-----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, RWmqkFX+7/GsPHX5KGjZzOKXCrFvM4msnIzk/xceDXwiQRK0jVx4g6+4Zr9U+p9j /W8bPADm21oFtGJ/gTt4PA== 0001157523-06-004186.txt : 20060427 0001157523-06-004186.hdr.sgml : 20060427 20060427080005 ACCESSION NUMBER: 0001157523-06-004186 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060427 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: 06783006 BUSINESS ADDRESS: STREET 1: 5210 PACIFIC CONCOURSE DRIVE CITY: LOS ANGELES STATE: CA ZIP: 90045 BUSINESS PHONE: 3106458200 MAIL ADDRESS: STREET 1: 5210 PACIFIC CONCOURSE DRIVE CITY: LOS ANGELES STATE: CA ZIP: 90045 8-K 1 a5134287.txt DIAGNOSTIC PRODUCTS CORPORATION 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) April 27, 2006 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) 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 April 27, 2006, Diagnostic Products Corporation announced its results of operations for the quarter ended March 31, 2006. 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 April 27, 2006. 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: April 27, 2006 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 April 27, 2006. 3 EX-99.1 2 a5134287ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Diagnostic Products Corporation Announces Record Quarterly Revenue LOS ANGELES--(BUSINESS WIRE)--April 27, 2006--Diagnostic Products Corporation (NYSE:DP) today reported first quarter sales of $129.6 million, a 14% increase over the first quarter of 2005. Earnings were $18.0 million, or $.60 per diluted share, an increase of 12% from $16.1 million or $.54 reported for the first quarter of 2005. The 2006 results included $1.4 million in compensation expense related to stock options in accordance with the adoption of FAS 123(R), "Share-based Payment." The Euro weakened and the Brazilian Real strengthened relative to the dollar, and the net effect of foreign currency movements was a 2% decrease in sales. International sales increased 12% to $90.7 million while domestic sales increased 18% to $38.9 million. Sales of IMMULITE products grew 15% over the first quarter of 2005. IMMULITE product line sales reached $119.1 million for the quarter, 92% of the total sales of the Company. IMMULITE reagent sales increased 11% this quarter over the first quarter of 2005 to $101.3 million, while IMMULITE instrument and service revenue increased by 42% to $17.9 million. Sales of RIA products were $5.2 million, a 7% decline from last year's first quarter. Sales of other products were $5.3 million, up from $4.8 million in the same period last year. "We were very pleased with our revenue levels, as well as the number of instruments we shipped," said Michael Ziering, CEO of DPC. The Company shipped a total of 231 IMMULITE Instruments in the first quarter including 175 IMMULITE 2000s and 2500s. The total number of IMMULITEs shipped is now over 11,000. About Diagnostic Products Corporation Diagnostic Products Corporation, founded in 1971, is a leader in the global in vitro diagnostics market. DPC's product offering includes the widely accepted IMMULITE(R) series of immunoassay systems, more than 75 immunoassays and an expanding menu of essential specific allergens and allergy panels that are run just like other immunoassays. DPC also designs and manufactures automated laboratory instrumentation and automation solutions that provide fast, accurate results while enabling our customers to do "more with less" in a leaner laboratory. DPC's combined chemistry and immunoassay menu is one of the largest and most diversified available, covering most laboratory tests requested. DPC sells its products to hospitals, clinics and laboratories in more than 100 countries. Additional Company information can be found on DPC's website 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 governmental or other action relating to the Company's Chinese affiliate; 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; 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) (Amounts in Thousands, Except Per Share Data) Three Months Ended March 31, ----------------------- 2006 2005 -------- -------- SALES: Non-Affiliated Customers $119,206 $106,703 Unconsolidated Affiliates 10,417 7,123 -------- -------- Total Sales 129,623 113,826 COST OF SALES 57,454 48,470 -------- -------- Gross Profit 72,169 65,356 OPERATING EXPENSES: Selling 22,294 19,800 Research and Development 13,686 12,266 General and Administrative 13,176 12,556 Equity in Income of Affiliates (2,990) (2,553) -------- -------- OPERATING EXPENSES-NET 46,166 42,069 -------- -------- OPERATING INCOME 26,003 23,287 Interest/Other Income -Net 2,133 180 -------- -------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 28,136 23,467 PROVISION FOR INCOME TAXES 9,299 6,993 MINORITY INTEREST 807 340 -------- -------- NET INCOME $ 18,030 $ 16,134 ======== ======== EARNINGS PER SHARE: BASIC $ 0.61 $ 0.55 DILUTED $ 0.60 $ 0.54 WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC 29,558 29,274 DILUTED 30,111 30,105 CONTACT: Diagnostic Products Corporation James L. Brill, 310-645-8200 -----END PRIVACY-ENHANCED MESSAGE-----