0001471242-12-000698.txt : 20120516 0001471242-12-000698.hdr.sgml : 20120516 20120516162004 ACCESSION NUMBER: 0001471242-12-000698 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120516 DATE AS OF CHANGE: 20120516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HYDROMER INC CENTRAL INDEX KEY: 0000704432 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 222303576 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31238 FILM NUMBER: 12849079 BUSINESS ADDRESS: STREET 1: 35 INDUSTRIAL PKWY CITY: SOMERVILLE STATE: NJ ZIP: 08876 BUSINESS PHONE: 9085262828 MAIL ADDRESS: STREET 1: 35 INDUSTRIAL PKWY CITY: BRANCHBURG STATE: NJ ZIP: 08876-3518 10-Q 1 hydi10q0510.htm

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended March 31, 2012

 

Commission File Number 001-31238

 

HYDROMER, INC.

(Exact name of registrant as specified in its charter)

New Jersey                                    22-2303576

(State of incorporation) (I.R.S. EmployerIdentification No.)

 

35 Industrial Pkwy, Branchburg, New Jersey         08876-3424

(Address of principal executive offices) (Zip Code)

 

Registrant's telephone number, including area code: (908) 722-5000

 

Securities registered pursuant to Section 12 (b) of the Act: None

 

Securities registered pursuant to Section 12 (g) of the Act:

 

Common Stock Without Par Value

(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report(s), and (2) has been subject to such filing requirements for the past 90 days.

Yes[x] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
[ ] Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [x] Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ]No [x]

Class        Outstanding at March 31, 2012

Common                       4,772,318

 

 

 

FORWARD-LOOKING STATEMENTS

 

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, among other things, business strategy and expectations concerning industry conditions, market position, future operations, margins, profitability, liquidity and capital resources. Forward-looking statements generally can be identified by the use of terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate” or “believe” or similar expressions or the negatives thereof. These expectations are based on management’s assumptions and current beliefs based on currently available information. Although the Company believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will be correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this quarterly report on Form 10-Q and the Company does not have any obligation to update the forward looking statements. The Company’s operations are subject to a number of uncertainties, risks and other influences, many of which are outside its control, and any one of which, or a combination of which, could cause its actual results of operations to differ materially from the forward-looking statements.

 
 

 

 

HYDROMER, INC.

 

INDEX TO FORM 10-Q

March 31, 2012

 

Part I  -  Financial Information Page No
Item # 1  Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 2012 & June 30, 2011 3
Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2012 and 2011 4
Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2012 and 2011 5
Notes to Condensed Consolidated Financial Statements 6
Item # 2  Management's Discussion and Analysis of Financial Condition and Results of Operations 7
Item # 3  Quantitative and Qualitative Disclosures about Market Risk N/A
Item # 4  Controls and Procedures 9
   
Part II  -  Other Information N/A
Item # 1  Legal Proceedings N/A
Item # 1A Risk Factors N/A
Item # 2  Unregistered Sales of Equity Securities and use of Proceeds N/A
Item # 3  Defaults upon Senior Securities N/A
Item # 4  Mine Safety Disclosures N/A
Item # 5  Other Information N/A
Item # 6  Exhibits 9

 

 

 

  EXHIBIT INDEX  
Exhibit No Description of Exhibit  
31.1 SEC Section 302 Certification – CEO certification  10
31.2 SEC Section 302 Certification – CFO certification  11
32.1 Certification of Manfred F. Dyck, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350 12
32.2 Certification of Robert Y. Lee, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350   12

 

 

 
 

Part I – Financial Information

Item # 1

HYDROMER, INC. and CONSOLIDATED SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

March 31,

2012

UNAUDITED

June 30,

2011

 

Assets        
Current Assets:        
Cash and cash equivalents $ 517,359. $ 502,597.
Short-term investments   -.   50,000.
Trade receivables less allowance for doubtful accounts of $49,073 and $5,622 as of March 31, 2012 and June 30, 2011, respectively  

 

805,457.

  

 

774,753.

