-----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, CgkjE6Gv1xspJqT4txQ3QVy+t3gPSvNRJYJtNUquSCdBO5+BshGMYQ3Sthp5aR2G igmNH+JymVSipjBadv7kWw== 0001157523-04-002382.txt : 20040316 0001157523-04-002382.hdr.sgml : 20040316 20040316141023 ACCESSION NUMBER: 0001157523-04-002382 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040213 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040316 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: 04672012 BUSINESS ADDRESS: STREET 1: 5700 W 96TH ST CITY: LOS ANGELES STATE: CA ZIP: 90045 BUSINESS PHONE: 3106458200 8-K 1 a4572166.txt DIAGNOSTIC PRODUCTS 8-K 2 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) February 13, 2004 _________________ Diagnostic Products Corporation ____________________________________________________ (Exact name of Registrant as specified in its charter) California 1-9957 95-2802182 ___________________________ ____________________ ____________ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) 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 February 13, 2004. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 13, 2004, Diagnostic Products Corporation announced its results of operations for the quarter and year ended December 31, 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: February 13, 2004 Diagnostic Products Corporation By:__________________________ James L. Brill, Vice President, Finance EXHIBIT INDEX Exhibit Number 99.1 Press Release issued by Diagnostic Products Corporation, dated February 13, 2004. EX-99.1 3 a4572166_ex991.txt DIAGNOSTIC PRODUCTS EXHIBIT 99.1 Exhibit 99.1 Diagnostic Products Corporation Announces Record Fourth Quarter and Full Year 2003 Results LOS ANGELES--(BUSINESS WIRE)--Feb. 13, 2004--Diagnostic Products Corporation (NYSE:DP) today reported record fourth quarter sales of $104.8 million, an increase of 23% over $85.5 million a year ago. Net income increased 24% to $15.5 million, or $.52 per diluted share, from net income of $12.6 million, or $.42 per share, for the same quarter a year ago. The dollar weakened in the fourth quarter of 2003, which had a positive impact on sales of 10%. Sales for the year ended December 31, 2003, were $381.4 million, an 18% increase over the $324.1 million recorded in 2002. Net income for the year increased 31% to $61.8 million, or $2.08 per diluted share, from $47.3 million, or $1.60 per share, last year. The dollar weakened against most currencies in 2003, but strengthened against the Brazilian Real. The net effect was a positive impact on sales of 7%. Sales of IMMULITE products grew approximately 26% in the fourth quarter to $94.3 million, compared to $74.7 million in 2002. For the year, IMMULITE product line sales were $338.0 million, compared to $276.8 million in 2002, an increase of 22%. Sales of IMMULITE products constituted 90% of total sales in the fourth quarter and approximately 89% of total sales for the year. Sales of the mature RIA product line were $6.4 million for the quarter, down 6% from last year and $26.7 million for the year, down 11% from last year. Sales of other products were $4.2 million in the quarter, up slightly from $4.0 million last year and $16.7 million for the year, down from $17.5 million in 2002. The Company shipped a total of 265 IMMULITE instruments in the fourth quarter, including 176 IMMULITE 2000s. For the year, the Company shipped 880 IMMULITE instruments, including 553 IMMULITE 2000s. The total number of instruments shipped worldwide is now over 9,000. "We were particularly pleased with the number of IMMULITE 2000s shipped in the quarter and the level of IMMULITE 2000 reagent sales, which grew 39% to $51 million," said Michael Ziering, President and CEO of DPC. 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 or other actions relating to the Chinese subsidiary; the rate of customer demand for the Company's products; the Company's ability to successfully market new and existing products; its dependence on certain suppliers; its ability to keep abreast of technological innovations and to translate them into new products; competition; political and economic instability in certain foreign markets, including the movements in 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 Year Ended December 31, December 31, --------------------- --------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- SALES: Non-Affiliated Customers $95,539 $77,503 $351,455 $293,283 Unconsolidated Affiliates 9,279 7,996 29,931 30,804 ---------- ---------- ---------- ---------- TOTAL SALES 104,818 85,499 381,386 324,087 COST OF SALES 46,508 37,156 164,364 137,746 ---------- ---------- ---------- ---------- GROSS PROFIT 58,310 48,343 217,022 186,341 ---------- ---------- ---------- ---------- OPERATING EXPENSES: Selling 17,386 13,708 64,090 53,471 Research and Development 10,591 9,462 40,677 36,817 General and Administrative 9,619 9,225 34,928 30,682 Sale of Product Line - - (4,218) - Equity in Income of Affiliates (1,863) (1,407) (6,064) (3,841) ---------- ---------- ---------- ---------- TOTAL OPERATING EXPENSES 35,733 30,988 129,413 117,129 ---------- ---------- ---------- ---------- TOTAL OPERATING INCOME 22,577 17,355 87,609 69,212 Interest/Other Income (Expense)-Net 391 702 827 (1,220) ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 22,968 18,057 88,436 67,992 PROVISION FOR INCOME TAXES 7,294 5,598 26,280 21,078 MINORITY INTEREST 173 (91) 361 (399) ---------- ---------- ---------- ---------- NET INCOME $ 15,501 $ 12,550 $ 61,795 $ 47,313 ---------- ---------- ---------- ---------- EARNINGS PER SHARE: BASIC $0.54 $0.44 $2.15 $1.66 DILUTED $0.52 $0.42 $2.08 $1.60 AVERAGE SHARES OUTSTANDING: BASIC 28,850 28,583 28,731 28,487 DILUTED 29,804 29,700 29,679 29,628 CONTACT: Diagnostic Products Corporation James L. Brill, 310-645-8200 info@dpconline.com www.dpcweb.com -----END PRIVACY-ENHANCED MESSAGE-----