-----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, TImKi6vsaCPo2Zz17X3DTLtgeoYYJhXOSgFkGmDRisZXgPUYn5n2OCXoq7VuKHeX grLRXOKBafT3sg4vs1fgBA== 0000950123-95-003397.txt : 19951120 0000950123-95-003397.hdr.sgml : 19951120 ACCESSION NUMBER: 0000950123-95-003397 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951115 SROS: NYSE 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-12488 FILM NUMBER: 95593664 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/A 1 AMENDED FORM 10-Q, ISOMEDIX INC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- FORM 10Q/A (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE -- ACT OF 1934 For the quarterly period ended September 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 incorporation of organization) Identification No.) 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 September 30, 1995: 6,982,628 shares of common stock $.01 par value. 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
Septmber 30, December 31, 1995 1994 ------------ ------------ (Unaudited) ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 7,036,865 $ 5,961,473 Investments 21,363,159 11,891,561 Accounts Receivable, Less Allowance for Doubtful Accounts of $350,000 at September 30, 1995 and at December 31, 1994 8,287,980 8,493,608 Prepaid Expenses and Other Current Assets 840,949 1,614,108 ------------ ------------ Total Current Assets 37,528,953 27,960,750 ------------ ------------ PROPERTY, PLANT AND EQUIPMENT At Cost 58,743,361 55,207,156 Less, Accumulated Depreciation 17,222,966 15,359,400 ------------ ------------ 41,520,395 39,847,756 ------------ ------------ RADIOISOTOPE At Cost 64,497,929 62,790,850 Less, Accumulated Depreciation 35,501,715 32,203,450 ------------ ------------ 28,996,214 30,587,400 ------------ ------------ INVESTMENTS 5,526,960 EXCESS OF COSTS OVER NET ASSETS ACQUIRED 690,491 753,482 OTHER ASSETS 982,604 1,523,357 ------------ ------------ Total Assets $109,718,657 $106,199,705 ============ ============
See accompanying notes to the consolidated financial statements. -2- 3
September 30, December 31, 1995 1994 ------------- ------------ LIABILITIES (Unaudited) CURRENT LIABILITIES Current Portion of Long-Term Debt $ 525,000 $ 925,000 Accounts Payable 444,691 1,663,756 Accrued Expenses 756,806 825,455 Contract Deposits 81,169 47,572 Income Taxes Payable 423,275 264,923 ------------- ------------- Total Current Liabilities 2,230,941 3,726,706 LONG-TERM DEBT 9,000,000 9,100,000 DEFERRED INCOME TAXES 7,954,257 7,633,452 ------------- ------------- Total Liabilities 19,185,198 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: September 30, 1995 - 7,167,868 shares December 31, 1994 - 7,152,592 shares Outstanding: September 30, 1995 - 6,982,528 shares December 31, 1994 - 7,042,592 shares 71,679 71,526 ADDITIONAL PAID-IN CAPITAL 37,670,170 37,505,506 RETAINED EARNINGS 55,577,221 49,868,144 ------------- ------------- 93,319,070 87,445,176 LESS, COMMON STOCK HELD IN THE TREASURY, AT COST September 30, 1995 - 185,340 shares December 31, 1994 - 110,000 shares (2,785,611) (1,705,629) ------------- ------------- Total Stockholders' Equity 90,533,459 85,739,547 ------------- ------------- Total Liabilities and Stockholders' Equity $ 109,718,657 $ 106,199,705 ============= =============
See accompanying notes to the consolidated financial statements. -3- 4 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited)
September 30, September 30, 1995 % 1994 % ------------- ----- ------------- ----- SALES $ 11,008,841 100.0 $ 12,283,423 100.0 COST OF SALES 5,352,263 48.6 5,516,614 44.9 ------------ ----- ------------ ----- GROSS PROFIT 5,656,578 51.4 6,766,809 55.1 SELLING, GENERAL & ADMINISTRATIVE EXPENSES 2,728,324 24.8 2,719,328 22.1 ------------ ----- ------------ ----- OPERATING INCOME 2,928,254 26.6 4,047,481 33.0 OTHER INCOME (EXPENSE) Investment Income 293,329 2.6 199,886 1.6 Interest Expense (125,968) (1.1) (122,745) (1.0) ------------ ----- ------------ ----- INCOME BEFORE PROVISION FOR INCOME TAXES 3,095,615 28.1 4,124,622 33.6 PROVISION FOR INCOME TAXES 1,238,501 11.2 1,649,849 13.4 ------------ ----- ------------ ----- NET INCOME $ 1,857,114 16.9 $ 2,474,773 20.2 ============ ===== ============ ===== EARNINGS PER SHARE $ .26 $ .34 ============ ============
See accompanying notes to the consolidated financial statements. -4- 5 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited)
September 30, September 30, 1995 % 1994 % ------------- ----- ------------- ----- SALES $ 33,943,218 100.0 $ 35,552,547 100.0 COST OF SALES 16,349,781 48.2 16,149,220 45.4 ------------ ----- ------------ ----- GROSS PROFIT 17,593,437 51.8 19,403,327 54.6 SELLING, GENERAL & ADMINISTRATIVE EXPENSES 8,443,533 24.9 8,282,339 23.3 ------------ ----- ------------ ----- OPERATING INCOME 9,149,904 26.9 11,120,988 31.3 OTHER INCOME (EXPENSE) Investment Income 764,525 2.3 515,365 1.4 Interest Expense (398,875) (1.2) (358,712) (1.0) ------------ ----- ------------ ----- INCOME BEFORE PROVISION FOR INCOME TAXES 9,515,554 28.0 11,277,641 31.7 PROVISION FOR INCOME TAXES 3,806,477 11.2 4,511,057 12.7 ------------ ----- ------------ ----- NET INCOME $ 5,709,077 16.8 $ 6,766,584 19.0 ============ ===== ============ ===== EARNINGS PER SHARE $ .79 $ .92 ============ ============
