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 14, 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: May 14, 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 May 14, 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 decreased 1% to $19.0 million compared to $19.2 million in the first quarter of 2012.
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•
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Core Companion Animal Health revenue decreased approximately 6%, while Other Vaccines, Pharmaceuticals and Products revenue increased 28% as compared to the first quarter of 2012.
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•
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Gross profit decreased 12.6% year-over-year and gross margin was 41.1% compared to 46.5% in the first quarter of 2012.
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•
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The Company reported an operating loss of $682 thousand compared to operating income of $1.1 million in the first quarter of 2012.
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•
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Heska completed the quarter with $5.5 million in cash, $6.1 million in short-term debt and $12.2 million in working capital.
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Threee Months Ended
March 31,
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2012
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2013
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Revenue:
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Core companion animal health
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$
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16,580 |
$
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15,649 | ||||||||||||
Other vaccines, pharmaceuticals and products
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2,595 | 3,330 | ||||||||||||||
Total revenue, net
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19,175 | 18,979 | ||||||||||||||
Cost of revenue
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10,252 | 11,177 | ||||||||||||||
Gross profit
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8,923 | 7,802 | ||||||||||||||
Operating expenses:
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Selling and marketing
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4,888 | 5,125 | |||||||||||||
Research and development
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334 | 390 | ||||||||||||||
General and administrative
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2,619 | 2,969 | |||||||||||||
Total operating expenses
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7,841 | 8,484 | |||||||||||||
Operating income (loss)
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1,082 |
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(682 | ) | ||||||||||
Interest and other (income) expense, net
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142 | (11 | ) | ||||||||||||
Income (loss) before income taxes
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940 |
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(671 | ) | ||||||||||
Income tax expense:
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Current tax expense | 48 | 6 | ||||||||||||||
Deferred tax expense (benefit) | 308 | (325 | ) | |||||||||||||
Total income tax expense | 356 | (319 | ) | |||||||||||||
Net income (loss)
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$
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584 |
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$
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(352 | ) | ||||||
Net income attributable to non-controlling interest |
----
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34 | ||||||||||||||
Net income (loss) attributable to Heska Corporation | 584 | (396 | ) | |||||||||||||
Basic net income (loss) per share attributable to
Heska Corporation
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$
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0.11
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$
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(0.07
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)
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Diluted net income (loss) per share attributable to
Heska Corporation
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$
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0.11
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$
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(0.07
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)
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Shares used for basic net income (loss) per share
attributable to Heska Corporation
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5,264
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5,547
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Shares used for diluted net income (loss) per share
attributable to Heska Corporation
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5,434
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5,547
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December 31,
2012
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March 31,
2013
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Cash and cash equivalents
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$
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5,784
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$
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5,459 | |||
Total current assets
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32,955
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32,089 | |||||
Note receivable - related party | ---- | 1,364 | |||||
Total assets
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66,826
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89,564 | |||||
Line of credit
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2,552
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5,106 | |||||
Other short-term borrowings, including current portion of long-term note
payable
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----
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982
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Total current liabilities
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14,389
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19,909 | |||||
Long-term note payable, net of current portion | ---- | 468 | |||||
Non-controlling interest | ---- | 12,003 | |||||
Public Common Stock subject to redemption | ---- | 3,894 | |||||
Stockholders' equity
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48,862
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48,057 |