-----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, TzCgz1bf/sy0uvYcXBbS658QL4YDPw4Sh6hWmpoGfIwHRaVbaRgnMN9wn+Lq0JIx TZq/QC1uUdYeSm1pcgQMCg== 0000914062-97-000090.txt : 19970303 0000914062-97-000090.hdr.sgml : 19970303 ACCESSION NUMBER: 0000914062-97-000090 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970218 ITEM INFORMATION: Other events FILED AS OF DATE: 19970228 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRYOLIFE INC CENTRAL INDEX KEY: 0000784199 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 592417093 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21104 FILM NUMBER: 97546456 BUSINESS ADDRESS: STREET 1: 2211 NEW MARKET PKWY STREET 2: STE 142 CITY: MARIETTA STATE: GA ZIP: 30067 BUSINESS PHONE: 4049521660 MAIL ADDRESS: STREET 1: 2211 NEW MARKET PKWY STREET 2: STE 142 CITY: MARIETTA STATE: GA ZIP: 30067 8-K 1 FORM 8-K 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): February 18, 1997 CRYOLIFE, INC. (Exact name of registrant as specified in charter) Commission file number 0-21104 Florida 59-2417093 (State or other jurisdiction (IRS Employer Identification No.) of incorporation) 1655 Roberts Boulevard, N.W. Kennesaw, Georgia 30144 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (770) 419-3355 2211 New Market Parkway Suite 142 Marietta, GA 30067 (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. On February 18, 1997, the Registrant issued a press release ("Press Release") announcing its results of operations for the year ended December 31, 1996. The Registrant hereby incorporates by reference herein the information set forth in its Press Release dated February 18, 1997, a copy of which is annexed hereto as Exhibit 99. Except for the historical information contained in this report, the statements made by the Registrant are forward looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The Registrant's future financial performance could differ significantly from the expectations of management and from results expressed or implied in the Press Release. For example, the acquisition of Ideas For Medicine ("IFM") may not close as expected, due to failure to reach agreement on the final terms of the acquisition or other issues, or if the acquisition is closed as expected, IFM may not be successfully or timely integrated with the Registrant. For further information on these and other risk factors, please refer to the "Risk Factors" section of the Registrant's Form S-3 filed on November 21, 1996. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits. Exhibit Number Description 99 Press Release dated February 18, 1997 408348.1 -1- 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. CRYOLIFE, INC. Date: February 25, 1997 By: /s/ Edwin B. Cordell, Jr. ----------------------------- Edwin B. Cordell, Jr. Chief Financial Officer 408348.1 -2- EXHIBIT INDEX Exhibit Number Description 99 Press Release dated February 18, 1997 408348.1 EX-99 2 PRESS RELEASE EXHIBIT 99 CryoLife, Inc. Reports Record Revenues and Earnings For 1996 Tuesday, February 18, 1997 8:59:00 AM EST ATLANTA, Feb. 18 /PRNewswire/ -- Cryolife, Inc. (Nasdaq: CRYL), a leader in human tissue and cell preservation, announced record revenues and earnings for the year ended December 31, 1996. Revenues for the year were $37,228,000, 27 percent over the previous record of $29,226,000 set in 1995. Net income for 1996 increased 78 percent over 1995. 1996 earnings were $3,927,000, or 40 cents per common share, compared to the previous record of $2,202,000, or 23 cents per common share in 1995. The earnings per common share recorded for 1995 and 1996 have been adjusted to reflect the Company's 2-for-1 stock split effected on June 28, 1996. Steven G. Anderson, President and Chief Executive Officer, CryoLife, Inc., noted, "The Company's financial results in 1996 represent the third consecutive year of record revenues and net income, reflecting expanded applications of cryopreserved human tissues for transplants. Heart valve unit shipments increased by 29 percent over 1995 levels, while vein units shipped increased by 22 percent, and orthopaedic tissue shipments increased by 171 percent. The record pace continued into 1997 with January revenues and net income surpassing the record results achieved in January of 1996." The acquisition of Ideas for Medicine (IFM) is continuing and the Company expects to close on this transaction by the end of February. Upon successful completion of the acquisition, CryoLife, Inc., would be responsible for both domestic and international marketing of IFM's extensive line of specialty intravenous shunts, balloon and angioplasty catheters, infusion ports and laparoscopic instruments. Founded in 1979, IFM is a privately held company with revenues in excess of $6.5 million annually. Founded in 1984, CryoLife, Inc., is a leader in the development and commercialization of technology for ultra-low temperature preservation ("cryopreservation") of viable human cardiovascular and orthopaedic tissues for use in cardiac, vascular and orthopaedic surgeries throughout the United States and Canada. The Company also distributes stentless porcine heart valves within the European Community.
CRYOLIFE, INC. Summary of Consolidated Financial Data (In thousands, except share and per share data) Three 3 Months Ended Year Ended 12/31/96 12/31/95 12/31/96 12/31/95 Revenues $ 8,686 $ 7,044 $37,228 $29,226 Costs and expenses: Preservation 2,862 2,204 12,593 10,485 General, administrative 3,627 3,353 15,673 12,807 and marketing Research & development 801 628 2,807 2,633
408348.1 Interest expense 33 --- 72 4 Total 7,323 6,185 31,145 25,929 Income before income taxes 1,363 859 6,083 3,297 Income tax expense 468 292 2,156 1,095 Net income $ 895 $ 567 $ 3,927 $ 2,202 Earnings per share of $ 0.09 $ 0.06 $ 0.40 $ 0.23 common stock* Weighted average common 9,942,000 9,616,000 9,906,000 9,568,000 and common equivalent shares outstanding December 31, 1996 1995 Balance Sheet Data: Working Capital $10,986 $15,217 Total Assets $34,973 $24,132 Shareholders' Equity $24,929 $20,465
*Adjusted to reflect the two for one stock split effected on June 28, 1996. SOURCE CryoLife, Inc. 408348.1 -----END PRIVACY-ENHANCED MESSAGE-----