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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 10-Q


(X)     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2005

or

(  )      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________
 
Commission File No. 0-15443


THERAGENICS CORPORATION®
(Exact name of registrant as specified in its charter)


 
Delaware
58-1528626
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification Number)
   

 
5203 Bristol Industrial Way
  
Buford, Georgia
30518
(Address of principal executive offices)
(Zip Code)


Registrant's telephone number, including area code: (770) 271-0233


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   X   NO    ___

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES   X    NO    ___

As of May 10, 2005 the number of shares of $0.01 par value common stock outstanding was 31,908,572.





THERAGENICS CORPORATION®

TABLE OF CONTENTS
 
 
Page No.
PART I.      FINANCIAL INFORMATION
3
 
 
3
 
 
3
   
5
   
6
 
 
7
   
8
   
ITEM 2.
 
14
   
ITEM 3.
 
25
   
ITEM 4.
25
   
PART II.
25
   
ITEM 1.
25
   
ITEM 5.
25
   
ITEM 6.
25
   
26


 

 
PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements (Unaudited)

THERAGENICS CORPORATION®
BALANCE SHEETS
(Amounts in thousands, except per share data)

 
ASSETS
           
   
 April 3,
  
December 31,
  
   
 2005
(unaudited)
  
2004
  
            
CURRENT ASSETS
              
Cash and short-term investments
  
$
29,084
  
$
26,150
  
Marketable securities
    
32,868
    
36,111
  
Trade accounts receivable, less allowance of $184 in 2005 and $177 in 2004
    
6,021
    
5,787
  
Inventories
    
3,061
    
2,996
  
Deferred income tax asset
    
585
    
410
  
Prepaid expenses and other current assets
    
4,440
    
4,221
  
TOTAL CURRENT ASSETS
    
76,059
    
75,675
  
               
PROPERTY AND EQUIPMENT
              
Buildings and improvements
    
44,061
    
43,618
  
Machinery and equipment
    
64,081
    
61,560
  
Office furniture and equipment
    
810
    
810
  
     
108,952
    
105,988
  
Less accumulated depreciation and
              
amortization
    
(42,983
)
  
(41,226
)
               
 
    
65,969
    
64,762
  
               
Land
    
822
    
822
  
Construction in progress
    
1,831
    
4,631
  
TOTAL PROPERTY AND EQUIPMENT
    
68,622
    
70,215
  
               
OTHER ASSETS
    
3,123
    
2,788
  
               
TOTAL ASSETS
  
$
147,804
  
$
148,678
  
               

-3-


THERAGENICS CORPORATION®
BALANCE SHEETS - Continued
(Amounts in thousands, except per share data)



LIABILITIES & SHAREHOLDERS’ EQUITY
   
April 3, 
    
December 31,
 
 
    
2005
(unaudited) 
    
2004
  
               
CURRENT LIABILITIES
              
Trade accounts payable
  
$
1,619
  
$
1,871
  
Accrued salaries, wages and payroll taxes
    
488
    
608
  
Other current liabilities
    
646
    
607
  
               
TOTAL CURRENT LIABILITIES
    
2,753
    
3,086
  
               
               
LONG-TERM LIABILITIES
              
Deferred income taxes
    
6,758
    
6,920
  
Asset retirement obligation
    
602
    
549
  
Other liabilities
    
73
   
63
  
               
TOTAL LONG-TERM LIABILITIES
    
7,433
    
7,532
  
               
               
SHAREHOLDERS’ EQUITY
              
Common stock, $0.01 par value, 100,000
              
shares authorized; issued and outstanding,
              
30,023 in 2005 and 29,989 in 2004
    
300
    
300
  
Additional paid-in capital
    
62,097
    
61,987
  
Deferred compensation
    
(16
)
  
(23
)
Retained earnings
    
75,434
    
75,930
  
Accumulated other comprehensive loss
    
(197
)
  
(134
)
               
TOTAL SHAREHOLDERS' EQUITY
    
137,618
    
138,060
  
               
TOTAL LIABILITIES AND
              
SHAREHOLDERS' EQUITY
  
$
147,804
  
$
148,678
  
 
 
 
The accompanying notes are an integral part of these statements.
 


-4-

THERAGENICS CORPORATION®
STATEMENTS OF OPERATIONS
(UNAUDITED)
(Amounts in thousands, except per share data)

   
Three Months Ended
  
   
April 3,
  
April 4,
  
   
2005
  
2004
  
REVENUE
              
Product sales
 
$
9,462
  
$
7,882
  
Licensing fees
    
77
    
71
  
               
     
9,539
    
7,953
  
               
COST OF SALES
    
4,794
    
3,398
  
               
GROSS PROFIT