0001437749-11-006265.txt : 20110823 0001437749-11-006265.hdr.sgml : 20110823 20110822122710 ACCESSION NUMBER: 0001437749-11-006265 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110711 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110822 DATE AS OF CHANGE: 20110822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEMACARE CORP /CA/ CENTRAL INDEX KEY: 0000801748 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 953280412 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-15223 FILM NUMBER: 111049110 BUSINESS ADDRESS: STREET 1: 15350 SHERMAN WAY STREET 2: SUITE 350 CITY: VAN NUYS STATE: CA ZIP: 91406 BUSINESS PHONE: 818-226-1968 MAIL ADDRESS: STREET 1: 15350 SHERMAN WAY STREET 2: SUITE 350 CITY: VAN NUYS STATE: CA ZIP: 91406 8-K/A 1 hema_8ka-071111.htm FORM 8/KA hema_8ka-071111.htm

 

 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 

FORM 8-K/A
 
(Amendment No. 1)
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of the earliest event reported):  July 11, 2011
 
HEMACARE CORPORATION
(Exact name of registrant as specified in its charter)
 
California
000-15223
95-3280412
(State or other jurisdiction
of incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
15350 Sherman Way, Suite 350, Van Nuys, CA  91406
(Address of principal executive offices) (Zip Code)

(818) 226-1968
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
Explanatory Note
 
This Current Report on Form 8-K/A (Amendment No. 1) is being filed to amend Item 9.01 of the Current Report on Form 8-K filed by HemaCare Corporation (the “Company”) on July 15, 2011 (the “Initial Filing”).  The Company sold its red blood cell collection operation assets in California and Maine to The American National Red Cross on July 11, 2011.  The Initial Filing included as Exhibit 99.2, certain unaudited pro forma financial information of the Company giving effect to the sale transaction.  This Amendment No. 1 is being filed to amend and replace Exhibit 99.2 to include unaudited pro forma financial information that has been revised to more accurately allocate revenues and expenses between the business disposed of and the businesses retained by the Company, and to include additional expenses incurred in the sale transaction that were not included in original pro forma adjustments.
 
Item 9.01.
Financial Statements and Exhibits
 
(b)           Pro Form Financial Information
 
The pro forma unaudited financial information giving effect to the disposition of assets described in Item 2.01 above is filed as Exhibit 99.2 to this report.  The pro forma unaudited financial statements are presented for illustrative purposes only. They are not necessarily indicative of the operating results or financial position that would have been achieved had the disposition been consummated as of the dates indicated or of the results that may be obtained for future periods.
 
(d)           Exhibits
 
The following exhibits are filed herewith:
 
Exhibit
 
Number
Description
 
 
2.1*
Asset Purchase Agreement, dated July 11, 2011, among HemaCare Corporation, Coral Blood Services, Inc. and The American National Red Cross. (1)
 
 
10.1†
Blood Purchase Agreement, effective as of July 11, 2011, between The American National Red Cross and HemaCare Corporation.  (1)
 
 
99.1
Press release of HemaCare Corporation, dated July 11, 2011.  (1)
 
 
99.2
Pro forma financial information.
 
 
___________________
 
 
*
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.
 
 
†
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.
 
 
(1)
Previously filed.
 

 
2
 
 
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.
 
 
Date:  August 19, 2011
HEMACARE CORPORATION
  
       
 
By:
 /s/ Lisa Bacerra  
    Lisa Bacerra  
   
Chief Financial Officer
  
       
 
 
3
 
EXHIBIT INDEX
 
Exhibit
Number                  Description
 
 
2.1*
Asset Purchase Agreement, dated July 11, 2011, among HemaCare Corporation, Coral Blood Services, Inc. and The American National Red Cross. (1)
 
 
10.1†
Blood Purchase Agreement, effective as of July 11, 2011, between The American National Red Cross and HemaCare Corporation. (1)
 
 
99.1
Press release of HemaCare Corporation, dated July 11, 2011. (1)
 
 
99.2
Pro forma financial information.
 
 
___________________
 
 
*
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.
 
 
†
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.
 
 
(1) 
Previously filed.
 
 
4
 EX-99.2 2 ex99-2.htm EXHIBIT 99.2 ex99-2.htm
Exhibit 99.2
 
HEMACARE CORPORATION
  
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
  
AS OF MARCH 31, 2011
  
                   
         
Pro Forma
        
   
As Reported
    
Adjustment (B)
    
Pro Forma
  
                   
 Assets
                  
 Current assets:
                  
 Cash and cash equivalents
   $ 2,194,000     $ 2,475,000     $ 4,669,000  
 Restricted cash
     660,000               660,000  
 Accounts receivable, net of allowance for
                        
 doubtful accounts of $95,000
     2,761,000               2,761,000  
 Product inventories and supplies
     721,000       (72,000 )     649,000  
 Prepaid expenses
     308,000               308,000  
 Assets held for sale
     246,000               246,000  
 Other receivables
     171,000       575,000       746,000  
 Total current assets
     7,061,000       2,978,000       10,039,000  
 Plant and equipment, net of accumulated
                        
 depreciation and amortization of $7,887,000
     2,876,000       (158,000 )     2,718,000  
 Other assets
     146,000               146,000  
 Total assets
   $ 10,083,000     $ 2,820,000     $ 12,903,000  
                         
