
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Non-current marketable securities |
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8,362,000 |
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14,767,000 |
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Equipment and leasehold improvements |
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4,315,000 |
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2,996,000 |
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Goodwill |
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22,932,000 |
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3,866,000 |
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Intangible assets |
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27,426,000 |
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813,000 |
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Other assets |
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122,000 |
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1,334,000 |
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Total assets |
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$ |
94,100,000 |
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$ |
62,532,000 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
5,196,000 |
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$ |
1,620,000 |
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Accrued expenses |
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8,120,000 |
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5,166,000 |
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Deferred revenue |
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5,786,000 |
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— |
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Total current liabilities |
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19,102,000 |
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6,786,0000 |
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Commitments and contingencies |
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Stockholders’ Equity |
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Preferred stock, $0.01 par value, 2,000,000 shares authorized; no shares issued |
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— |
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— |
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Common stock, $0.01 par value, 40,000,000 shares authorized, 16,276,437 and 10,298,241 shares issued; 16,257,437 and 10,279,241 shares outstanding as of July 31, 2004 and October 31, 2003, respectively |
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166,000 |
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103,000 |
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Additional paid-in capital |
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120,818,000 |
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74,343,000 |
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Treasury stock, at cost – 19,000 shares |
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(129,000 |
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(129,000 |
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Accumulated deficit |
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(45,857,000 |
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(18,571,000 |
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Total stockholders’ equity |
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74,998,000 |
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55,746,000 |
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Total liabilities and stockholders’ equity |
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$ |
94,100,000 |
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$ |
62,532,000 |
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See condensed notes to the consolidated financial statements.
3
NORTH AMERICAN SCIENTIFIC, INC.
Consolidated Statements of Operations
(Unaudited)
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Three months ended July 31, |
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Nine months ended July 31, |
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2004 |
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2003 |
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2004 |
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2003 |
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Net Sales |
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$ |
8,137,000 |
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$ |
3,011,000 |
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$ |
14,982,000 |
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$ |
11,056,000 |
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Cost of goods sold |
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4,801,000 |
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1,733,000 |
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8,639,000 |
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4,988,000 |
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Gross profit |
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3,336,000 |
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1,278,000 |
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6,343,000 |
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6,068,000 |
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Selling expenses |
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2,273,000 |
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889,000 |
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3,919,000 |
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2,463,000 |
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General and administrative expenses |
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3,817,000 |
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1,815,000 |
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9,602,000 |
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5,686,000 |
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Research and development |
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3,269,000 |
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1,661,000 |
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7,060,000 |
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5,431,000 |
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In-process research and development |
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7,800,000 |
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— |
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7,800,000 |
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— |
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Impairment of goodwill and long-lived assets |
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4,681,000 |
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— |
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4,681,000 |
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— |
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Merger and integration costs |
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1,056,000 |
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— |
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1,056,000 |
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