0000950123-95-002336.txt : 19950815 0000950123-95-002336.hdr.sgml : 19950815 ACCESSION NUMBER: 0000950123-95-002336 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISOMEDIX INC CENTRAL INDEX KEY: 0000719522 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 221986189 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12488 FILM NUMBER: 95563571 BUSINESS ADDRESS: STREET 1: 11 APOLLO DR CITY: WHIPPANY STATE: NJ ZIP: 07981 BUSINESS PHONE: 2018874700 MAIL ADDRESS: STREET 1: 11 APOLLO DR CITY: WHIPPANY STATE: NJ ZIP: 07981 10-Q 1 ISOMEDIX INC. -- FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________ FORM 10Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE --- SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1995 OR _____TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______________to___________________ Commission file number 0-12488 Isomedix Inc. (Exact name of registrant as specified in its charter) Delaware 22-1986189 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation of organization) 11 Apollo Drive, Whippany, New Jersey 07981 (Address of principal executive offices) (Zip Code) (201) 887-4700 (Registrant's telephone number, including area code) NOT APPLICABLE Former name, former address and former fiscal year, if changed since last report. 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 reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ ___ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No ___ ___ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of June 30, 1995: 6,976,273 shares of common stock $.01 par value. 2 ISOMEDIX INC. AND SUBSIDIARIES TABLE OF CONTENTS JUNE 30, 1995
Page Number PART I. FINANCIAL INFORMATION Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS 3-4 June 30, 1995 and December 31, 1994 CONSOLIDATED STATEMENTS OF INCOME For the Three Months Ended June 30, 1995 and 1994 5 For the Six Months Ended June 30, 1995 and 1994 6 CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY 7-8 For the Six Months Ended June 30, 1995 CONSOLIDATED STATEMENTS OF CASH FLOWS 9 For the Six Months Ended June 30, 1995 and 1994 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11-16 PART II. OTHER INFORMATION 17-20
3 PART I. FINANCIAL INFORMATION Item 1. Financial Statements ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, 1995 AND DECEMBER 31, 1994
June 30, December 31, 1995 1994 ------------- ------------ (Unaudited) ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 4,553,211 $ 5,961,473 Investments 19,934,606 11,891,561 Accounts Receivable, Less Allowance for Doubtful Accounts of $350,000 at June 30, 1995 and at December 31, 1994 8,086,681 8,493,608 Prepaid Expenses and Other Current Assets 1,011,913 1,614,108 ------------ ------------ Total Current Assets 33,586,411 27,960,750 ------------ ------------ PROPERTY, PLANT AND EQUIPMENT At Cost 58,409,846 55,207,156 Less, Accumulated Depreciation 16,593,228 15,359,400 ------------ ------------ 41,816,618 39,847,756 ------------ ------------ RADIOISOTOPE At Cost 63,834,424 62,790,850 Less, Accumulated Depreciation 34,391,206 32,203,450 ------------ ------------ 29,443,218 30,587,400 ------------ ------------ INVESTMENTS 1,208,017 5,526,960 EXCESS OF COSTS OVER NET ASSETS ACQUIRED 711,878 753,482 OTHER ASSETS 1,167,663 1,523,357 ------------ ------------ Total Assets $107,933,805 $106,199,705 ============ ============
See accompanying notes to the consolidated financial statements. -3- 4
