-----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, UBs1LN6UPmn750fFNyKvPEH7PUPRDnVtfXa1rivIqDz7axTo6jDXE+s+WPqNzjXP PiWuq8vSb5PS5XugUCc5/w== 0001005477-00-003617.txt : 20000503 0001005477-00-003617.hdr.sgml : 20000503 ACCESSION NUMBER: 0001005477-00-003617 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000425 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVOSTE CORP /FL/ CENTRAL INDEX KEY: 0001012131 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 592787476 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20727 FILM NUMBER: 617048 BUSINESS ADDRESS: STREET 1: 3890 STEVE REYNOLDS BLVD CITY: NORCROSS STATE: GA ZIP: 30093 BUSINESS PHONE: 7707170904 MAIL ADDRESS: STREET 1: 4350 C INTERNATIONAL BLVD CITY: NORCROSS STATE: GA ZIP: 30093 8-K 1 CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 25, 2000 NOVOSTE CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Florida 0-20727 59-2787476 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification) 3890 Steve Reynolds Blvd., Norcross, GA 30093 ------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (770) 717-0904 (Former name or former address, if changed since last report) Item 5. Other Events On April 25, 2000, the Registrant issued a press release announcing its financial results for the three months ended March 31, 2000. A copy of the press release is attached as Exhibit 99.1 and incorporated by reference herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. Exhibit 99.1 Press Release dated April 25, 2000. SIGNATURES 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. Dated: May 2, 2000 NOVOSTE CORPORATION --------------------------------- (Registrant) By: /s/ WILLIAM A. HAWKINS --------------------------------- William A. Hawkins Chief Executive Officer EX-99.1 2 NEWS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Cheryl R. Johnson Vice President, Investor Relations NOVOSTE CORPORATION (770) 717-6052 NOVOSTE REPORTS FINANCIAL RESULTS FOR FIRST QUARTER * Annual Meeting of Shareholders Set for May 11, 2000 * NORCROSS, GA., April 25, 2000 - Novoste Corporation (Nasdaq: NOVT) today reported its financial results for the quarter ended March 31, 2000. Net revenue for the quarter was $846,000 compared to $81,000 for the first quarter of 1999. Net loss for the quarter was $7,199,000, or $(0.50) per share, compared to a net loss of $8,062,000, or $(0.72) per share, for the same period last year. The decrease in net loss for the quarter was due to lower clinical trial expenditures, which was partially offset by an increase in sales and marketing expenses. On April 7, 2000 Novoste completed a private placement offering, in which it sold 1,463,500 shares of its common stock at $35.00 per share. The placement raised net proceeds to the Company of $48.8 million, of which $5.0 million was received during the second quarter. After the offering, the Company had 15.85 million shares of common stock outstanding. The Company ended the first quarter with $82.2 million in cash and investments. William A. Hawkins, President and CEO of Novoste Corporation, commented on the quarter, "Our results this quarter demonstrate our European customers' growing interest in the use of vascular brachytherapy to treat patients with in-stent restenosis. We are proud of our accomplishments with respect to clinical trial results, regulatory submissions, European commercialization, and financing the Company's growth. We remain confident in our ability to continue to build a successful company." The Company's Annual Meeting of Shareholders will be held on Thursday, May 11, at 9:00 a.m. at the Atlanta Marriott Gwinnett Place, 1775 Pleasant Hill Rd., in Duluth, Georgia. The Proxy Statement and Annual Report were mailed on April 11 to shareholders of record on March 24, 2000. The Company has scheduled a conference call for 10:00 a.m. Eastern on Tuesday, April 25, 2000, to discuss the first quarter results. You may access the conference call on the Internet at two addresses: 1) novoste.com (in the "Investor/Media" section), or 2) streetevents.com. The RealPlayer 7 software is required to listen to the audio stream; a link to the Real Networks Web site is provided on the sites mentioned above to download the free software. The forward-looking statements included in this news release reflect management's best judgment based on factors currently known. Actual results may differ materially from those projected in these forward-looking statements based upon risks and uncertainties including the demonstration of safety and efficacy of the Beta-Cath(TM) System, receipt and timing of FDA and other regulatory approvals, market acceptance and availability of the Beta-Cath(TM) System, and other risks detailed in documents filed by Novoste with the SEC, including Forms 10-K, 10-Q and 8-K. -- FINANCIAL HIGHLIGHTS TO FOLLOW -- NOVOSTE CORPORATION CONDENSED STATEMENT OF OPERATIONS (unaudited) Three Months Ended March 31, ------------------------------- 2000 1999 ------------ ------------ Net Revenue .............................. $ 846,046 $ 80,913 Cost of Sales ............................ 753,380 175,148 ------------ ------------ Gross Margin ............................. 92,666 (94,235) ------------ ------------ Operating expenses: Research and development .............. 4,475,540 6,162,769 Sales and marketing ................... 2,369,504 1,374,006 General and administrative ............ 1,047,501 743,532 ------------ ------------ Total operating expenses ................. 7,892,545 8,280,307 ------------ ------------ Loss from operations ..................... (7,799,879) (8,374,542) Interest income .......................... 600,937 312,597 ------------ Net loss ................................. $ (7,198,942) $ (8,062,945) ============ ============ Net loss per share ....................... $ (0.50) $ (0.72) ============ ============ Shares used in computing net loss per share .............................. $ 14,268,589 $ 11,250,436 ============ ============ CONDENSED BALANCE SHEETS (unaudited) March 31, December 31, 2000 1999 ------------ ------------ ASSETS Current assets: Cash, cash equivalents and short term investments ........................... $82,154,155 $41,423,692 Other current assets .................. 4,009,411 3,699,527 ----------- ----------- Total current assets ..................... 86,163,566 45,123,219 Property and equipment, net .............. 3,779,679 3,509,203 Other assets ............................. 564,573 734,980 ----------- ----------- Total assets ............................. $90,507,818 $49,367,402 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities ...................... $ 4,987,464 $ 6,302,558 Stockholders' equity ..................... $85,520,354 43,064,844 ----------- ----------- Total liabilities and stockholders' equity ................................. $90,507,818 $49,367,402 =========== =========== -----END PRIVACY-ENHANCED MESSAGE-----