-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M80xZBoYY9f9ZkqHrLjCLk8eXb5I3Z+c8RFxMzB52EgJGAmBFO4Tc2BNEEp8Nni/ 5bR/WHwfD8+odxGGZSy/8Q== 0000892569-96-001089.txt : 19960701 0000892569-96-001089.hdr.sgml : 19960701 ACCESSION NUMBER: 0000892569-96-001089 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960417 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960628 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GISH BIOMEDICAL INC CENTRAL INDEX KEY: 0000700945 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 953046028 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-10728 FILM NUMBER: 96587493 BUSINESS ADDRESS: STREET 1: 2681 KELVIN AVE CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 7147565485 MAIL ADDRESS: STREET 1: 2681 KELVIN AVE CITY: IRVINE STATE: CA ZIP: 92714 8-K/A 1 FORM 8-K/A DATED APRIL 17, 1996 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported) APRIL 17, 1996 GISH BIOMEDICAL, INC. (Exact name of registrant as specified in its charter) CALIFORNIA (State or other jurisdiction of incorporation or organization) 0-10728 95-3046028 (Commission File Number) (I.R.S. Employer Identification Number) 2681 KELVIN AVENUE IRVINE, CALIFORNIA 92715 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (714) 756-5485 The undersigned Registrant hereby amends the following items, financial statement, exhibit or other portions of its Current Report on Form 8-K dated April 17, 1996, as set forth in the pages attached hereto: Item 7. Financial Statements and Exhibits 2 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements of Business Acquired -Audited Financial statements of Creative Medical Development, Inc. for the years ended September 30, 1995 and 1994, together with report of Independent Accountants. See attachment 7(a)1. -Unaudited Interim financial statements of Creative Medical Development, Inc. on form 10QSB for the month periods ended December 31, 1995 and 1994. See attachment 7(a)2. (b) Proforma Financial Information -Unaudited Pro Forma Condensed Consolidated Balance Sheet as of December 31, 1995. See attachment 7(b)1. -Unaudited Pro Forma Condensed Consolidated Statement of Operations for the twelve months ended June 30, 1995 and September 30, 1995. See attachment 7(b)2. -Unaudited Pro Forma Condensed Consolidated Statement of Operations for the six months ended December 31, 1995. See attachment 7(b)3. -Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements. See attachment 7(b)4. (c) Exhibits Exhibit Number Description -------------- ----------- 2.1 Asset Purchase Agreement dated September 12, 1995 between Gish Biomedical, Inc. and Creative Medical Development Inc.* 10.1 Employment Agreement between Gish Biomedical, Inc. and Glen Imbro.* 10.2 Employment Agreement between Gish Biomedical, Inc. and Ron Gangemi.* 10.3 Employment Agreement between Gish Biomedical, Inc. and Chuck Grey.* 10.4 Employment Agreement between Gish Biomedical, Inc. and John Hart.* 2 3 (c) Exhibits (continued) Exhibit Number Description -------------- ----------- 27 Financial Data Schedules* 99 Press Release issued by registrant on April 23, 1996.* - ------------ * Previously Filed. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Gish Biomedical, Inc. ------------------------------------- (Registrant) By JEANNE M. MILLER ------------------------------- Jeanne M. Miller Vice President/CFO Date June 28, 1996 ------------------------------- 3 4 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