June 30, December 31, 1995 1994 ------------ ------------ LIABILITIES (Unaudited) CURRENT LIABILITIES Current Portion of Long-Term Debt $ 600,000 $ 925,000 Accounts Payable 1,066,587 1,663,756 Accrued Expenses 481,055 825,455 Contract Deposits 83,686 47,572 Income Taxes Payable 295,756 264,923 ----------- ------------ Total Current Liabilities 2,527,084 3,726,706 LONG-TERM DEBT 9,000,000 9,100,000 DEFERRED INCOME TAXES 7,803,427 7,633,452 ----------- ------------ Total Liabilities 19,330,511 20,460,158 ----------- ------------ STOCKHOLDERS' EQUITY PREFERRED STOCK $1.00 par value Authorized - 15,000,000 shares Issued and Outstanding - none COMMON STOCK $.01 par value Authorized - 15,000,000 shares Issued: June 30, 1995 - 7,167,868 shares December 31, 1994 - 7,152,592 shares Outstanding: June 30, 1995 - 6,976,273 shares December 31, 1994 - 7,042,592 shares 71,679 71,526 ADDITIONAL PAID-IN CAPITAL 37,670,170 37,505,506 RETAINED EARNINGS 53,720,107 49,868,144 ----------- ------------ 91,461,956 87,445,176 LESS, COMMON STOCK HELD IN THE TREASURY, AT COST June 30, 1995 - 191,595 shares December 31, 1994 - 110,000 shares (2,858,662) (1,705,629) ------------ ------------ Total Stockholders' Equity 88,603,294 85,739,547 ------------ ------------ Total Liabilities and Stockholders' Equity $107,933,805 $106,199,705 ============ ============
See accompanying notes to the consolidated financial statements. -4- 5 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994 (Unaudited)
June 30, June 30, 1995 % 1994 % ----------- ----- ----------- ----- SALES $11,479,351 100.0 $12,029,340 100.0 COST OF SALES 5,461,840 47.6 5,315,943 44.2 ----------- ----- ----------- ----- GROSS PROFIT 6,017,511 52.4 6,713,397 55.8 SELLING, GENERAL & ADMINISTRATIVE EXPENSES 2,870,241 25.0 2,843,409 23.6 ----------- ----- ----------- ----- OPERATING INCOME 3,147,270 27.4 3,869,988 32.2 OTHER INCOME (EXPENSE) Investment Income 303,320 2.6 189,234 1.5 Interest Expense (137,655) (1.2) (120,708) (1.0) ----------- ----- ----------- ----- INCOME BEFORE PROVISION FOR INCOME TAXES 3,312,935 28.8 3,938,514 32.7 PROVISION FOR INCOME TAXES 1,325,174 11.5 1,575,408 13.1 ----------- ----- ----------- ----- NET INCOME $ 1,987,761 17.3 $ 2,363,106 19.6 =========== ===== =========== ===== EARNINGS PER SHARE $ .28 $ .32 =========== ===========
See accompanying notes to the consolidated financial statements. -5- 6 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (Unaudited)
June 30, June 30, 1995 % 1994 % ----------- ----- ----------- ----- SALES $22,934,377 100.0 $23,269,124 100.0 COST OF SALES 10,997,518 48.0 10,632,606 45.7 ----------- ----- ----------- ----- GROSS PROFIT 11,936,859 52.0 12,636,518 54.3 SELLING, GENERAL & ADMINISTRATIVE EXPENSES 5,715,209 24.9 5,563,011 23.9 ----------- ----- ----------- ----- OPERATING INCOME 6,221,650 27.1 7,073,507 30.4 OTHER INCOME (EXPENSE) Investment Income 471,196 2.1 315,479 1.3 Interest Expense (272,907) (1.2) (235,967) (1.0) ----------- ----- ----------- ----- INCOME BEFORE PROVISION FOR INCOME TAXES 6,419,939 28.0 7,153,019 30.7 PROVISION FOR INCOME TAXES 2,567,976 11.2 2,861,208 12.3 ----------- ----- ----------- ----- NET INCOME $ 3,851,963 16.8 $ 4,291,811 18.4 =========== ===== =========== ===== EARNINGS PER SHARE $ .53 $ .58 =========== ===========
See accompanying notes to the consolidated financial statements. -6- 7 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 1995 (Unaudited)
TOTAL STOCKHOLDERS' EQUITY BALANCE - December 31, 1994 $85,739,547 Exercise of Stock Options 229,144 Acquisition of Treasury Stock (1,275,944) Sales of Common Stock Under Employee Stock Purchase Plan 58,584 Net Income 3,851,963 ----------- BALANCE - June 30, 1995 $88,603,294 ===========
See accompanying notes to the consolidated financial statements. -7- 8
COMMON STOCK TREASURY STOCK ---------------------- ADDITIONAL ------------------- NUMBER PAID-IN RETAINED NUMBER OF SHARES AMOUNT CAPITAL EARNINGS OF SHARES AMOUNT 7,152,592 $71,526 $37,505,506 $49,868,144 (110,000) ($1,705,629) 10,900 109 106,124 8,205 122,911 (89,800) (1,275,944) 4,376 44 58,540 3,851,963 --------- ------- ----------- ----------- -------- ----------- 7,167,868 $71,679 $37,670,170 $53,720,107 (191,595) ($2,858,662) ========= ======= =========== =========== ======== ===========
See accompanying notes to the consolidated financial statements. -8- 9 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
