Delaware
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000-50761
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11-3146460
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(State or Other Jurisdiction of Incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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603 Queensbury Avenue, Queensbury, New York 12804
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(Address of Principal Executive Offices) (Zip Code)
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(518) 798-1215
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(Registrant’s telephone number, including area code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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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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o
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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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Exhibit No.
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Description
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99.1
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Press Release dated October 6, 2011.
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ANGIODYNAMICS, INC. | |||
(Registrant) | |||
Date: October 6, 2011
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By:
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/s/ D. Joseph Gersuk | |
D. Joseph Gersuk | |||
Chief Financial Officer | |||
Exhibit No.
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Description
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99.1
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Press Release dated October 6, 2011.
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Company Contact:
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Investor Relations Contacts:
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Media Contact:
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AngioDynamics, Inc.
D. Joseph Gersuk, CFO
(800) 772-6446 x1608
jgersuk@AngioDynamics.com
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EVC Group, Inc.
Greg Gin/Doug Sherk
(646) 445-4801; (415) 652-9100
ggin@evcgroup.com;
dsherk@evcgroup.com
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EVC Group, Inc.
Chris Gale
(646) 201-5431
cgale@evcgroup.com
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·
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Results Meet Company Guidance; Management Reiterates Full Fiscal Year Guidance
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·
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Authorizes Stock Repurchase Program
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·
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Continued clinical use of AngioDynamics’ NanoKnife System. To date, more than 800 patients have been treated with the NanoKnife System, including more than 400 liver treatments and more than 100 pancreas treatments.
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·
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Continued progress on NanoKnife System clinical programs, with completion of enrollment in the NanoLiver/HCC International Study (ONC-205), which evaluates the use of NanoKnife to treat hepatocellular cancer in 26 patients. Also, the NanoPanc European Study (ONC-208) of NanoKnife in pancreatic cancer has been initiated with five of the 10 planned patients now enrolled.
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·
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Double digit growth of VenaCure EVLT® System sales driven by the recent market introduction of the 90 cm NeverTouch® procedure kit and the VenaCure® 1470nm laser.
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·
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A favorable Court ruling in the Company’s lawsuit against biolitec seeking to recover substantial patent infringement settlement costs.
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FY 2012 GUIDANCE, INCLUDING KNOWN ITEMS (GAAP)
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||||||
($ in mil's, except EPS)
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||||||
Q2
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Q3
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Q4
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FY 2012
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|||
Sales ($)
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55.5 - 57.5
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54.5 - 56.5
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53.5 - 55.5
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217.0 - 225.0
|
||
Sales Growth (%)
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4% - 8%
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0% - 3%
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(5)% - (2)%
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0% - 4%
|
||
Gross Margin (%)
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58.0% - 59.0%
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58.5% - 59.5%
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62.0% - 63.0%
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59.0% - 60.0%
|
||
Operating Income ($)
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3.9 - 4.9
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3.8 - 4.8
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4.6 - 5.6
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14.4 - 18.4
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||
EBITDA ($)
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7.4 - 8.4
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7.3 - 8.3
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8.1 - 9.1
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28.4 - 32.4
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||
EPS ($)
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0.09 - 0.11
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0.09 - 0.11
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0.11 - 0.13
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0.33 - 0.41
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||
FY 2012 GUIDANCE, EXCLUDING KNOWN ITEMS (Non-GAAP)*
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||||||
($ in mil's, except EPS)
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||||||
Q2
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Q3
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Q4
|
FY 2012
|
|||
Sales ($)
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55.5 - 57.5
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54.5 - 56.5
|
53.5 - 55.5
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217.0 - 225.0
|
||
Sales Growth (%)
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4% - 8%
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0% - 3%
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(5)% - (2)%
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0% - 4%
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||
Gross Margin (%)
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59.0% - 60.0%
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60.0% - 61.0%
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62.0% - 63.0%
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60.0% - 61.0%
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||
Operating Income ($)
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4.5 - 5.5
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4.5 - 5.5
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4.5 - 5.5
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17.0 - 21.0
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||
EBITDA ($)
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8.0 - 9.0
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8.0 - 9.0
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8.0 - 9.0
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31.0 - 35.0
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||
EPS ($)
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0.11 - 0.13
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0.11 - 0.13
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0.11 - 0.13
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0.41 - 0.49
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* Excludes known items: CEO transition and the closure of a facility in the U.K.
