UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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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 December 31, 2004 |
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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 1-15297 |
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WATER PIK TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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25-1843384 |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification No.) |
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23 Corporate Plaza, Suite 246 Newport Beach, CA 92660 |
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(Address of principal executive offices, including zip code) |
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Registrant’s telephone number, including area code: (949) 719-3700 |
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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. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2): Yes ý No o
The number of shares of Common Stock outstanding on January 26, 2005 was 12,134,562 shares.
WATER PIK TECHNOLOGIES, INC.
INDEX
2
Water Pik Technologies, Inc.
(In thousands, except for share and per-share amounts)
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December 31, 2004 |
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September 30, 2004 |
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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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$ |
1,493 |
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$ |
11,036 |
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Accounts receivable, less allowances of $2,312 at December 31, 2004 and $2,371 at September 30, 2004 |
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83,341 |
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58,418 |
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Inventories |
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48,028 |
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45,387 |
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Deferred income taxes |
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8,715 |
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8,736 |
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Prepaid expenses and other current assets |
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3,575 |
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2,803 |
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Total current assets |
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145,152 |
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126,380 |
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Property, plant and equipment, net |
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44,251 |
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45,553 |
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Goodwill, net |
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35,850 |
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35,149 |
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Deferred income taxes |
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— |
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225 |
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Other assets |
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4,170 |
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3,893 |
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Total assets |
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$ |
229,423 |
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$ |
211,200 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
25,709 |
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$ |
26,069 |
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Accrued income taxes |
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2,291 |
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27 |
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Accrued liabilities |
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35,303 |
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32,529 |
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Current portion of long-term debt |
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3,835 |
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3,838 |
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Total current liabilities |
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67,138 |
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62,463 |
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Long-term debt, less current portion |
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25,829 |
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20,839 |
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Other accrued liabilities |
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5,753 |
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5,358 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $0.01 par value: 5,000,000 shares authorized; none issued |
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— |
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— |
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Common stock, $0.01 par value: 50,000,000 shares authorized; 12,125,599 and 12,282,527 shares issued and outstanding at December 31, 2004 and September 30, 2004, respectively |
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127 |
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128 |
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Additional paid-in capital |
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81,438 |
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82,625 |
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Equity adjustments due to stock plans |
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448 |
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(996 |
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Treasury stock at cost, 704,211 and 541,343 shares at December 31, 2004 and September 30, 2004, respectively |
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(7,291 |
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(7,130 |
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Retained earnings |
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51,449 |
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45,474 |
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Accumulated comprehensive income |
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4,532 |
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2,439 |
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Total stockholders’ equity |
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130,703 |
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122,540 |
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Total liabilities and stockholders’ equity |
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$ |
229,423 |
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$ |
211,200 |
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See accompanying notes
3
Water Pik Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except for share and per-share amounts)
(Unaudited)
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Three Months Ended December 31, |
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2004 |
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2003 |
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Sales |
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$ |
89,898 |
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$ |
97,111 |
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Cost and expenses: |
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Cost of sales |
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62,254 |
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67,211 |
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Selling expenses |
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10,540 |
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12,334 |
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General and administrative expenses |
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5,843 |
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6,049 |
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Research and development expenses |
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1,385 |
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1,845 |
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80,022 |
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87,439 |
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Operating income |
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9,876 |
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9,672 |
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Interest expense |
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365 |
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458 |
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