Washington, D.C. 20549
ý QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2005
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-26670
(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).
ý Yes o No
The number of shares of Registrant’s Common Stock, $.01 par value, outstanding as of May 31, 2005 was 16,394,252 shares.
NORTH AMERICAN SCIENTIFIC, INC.
Index
2
PART I – FINANCIAL INFORMATION
NORTH AMERICAN SCIENTIFIC, INC.
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April 30, |
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October 31, |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
268,000 |
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$ |
2,334,000 |
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Marketable securities |
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6,134,000 |
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10,046,000 |
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Accounts receivable |
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7,228,000 |
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7,132,000 |
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Inventories |
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4,086,000 |
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4,871,000 |
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Prepaid expenses and other current assets |
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1,312,000 |
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1,061,000 |
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Total current assets |
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19,028,000 |
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25,444,000 |
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Non-current marketable securities |
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— |
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2,600,000 |
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Equipment and leasehold improvements |
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3,871,000 |
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4,127,000 |
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Goodwill |
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18,732,000 |
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18,732,000 |
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Intangible assets |
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28,354,000 |
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29,504,000 |
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Other assets |
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121,000 |
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132,000 |
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Total assets |
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$ |
70,106,000 |
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$ |
80,539,000 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
1,284,000 |
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$ |
2,061,000 |
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Accrued expenses |
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5,513,000 |
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6,808,000 |
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Deferred revenue |
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5,295,000 |
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6,293,000 |
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Total current liabilities |
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12,092,000 |
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15,162,000 |
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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, $0.01 par value, 40,000,000 shares authorized, 16,441,131 and 16,308,487 shares issued; 16,333,105 and 16,200,461 shares outstanding as of April 30, 2005 and October 31, 2004, respectively |
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167,000 |
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163,000 |
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Additional paid-in capital |
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120,431,000 |
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120,220,000 |
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Treasury stock, at cost – 108,026 common shares |
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(129,000 |
) |
(129,000 |
) |
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Accumulated deficit |
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(62,455,000 |
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(54,877,000 |
) |
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Total stockholders’ equity |
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58,014,000 |
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65,377,000 |
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Total liabilities and stockholders’ equity |
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$ |
70,106,000 |
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$ |
80,539,000 |
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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 April 30, |
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Six months ended April 30, |
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2005 |
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2004 |
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2005 |
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2004 |
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Revenue |
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Product |
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$ |
5,843,000 |
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$ |
3,482,000 |
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$ |
11,216,000 |
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$ |
6,845,000 |
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Service |
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3,298,000 |
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— |
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6,089,000 |
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— |
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Total revenue |
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9,141,000 |
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3,482,000 |
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17,305,000 |
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6,845,000 |
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Cost of revenue |
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Product |
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4,603,000 |
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1,933,000 |
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8,828,000 |
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3,838,000 |
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Service |
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880,000 |
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— |
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1,890,000 |
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— |
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Total cost of revenue |
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5,483,000 |
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1,933,000 |
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10,718,000 |
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3,838,000 |
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Gross profit |
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3,658,000 |
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1,549,000 |
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6,587,000 |
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3,007,000 |
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Operating expenses |
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Selling expenses |
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2,164,000 |
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853,000 |
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4,303,000 |
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1,632,000 |
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General and administrative expenses |
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3,278,000 |
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2,005,000 |
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5,580,000 |
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5,119,000 |
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Research and development |
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1,624,000 |
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155,000 |
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