Inventory   246,638.   444,604.
Prepaid expenses   206,595.   209,241.
Deferred tax asset   122,100.   122,100.
Other   12,317.   13,547.
Total Current Assets   1,910,466.   2,116,842.
         
Property and equipment, net   2,725,665.   2,863,912.
Deferred tax asset, non-current   1,290,531.   1,196,704.
Intangible assets, net   777,736.   820,231.
Total Assets $ 6,704,398. $ 6,997,689.
         
Liabilities and Stockholders’ Equity        
Current Liabilities:        
Accounts payable $ 398,596. $ 387,094.
Accrued expenses   341,970.   313,626.
Current portion of capital lease   12,197.   18,687.
Current portion of deferred revenue   71,625.   149,108.
Current portion of mortgage payable   54,956..   51,720.
Total Current Liabilities   879,344.   920,235.
Deferred tax liability   294,012.   294,012.
Long-term portion of capital lease   9,813.   15,398.
Long-term portion of deferred revenue   86,632.   120,940.
Long-term portion of mortgage payable   2,670,882.   2,714,817.
Total Liabilities   3,940,683.   4,065,402.

 

Stockholders’ Equity

        
Preferred stock – no par value, authorized 1,000,000 shares, no shares
. issued and outstanding		  

 

-

  

 

-

Common stock – no par value, authorized 15,000,000 shares; 4,783,235 shares issued and 4,772,318 shares outstanding as of March 31, 2012 and June 30, 2011  

 

 

3,721,815.

  

 

 

3,721,815.

Contributed capital   633,150.   633,150.
Accumulated deficit   (1,585,110)   (1,416,538)
Treasury stock, 10,917 common shares at cost   (6,140)   (6,140)
Total Stockholders’ Equity   2,763,715.   2,932,287.
Total Liabilities and Stockholders’ Equity $ 6,704,398. $ 6,997,689.
           

 

See accompanying notes.

 
 

 

 

HYDROMER, INC. and CONSOLIDATED SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   

Three months Ended

March 31,

      

Nine months Ended

March 31,

    2012   2011   2012   2011
Revenues                
Sale of products $ 978,612. $ 1,070,400. $ 2,479,851. $ 2,281,134.
Service revenues   317,325.   274,326.   1,038,972.   1,044,715.
Royalties and contract revenues   285,704.   206,316.   904,123.   687,210.
Total Revenues   1,581,641.   1,551,042.   4,422,946.   4,013,059.
Expenses                
Cost of sales   472,783.   483,068.   1,310,914.   1,231,650.
Operating expenses   1,075,362.   1,101,305.   3,218,243.   3,378,516.
Other expenses   46,948.   58,961.   153,188.   157,523.
Benefit from income taxes   (6,155)   (34,424)   (90,827)   (243,856)
Total Expenses   1,588,938.   1,608,910.   4,591,518.   4,523,833.
Net Loss $ (7,297) $ (57,868) $ (168,572) $ (510,774)
Loss Per Common Share $ (0.00) $ (0.01) $ (0.04) $ (0.11)

Weighted Average Number of
Common Shares Outstanding

Common Shares Outstanding assuming dilution

  

 

 

4,772,318

 

  

 

 

4,772,318

 

  

 

 

4,772,318

4,772,986

  

 

 

4,772,318

4,772,986

                       

 

 

 

 

See accompanying notes.

 

There was no impact to earnings per share from dilutive securities

as the resultant would have been anti-dilutive.

 
 

 

HYDROMER, INC. and CONSOLIDATED SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   

Nine months Ended

March 31,

    2012   2011  
Cash Flows From Operating Activities:          
Net Loss $ (168,572) $ (510,774)  
Adjustments to reconcile net loss to net cash Provided by (used in) operating activities          
Depreciation and amortization   321,381.   303,122.  
Deferred income taxes   (93,827)   (243,856)  
Changes in Assets and Liabilities:          
               Trade receivables   (30,704)   210,790.  
               Inventory   197,966.   (53,416)  
               Prepaid expenses   11,334.   600.  
               Other assets   1,230.   6,400.  
               Accounts payable and accrued liabilities   42,847.   71,591.  
               Deferred income   (111,791)   94,864.  
               Income taxes payable   (3,000)          (2,080)  
Net Cash (Used in) Operating Activities   166,864.     (122,759)  
           
Cash Flows From Investing Activities:          
Cash purchases of property and equipment   (39,037)   (110,254)  
Cash payments on patents and trademarks   (122,366)   (140,010)  
Redemption of matured short-term investments   50,000.   440,000.  
Net Cash (Used in) Provided by Investing Activities   (111,403)   189,736.  
           