June 30, June 30, 1995 1994 ----------- ----------- Cash flows from operating activities: Net Income $ 3,851,963 $ 4,291,811 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 3,434,790 3,536,126 Amortization 342,700 348,184 Changes in assets and liabilities: Decrease (increase)in accounts receivable 406,927 (694,082) Decrease in prepaid expenses and other current assets 602,195 423,243 Decrease in accounts payable and accrued expenses (941,569) (541,405) Increase (decrease) in contract deposits 36,114 (235,699) Increase (decrease) in income taxes payable 30,833 (343,665) Increase in deferred income taxes 169,975 429,238 ------------------------------------------------ ----------- ----------- Net cash provided by operating activities 7,933,928 7,213,751 ------------------------------------------------ ----------- ----------- Cash flows from investing activities: Purchases of investments (9,410,034) (4,265,486) Proceeds from maturity of investments 5,685,932 1,360,000 Decrease in equipment deposits 219,921 Additions to property, plant and equipment (3,215,894) (975,011) Additions to radioisotope (863,134) (2,173,566) Deferred pre-operating costs incurred (63,331) Other 30,586 70,918 ------------------------------------------------ ----------- ---------- Net cash used in investing activities (7,835,875) (5,763,224) ------------------------------------------------ ----------- ----------- Cash flows from financing activities: Payment of long-term debt (425,000) (475,000) Purchases of treasury stock (1,275,944) Proceeds of stock options exercised and employee stock purchases 287,728 263,107 Other (93,099) ------------------------------------------------ ----------- ----------- Net cash used in financing activities (1,506,315) (211,893) ------------------------------------------------ ----------- ----------- Net (decrease)increase in cash and cash equivalents (1,408,262) 1,238,634 Cash and cash equivalents at beginning of year 5,961,473 2,949,572 ------------------------------------------------ ----------- ----------- Cash and cash equivalents at end of period $ 4,553,211 $ 4,188,206 ------------------------------------------------ ----------- ----------- Supplemental cash flow information: ------------------------------------------------ Cash paid for interest $ 272,907 $ 174,451 ------------------------------------------------ ----------- ----------- Cash paid for income taxes $ 1,856,339 $ 2,293,260 ------------------------------------------------ ----------- ----------- Supplemental non-cash investing activities ------------------------------------------------ Additions to radioisotope in satisfaction of lease receivable $ 180,440 ------------------------------------------------ -----------
See accompanying notes to the consolidated financial statements. -9- 10 ISOMEDIX INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. The interim consolidated financial statements reflect all adjustments, consisting only of normal recurring accruals, which are, in the opinion of the Company's management, necessary for a fair statement of results for the periods presented. Operating revenues and net income for any interim period are not necessarily indicative of results for a full year. 2. Earnings per share have been computed based upon the weighted average number of shares of common stock outstanding during each period. For the three months ended June 30, 1995 and 1994, the numbers of shares used in computing earnings per share were 7,189,192 and 7,378,068, respectively. For the six months ended June 30, 1995 and 1994, the numbers of shares used in computing earnings per share were 7,227,558 and 7,372,109, respectively. 3. As of June 30, 1995, the Company had total investments classified as held-to-maturity of $21,142,623 with a market value of $20,905,297. The market value is calculated using information provided by outside quotation services. The Company's investments consist of debt instruments from various governmental agencies with maturity dates ranging from July, 1995 to July, 1998. For the six months ended June 30, 1995, the gross unrealized holding losses were $237,326. Management has concluded that the decline in fair value is temporary and, therefore, no adjustment to the cost basis of the investments has been recorded. -10- 11 