For the quarterly period ended February 26, 2005
For the transition period from _________ to _________
Commission file number 1-11479
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E-Z-EM, Inc. ————————————————————— (Exact name of registrant as specified in its charter) |
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Delaware ————————————— (State or other jurisdiction of incorporation or organization) |
11-1999504
———————— (I.R.S. Employer Identification No.) |
| 1111 Marcus
Avenue, Lake Success, New York ———————————————————— (Address of principal executive offices) |
11042 ————— (Zip Code) |
| (516)
333-8230 —————————————————————— Registrant’s telephone number, including area code |
|
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 |_| No |X|
As of April 7, 2005, there were 10,777,758 shares of the issuer’s common stock outstanding.
-2-
E-Z-EM, Inc. and Subsidiaries
CONSOLIDATED BALANCE
SHEETS
(in thousands)
| ASSETS | February
26, 2005 |
May
29, 2004 |
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| (unaudited) | (audited) | |||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents | $ | 10,412 | $ | 12,334 | ||
| Debt and equity securities, at fair value | 15,304 | 12,130 | ||||
| Accounts receivable, principally | ||||||
| trade, net | 21,141 | 16,673 | ||||
| Inventories | 22,405 | 18,901 | ||||
| Other current assets | 6,729 | 5,792 | ||||
| Current assets of discontinued operation | 40,290 | |||||
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| Total current assets | 75,991 | 106,120 | ||||
| PROPERTY, PLANT AND EQUIPMENT - AT COST, | ||||||
| less accumulated depreciation and | ||||||
| amortization | 17,076 | 15,415 | ||||
| INTANGIBLE ASSETS, less accumulated | ||||||
| amortization | 588 | 133 | ||||
| DEBT AND EQUITY SECURITIES, at fair value | 1,643 | 3,107 | ||||
| INVESTMENTS AT COST | 490 | 1,000 | ||||
| OTHER ASSETS | 7,772 | 7,409 | ||||
| NONCURRENT ASSETS OF DISCONTINUED OPERATION | 9,352 | |||||
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| $ | 103,560 | $ | 142,536 | |||
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The accompanying notes are an integral part of these statements.
-3-
E-Z-EM, Inc. and Subsidiaries
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share and per
share data)
| LIABILITIES AND STOCKHOLDERS’ EQUITY | February
26, 2005 |
May
29, 2004 |
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| (unaudited) | (audited) | |||||
| CURRENT LIABILITIES | ||||||
| Notes payable | $ | 407 | $ | 440 | ||
| Current maturities of long-term debt | 94 | 149 | ||||
| Accounts payable | 6,158 | 4,415 | ||||
| Accrued liabilities | 7,335 | 6,557 | ||||
| Accrued income taxes | 210 | 179 | ||||
| Current liabilities of discontinued | ||||||
| operation | 5,744 | |||||
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| Total current liabilities | 14,204 | 17,484 | ||||
| LONG-TERM DEBT, less current maturities | 123 | 178 | ||||
| OTHER NONCURRENT LIABILITIES | 3,747 | 3,488 | ||||
| NONCURRENT LIABILITIES AND MINORITY INTEREST | ||||||
| OF DISCONTINUED OPERATION | 9,611 | |||||
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| Total liabilities | 18,074 | 30,761 | ||||
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| COMMITMENTS AND CONTINGENCIES | ||||||
| STOCKHOLDERS’ EQUITY | ||||||
| Preferred stock, par value $.10 per | ||||||
| share - authorized, 1,000,000 shares; | ||||||
| issued, none | ||||||
| Common stock, par value $.10 per share - | ||||||
| authorized, 16,000,000 shares; issued | ||||||
| and outstanding 10,772,286 shares at | ||||||
| February 26, 2005 and 10,698,216 shares | ||||||
| at May 29, 2004 (excluding 86,288 and | ||||||
| 83,062 shares held in treasury at February | ||||||
| 26, 2005 and May 29, 2004, respectively) | 1,077 | 1,070 | ||||
| Additional paid-in capital | 28,170 | 38,445 | ||||
| Retained earnings | 53,161 | 70,638 | ||||
| Accumulated other comprehensive income | 3,078 | 1,622 | ||||
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| Total stockholders’ equity | 85,486 | 111,775 | ||||
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| $ | 103,560 | $ | 142,536 | |||
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The accompanying notes are an integral part of these statements.
-4-
E-Z-EM, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS
OF EARNINGS
(unaudited)
(in thousands, except per share data)
| Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||
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| February
26, 2005 |
February
28, 2004 |
February
26, 2005 |
February
28, 2004 |
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| Net sales | $ | 30,833 | $ | 24,950 | $ | 81,067 | $ | 72,879 | ||||
| Cost of goods sold | 18,106 | 15,207 | 46,462 | 44,255 | ||||||||
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| Gross profit | 12,727 | 9,743 | 34,605 | 28,624 | ||||||||
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| Operating expenses | ||||||||||||
| Selling and administrative | 8,923 | 7,963 | 26,192 | 23,233 | ||||||||
| Plant closing and operational | ||||||||||||
| restructuring costs | 649 | 500 | 2,074 | 1,700 | ||||||||
| Research and development | 1,421 | 1,047 | 3,919 | 3,229 | ||||||||
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| Total operating expenses | 10,993 | 9,510 | 32,185 | 28,162 | ||||||||
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| Operating profit | 1,734 | 233 | 2,420 | 462 | ||||||||
| Other income (expense) | ||||||||||||
| Interest income | 83 | 162 | 230 | 672 | ||||||||
| Interest expense | (84 | ) | (82 | ) | (249 | ) | (235 | ) | ||||
| Other, net | 1,496 | 828 | 2,522 | 1,378 | ||||||||
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| Earnings from continuing | ||||||||||||
| operations before income | ||||||||||||
| taxes | 3,229 | 1,141 | 4,923 | 2,277 | ||||||||
| Income tax provision | 311 | 593 | 551 | 1,182 | ||||||||
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| Earnings from continuing | ||||||||||||
| operations | 2,918 | 548 | 4,372 | 1,095 | ||||||||
| Earnings from discontinued | ||||||||||||
| operation, net of income tax | ||||||||||||
| provision | ||||||||||||