Cash Flows From Financing Activities:          
Repayment of long-term borrowings   (40,699)   (38,526)  

 

Net Cash (Used in) Financing Activities

   (40,699)   (38,526)  
           
Net Increase in Cash and Cash Equivalents:   14,762.   28,451.  
Cash and Cash Equivalents at Beginning of Period   502,597.   843,610.  
Cash and Cash Equivalents at End of Period $ 517,359. $ 872,061.  

 

 

 

See accompanying notes.

HYDROMER, INC. and CONSOLIDATED SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements

 

Basis of Presentation:

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting of only normal adjustments) necessary for a fair presentation of the results for the interim periods. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America. The condensed financial statements should be read in conjunction with the consolidated financial statements and other information contained in our Annual Report on Form 10-K for the year ended June 30, 2011. Certain reclassifications have been made to the previous year’s results to present comparable financial statements.

 

Fair Value:

Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature, such as cash and cash equivalents, receivables and payables. The carrying amount of the Company’s note obligation approximates its fair value, as the terms of the note are consistent with terms available in the market for instruments with similar risk.

 

In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures”, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2011. There were no reportable financial assets or liabilities as of March 31, 2012.

 

as of June 30, 2011 Level 1 Level 2 Level 3 Total
Assets        
Short-Term Investments    $ 50,000     $ 50,000
Total Assets $ 50,000 - - $ 50,000
         
Liabilities - n/a - - - -

 

 

 

 

 

 

 

Long-Term Debt:

As reported in the December 31, 2011 SEC Form 10-Q as a Subsequent Event, on February 21, 2012, the Company was granted a waiver on mortgage covenants not met as of December 31, 2011. The next covenant measurement date is June 30, 2012. Although a waiver was granted by the lender, there is no certainty that future waivers would be granted.

 

Segment Reporting:

The Company operates two primary business segments. The Company evaluates the segments by revenues, total expenses and earnings before taxes. Corporate Overhead (primarily the salaries and benefits of senior management, support services (Accounting, Legal, Human Resources and Purchasing) and other shared services (building maintenance and warehousing)) are excluded from the business segments as to not distort the contribution of each segment. These segments are the lowest levels for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

 

The results for the nine months ended March 31, by segment are:

2012        
Revenues $ 3,385,796. $ 1,037,150.   $ 4,422,946.
Expenses     (2,648,039)        (851,299) $ (1,183,007)     (4,682,345)
     Pre-tax Income (Loss) $ 737,757. $ 185,851. $ (1,183,007) $ (259,399)
         

 

2011        
Revenues $ 3,027,098. $ 985,961.   $ 4,013,059.
Expenses     (2,668,485)        (878,866) $ (1,220,338)     (4,767,689)
     Pre-tax Income (Loss) $ 358,613. $ 107,095. $ (1,220,338) $ (754,630)
         

 

 

 

Geographic revenues were as follows for the nine months ended March 31,

  2012 2011
Domestic 64% 59%
Foreign 36% 41%

 

 

 

Item #2

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Results of Operations

 

The Company’s revenues for the quarter ended March 31, 2012 were $1,581,641, $30,599 or 2.0% higher than the $1,551,042 for the same period the previous year. For the nine month period ended March 31, revenues were $4,422,946 during the current fiscal year, as compared with $4,013,059 the year before or $409,887 better (10.2%). Revenues are comprised of the sale of Products and Services and Royalty and Contract payments.

