-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KVVkh8FDLO4m7/tJuz5Xz15c2wVyXQhAR8uWJzKEqFyCj321ALIe4vTGV5YraCFu oCZ2MX9rAb3jq14OYmKiww== 0001005477-98-002754.txt : 19980911 0001005477-98-002754.hdr.sgml : 19980911 ACCESSION NUMBER: 0001005477-98-002754 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980910 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVOSTE CORP /FL/ CENTRAL INDEX KEY: 0001012131 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 592787476 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-20727 FILM NUMBER: 98707396 BUSINESS ADDRESS: STREET 1: 4350-C INTERNATIONAL BLVD CITY: NORCROSS STATE: GA ZIP: 30093 BUSINESS PHONE: 7707170904 MAIL ADDRESS: STREET 1: 4350 C INTERNATIONAL BLVD CITY: NORCROSS STATE: GA ZIP: 30093 10-Q/A 1 FORM 10-Q/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q/A Amendment no. 1 |X| Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 1998. |_| Transition period pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from _____________ to ______________. 0-20727 ------- (Commission File Number) Novoste Corporation ------------------- (Exact Name of Registrant as Specified in Its Charter) Florida 59-2787476 ------- ---------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 4350-C International Blvd., Norcross, GA 30093 ---------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone, including area code: (770) 717-0904 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 requirements for the past 90 days. (Item 1) Yes |X| No |_| (Item 2) Yes |X| No |_| As of July 31, 1998, there were 10,569,312 shares of the Registrant's Common Stock outstanding. Information note: This Form 10-Q/A is being filed to amend the totals of Shareholders' Equity, and Liabilities and Shareholders' Equity, on the Condensed Balance Sheets for the six months ended June 30, 1998. The Condensed Balance Sheets reported in this Form 10-Q/A have been restated to reflect the above-mentioned changes. PART I - ITEM 1. - FINANCIAL INFORMATION NOVOSTE CORPORATION Condensed Balance Sheets Condensed Statements of Operations Condensed Statements of Cash Flows Notes to Condensed Financial Statements 2 NOVOSTE CORPORATION (A Development Stage Company) CONDENSED BALANCE SHEETS
June 30, December 31, 1998 1997 ------------ ------------ (unaudited) Assets Current assets: Cash and cash equivalents $ 32,842,206 $ 35,993,933 Short-term investments 7,247,546 12,408,785 Prepaid expenses 246,409 88,099 ------------ ------------ Total current assets 40,336,161 48,490,817 Property and equipment, net 1,804,807 1,061,526 License agreements, net 132,940 139,758 Other assets 299,188 103,855 ------------ ------------ $ 42,573,096 $ 49,795,956 ============ ============ Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 21,686 $ 523,678 Accrued expenses and taxes withheld 2,420,945 1,903,276 ------------ ------------ Total current liabilities 2,442,631 2,426,954 ------------ ------------ Shareholders' equity: Preferred stock, $.01 par value, 5,000,000 shares authorized; no shares issued and outstanding -- -- Common stock, $.01 par value, 25,000,000 shares authorized; 10,571,617 and 10,332,042 shares issued, respectively 105,716 103,320 Additional paid-in capital 76,644,528 74,908,631 Deficit accumulated during the development stage (36,242,950) (27,619,109) ------------ ------------ 40,507,295 47,392,842 Less treasury stock, 5,780 shares of common stock at cost (23,840) (23,840) Unearned compensation (352,990) -- ------------ ------------ Total shareholders' equity 40,130,465 47,369,002 ------------ ------------ $ 42,573,096 $ 49,795,956 ============ ============
See accompanying notes. 3 NOVOSTE CORPORATION (A Development Stage Company) UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
From inception Three months ended Six months ended (May 22, 1992) June 30, June 30, through June 30, 1998 1997 1998 1997 1998 ----------------------------- ----------------------------- ---------------- Miscellaneous revenues $ -- $ 29,313 $ -- $ 29,313 $ 320,200 Costs and expenses: Research and development 3,984,103 3,157,439 7,912,637 5,481,277 29,672,536 General and administrative 541,548 443,023 1,052,866 960,121 6,876,741 Marketing 505,468 152,137 871,426 290,667 3,425,527 ------------- ------------ ------------- ------------- ------------- 5,031,119 3,752,599 9,836,929 6,732,065 39,974,804 ------------- ------------ ------------- ------------- ------------- Loss from operations (5,031,119) (3,723,286) (9,836,929) (6,702,752) $ (39,654,604) ------------- ------------ ------------- ------------- ------------- Interest income 585,209 317,964 1,213,088 655,024 3,593,413 Interest expense -- -- -- -- (181,759) ------------- ------------ ------------- ------------- ------------- Net loss (4,445,910) $ (3,405,322) $ (8,623,841) $ (6,047,728) $ (36,242,950) ============= ============ ============= ============= ============= Net loss per share, basic and diluted $ (0.43) $ (0.40) $ (0.83) $ (0.72) ============= ============ ============= ============= Weighted average shares outstanding 10,464,573 8,453,621 10,424,013 8,393,106 ============= ============ ============= =============
