UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXHANGE ACT OF 1934 |
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For the quarter period ended April 2, 2005 |
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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 001-16121
VIASYS HEALTHCARE INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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04-3505871 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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227 Washington Street, Suite 200 |
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19428 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (610) 862-0800
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 the filing requirements for at least the past 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 ý No o
As of May 9, 2005, the Registrant had 31,179,043 shares of Common Stock, par value $.01, outstanding. This number excludes 5,597 shares held by the Registrant as treasury shares.
INDEX TO FORM 10-Q
2
PART I – FINANCIAL INFORMATION
VIASYS HEALTHCARE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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April 2, |
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January 1, |
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(Unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
36,209 |
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$ |
122,281 |
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Accounts receivable, less allowance for doubtful accounts of $5,720 and $5,113 at April 2, 2005 and January 1, 2005, respectively |
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111,487 |
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91,914 |
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Inventories |
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83,513 |
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72,651 |
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Deferred income taxes, net |
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12,404 |
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12,689 |
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Prepaid expenses and other current assets |
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5,201 |
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4,468 |
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Total Current Assets |
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248,814 |
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304,003 |
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Property, Plant and Equipment, net |
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46,078 |
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27,507 |
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Goodwill |
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242,211 |
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190,234 |
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Intangible Assets, net |
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25,158 |
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22,833 |
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Other Assets |
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2,393 |
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3,259 |
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Total Assets |
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$ |
564,654 |
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$ |
547,836 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Current portion of long-term obligations |
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$ |
769 |
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$ |
491 |
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Accounts payable |
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29,379 |
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23,363 |
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Accrued payroll and related benefits |
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10,802 |
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10,091 |
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Deferred revenue |
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13,589 |
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12,104 |
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Accrued installation and warranty costs |
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7,314 |
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6,274 |
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Accrued commissions |
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2,555 |
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3,357 |
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Income taxes payable |
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2,089 |
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— |
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Accrued restructuring costs |
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4,302 |
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5,776 |
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Other accrued expenses |
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13,686 |
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12,192 |
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Total Current Liabilities |
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84,485 |
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73,648 |
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Deferred Income Taxes, net |
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6,196 |
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6,338 |
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Other Long-Term Liabilities |
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8,574 |
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2,351 |
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Total Liabilities |
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99,255 |
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82,337 |
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Stockholders’ Equity: |
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Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued and outstanding |
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— |
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— |
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Common stock, $.01 par value; 100,000,000 shares authorized; 31,151,690 and 31,101,239 shares issued; 31,146,093 and 31,095,642 shares outstanding at April 2, 2005 and January 1, 2005, respectively |
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312 |
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311 |
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Additional paid-in capital |
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352,604 |
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351,756 |
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Treasury stock, at cost; 5,597 shares at April 2, 2005 and January 1, 2005 |
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(111 |
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(111 |
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Retained earnings |
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85,860 |
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81,000 |
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Accumulated other comprehensive income |
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26,734 |
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32,543 |
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Total Stockholders’ Equity |
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465,399 |
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465,499 |
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Total Liabilities and Stockholders’ Equity |
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$ |
564,654 |
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$ |
547,836 |
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See accompanying notes to the condensed consolidated financial statements.
3
VIASYS HEALTHCARE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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For the Three Months Ended |
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April 2, |
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April 3, |
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(Unaudited) |
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Revenues: |
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Product |
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$ |
91,554 |
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$ |
84,436 |
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Service |
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12,630 |
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11,153 |
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Total revenues |
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104,184 |
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95,589 |
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Cost of Revenues: |
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Product |
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47,641 |
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46,564 |
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Service |
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7,834 |
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7,168 |
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Total cost of revenues |
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55,475 |
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53,732 |
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Gross Margin |
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48,709 |
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41,857 |
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Operating Expenses: |
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Selling, general and administrative expense |
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34,207 |
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30,833 |
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Research and development expense |
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6,672 |
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6,396 |
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Restructuring charges |
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601 |
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262 |
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Total operating expenses |
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41,480 |
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37,491 |
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Operating Income |
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7,229 |
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4,366 |
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