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ANGIODYNAMICS, INC. AND SUBSIDIARIES
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||||||||
CONSOLIDATED INCOME STATEMENTS
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||||||||
(in thousands, except per share data)
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||||||||
Three months ended
|
||||||||
August 31,
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August 31,
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|||||||
2011
|
2010
|
|||||||
(unaudited)
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||||||||
Net sales
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$ | 54,431 | $ | 51,507 | ||||
Cost of sales
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22,285 | 21,487 | ||||||
Gross profit
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32,146 | 30,020 | ||||||
% of net sales
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59.1 | % | 58.3 | % | ||||
Operating expenses
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||||||||
Research and development
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5,591 | 5,242 | ||||||
Sales and marketing
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16,308 | 14,444 | ||||||
General and administrative
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4,312 | 4,586 | ||||||
Amortization of intangibles
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2,295 | 2,267 | ||||||
Restructuring and other costs
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923 | - | ||||||
Total operating expenses
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29,429 | 26,539 | ||||||
Operating income
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2,717 | 3,481 | ||||||
Other income (expense), net
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(614 | ) | (528 | ) | ||||
Income before income taxes
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2,103 | 2,953 | ||||||
Provision for income taxes
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730 | 1,065 | ||||||
Net income
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$ | 1,373 | $ | 1,888 | ||||
Earnings per common share
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||||||||
Basic
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$ | 0.05 | $ | 0.08 | ||||
Diluted
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$ | 0.05 | $ | 0.08 | ||||
Weighted average common shares
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||||||||
Basic
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25,024 | 24,755 | ||||||
Diluted
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25,197 | 25,032 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED INCOME STATEMENTS
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||||||||
(in thousands, except per share data)
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||||||||
Reconciliation of Operating Income to non-GAAP EBITDA:
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||||||||
Three months ended
|
||||||||
August 31, |
August 31,
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|||||||
2011
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2010
|
|||||||
(unaudited) | ||||||||
Operating income
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$ | 2,717 | $ | 3,481 | ||||
Amortization of intangibles
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2,295 | 2,267 | ||||||
Depreciation
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837 | 762 | ||||||
EBITDA
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$ | 5,849 | $ | 6,510 | ||||
EBITDA per common share
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||||||||
Basic
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$ | 0.23 | $ | 0.26 | ||||
Diluted
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$ | 0.23 | $ | 0.26 | ||||
Weighted average common shares
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||||||||
Basic
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25,024 | 24,755 | ||||||
Diluted
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25,197 | 25,032 |
ANGIODYNAMICS, INC. AND SUBSIDIARIES
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||||||||
NET SALES BY PRODUCT CATEGORY AND BY GEOGRAPHY
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||||||||
(in thousands)
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||||||||
Three months ended
|
||||||||
August 31,
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August 31,
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|||||||
2011
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2010
|
|||||||
(unaudited)
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||||||||
Net Sales by Product Category
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||||||||
Vascular
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||||||||
Peripheral Vascular
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$ | 20,968 | $ | 20,701 | ||||
Access
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15,597 | 15,213 | ||||||
Total Vascular
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36,565 | 35,914 | ||||||
Oncology/Surgery
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17,866 | 15,593 | ||||||
Total
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$ | 54,431 | $ | 51,507 | ||||
Net Sales by Geography
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||||||||
United States
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$ | 47,305 | $ | 45,472 | ||||
International
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7,126 | 6,035 | ||||||
Total
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$ | 54,431 | $ | 51,507 | ||||
ANGIODYNAMICS, INC. AND SUBSIDIARIES
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||||||||
CONSOLIDATED BALANCE SHEETS
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||||||||
(in thousands)
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||||||||
August 31,