See accompanying notes to the consolidated financial statements. -5- 6 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 (Unaudited)
TOTAL STOCKHOLDERS' EQUITY BALANCE - December 31, 1994 $ 85,739,547 Exercise of Stock Options 241,894 Acquisition of Treasury Stock (1,275,944) Sales of Common Stock Under Employee Stock Purchase Plan 118,885 Net Income 5,709,077 ------------ BALANCE - September 30, 1995 $ 90,533,459 ============
See accompanying notes to the consolidated financial statements. -6- 7
COMMON STOCK ADDITIONAL TREASURY STOCK - --------------------- -------------------------- 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 9,205 135,661 (89,800) ( 1,275,944) 4,376 44 58,540 5,255 60,301 5,709,077 - --------- ------- ----------- ----------- -------- ----------- 7,167,868 $71,679 $37,670,170 $55,577,221 (185,340) ($2,785,611) ========= ======= =========== =========== ======== ===========
See accompanying notes to the consolidated financial statements. -7- 8 ISOMEDIX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (Unaudited) Increase in Cash and Cash Equivalents
September 30, September 30, 1995 1994 ------------- ------------- Cash flows from operating activities: Net Income $ 5,709,077 $ 6,766,584 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,175,037 5,345,437 Amortization 527,458 522,276 Changes in assets and liabilities: Decrease (increase)in accounts receivable 205,628 (1,449,768) Decrease in prepaid expenses and other current assets 773,159 463,432 Decrease in accounts payable and accrued expenses (1,287,714) 98,920 Increase (decrease) in contract deposits 33,597 (384,529) Increase (decrease) in income taxes payable 158,352 293,825 Increase in deferred income taxes 320,805 659,077 - -------------------------------------------- ------------ ------------ Net cash provided by operating activities 11,615,399 12,315,254 - -------------------------------------------- ------------ ------------ Cash flows from investing activities: Purchases of investments (21,141,960) (8,703,867) Proceeds from maturity of investments 17,197,322 2,630,000 Decrease in equipment deposits 219,921 Additions to property, plant and equipment (3,549,409) (1,296,964) Additions to radioisotope (1,489,387) (3,836,276) Deferred pre-operating costs incurred (83,255) Other 34,945 54,216 - -------------------------------------------- ------------ ------------ Net cash used in investing activities (9,031,744) (10,932,970) - -------------------------------------------- ------------ ------------ Cash flows from financing activities: Payment of long-term debt (500,000) (725,000) Purchases of treasury stock (1,275,944) Proceeds of stock options exercised and employee stock purchases 360,779 324,979 Other (93,098) 72,709 - -------------------------------------------- ------------ ------------ Net cash used in financing activities (1,508,263) (327,312) - -------------------------------------------- ------------ ------------ Net increase in cash and cash equivalents 1,075,392 1,054,972 Cash and cash equivalents at beginning of year 5,961,473 2,949,572 - -------------------------------------------- ------------- ------------ Cash and cash equivalents at end of period $ 7,036,865 $ 4,004,544 - -------------------------------------------- ------------- ------------ Supplemental cash flow information: - -------------------------------------------- Cash paid for interest $ 399,975 $ 363,624 - -------------------------------------------- ------------ ------------ Cash paid for income taxes $ 2,825,934 $ 3,140,155 - -------------------------------------------- ------------ ------------ Supplemental non-cash investing activities - -------------------------------------------- Additions to radioisotope in satisfaction of lease receivable $ 217,692 ------------
See accompanying notes to the consolidated financial statements. -8- 9 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 September 30, 1995 and 1994, the numbers of shares used in computing earnings per share were 7,182,661 and 7,371,071, respectively. For the nine months ended September 30, 1995 and 1994, the numbers of shares used in computing earnings per share were 7,212,592 and 7,371,763, respectively. 3. As of September 30, 1995, the Company had total investments classified as held-to-maturity of $21,054,282 with a market value of $20,998,259. 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 October, 1995 to September, 1996. For the nine months ended September 30, 1995, the unrealized holding losses were $56,023. 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. -9- 10 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: November 15, 1995 /s/ Peter Mayer ------------------------------ Peter Mayer President and Chief Executive Officer Date: November 15, 1995 /s/ Thomas J. DeAngelo ------------------------------ Thomas J. DeAngelo Vice President -- Finance and Administration and Chief Financial Officer -10- -----END PRIVACY-ENHANCED MESSAGE-----