8-K 1 leg8k02.txt FORM-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 Date of Report (Date of earliest event reported): August 26, 2002 HEMACARE CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its chapter) California ---------------------------------------------- (State or other jurisdiction of incorporation) 0-15223 95-3280412 ---------------------- -------------------------------- Commission File Number (IRS Employer Identification No.) 21101 Oxnard Street, Woodland Hills, California 91367 ------------------------------------------------ ----------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (818) 226-1968 -------------------- Item 5. Other Events. ------- ------------- On August 26, 2002, the Company announced that the California Legislature did not act on proposed legislation that would have permitted HemaCare to continue compensating donors of apheresis platelets beyond January 1, 2003. As a result, HemaCare will discontinue paying donors in California and the distribution of platelets from paid donors to California hospitals, effective December 31, 2002. In the year ended December 31, 2001, paid donors in California contributed $6 million in revenue (24% of total Company revenue) and $1.2 million in gross profits (27% of the total Company gross profits). The California platelet program has served hospitals and patients in Southern California for the last 24 years with an outstanding safety record. The program supplies approximately 30% of the area's apheresis platelets, has an outstanding safety record and an excellent regulatory compliance record. The Company will continue to operate its other blood collection operations, including platelet collection programs, both inside and outside of California, which involve volunteer (unpaid) donors. Additionally, the Company's Therapeutic Apheresis programs, which provide clinical services to patients in Southern California hospitals, are unaffected by this development. Item 7. Financial Statements and Exhibits. ------------------------------------------- Exhibit Number Description of Document -------------- ----------------------- None 2 3 Signature --------- Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 26, 2002 HEMACARE CORPORATION By: /s/ David Fractor --------------------------- David Fractor, Chief Financial Officer 3