 

Product sales were $978,612 for the quarter ended March 31, 2012 as compared to $1,070,400 for the same period the year before, a $91,788 (8.6%) decrease. Revenues for the quarter ended March 31, 2011 included stronger sales in Europe from our T-HEXX Animal Health launch of our Dragonhyde® Hoof Bath Concentrate. For the nine month period, product sales were $2,479,851 for the 2012 year as compared with $2,281,134 for the 2011 year, higher by $198,717 (8.7%), due to increased demand in the T-HEXX Animal Health line.

 

Services revenues, comprising of contract coating services, for the three months ended March 31, 2012 were $317,325 or $42,999 better (15.7%) than the $274,326 the corresponding period the year before. Timing delays reduced the service revenues for the prior year period. For the nine month periods ended March 31, 2012 and 2011, services revenues were $1,038,972 and $1,044,715, respectively, or $5,743 lower (0.5%). Revenues from new agreements/customers this fiscal year offset the customers transitioning to customers of our medical chemical polymer (product sales) or customers no longer in the market.

 

Classified as Royalty and Contract revenues are royalties received and the periodic recurring payments from license, stand still and other agreements other than for product and services. Also included in Royalty and Contract revenues are revenues from support and supply agreements which avails our customers continued technical support and/or guaranteed access to our proprietary coatings and may include the transfer of technical know-how (coatings procedures). Some of the royalties and support fees are based on the net sales of the final item (to which the Hydromer technology is applied) and are subject to the reporting of our customers. For the nine months ended March 31, 2012, Royalty and Contract revenues were $904,123, compared to $687,210 the same period a year ago, an increase of $216,913 (31.6%). In this year’s results was $120,000 in new technology know-how transfers plus new payments coming online arising from agreements the year(s) prior.

 

 

Total Expenses for the quarter ended March 31, 2012 were $1,588,938 as compared with $1,608,910 the year before, a 1.2% decrease. For the nine months ended March 31, 2012, Total Expenses were $4,591,518 as compared with $4,523,833 the previous year, higher by 1.5%.

 

For the quarter ended March 31, 2012, the Company’s Cost of Goods Sold was $472,783 as compared with $483,068 the year prior, lower by $10,285 or 2.1%. Despite 8.6% in lower product sales this quarter, a change in product mix plus lower pricing resulted in only a 2.1% lower Cost of Sales. For the nine month period ended March 31, 2012, Cost of Goods Sold was $1,310,914 as compared with $1,231,650 the same period a year ago. The $79,264 increase (6.4%) was due to higher product sales offset by lower manufacturing labor costs.

 

Operating expenses were $1,075,362 for the quarter ended March 31, 2012 as compared with $1,101,305 the year before, lower by $25,943 or 2.4%, due to lower Sales & Marketing expenditures this year (tradeshows, travel, advertising). For the nine months ended March 31, 2012, Operating expenses were $3,218,243 or $160,273 lower (4.7%) than the previous year’s $3,378,516. In addition to lower Sales & Marketing expenditures, lower staffing levels and utilities usage attributed to the improvement

 

Interest expense, foreign currency exchange gains/losses, interest income and other income are included in Other Expenses. Interest expense (primarily mortgage interest) for the nine months ended March 31, 2012 and March 31, 2011 were $146,326 and $149,037, respectively.

 

A net loss of $7,297 ($0.00 per share) is reported for the quarter ended March 31, 2012 as compared to a net loss of $57,868 ($0.01 per share) the year before. A net loss of $168,572 ($0.04 per share) is reported for the nine months ended March 31, 2012 as compared to a net loss of $510,774 ($0.11 per share) the year before.

 

Revenue growth of $409,887 (primarily from our T-HEXX Animal Health division and from the Royalties and contract revenues line) and reduced Operating Expenses (lower staffing, reduced sales and marketing expenses as well as lower utilities costs) offset by $79,264 in higher Cost of Sales and a reduced Income Tax Benefit of $153,029 resulted in the $342,202 improvement to the bottom line. Management expects this continued course of revenue growth with only minimal expense changes to be the trend.