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994 Consolidated sales decreased approximately 4.6% to $11,479,351 in 1995 from $12,029,340 in 1994. This decrease was due to a 2.6% decrease in sales of sterilization services to $10,713,606 in 1995 from $11,005,220 in 1994, due to increased competitive factors including pricing pressures which, as previously reported, are expected to continue during 1995. This decrease was partially offset by sales to new customers and increased sales volumes to certain existing customers. Sales of validation services by the Company's Skyland subsidiary decreased 25.2% to $765,745 in 1995 from $1,024,121 in 1994, due to customer delays in the construction of new facilities and the installation of new equipment requiring validation services. Gross profit decreased to 52.4% of sales in 1995 from 55.8% in 1994. This decrease is attributable to the decrease in consolidated sales, from the factors described above. Cost of sales increased 2.7% to $5,461,840 in 1995 from $5,315,943 in 1994, mainly due to increased payroll and payroll related items, which must be maintained for continued customer service. These costs are relatively fixed in nature, due to the structure and operational needs of the sterilization services segment. As a response to the decline in the sales of Skyland, management has undertaken cost containment measures, primarily the reduction of Skyland's payroll and payroll related items. Selling, general and administrative expenses, as a percentage of sales, were 25% in 1995 compared to 23.6% in 1994. This increase was attributable to the decrease in consolidated sales. -11- 12 Consolidated operating income decreased 18.7% to $3,147,270 in 1995 from $3,869,988 in 1994, and as a percentage of sales, to 27.4% in 1995 compared to 32.2% in 1994. Operating income from sterilization services (before corporate overhead) decreased to 36.8% of that segment's sales in 1995 from 41.5% in 1994. These decreases resulted from the factors described above. Operating income from validation services (before corporate overhead) decreased to 1.0% of that segment's sales in 1995 from 5.3% in 1994, primarily as a result of the decrease in sales. Investment income increased to $303,320 in 1995 from $189,234 in 1994, primarily as a result of additional invested funds, in 1995, provided by operating activities. Interest expense increased to $137,655 in 1995 from $120,708 in 1994, as a result of higher interest rates, partially offset by payments of current maturities on long-term debt. Net income decreased to $1,987,761 in 1995 from $2,363,106 in 1994. This decrease in net income was attributable to the reasons described above. As a percentage of sales, net income was 17.3% in 1995 compared to 19.6% in 1994. -12- 13 RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 Consolidated sales decreased approximately 1.4% to $22,934,377 in 1995 from $23,269,124 in 1994. This decrease was, in part, due to a slight decrease in sales of sterilization services to $21,128,699 in 1995 from $21,182,398 in 1994, due to increased competitive factors including pricing pressures which, as previously reported, are expected to continue during 1995. This decrease was partially offset by sales to new customers and increased sales volumes to certain existing customers. The decrease in consolidated sales was further due to the 13.5% decrease in sales of validation services by the Company's Skyland subsidiary to $1,805,678 in 1995 from $2,086,727 in 1994, due to customer delays in the construction of new facilities and the installation of new equipment requiring validation services. Gross profit decreased to 52% of sales in 1995 from 54.3% in 1994. This decrease is attributable to the decrease in consolidated sales, from the factors described above. Cost of sales increased 3.4% to $10,997,518 in 1995 from $10,632,606 in 1994, mainly due to increased payroll and payroll related items, which must be maintained for continued customer service. These costs are relatively fixed in nature, due to the structure and operational needs