UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K/A
(Amendment No. 1)
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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 8, 2014
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 8, 2014
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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 8, 2014
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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 for the first quarter of 2014 was up 9.6% to $20.8 million from $19.0 million in the first quarter of 2013.
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Core Companion Animal Health revenue increased approximately 11.0%, while Other Vaccines, Pharmaceuticals and Products revenue increased 2.9% as compared to the first quarter of 2013.
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Gross profit for the first quarter of 2014 was up 6.1% to $8.3 million from $7.8 million in the first quarter of 2013.
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Gross margin was 39.8% compared to gross margin of 41.1% in the first quarter of 2013.
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The Company reported net income attributable to Heska Corporation of $192 thousand, or 3 cents per diluted share, compared to a net loss of $386 thousand in the first quarter of 2013, or a loss of 7 cents per diluted share.
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•
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Heska completed the quarter with $6.2 million in cash, $1.1 million in short-term debt and $17.6 million in working capital.
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Three Months Ended
March 31,
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2013
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2014
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Revenue:
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Core companion animal health
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$ | 15,649 | $ | 17,366 | ||||||
Other vaccines, pharmaceuticals and products
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3,330 | 3,427 | ||||||||
Total revenue, net
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18,979 | 20,793 | ||||||||
Cost of revenue
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11,177 | 12,514 | ||||||||
Gross profit
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7,802 | 8,279 | ||||||||
Operating expenses:
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Selling and marketing
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5,125 | 4,945 | ||||||||
Research and development
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390 | 388 | ||||||||
General and administrative
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2,969 | 3,047 | ||||||||
Total operating expenses
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8,484 | 8,380 | ||||||||
Operating income (loss)
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(682 | ) | (101 | ) | ||||||
Interest and other (income) expense, net
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(11 | ) | 16 | |||||||
Income (loss) before income taxes
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(671 | ) | (117 | ) | ||||||
Income tax expense (benefit):
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Current tax expense
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6 | 21 | ||||||||
Deferred tax expense (benefit)
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(325 | ) | 135 | |||||||
Total income tax expense (benefit)
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(319 | ) | 156 | |||||||
Net income (loss)
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$ | (352 | ) | $ | (273 | ) | ||||
Net income (loss) attributable to non-controlling interest
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34 | (465 | ) | |||||||
Net income (loss) attributable to Heska Corporation
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(386 | ) | 192 | |||||||
Basic net income (loss) per share attributable to Heska Corporation
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$ | (0.07 | ) | $ | 0.03 | |||||
Diluted net income (loss) per share attributable to Heska Corporation
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$ | (0.07 | ) | $ | 0.03 | |||||
Weighted average outstanding shares used to compute basic
net income (loss) per share attributable to Heska Corporation
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5,547 | 5,870 | ||||||||
Weighted average outstanding shares used to compute diluted
net income (loss) per share attributable to Heska Corporation
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5,547 | 5,985 |
December 31,
2013
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March 31,
2014
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Cash and cash equivalents
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$ | 6,016 | $ | 6,200 | ||||
Total current assets
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33,911 | 33,016 | ||||||
Note receivable – related party
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1,407 | 1,421 | ||||||
Total assets
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93,553 | 94,026 | ||||||
Line of credit
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4,798 | 922 | ||||||
Other short-term borrowings, including current
portion of long-term note payable
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132 | 159 | ||||||
Total current liabilities
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17,706 | 15,425 | ||||||
Long-term note payable, net of current portion
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369 | 309 | ||||||
Non-controlling interest
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13,659 | 14,246 | ||||||
Public Common Stock subject to redemption
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3,405 | 4,116 | ||||||
Stockholders’ equity
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47,116 | 46,090 |