GISH CMD DECEMBER 31, DECEMBER 31, OPERATIONS NOT PRO FORMA PRO FORMA 1995 1995 ACQUIRED (C) ADJUSTMENTS CONSOLIDATED ------------ ------------ -------------- ----------- ------------ ASSETS: Current Assets: Cash and cash equivalents $ 1,292,700 $ -- $ -- $ -- $ 1,292,700 Short-term investments 3,190,000 -- -- -- 3,190,000 Accounts receivable, net 3,844,300 232,907 (232,907) -- 3,844,300 Inventories 6,440,600 -- -- 301,000 (A) 6,741,600 Net assets of discontinued operations -- 774,910 -- (774,910)(A) -- Net assets held for sale -- 1,215,579 (1,215,579) -- -- Deferred income tax assets 625,000 -- -- -- 625,000 Prepaid expense 823,400 -- -- -- 823,400 ----------- ---------- ----------- ---------- ----------- Total current assets 16,216,000 2,223,396 (1,448,486) (473,910) 16,517,000 Net property and equipment 3,968,000 -- -- 473,910 (A) 4,441,910 Note receivable 600,000 -- -- (600,000)(B) -- Other assets 74,300 -- -- -- 74,300 Excess of purchase price over -- -- -- -- -- fair value of net assets acquired -- -- -- 1,885,090 (A) 1,885,090 ----------- ---------- ----------- ---------- ----------- Total assets $20,858,300 $2,223,396 $(1,448,486) $1,285,090 $22,918,300 =========== ========== =========== ========== =========== LIABILITIES AND SHAREHOLDER EQUITY Current liabilities: Bank overdraft $ -- $ 57,175 $ (57,175) $ -- $ -- Notes payable due within one year -- 787,406 (187,406) (600,000)(B) -- Accounts payable 1,048,600 223,846 (223,846) 60,000 (A) 1,108,600 Accrued liabilities 893,300 35,295 (35,295) -- 893,300 ----------- ---------- ----------- ---------- ----------- Total current liabilities 1,941,900 1,103,722 (503,722) (540,000) 2,001,900 Deferred rent 255,600 -- -- -- 255,600 Deferred income taxes 4,500 -- -- -- 4,500 Notes payable due after one year -- 1,234,995 (1,234,995) -- -- Shareholders' equity Preferred stock -- 8,100 (8,100) -- -- Common stock 7,789,700 20,461 (20,461) 2,000,000 (A) 9,789,700 Retained Earnings 10,866,600 (143,882) 318,792 (174,910)(A) 10,866,600 ----------- ---------- ----------- ---------- ----------- Total shareholders' equity 18,656,300 (115,321) 290,231 1,825,090 20,656,300 ----------- ---------- ----------- ---------- ----------- Total liabilities and shareholders' equity $20,858,300 $2,223,396 $(1,448,486) $1,285,090 $22,918,300 =========== ========== =========== ========== ===========
7(b)1 5 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
GISH CMD ----------- ------------ FISCAL YEAR ENDED ----------------------------- JUNE 30 SEPTEMBER 30 OPERATIONS NOT PRO FORMA PRO FORMA 1995 1995 ACQUIRED (D) ADJUSTMENTS CONSOLIDATED ----------- ------------ -------------- ----------- ------------ Net sales $21,587,600 $ 806,637 $ -- $ -- $22,394,237 Cost of Sales 13,659,300 453,702 -- -- 14,113,002 ----------- ----------- ----------- ----------- ----------- Gross profit 7,928,300 352,935 -- -- 8,281,235 Operating expenses Selling and marketing 2,575,200 492,137 -- -- 3,067,337 Research and development 1,124,700 413,559 -- (65,000)(F) 1,473,259 General and administrative 1,745,100 838,350 -- (100,000)(F) 2,483,450 Amortization of excess purchase price -- -- -- 188,500 (E) 188,500 Rental activities, net -- 90,485 (90,485) -- -- Loss from discontinued operations, net -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- Total operating expenses 5,445,000 1,834,531 (90,485) 23,500 7,212,546 ----------- ----------- ----------- ----------- ----------- Operating income 2,483,300 (1,481,596) 90,485 (23,500) 1,068,689 Interest income, (expense) 274,100 (7,409) 7,409 (36,000)(G) 238,100 ----------- ----------- ----------- ----------- ----------- Income before provision for taxes 2,757,400 (1,489,005) 97,894 (59,500) 1,306,789 Provision for taxes 1,075,000 -- -- (87,500)(H) 987,500 ----------- ----------- ----------- ----------- ----------- Net income, (loss) $ 1,682,400 $(1,489,005) $ 97,894 $ 28,000 $ 319,289 =========== =========== =========== =========== =========== Net income (loss) per share: Net income (loss) per share (I) $ 0.52 $ 0.09 =========== =========== Weighted average shares outstanding 3,217,800 3,458,040 =========== ===========
7(b)2 6 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
