California
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000-15223
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95-3280412
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(State or other jurisdiction
of incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 9.01.
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Financial Statements and Exhibits
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Exhibit
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Number
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Description
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2.1*
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Asset Purchase Agreement, dated July 11, 2011, among HemaCare Corporation, Coral Blood Services, Inc. and The American National Red Cross. (1)
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10.1†
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Blood Purchase Agreement, effective as of July 11, 2011, between The American National Red Cross and HemaCare Corporation. (1)
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99.1
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Press release of HemaCare Corporation, dated July 11, 2011. (1)
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99.2
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Pro forma financial information.
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___________________
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*
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The Asset Purchase Agreement contains a list briefly identifying the contents of all omitted exhibits and schedules. HemaCare Corporation agrees to furnish to the Securities and Exchange Commission a copy of any omitted exhibit or schedule upon request.
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†
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Certain portions of this agreement have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for an order granting confidential treatment pursuant to Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934.
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(1)
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Previously filed.
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Date: August 19, 2011
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HEMACARE CORPORATION
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||
By:
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/s/ Lisa Bacerra | ||
Lisa Bacerra | |||
Chief Financial Officer
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|||
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2.1*
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Asset Purchase Agreement, dated July 11, 2011, among HemaCare Corporation, Coral Blood Services, Inc. and The American National Red Cross. (1)
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10.1†
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Blood Purchase Agreement, effective as of July 11, 2011, between The American National Red Cross and HemaCare Corporation. (1)
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99.1
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Press release of HemaCare Corporation, dated July 11, 2011. (1)
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99.2
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Pro forma financial information.
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___________________
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*
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The Asset Purchase Agreement contains a list briefly identifying the contents of all omitted exhibits and schedules. HemaCare Corporation agrees to furnish to the Securities and Exchange Commission a copy of any omitted exhibit or schedule upon request.
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†
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Certain portions of this agreement have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for an order granting confidential treatment pursuant to Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934.
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(1)
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Previously filed.
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HEMACARE CORPORATION
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||||||||||||
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
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||||||||||||
AS OF MARCH 31, 2011
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||||||||||||
Pro Forma
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||||||||||||
As Reported
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Adjustment (B)
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Pro Forma
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||||||||||
Assets
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||||||||||||
Current assets:
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||||||||||||
Cash and cash equivalents
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$ | 2,194,000 | $ | 2,475,000 | $ | 4,669,000 | ||||||
Restricted cash
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660,000 | 660,000 | ||||||||||
Accounts receivable, net of allowance for
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||||||||||||
doubtful accounts of $95,000
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2,761,000 | 2,761,000 | ||||||||||
Product inventories and supplies
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721,000 | (72,000 | ) | 649,000 | ||||||||
Prepaid expenses
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308,000 | 308,000 | ||||||||||
Assets held for sale
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246,000 | 246,000 | ||||||||||
Other receivables
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171,000 | 575,000 | 746,000 | |||||||||
Total current assets
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7,061,000 | 2,978,000 | 10,039,000 | |||||||||
Plant and equipment, net of accumulated
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||||||||||||
depreciation and amortization of $7,887,000
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2,876,000 | (158,000 | ) | 2,718,000 | ||||||||
Other assets
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146,000 | 146,000 | ||||||||||
Total assets
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$ | 10,083,000 | $ | 2,820,000 | $ | 12,903,000 | ||||||
Liabilities and Shareholders' Equity
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||||||||||||
Current liabilities:
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||||||||||||
Accounts payable
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$ | 1,860,000 | $ | 1,860,000 | ||||||||
Accrued payroll and payroll taxes
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896,000 | 1,024,000 | 1,920,000 | |||||||||
Other accrued expenses
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261,000 | 60,000 | 321,000 | |||||||||
Current portion of capital lease
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17,000 | 17,000 | ||||||||||
Liabilities related to assets held for sale
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2,142,000 | 2,142,000 | ||||||||||
Total current liabilities
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5,176,000 | 1,084,000 | 6,260,000 | |||||||||
Deferred rent
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512,000 | 512,000 | ||||||||||
Long term portion of capital lease
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71,000 | 71,000 | ||||||||||
Shareholders' equity:
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||||||||||||
Common stock, no par value - 20,000,000 shares authorized,
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||||||||||||
9,712,948 issued and outstanding
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16,321,000 | 16,321,000 | ||||||||||
Accumulated deficit
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(11,997,000 | ) | 1,736,000 | (10,261,000 | ) | |||||||
Total shareholders' equity
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4,324,000 | 1,736,000 | 6,060,000 | |||||||||