See accompanying notes. 4 NOVOSTE CORPORATION (A Development Stage Company) UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
From inception For the six months (May 22, 1992) ended June 30, through June 30, 1998 1997 1998 ------------ ------------ ---------------- Cash flows from operating activities Net loss $ (8,623,841) $ (6,047,728) $(36,242,950) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 219,343 199,717 1,520,081 Issuance of stock for services or compensation 593,060 135,000 1,810,378 Changes in assets and liabilities: Prepaid expenses (158,310) (58,738) (253,868) Accounts payable (501,992) (132,091) 21,686 Accrued expenses and taxes withheld 517,669 34,844 2,815,452 Other (188,515) 130,719 (323,833) ------------ ------------ ------------ Net cash used by operations (8,142,586) (5,738,277) (30,653,054) ------------ ------------ ------------ Cash flows from investing activities Maturity (purchase) of short-term investments 5,161,239 2,036,335 (7,247,546) Purchase of property and equipment, net (962,624) (53,365) (2,988,077) ------------ ------------ ------------ Net cash provided (used) by investing activities 4,198,615 1,982,970 (10,235,623) ------------ ------------ ------------ Cash flows from financing activities Proceeds from issuance of notes payable -- -- 4,770,150 Repayment of notes payable -- -- (2,970,150) Proceeds from issuance of common stock 792,244 230,794 71,930,883 ------------ ------------ ------------ Net cash provided by financing activities 792,244 230,794 73,730,883 ------------ ------------ ------------ Net increase (decrease) in cash and cash equivalents (3,151,727) (3,524,513) 32,842,206 Cash and cash equivalents at beginning of period 35,993,933 19,954,827 -- ------------ ------------ ------------ Cash and cash equivalents at end of period $ 32,842,206 $ 16,430,314 $ 32,842,206 ============ ============ ============ Supplemental disclosures of cash flow information Cash paid for interest -- -- $ 165,137 ============ ============ ============
See accompanying notes. 5 (A Development Stage Company) NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 1998 Note 1. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with instructions to Article 10 of Regulation S-X. Accordingly, such financial statements do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results of the interim periods presented are not necessarily indicative of the results to be achieved for the year ending December 31, 1998. The accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 1997 and for the cumulative period from May 22, 1992 (inception) through December 31, 1997, included in the Company's 1997 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). Note 2. Net Loss Per Share The basic and diluted loss per share is computed based on the weighted average number of common shares outstanding. Common equivalent shares are not included in the per share calculations where the effect of their inclusion would be antidilutive. Note 3. Cash Equivalents and Investments Cash equivalents are comprised of certain highly liquid investments with maturities of less than three months at the time of their acquisition. In addition to cash equivalents, the Company has investments in commercial paper that are classified as short-term (mature in more than 90 days but less than one year). Such investments are classified as held-to-maturity, as the Company has the ability and intent to hold them until maturity. Investments held-to-maturity are carried at amortized cost, adjusted for the amortization or accretion of premiums or discounts without recognition of gains or losses that are deemed to be temporary. Premiums and discounts are amortized or accreted over the life of the related instrument as an adjustment to yield using the straight-line method, which approximates the effective interest method. Interest income is recognized when earned. Fair value approximates carrying value for all cash equivalents and investments. 6 SIGNATURE NOVOSTE CORPORATION Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. /s/ David N. Gill Vice President-Finance and Chief Financial Officer - ---------------------- (Principal Financial and Accounting Officer) David N. Gill -----END PRIVACY-ENHANCED MESSAGE-----