 

For the nine months ended March 31, 2012, EBITDA of $58,982 is reported, compared with -$451,508 for the nine months ended March 31, 2011; the difference attributed to the revenue growth and lower Operating Expenses.

 

 

 

Financial Condition

 

Working capital decreased $165,485 during the nine months ended March 31, 2012.

 

For the nine months ended March 31, 2012, operating activities provided $166,864 in net cash.

 

For the nine months ended March 31, 2012, cash provided by Operations (net loss as adjusted for non-cash expenses) was $58,982 with the net change in operating assets and liabilities providing an additional $107,882, primarily from the reduction of inventory levels previously built up from volume purchases.

 

Investing activities used $111,403 in cash and financing activities used an additional $40,699 during the nine months ended March 31, 2012.

 

Investing activities for the nine months ended March 31, 2012 included $39,037 for capital expenditures, $122,366 towards the Company’s patent estate and the redemption of matured short-term investments of $50,000. Capital expenditures were lower this fiscal year-to-date than as compared with the corresponding period a year ago as the previous year included new production equipment for the growing T-HEXX division, including for new products. Reported under Financing activities was the repayment of the principal portion of the mortgage.

 

The Company has made significant inroads towards a return to profitability since the cancellation and subsequent replacement of a significant supply & support agreement which impacted both revenues and cash by $780,000 annually and the sale of various medical device product lines in 2009. The Company has previously overcome the lost profit contributions from the sales of product lines. With continued revenue growth and expenditure control, we expect profitability to be near-term as we previously reported.

 
 

 

Item # 4

 

Disclosure Controls and Procedures

 

As of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and President and the Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures.

 

Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, our disclosure controls and procedures were effective and that there were no changes to our Company’s internal control over financial reporting that have materially affected, or reasonably likely to materially affect the Company’s internal control over financial reporting during the period covered by the Company’s quarterly report.

 

 

PART II – Other Information

 

The Company operates entirely from its sole location at 35 Industrial Parkway in Branchburg, New Jersey, an owned facility secured by a mortgage through a bank.

The existing facility will be adequate for the Company’s operations for the foreseeable future.

 

Item # 6

 

Exhibits

 

Exhibit No. Description

31.1 Rule 13a-14(a) Certification of Chief Executive Officer and President

31.2 Rule 13a-14(a) Certification of Vice President of Finance and Chief Financial Officer

32.1 Section 1350 Certification of Chief Executive Officer and Chairman, President

32.2 Section 1350 Certification of Chief Financial Officer and Vice President of Finance

 

 

 

 

 

 

SIGNATURES

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on his behalf by the undersigned thereunto duly authorized.

 

 

 

HYDROMER, INC.

 

 

 

By: /s/ Robert Y. Lee,VP

Robert Y. Lee

Principal Accounting Officer & Chief Financial Officer

 

DATE: May 15, 2012

 

 

 

 

 

 

 

 

 

 

 EX-31 2 hydi10qexhib311.htm

EXHIBIT 31.1

 

I, Manfred F. Dyck, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hydromer, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer, Mr. Robert Y. Lee and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer, Mr. Robert Y. Lee and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

Date: May 15, 2012

By: /s/ Manfred F. Dyck

Manfred F. Dyck,

President and CEO

 

 EX-31 3 hydi10qexhib312.htm

EXHIBIT 31.2

 

I, Robert Y. Lee, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hydromer, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer, Mr. Manfred F. Dyck and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer, Mr. Manfred F. Dyck and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

Date: May 15, 2012

 

By: /s/Robert Y. Lee,VP

Robert Y. Lee,

Vice President of Finance and CFO

 

 EX-32 4 hydi10qexhib321.htm

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Manfred F. Dyck, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Hydromer, Inc. on Form 10-Q for the nine months ended March 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents in all material respects the financial condition and results of operations of Hydromer, Inc.

 

 

 

Date: May 15, 2012

By: /s/ Manfred F. Dyck

Manfred F. Dyck

Chairman, President and Chief Executive Officer

 

 EX-32 5 hydi10qexhib322.htm

 

EXHIBIT 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Robert Y. Lee, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Hydromer, Inc. on Form 10-Q for the nine months ended March 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents in all material respects the financial condition and results of operations of Hydromer, Inc.

