-----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, NqHJ8+ylopJFEXaAkkQeUQCCiBx/4tso/YAj0jjk71mhFRlTAIM6F825j/tD4y2e vzBLt5iGI2rHCVbA6OvDxQ== 0001157523-04-009829.txt : 20041026 0001157523-04-009829.hdr.sgml : 20041026 20041026134648 ACCESSION NUMBER: 0001157523-04-009829 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041026 DATE AS OF CHANGE: 20041026 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: 041096108 BUSINESS ADDRESS: STREET 1: 5700 W 96TH ST CITY: LOS ANGELES STATE: CA ZIP: 90045 BUSINESS PHONE: 3106458200 8-K 1 a4750520.txt DIAGNOSTIC PRODUCTS 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 26, 2004 ---------------- Diagnostic Products Corporation ------------------------------- (Exact name of Registrant as specified in its charter) California 1-9957 95-2802182 ---------- ------ ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 5210 Pacific Concourse Drive, Los Angeles, California 90045-6900 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (310) 645-8200 ---------------------------------------------------- (Registrant's telephone number, including area code) 5700 West 96th Street, Los Angeles, California 90045 ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) 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): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Diagnostic Products Corporation Current Report on Form 8-K ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 26,2004, Diagnostic Products Corporation announced its results of operations for the quarter ended September 30, 2004. 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. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. No. 99.1 Press Release issued by Diagnostic Products Corporation, dated October 26, 2004. 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. Dated: October 26, 2004 Diagnostic Products Corporation By: /s/ James L. Brill ------------------------------- James L. Brill, Vice President, Finance EXHIBIT INDEX Exhibit Number - -------------- 99.1 Press Release issued by Diagnostic Products Corporation, dated October 26, 2004. EX-99.1 2 a4750520ex991.txt PRESS RELEASE EXHIBIT 99.1 Diagnostic Products Corporation Announces Third Quarter Results LOS ANGELES--(BUSINESS WIRE)--Oct. 26, 2004--Diagnostic Products Corporation (NYSE:DP) today reported sales of $109.0 million for its third quarter, a 16.2% increase over the third quarter of 2003. Earnings were $16.5 million, or $.55 per diluted share, a decrease of 3% from $17.0 million or $.57 for the third quarter of 2003. The dollar weakened in the third quarter of 2004, which had a 4.2% positive impact on sales. Included in general and administrative expenses in the third quarter of 2004 is a $1.0 million increase in the Company's accrual for estimated payments to the United States Justice Department and the United States Securities and Exchange Commission to resolve its issues related to its Chinese subsidiary as well as $800,000 in legal and accounting fees relating to the same issue. The Company's 2003 operating income included a gain of $4.2 million or $.10 per diluted share related to the sale of its Pathodx product line. International sales were $76.7 million and domestic sales were $32.3 million. Sales of IMMULITE products continued to be very strong, growing 20% over the third quarter of 2003. IMMULITE product line sales were $99.7 million for the quarter, 92% of the total sales of the Company. IMMULITE reagent sales increased 21% this quarter over the third quarter of 2003. Sales of RIA products were $5.8 million, a 12% decline from last year's third quarter. Sales of other products were $3.5 million, down from $4.3 million in the same period last year. The Company shipped a total of 271 IMMULITE Instruments in the third quarter including 199 IMMULITE 2000s and 2500s. The total number of IMMULITEs shipped is now over 9,700. "Our business continues to do very well," said Michael Ziering, President and CEO of DPC. "Regarding our progress with the FDA, the independent auditor who is reporting to the FDA has completed the major portion of his field work relating to the Application Integrity Policy and we still think the first quarter of 2005 is a reasonable time frame to resolve the issue." Diagnostic Products Corporation (DPC), founded in 1971, is the global leader dedicated exclusively to immunodiagnostics. Through partnerships with manufacturers of chemistry systems and reagents, DPC also addresses the chemistry and Laboratory automation testing needs of its customers. DPC's product menu includes about 75 immunoassays and over 350 specific allergens and allergy panels. DPC also designs and manufactures automated laboratory instrumentation, which provides fast, accurate results while reducing labor and reagent costs. DPC with its partners, offers one of the largest and most diversified combined chemistry and immunoassay menus available, covering most laboratory tests requested. DPC sells its products to hospitals, clinics and laboratories domestically and in more than 100 countries. DPC is committed to delivering to customers the highest quality products with superior service and support. The turquoise zebra icon symbolizes DPC's uniqueness in the immunodiagnostic industry as "a company that stands out." 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 FDA's decision that its Application Integrity Policy should be applied to the Company or relating to the Company's Chinese affiliate; 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, 2004 2003 ---- ---- SALES: Non-Affiliated Customers $100,742 $87,483 Unconsolidated Affiliates 8,221 6,254 Total Sales 108,963 93,737 COST OF SALES 46,432 41,335 Gross Profit 62,531 52,402 OPERATING EXPENSES: Selling 19,126 15,649 Research and Development 11,188 10,037 General and Administrative 11,752 8,401 Gain on Sale of Product Line -- (4,218) Equity in Income of Affiliates (1,705) (1,280) OPERATING EXPENSES - NET 40,361 28,589 OPERATING INCOME 22,170 23,813 Interest/Other Income (Expense) - Net 1,334 283 INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 23,504 24,096 PROVISION FOR INCOME TAXES 6,573 6,988 MINORITY INTEREST 414 143 NET INCOME $16,517 $16,965 EARNINGS PER SHARE: BASIC $.57 $.59 DILUTED $.55 $.57 WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC 29,120 28,760 DILUTED 29,853 29,697 CONTACT: Diagnostic Products Corporation James L. Brill, 310-645-8200 -----END PRIVACY-ENHANCED MESSAGE-----