GISH CMD ------------ ------------ SIX MONTHS ENDED ----------------------------- DECEMBER 31, DECEMBER 31, OPERATIONS NOT PRO FORMA PRO FORMA 1995 1995 ACQUIRED (D) ADJUSTMENTS CONSOLIDATED ------------ ------------ -------------- ----------- ------------ Net sales $11,051,800 $ 270,208 $ -- $ -- $11,322,008 Cost of Sales 7,198,600 135,690 -- -- 7,334,290 ----------- ---------- ----------- ----------- ----------- Gross profit 3,853,200 134,518 -- -- 3,987,718 Operating expenses Selling and marketing 1,675,800 102,000 -- -- 1,777,800 Research and development 697,200 87,219 -- (32,500)(F) 751,919 General and administrative 864,000 181,896 -- (50,000)(F) 995,896 Distributor contract termination fee 702,000 -- -- -- 702,000 Amortization of excess purchase price -- -- -- 94,250 (E) 94,250 Rental activities, net -- 4,734 (4,734) -- -- Loss from discontinued operations, net -- 31,017 -- -- 31,017 ----------- ---------- ----------- ----------- ----------- Total operating expenses 3,939,000 406,866 (4,734) 11,750 4,352,882 ----------- ---------- ----------- ----------- ----------- Operating income (85,800) (272,348) 4,734 (11,750) (365,164) Interest income, (expense) 108,200 (4,996) 4,996 (9,000)(G) 99,200 ----------- ---------- ----------- ----------- ----------- Income before provision for taxes 22,400 (277,344) 9,730 (20,750) (265,964) Provision for taxes 8,700 -- -- (40,200)(H) (31,500) ----------- ---------- ----------- ----------- ----------- Net income, (loss) $ 13,700 $ (277,344) $ 9,730 $ 19,450 $ (234,464) =========== ========== =========== =========== =========== Net income (loss) per share: Net income (loss) per share (I) $ 0.00 $ (0.07) =========== =========== Weighted average shares outstanding 3,368,169 3,360,517 =========== ===========
7(b)3 7 NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (A) To reflect consideration paid and the purchase price allocation in connection with the Company's acquisition from Creative Medical Development (CMD) of its ambulatory infusion pump operations and related technology. The purchase price was $2,600,000 comprised of $600,000 in cash and 240,240 shares of Gish Biomedical, Inc. common stock valued at $2,000,000. Acquisition costs are expected to be approximately $60,000. The estimated purchase price allocation is as follows: Estimated purchase price in excess of net assets acquired: Purchase price, including acquisition costs $2,660,000 Less estimated fair market value of recorded net assets of CMD 774,910 ---------- Excess of purchase price over fair value of net assets acquired $1,885,090 ==========
The purchase price allocation is based on preliminary estimates of the fair value of the net assets acquired and is subject to adjustment as additional information becomes available during fiscal 1997. (B) Elimination of intercompany note receivable from CMD. (C) To eliminate assets, liabilities and equity of CMD that were not purchased or assumed by the Company, in addition to reclassification of certain other assets for consistent presentation. (D) To eliminate operating results of certain CMD operations which were not acquired by the Company. (E) Amortization expenses for excess of purchase price over fair value of net assets acquired and for acquired patents, trademarks and technology over 10 years on a straight-line basis. (F) Estimated reduction in payroll expense for job positions eliminated as a result of the acquisition. (G) Reduction of interest income on the $600,000 cash payment made as part of the $2,600,000 purchase price. (H) The pro forma tax provision reflects the estimated income tax benefits from the pro forma adjustments determined using the effective tax rates for each combining company applied to the respective pro forma adjustments for each combining company. (I) Pro forma earnings per share is determined based on the weighted average number of common and dilutive common equivalent Gish Biomedical, Inc. shares outstanding in each period plus 240,240 additional shares of common stock. 7(b)4 -----END PRIVACY-ENHANCED MESSAGE-----