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May 31,
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|||||||
2011
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2011
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|||||||
(unaudited) |
(unaudited)
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|||||||
Assets
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||||||||
Current Assets
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||||||||
Cash and cash equivalents
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$ | 50,493 | $ | 45,984 | ||||
Marketable securities
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86,158 | 85,558 | ||||||
Total cash and investments
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136,651 | 131,542 | ||||||
Receivables, net
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26,365 | 27,141 | ||||||
Inventories, net
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29,672 | 28,126 | ||||||
Deferred income taxes
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2,863 | 2,821 | ||||||
Prepaid income taxes
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588 | 503 | ||||||
Prepaid expenses and other
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3,727 | 4,172 | ||||||
Total current assets
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199,866 | 194,305 | ||||||
Property, plant and equipment, net
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23,485 | 23,804 | ||||||
Intangible assets, net
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45,705 | 48,037 | ||||||
Goodwill
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161,951 | 161,951 | ||||||
Deferred income taxes
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4,927 | 5,835 | ||||||
Other non-current assets
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3,674 | 3,489 | ||||||
Total Assets
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$ | 439,608 | $ | 437,421 | ||||
Liabilities and Stockholders' Equity
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||||||||
Current portion of long-term debt
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$ | 285 | $ | 275 | ||||
Other current liabilities
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23,822 | 25,232 | ||||||
Long-term debt, net of current portion
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6,200 | 6,275 | ||||||
Total Liabilities
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30,307 | 31,782 | ||||||
Stockholders' equity
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409,301 | 405,639 | ||||||
Total Liabilities and Stockholders' Equity
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$ | 439,608 | $ | 437,421 | ||||
Shares outstanding
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25,185 | 24,986 | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
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||||||||
(in thousands)
|
||||||||
Three months ended
|
||||||||
August 31,
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August 31,
|
|||||||
2011
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2010
|
|||||||
(unaudited)
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(unaudited)
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|||||||
Cash flows from operating activities:
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||||||||
Net income
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$ | 1,373 | $ | 1,888 | ||||
Depreciation and amortization
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3,132 | 3,029 | ||||||
Tax effect of exercise of stock options
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(240 | ) | 9 | |||||
Deferred income taxes
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911 | 875 | ||||||
Stock-based compensation
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799 | 1,219 | ||||||
Other
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(156 | ) | (156 | ) | ||||
Changes in operating assets and liabilities
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||||||||
Receivables
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722 | 6,206 | ||||||
Inventories
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(1,727 | ) | (4,035 | ) | ||||
Accounts payable and accrued liabilities
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(1,617 | ) | (7,676 | ) | ||||
Other
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(153 | ) | 379 | |||||
Net cash provided by operating activities
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3,044 | 1,738 | ||||||
Cash flows from investing activities:
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||||||||
Additions to property, plant and equipment
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(541 | ) | (662 | ) | ||||
Disposal of intangible and other assets
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1,000 | - | ||||||
Purchases, sales and maturities of marketable securities, net
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(743 | ) | 6,537 | |||||
Net cash provided by (used in) investing activities
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(284 | ) | 5,875 | |||||
Cash flows from financing activities:
|
||||||||
Repayment of long-term debt
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(65 | ) | (65 | ) | ||||
Proceeds from exercise of stock options and ESPP
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1,804 | 850 | ||||||
Net cash provided by financing activities
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1,739 | 785 | ||||||
Effect of exchange rate changes on cash
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10 | 41 | ||||||
Increase in cash and cash equivalents
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4,509 | 8,439 | ||||||
Cash and cash equivalents
|
||||||||
Beginning of period
|
45,984 | 58,763 | ||||||
End of period
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$ | 50,493 | $ | 67,202 | ||||