 

 

 

Date: May 15, 2012

By: /s/Robert Y. Lee,VP

     Robert Y. Lee

     Chief Financial Officer and Vice President of Finance

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Segment Reporting
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Segment Reporting

Segment Reporting:

The Company operates two primary business segments. The Company evaluates the segments by revenues, total expenses and earnings before taxes. Corporate Overhead (primarily the salaries and benefits of senior management, support services (Accounting, Legal, Human Resources and Purchasing) and other shared services (building maintenance and warehousing)) are excluded from the business segments so as to not distort the contribution of each segment. These segments are the lowest levels for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

 

The results for the nine months ended March 31, by segment are:

 

2012        
Revenues $ 3,385,796. $ 1,037,150.   $ 4,422,946.
Expenses     (2,648,039)        (851,299) $ (1,183,007)     (4,682,345)
     Pre-tax Income (Loss) $ 737,757. $ 185,851. $ (1,183,007) $ (259,399)
         

 

2011        
Revenues $ 3,027,098. $ 985,961.   $ 4,013,059.
Expenses     (2,668,485)        (878,866) $ (1,220,338)     (4,767,689)
     Pre-tax Income (Loss) $ 358,613. $ 107,095. $ (1,220,338) $ (754,630)
         

 

 

 

Geographic revenues were as follows for the nine months ended March 31,

  2012 2011
Domestic 64% 59%
Foreign 36% 41%
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Long-Term Debt
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Long-Term Debt

Long-Term Debt:

As reported in the December 31, 2011 SEC Form 10-Q as a Subsequent Event, on February 21, 2012, the Company was granted a waiver on mortgage covenants not met as of December 31, 2011. The next covenant measurement date is June 30, 2012. Although a waiver was granted by the lender, there is no certainty that future waivers would be granted.

 
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Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Jun. 30, 2011
Current Assets:    
Cash and cash equivalents $ 517,359 $ 502,597
Short-term investments    50,000
Trade receivables less allowance for doubtful accounts of $49,073 and $5,622 as of March31, 2012 and June 30, 2011, respectively 805,457 774,753
Inventory 246,638 444,604
Prepaid expenses 206,595 209,241
Deferred tax asset 122,100 122,100
Other 12,317 13,547
Total Current Assets 1,910,466 2,116,842
Property and equipment, net 2,725,665 2,863,912
Deferred tax asset, non-current 1,290,531 1,196,704
Intangible assets, net 777,736 820,231
Total Assets 6,704,398 6,997,689
Current Liabilities:    
Accounts payable 398,596 387,094
Accrued expenses 341,970 313,626
Current portion of capital lease 12,197 18,687
Current portion of deferred revenue 71,625 149,108
Current portion of mortgage payable 54,956 51,720
Total Current Liabilities 879,344 920,235
Deferred tax liability 294,012 294,012
Long-term portion of capital lease 9,813 15,398
Long-term portion of deferred revenue 86,632 120,940
Long-term portion of mortgage payable 2,670,882 2,714,817
Total Liabilities 3,940,683 4,065,402
Stockholders' Equity    
Preferred stock - no par value, authorized 1,000,000 shares, no shares issued and outstanding      
Common stock - no par value, authorized 15,000,000 shares; 4,783,235 shares issued and 4,772,318 shares outstanding as of March 31, 2012 and June30, 2011 3,721,815 3,721,815
Contributed capital 633,150 633,150
Accumulated deficit (1,585,110) (1,416,538)
Treasury stock, 10,917 common shares at cost (6,140) (6,140)
Total Stockholders' Equity 2,763,715 2,932,287
Total Liabilities and Stockholders' Equity $ 6,704,398 $ 6,997,689
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Basis of Presentation
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Basis of Presentation

Basis of Presentation:

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting of only normal adjustments) necessary for a fair presentation of the results for the interim periods. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America. The condensed financial statements should be read in conjunction with the consolidated financial statements and other information contained in our Annual Report on Form 10-K for the year ended June 30, 2011. Certain reclassifications have been made to the previous year’s results to present comparable financial statements.
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Fair Value
 3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Fair Value

Fair Value:

Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature, such as cash and cash equivalents, receivables and payables. The carrying amount of the Company’s note obligation approximates its fair value, as the terms of the note are consistent with terms available in the market for instruments with similar risk.