of the sterilization services segment. As a response to the decline in the sales of Skyland, management has undertaken cost containment measures, primarily the reduction of Skyland's payroll and payroll related items. Selling, general and administrative expenses, as a percentage of sales, were 24.9% in 1995 compared to 23.9% in 1994. This increase was attributable to the decrease in consolidated sales. -13- 14 Consolidated operating income decreased 12% to $6,221,650 in 1995 from $7,073,507 in 1994, and as a percentage of sales, to 27.1% in 1995 compared to 30.4% in 1994. Operating income from sterilization services (before corporate overhead) decreased to 35.5% of that segment's sales in 1995 from 39.6% in 1994. These decreases resulted from the factors described above. Operating income from validation services (before corporate overhead) decreased to 8.0% of that segment's sales in 1995 from 13.4% in 1994, primarily as a result of the decrease in sales. Investment income increased to $471,196 in 1995 from $315,479 in 1994, primarily as a result of additional invested funds, in 1995, provided by operating activities. Interest expense increased to $272,907 in 1995 from $235,967 in 1994 as a result of higher interest rates, partially offset by payments of current maturities on long-term debt. Net income decreased to $3,851,963 in 1995 from $4,291,811 in 1994. This decrease in net income was attributable to the reasons described above. As a percentage of sales, net income was 16.8% in 1995 compared to 18.4% in 1994. -14- 15 LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1995, the Company's working capital was $31,059,327 compared to $24,234,044 at December 31, 1994. The increase in working capital was principally attributable to the cash provided by operating activities, derived from net income for the period as adjusted for non-cash expense items such as depreciation and amortization. This increase was partially offset by cash used in investing and financing activities primarily relating to capital expenditures for the purchase of radioisotope and equipment for the Company's existing sterilization facilities, and for purchases of treasury stock. The Company has utilized industrial development revenue bonds and sales of common stock to finance a substantial portion of the costs of constructing and equipping (including the initial purchase of radioisotope) some of its sterilization facilities. The obligations of the Company under the terms of the industrial development revenue bonds are collateralized by the property, plant, equipment and radioisotope purchased with the proceeds of such bonds and the agreements relating to such bonds contain various restrictive covenants. More recently, funds generated from operations have served as sources of funds used to finance the construction and equipping of facilities. The Company believes that funds from operating activities will be sufficient to purchase radioisotope and to equip, on a year-to-year basis, the Company's existing sterilization facilities. -15- 16 The Company may also utilize existing credit facilities, which the Company expects to be able to renew annually, to fund the working capital needs of the Company, as required. Expansion plans are expected to be funded from the Company's investments, which will mature in amounts necessary to cover the foreseeable expansion program of the Company. The Company's capital expenditures for 1995 are anticipated to be approximately $10 to $12 million, including the constructing and equipping of the Company's new continuous- type irradiation facility in Libertyville, Illinois, which will complement our existing batch-type irradiator in Libertyville. INFLATION Inflation is not expected to have a significant impact on the Company's income, particularly as the United States economy is presently experiencing a period of low inflation. Based upon its experience since inception, the Company does not expect that future increases in the cost of radioisotope or other materials will be significant to its operations. -16- 