UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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May 10, 2012
Date of Report (Date of earliest event reported)
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HESKA CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware
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000-22427
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77-0192527
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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3760 Rocky Mountain Avenue
Loveland, Colorado 80538
(Address of principal executive offices, including zip code)
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(970) 493-7272
(Registrant’s telephone number, including area code)
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Not Applicable
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
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[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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HESKA CORPORATION
a Delaware corporation
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Dated: May 10, 2012
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By: /s/ Jason A. Napolitano
Jason A. Napolitano
Executive Vice President, Chief Financial Officer
and Secretary
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Exhibit Number
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Description
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99.1
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Press Release dated May 10, 2012
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At Heska Corporation:
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At Hayden IR:
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Jason Napolitano, Executive Vice President & CFO
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Brett Maas, Managing Partner
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(970) 493-7272, Ext. 4105
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(646) 536-7331
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brett@haydenir.com
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•
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Core Companion Animal Health revenue was $16.6 million, an increase as compared to the first quarter of 2011.
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•
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Gross profit was $8.9 million, a 7.5% increase as compared to the first quarter of 2011. This was the result of a significant increase in gross margin.
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•
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Operating income was $1.1 million, as compared to $1.5 million in operating income in the first quarter of 2011. The Company has invested in expanding and improving its sales organization, as well as in developing new products to be introduced during 2012.
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•
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Heska completed the quarter with $6.0 million in cash, no debt and $19.6 million in working capital.
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Three Months Ended
March 31,
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2011
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2012
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Revenue, net:
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Core companion animal health
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$
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16,441 |
$
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16,580 | ||||||||||||
Other vaccines, pharmaceuticals and products
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3,064 | 2,595 | ||||||||||||||
Total revenue, net
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19,505 | 19,175 | ||||||||||||||
Cost of revenue
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11,207 | 10,252 | ||||||||||||||
Gross profit
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8,298 | 8,923 | ||||||||||||||
Operating expenses:
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Selling and marketing
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3,960 | 4,888 | |||||||||||||
Research and development
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331 | 334 | ||||||||||||||
General and administrative
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2,467 | 2,619 | |||||||||||||
Total operating expenses
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6,758 | 7,841 | |||||||||||||
Operating income
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1,540 |
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1,082 | |||||||||||
Interest and other expense, net
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23 | 142 | |||||||||||||
Income before income taxes
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1,517 |
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940 | |||||||||||
Income tax expense:
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Current tax expense | 74 | 48 | ||||||||||||||
Deferred tax expense | 527 | 308 | ||||||||||||||
Total income tax expense | 601 | 356 | ||||||||||||||
Net income
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$
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916 |
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$
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584 | ||||||
Basic net income per share
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$
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0.18
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$
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0.11 | ||||||||||
Diluted net income per share
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$
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0.17 |
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$
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0.11 | ||||||||||
Shares used for basic net income per share
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5,232 | 5,264 | ||||||||||||||
Shares used for diluted net income per share
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5,261 | 5,434 |
December 31,
2011
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March 31,
2012
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Cash and cash equivalents
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$
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6,332
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$
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6,008 | |||
Total current assets
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28,891
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30,672 | |||||
Property and equipment, net | 4,869 | 5,080 | |||||
Total assets
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61,894
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63,944 | |||||
Dividends payable
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--
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532 | |||||
Total current liabilities
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9,289
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11,022 | |||||
Stockholders' equity
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48,439
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48,938 |