-----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, IqtDG9DZNduFHqdEbDTDFdXyftNyNfKUotkNjnmGkx1Fkx+3hYVBINILA8pqqMZ/ cP20o0pk1hiV9de5X3mrTQ== 0001157523-03-005768.txt : 20031023 0001157523-03-005768.hdr.sgml : 20031023 20031023113634 ACCESSION NUMBER: 0001157523-03-005768 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031023 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIAGNOSTIC PRODUCTS CORP CENTRAL INDEX KEY: 0000702259 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 952802182 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09957 FILM NUMBER: 03953394 BUSINESS ADDRESS: STREET 1: 5700 W 96TH ST CITY: LOS ANGELES STATE: CA ZIP: 90045 BUSINESS PHONE: 3106458200 8-K 1 a4499799.txt DIAGNOSTICS PRODUCTS CORP 8-K U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) OCTOBER 23, 2003 ---------------- Diagnostic Products Corporation ------------------------------- (Exact name of Registrant as specified in its charter) California 1-9957 95-2802182 ---------- ------ ---------- (State or other (IRS Employer jurisdiction of incorporation) (Commission File Number) Identification No.) 5700 West 96th Street, Los Angeles, California 90045 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (310) 645-8200 ------------- (Registrant's telephone number, including area code) Diagnostic Products Corporation Current Report on Form 8-K ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. No. 99.1 Press Release issued by Diagnostic Products Corporation, dated October 23, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 23, 2003, Diagnostic Products Corporation announced its results of operations for the quarter ended September 30, 2003. A copy of the related press release is being furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety. SIGNATURE 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. Dated: October 23, 2003 Diagnostic Products Corporation By: /s/ James L. Brill ------------------ James L. Brill, Vice President, Finance 2 EXHIBIT INDEX Exhibit Number - -------------- 99.1 Press Release issued by Diagnostic Products Corporation, dated October 23, 2003. 3 EX-99 3 a4499799ex991.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Diagnostic Products Corporation Announces Third Quarter Results LOS ANGELES--(BUSINESS WIRE)--Oct. 23, 2003--Diagnostic Products Corporation (NYSE:DP) today reported sales of $93.7 million for its third quarter, an 18.0% increase over the third quarter of 2002. Earnings were $17.0 million, or $.57 per diluted share, an increase of 72% from $9.9 million or $.34 for the third quarter of 2002. The dollar weakened in the third quarter of 2003 which had a 6.8% positive impact on sales. The Company also recognized a gain in operating income of $4.2 million or $.10 per diluted share related to the sale of its Pathodx product line. International sales were $66.2 million and domestic sales were $27.5 million. Sales of IMMULITE products continued to be very strong, growing 22% over the third quarter of 2002. Immulite product line sales were $82.8 million for the quarter, 88% of the total sales of the Company. IMMULITE reagent sales increased 28% this quarter over the third quarter of 2002. Sales of RIA products were $6.6 million, a 10% decline from last year's third quarter. Sales of other products were $4.3 million, up from $4.0 million in the same period last year. The Company shipped a total of 198 IMMULITE Instruments in the third quarter including 113 IMMULITE 2000s. The total number of IMMULITEs shipped is now over 8,700. "Our Immulite business continues to do very well," said Michael Ziering, President and CEO of DPC. "We were particularly pleased with the level of Immulite 2000 reagent sales which reached $45 million for the quarter, an increase of 42% over last year." Founded in 1971, Diagnostic Products Corporation (DPC) is the global leader dedicated exclusively to immunodiagnostic testing. The Company's product menu includes over 400 tests to measure microorganisms, hormones, drugs and other medically important substances present at infinitesimal concentrations in body fluids and tissues. DPC also designs and manufactures automated laboratory instrumentation, which provides fast, accurate results while reducing labor and reagent costs. DPC sells its products to hospitals, clinics and laboratories domestically and in over 100 international countries. Additional Company information can be found on the Company's web site at www.dpcweb.com. Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These factors include the effects of governmental and other actions relating to the Company's Chinese subsidiary; the rate of customer demand for the Company's products; Company's ability to successfully market new and existing products; its dependence on certain suppliers; domestic and foreign government regulation; its ability to keep abreast of technological innovations and to translate them into new products; competition; political and economic instability in certain markets including the movements of foreign currencies relative to the dollar; and other risks and uncertainties disclosed from time to time in the Company's SEC reports and filings. Diagnostic Products Corporation and Subsidiaries Consolidated Statements of Income (Unaudited - In thousands except per share data) Three Months Ended September 30, 2003 2002 SALES: Non-Affiliated Customers $87,483 $72,227 Unconsolidated Affiliates 6,254 7,185 Total Sales 93,737 79,412 COST OF SALES 41,335 34,229 Gross Profit 52,402 45,183 OPERATING EXPENSES: Selling 15,649 13,165 Research and Development 10,037 9,326 General and Administrative 8,401 7,240 Sale of Product Line (4,218) - Equity in Income of Affiliates (1,280) (604) OPERATING EXPENSES -NET 28,589 29,127 OPERATING INCOME 23,813 16,056 Interest/Other Income (Expense) - Net 283 (2,352) INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 24,096 13,704 PROVISION FOR INCOME TAXES 6,988 4,248 MINORITY INTEREST 143 (450) NET INCOME $16,965 $9,906 EARNINGS PER SHARE: BASIC $.59 $.35 DILUTED $.57 $.34 WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC 28,760 28,540 DILUTED 29,697 29,506 CONTACT: Diagnostic Products Corporation James L. Brill, 310-645-8200 -----END PRIVACY-ENHANCED MESSAGE-----