UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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 March 31, 2005
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 0-13143
Innovex, Inc.
(Exact name of registrant as specified in its charter)
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Minnesota |
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41-1223933 |
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(State or other jurisdiction of |
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(IRS Employer |
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incorporation or organization) |
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Identification No.) |
5540 Pioneer Creek Drive, Maple Plain, MN 55359
(Address of principal executive offices)
(763) 479-5300
(Registrant’s telephone number, including area code)
(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 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). ý Yes o No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date: As of April 21, 2005, 19,178,976 shares of the registrant’s common stock, $.04 par value per share, were outstanding.
Index
PART I. |
FINANCIAL INFORMATION |
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Management’s Discussion and Analysis of Financial Condition and Results of |
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PART II. |
OTHER INFORMATION |
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SIGNATURES |
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2
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ITEM 1 |
FINANCIAL STATEMENTS |
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INNOVEX, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
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March 31, |
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September 30, |
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2005 |
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2004 |
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ASSETS |
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Current assets: |
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Cash and equivalents |
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$ |
7,964,036 |
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$ |
14,422,060 |
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Accounts receivable, net |
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34,495,320 |
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27,247,622 |
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Inventories |
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20,394,191 |
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12,222,703 |
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Deferred income taxes — current |
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— |
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915,559 |
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Other current assets |
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2,735,573 |
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2,696,645 |
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Total current assets |
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65,589,120 |
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57,504,589 |
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Property, plant and equipment, net of accumulated depreciation of $55,014,000 and $49,396,000 |
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65,231,218 |
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53,538,016 |
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Goodwill |
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3,000,971 |
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3,000,971 |
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Deferred income taxes — long-term |
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5,475,787 |
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12,974,692 |
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Other assets |
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3,259,545 |
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2,728,563 |
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$ |
142,556,641 |
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$ |
129,746,831 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities: |
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Current maturities of long-term debt |
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$ |
6,377,732 |
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$ |
6,251,784 |
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Line of credit |
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7,745,355 |
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— |
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Accounts payable |
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31,322,576 |
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20,540,924 |
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Accrued compensation |
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2,815,047 |
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2,702,072 |
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Other accrued liabilities |
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3,132,228 |
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2,148,328 |
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Total current liabilities |
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51,392,938 |
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31,643,108 |
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Long-term debt, less current maturities |
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18,969,671 |
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11,021,678 |
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Stockholders’ equity: |
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Common stock, $.04 par value; 30,000,000 shares authorized, 19,176,976 and 19,108,469 shares issued and outstanding |
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767,079 |
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764,339 |
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Capital in excess of par value |
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60,938,396 |
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60,771,551 |
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Retained earnings |
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10,488,557 |
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25,546,155 |
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Total stockholders’ equity |
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72,194,032 |
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87,082,045 |
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$ |
142,556,641 |
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$ |
129,746,831 |
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See accompanying notes to condensed consolidated financial statements.
3
INNOVEX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
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Three Months Ended March 31, |
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2005 |
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2004 |
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Net sales |
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$ |
52,724,445 |
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$ |
39,264,718 |
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Costs and expenses: |
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Cost of sales |
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51,217,055 |
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33,708,149 |
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Selling, general and administrative |
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3,657,866 |
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3,991,315 |
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Royalty expense to equity investee |
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514,080 |
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297,349 |
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Engineering |
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1,874,580 |
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1,681,223 |
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Restructuring charges |
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465,582 |
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— |
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Net interest (income) expense |
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346,913 |
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176,065 |
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Net other (income) expense |
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(301,706 |
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(204,136 |
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Income (loss) before taxes |
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(5,049,925 |
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(385,247 |
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Income taxes |
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9,000,000 |
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(522,286 |
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Net income (loss) |
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$ |
(14,049,925 |
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$ |
137,039 |
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Net income (loss) per share: |
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Basic |
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$ |
(0.73 |
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$ |
0.01 |
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Diluted |
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$ |
(0.73 |
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$ |
0.01 |
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Weighted average shares outstanding: |
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Basic |
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19,149,594 |
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19,020,447 |
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Diluted |
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19,149,594 |
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19,677,615 |
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Six Months Ended March 31, |
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