Total liabilities and shareholders' equity
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$ | 10,083,000 | $ | 2,820,000 | $ | 12,903,000 |
HEMACARE CORPORATION
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||||||||||||||||
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
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(UNAUDITED)
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||||||||||||||||
For the Three Months Ended March 31, 2011
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Pro Forma
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Pro Forma
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|||||||||||||||
As Reported
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Adjustment (A)
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Adjustment (B)
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Pro Forma
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|||||||||||||
Revenue
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||||||||||||||||
Blood services
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$ | 4,837,000 | $ | (3,077,000 | ) | $ | - | $ | 1,760,000 | |||||||
Therapeutic services
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2,149,000 | - | - | 2,149,000 | ||||||||||||
Total revenue | 6,986,000 | (3,077,000 | ) | - | 3,909,000 | |||||||||||
Operating costs and expenses
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||||||||||||||||
Blood services
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4,657,000 | (2,909,000 | ) | 32,000 | 1,780,000 | |||||||||||
Therapeutic services
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1,462,000 | - | - | 1,462,000 | ||||||||||||
Total operating costs and expenses | 6,119,000 | (2,909,000 | ) | 32,000 | 3,242,000 | |||||||||||
Gross profit | 867,000 | (168,000 | ) | (32,000 | ) | 667,000 | ||||||||||
General and administrative expenses
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1,235,000 | (50,000 | ) | 1,084,000 | 2,269,000 | |||||||||||
Loss from operations
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(368,000 | ) | (118,000 | ) | (1,116,000 | ) | (1,602,000 | ) | ||||||||
Provision for income taxes
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10,000 | - | - | 10,000 | ||||||||||||
Loss from continuing operations
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(378,000 | ) | (118,000 | ) | (1,116,000 | ) | (1,612,000 | ) | ||||||||
Income (loss) from discontinued operations
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(12,000 | ) | - | 2,852,000 | 2,840,000 | |||||||||||
Net income (loss)
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$ | (390,000 | ) | $ | (118,000 | ) | $ | 1,736,000 | $ | 1,228,000 | ||||||
Income (loss) per share
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||||||||||||||||
Basic and diluted
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||||||||||||||||
Continuing operations
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$ | (0.04 | ) | $ | (0.01 | ) | $ | (0.11 | ) | $ | (0.17 | ) | ||||
Discontinued operations
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$ | (0.00 | ) | $ | - | $ | 0.29 | $ | 0.29 | |||||||
Total
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$ | (0.04 | ) | $ | (0.01 | ) | $ | 0.18 | $ | 0.13 | ||||||
Weighted average shares outstanding-basic
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9,712,948 | 9,712,948 | 9,712,948 | 9,712,948 | ||||||||||||
Weighted average shares outstanding-diluted
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9,712,948 | 9,712,948 | 9,712,948 | 9,712,948 |
HEMACARE CORPORATION
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||||||||||||||||
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||
(UNAUDITED)
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||||||||||||||||
For the Year Ended December 31, 2010
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||||||||||||||||
Pro Forma
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Pro Forma
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|||||||||||||||
As Reported
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Adjustment (A)
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Adjustment (B)
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Pro Forma
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|||||||||||||
Revenue
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||||||||||||||||
Blood services | $ | 22,366,000 | $ | (14,842,000 | ) | $ | - | $ | 7,524,000 | |||||||
Therapeutic services | 7,886,000 | - | - | 7,886,000 | ||||||||||||
Total revenue | 30,252,000 | (14,842,000 | ) | - | 15,410,000 | |||||||||||
Operating costs and expenses
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||||||||||||||||
Blood services | 20,244,000 | (12,866,000 | ) | 32,000 | 7,410,000 | |||||||||||
Therapeutic services | 5,631,000 | 2,000 | - | 5,633,000 | ||||||||||||
Total operating costs and expenses | 25,875,000 | (12,864,000 | ) | 32,000 | 13,043,000 | |||||||||||
Gross profit | 4,377,000 | (1,978,000 | ) | (32,000 | ) | 2,367,000 | ||||||||||
General and administrative expenses
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5,183,000 | (332,000 | ) | 1,084,000 | 5,935,000 | |||||||||||
Loss from operations
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(806,000 | ) | (1,646,000 | ) | (1,116,000 | ) | (3,568,000 | ) | ||||||||
Benefit from income taxes
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(60,000 | ) | - | - | (60,000 | ) | ||||||||||
Loss from continuing operations
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(746,000 | ) | (1,646,000 | ) | (1,116,000 | ) | (3,508,000 | ) | ||||||||
Income (loss) from discontinued operations
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(50,000 | ) | - | 2,852,000 | 2,802,000 | |||||||||||
Net income (loss)
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$ | (796,000 | ) | $ | (1,646,000 | ) | $ | 1,736,000 | $ | (706,000 | ) | |||||
Income (loss) per share
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Basic and diluted
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Continuing operations | $ | (0.07 | ) | $ | (0.17 | ) | $ | (0.11 | ) | $ | (0.35 | ) | ||||
Discontinued operations | $ | (0.01 | ) | $ | - | $ | 0.29 | $ | 0.28 | |||||||
Total | $ | (0.08 | ) | $ | (0.17 | ) | $ | 0.17 | $ | (0.07 | ) | |||||
Weighted average shares outstanding-basic
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9,968,120 | 9,968,120 | 9,968,120 | 9,968,120 | ||||||||||||
Weighted average shares outstanding-diluted
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9,968,120 | 9,968,120 | 9,968,120 | 9,968,120 |
(A)
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The pro forma adjustments for the period ending March 31, 2011 eliminate the operations relating to the assets sold as if the transaction had occurred on January 1, 2011. The pro forma adjustments for the period ending December 31, 2010 eliminate the operations relating to the assets sold as if the transaction had occurred on January 1, 2010.
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(B)
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The pro forma adjustments present the effects of the transaction as follows:
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Cash received at closing
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$ | 2,475,000 | ||
Cash held in escrow
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$ | 275,000 | ||
Remainder of cash receivable within 90 days of closing
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$ | 250,000 | ||
Cash receivable for inventory at closing
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$ | 50,000 | ||
Inventory sale and write down
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$ | 72,000 | ||
Employee separation expenses
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$ | 900,000 | ||
Officer bonuses
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$ | 124,000 | ||
Legal fees
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$ | 60,000 | ||
Value of fixed assets sold at closing
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$ | 158,000 | ||
Gain from discontinued operations
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$ | 1,736,000 |