 

In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures”, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2011. There were no reportable financial assets or liabilities as of March 31, 2012.

 

as of June 30, 2011 Level 1 Level 2 Level 3 Total
Assets        
Short-Term Investments    $ 50,000     $ 50,000
Total Assets $ 50,000 - - $ 50,000
         
Liabilities - n/a - - - -

 
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Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2012
Jun. 30, 2011
Statement of Financial Position [Abstract]    
Preferred stock; par value $ 0.0 $ 0.00
Preferred stock; shares authorized 1,000,000 1,000,000
Preferred stock; shares issued 0 0
Preferred stock; share outstanding 0 0
Common stock; par value $ 0.00 $ 0.00
Common stock; shares authorized 15,000,000 15,000,000
Common stock; shares issued 4,783,235 4,783,235
Common stock; shares outstanding 4,772,318 4,772,318
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Document and Entity Information
 3 Months Ended
Mar. 31, 2012
Document And Entity Information  
Entity Registrant Name HYDROMER INC,
Entity Central Index Key 0000704432
Document Type 10-Q
Document Period End Date Mar. 31, 2012
Amendment Flag false
Current Fiscal Year End Date --06-30
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? Yes
Is Entity's Reporting Status Current? Yes
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 4,772,318
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2012
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Condensed Consolidated Statements of Operations (USD $)
 3 Months Ended 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Mar. 31, 2011
Revenues        
Sale of products $ 978,612 $ 1,070,400 $ 2,479,851 $ 2,281,134
Service revenues 317,325 274,326 1,038,972 1,044,715
Royalties and contract revenues 285,704 206,316 904,123 687,210
Total Revenues 1,581,641 1,551,042 4,422,946 4,013,059
Expenses        
Cost of Sales 472,783 483,068 1,310,914 1,231,650
Operating Expenses 1,075,362 1,101,305 3,218,243 3,378,516
Other Expenses 46,948 58,961 153,188 157,523
Benefit from Income Taxes (6,155) (34,424) (90,827) (243,856)
Total Expenses 1,588,938 1,608,910 4,591,518 4,523,833
Net Loss $ (7,297) $ (57,868) $ (168,572) $ (510,774)
Loss Per Common Share $ 0.00 $ (0.01) $ (0.04) $ (0.11)
Weighted Average Number of Common Shares Outstanding 4,772,318 4,772,318 4,772,318 4,772,318
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Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows From Operating Activities:    
Net Loss $ (168,572) $ (510,774)
Adjustments to reconcile net loss provided by (used in) to net cash used in operating activities    
Depreciation and amortization 321,381 303,122
Deferred income taxes (93,827) (243,856)
Changes in Assets and Liabilities:    
Trade receivables (30,704) 210,790
Inventory 197,966 (53,416)
Prepaid expenses 11,334 600
Other assets 1,230 6,400
Accounts payable and accrued liabilities 42,847 71,591
Deferred income (111,791) 94,864
Income taxes payable (3,000) (2,080)
Net Cash provided by (used in) Operating Activities 166,864 (122,759)
Cash Flows From Investing Activities:    
Cash purchases of property and equipment (39,037) (110,254)
Cash payments on patents and trademarks (122,366) (140,010)
Redemption of matured short-term investments 50,000 440,000
Net Cash (Used in) Provided by Investing Activities (111,403) 189,736
Cash Flows From Financing Activities:    
Repayment of long-term borrowings (40,699) (38,526)
Net Cash Used in Financing Activities (40,699) (38,526)
Net Increase in Cash and Cash Equivalents: 14,762 28,451
Cash and Cash Equivalents at Beginning of Period 502,597 843,610
Cash and Cash Equivalents at End of Period $ 517,359 $ 872,061
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