17 PART II. OTHER INFORMATION Item 1 Legal Proceedings None to report. Item 2 Changes in Securities None to report. Item 3 Defaults Upon Senior Securities None to report. Item 4 Submissions of Matters to a Vote of Security Holders a) Registrant held its Annual Meeting of Stockholders on May 16, 1995. Holders of at least 6,158,565 shares of the Common Stock of the Company were present in person or represented by proxy, being approximately 88.03% of the 6,995,968 shares of Common Stock of the Company outstanding at the close of business on March 24, 1995, the Record Date of the Meeting. The following matters were acted on by the stockholders at the Meeting: 1) The following persons were elected to the Board of Directors, as follows:
Votes Votes Votes For Against Abstaining David M. Lank 6,103,779 54,786 John Masefield 6,103,779 54,786
The following persons continue as directors after the Meeting: Thomas J. DeAngelo, George R. Dietz, Thomas M. Haythe, H. Stuart Campbell and Elmer A. Sticco. 2) A proposal for the ratification of the selection of Coopers & Lybrand L.L.P. to serve as the auditors for the fiscal year ending December 31, 1995 was approved, as follows: 6,126,429 shares voted in favor, 16,350 shares voted against and 15,786 shares abstained. Item 5 Other Information None to report. -17- 18 Item 6 Exhibits and Reports on Form 8-K (a) Exhibits: XI(a) Statement Re: Computation of Earnings Per Share For the Three Months Ended June 30, 1995 and 1994. (Unaudited) XI(b) Statement Re: Computation of Earnings Per Share For the Six Months Ended June 30, 1995 and 1994. (Unaudited) 27 Financial Data Schedule (b) Reports on Form 8-K: During the three months ended June 30, 1995, Registrant filed no reports on Form 8-K. -18- 19 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 thereunto duly authorized. ISOMEDIX INC. (Registrant) Date: August 14, 1995 /s/ John Masefield ---------------------------- John Masefield Chairman Date: August 14, 1995 /s/ Thomas J. DeAngelo ---------------------------- Thomas J. DeAngelo Vice President Finance and Administration -19- EX-11.A 2 COMPUTATION OF EARNINGS PER SHARE FOR 3-MONTHS 1 EXHIBIT XI (A) ISOMEDIX INC. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994. (Unaudited) Net income and common shares used in the calculation of earnings per share for the three months ended June 30, 1995 and 1994, were computed as follows:
June 30, June 30, 1995 1994 ---------- ---------- Net Income $1,987,761 $2,363,106 ========== ========== Weighted average number of common shares outstanding during the period: 6,980,305 7,139,128 Add: Shares issuable upon assumed exercise or con- version of stock options and warrants 208,887 238,940 ---------- ---------- Common Shares 7,189,192 7,378,068 ========== ========== Earnings per common share $ .28 $ .32 ========== ==========
-19- EX-11.B 3 COMPUTATION OF EARNINGS PER SHARE FOR SIX MONTHS 1 EXHIBIT XI (B) ISOMEDIX INC. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (Unaudited) Net income and common shares used in the calculation of earnings per share for the six months ended June 30, 1995 and 1994, were computed as follows:
June 30, June 30, 1995 1994 ---------- ---------- Net Income $3,851,963 $4,291,811 ========== ========== Weighted average number of common shares outstanding during the period: 7,005,528 7,130,702 Add: Shares issuable upon assumed exercise or con- version of stock options and warrants 222,030 241,407 --------- ---------- Common Shares 7,227,558 7,372,109 ========= ========== Earnings per common share $ .53 $ .58 ========= ==========
-20- EX-27 4 FINANCIAL DATA SCHEDULE
5 This Schedule contains summary financial information extracted from (a) Form 10-Q and is qualified in its entirety by reference to such (b) Form 10-Q June 30, 1995 6-MOS DEC-31-1995 JAN-01-1995 JUN-30-1995 4,553,211 21,142,623 8,086,681 350,000 0 33,586,411 122,244,270 50,984,434 107,933,805 2,527,084 0 71,679 0 0 88,531,615 107,933,805 11,479,351 11,479,351 5,461,840 0 2,870,241 0 165,665 3,312,935 1,325,174 1,987,761 0 0 0 1,987,761 .28 .28