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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February 25, 2013
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: February 25, 2013
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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 February 25, 2013
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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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Consolidated revenue increased 19.0% to $18.5 million, compared to $15.5 million in the fourth quarter of 2011.
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•
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Core Companion Animal Health revenue increased approximately 23.0%, while Other Vaccines, Pharmaceuticals and Products revenue remained steady as compared to the fourth quarter of 2011.
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•
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12.3% increase in year-over-year quarterly gross profit and a 40.1% gross margin, compared to 42.5% in the fourth quarter of 2011.
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•
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$720 thousand in operating income compared to $414 thousand in operating income in the fourth quarter of 2011.
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•
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Heska completed the year with $5.8 million in cash, $2.6 million in debt and $18.6 million in working capital.
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•
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Full year revenue increased approximately 3.9% to $72.8 million compared to revenue of $70.1 million in the prior year.
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•
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Core Companion Animal Health revenue grew 7.0% to $61.5 million and Other Vaccines, Pharmaceuticals and Products revenue decreased 10.2% to $11.3 million as compared to the prior year.
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•
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Gross profit was $31.1 million, or 42.7% gross margin, compared with gross profit of $29.2 million, or 41.7% gross margin in 2011.
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•
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Operating income was $2.2 million compared to operating income of $3.2 million in 2011.
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Three Months Ended
December 31,
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Twelve Months Ended
December 31,
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2011 | 2012 |
2011
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2012
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Revenue, net:
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Core companion animal health
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$ | 12,754 | $ | 15,691 |
$
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57,481 |
$
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61,502 | ||||||||
Other vaccines, pharmaceuticals and products
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2,751 | 2,762 | 12,584 | 11,303 | ||||||||||||
Total revenue, net
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15,505 | 18,453 | 70,065 | 72,805 | ||||||||||||
Cost of revenue
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8,912 | 11,049 | 40,878 | 41,704 | ||||||||||||
Gross profit
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6,593 | 7,404 | 29,187 | 31,101 | ||||||||||||
Operating expenses:
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Selling and marketing
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3,884
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4,319 | 15,167 | 18,339 | ||||||||||||
Research and development
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305 | 241 | 1,650 | 958 | ||||||||||||
General and administrative
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1,990
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2,124 | 9,121 | 9,646 | ||||||||||||
Total operating expenses
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6,179
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6,684 | 25,938 | 28,943 | ||||||||||||
Operating income
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414
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720 | 3,249 |
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2,158 | ||||||||||
Interest and other (income) expense, net
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(218
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) | 66 | (117 | ) | 135 | ||||||||||
Income before income taxes
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632
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654 | 3,366 |
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2,023 | ||||||||||
Income tax expense:
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Current tax expense (benefit) | (24 | ) | 116 | 165 | 214 | |||||||||||
Deferred tax expense (benefit) | 172 | 149 | 1,056 | 606 | ||||||||||||
Total income tax expense | 148 | 265 | 1,221 | 820 | ||||||||||||
Net income
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$
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484
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$
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389
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$
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2,145 |
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$
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1,203 | ||||||
Basic net income per share
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$ | 0.09 |
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$ | 0.07 |
$
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0.41
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$
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0.23 | ||||||
Diluted net income per share
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$ | 0.09 | $ | 0.07 |
$
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0.40 |
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$
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0.22 | |||||||
Shares used for basic net income per share
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5,241 | 5,362 | 5,237 | 5,326 | ||||||||||||
Shares used for diluted net income per share
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5,340 | 5,458 | 5,338 | 5,489 |
December 31,
2011
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December 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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5,784 | |||
Total current assets
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28,891
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32,955 | |||||
Property and equipment, net | 4,869 | 6,005 | |||||
Total assets
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61,894
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66,826 | |||||
Line of credit
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--
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2,552 | |||||
Total current liabilities
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9,289
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14,389 | |||||
Stockholders' equity
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48,439
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48,862 |