 Liabilities and Shareholders' Equity
                        
Current liabilities:
                        
Accounts payable
   $ 1,860,000             $ 1,860,000  
Accrued payroll and payroll taxes
     896,000       1,024,000       1,920,000  
Other accrued expenses
     261,000       60,000       321,000  
Current portion of capital lease
     17,000               17,000  
Liabilities related to assets held for sale
     2,142,000               2,142,000  
      Total current liabilities
     5,176,000       1,084,000       6,260,000  
Deferred rent
     512,000               512,000  
Long term portion of capital lease
     71,000               71,000  
                         
Shareholders' equity:
                        
Common stock, no par value - 20,000,000 shares authorized,
                  
9,712,948 issued and outstanding
     16,321,000               16,321,000  
Accumulated deficit
     (11,997,000 )     1,736,000       (10,261,000 )
Total shareholders' equity
     4,324,000       1,736,000       6,060,000  
Total liabilities and shareholders' equity
   $ 10,083,000     $ 2,820,000     $ 12,903,000  
 
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements
 
 
 
 
HEMACARE CORPORATION
  
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
  
(UNAUDITED)
  
For the Three Months Ended March 31, 2011
  
                       
                         
         
Pro Forma
    
Pro Forma
        
 
As Reported
    
Adjustment (A)
    
Adjustment (B)
    
Pro Forma
  
 Revenue
                        
Blood services
   $ 4,837,000     $ (3,077,000 )   $ -     $ 1,760,000  
Therapeutic services
     2,149,000       -       -       2,149,000  
                                Total revenue     6,986,000       (3,077,000 )     -       3,909,000  
                                 
Operating costs and expenses
                                
Blood services
     4,657,000       (2,909,000 )     32,000       1,780,000  
Therapeutic services
     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
     1,235,000       (50,000 )     1,084,000       2,269,000  
                                 
Loss from operations
     (368,000 )     (118,000 )     (1,116,000 )     (1,602,000 )
                                 
Provision for income taxes
     10,000       -       -       10,000  
                                 
Loss from continuing operations
     (378,000 )     (118,000 )     (1,116,000 )     (1,612,000 )
                                 
Income (loss) from discontinued operations
     (12,000 )     -       2,852,000       2,840,000  
                                 
Net income (loss)
   $ (390,000 )   $ (118,000 )   $ 1,736,000     $ 1,228,000  
                                 
Income (loss) per share
                                
Basic and diluted
                                
Continuing operations
   $ (0.04 )   $ (0.01 )   $ (0.11 )   $ (0.17 )
Discontinued operations
   $ (0.00 )   $ -     $ 0.29     $ 0.29  
Total
   $ (0.04 )   $ (0.01 )   $ 0.18     $ 0.13  
                                 
Weighted average shares outstanding-basic
     9,712,948       9,712,948       9,712,948       9,712,948  
                                 
Weighted average shares outstanding-diluted
     9,712,948       9,712,948       9,712,948       9,712,948  
 
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements
 
 
 
HEMACARE CORPORATION
  
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
  
(UNAUDITED)
  
For the Year Ended December 31, 2010
  
                         
                         
                         
            
Pro Forma
    
Pro Forma
        
   
As Reported
    
Adjustment (A)
    
Adjustment (B)
    
Pro Forma
  
Revenue
                        
                 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
                                
                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
     5,183,000       (332,000 )     1,084,000       5,935,000  
                                 
Loss from operations
     (806,000 )     (1,646,000 )     (1,116,000 )     (3,568,000 )
                                 
Benefit from income taxes
     (60,000 )     -       -       (60,000 )
                                 
Loss from continuing operations
     (746,000 )     (1,646,000 )     (1,116,000 )     (3,508,000 )
                                 
Income (loss) from discontinued operations
     (50,000 )     -       2,852,000       2,802,000  
                                 
Net income (loss)
   $ (796,000 )   $ (1,646,000 )   $ 1,736,000     $ (706,000 )
                                 
Income (loss) per share
                                
Basic and diluted
                                
                 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
     9,968,120       9,968,120       9,968,120       9,968,120  
                                 
Weighted average shares outstanding-diluted
     9,968,120       9,968,120       9,968,120       9,968,120  
 
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements
 
 
 
 
HemaCare Corporation
Notes to Unaudited Pro Forma Consolidated Financial Statements
 
Note 1—Basis of Presentation
 
On July 11, 2011, HemaCare Corporation (the “Company”) and its wholly-owned subsidiary, Coral Blood Services, Inc. (collectively, the “Sellers”), completed the sale of the Sellers’ red blood cell collection operation assets (the “Assets”) in California and Maine to The American National Red Cross (the “Buyer”) pursuant to the terms of an Asset Purchase Agreement entered into by the parties on July 11, 2011 (the “Asset Purchase Agreement”).  The Assets included automobiles and equipment, finished goods and work-in-process inventory of blood products, a trademark and books and records relating to blood drive sponsors and blood donors.

The unaudited proforma consolidated balance sheet as of March 31, 2011 presents pro forma effects of the transaction as if the sale had occurred on March 31, 2011.  The unaudited pro forma consolidated statement of operations for the three months ended March 31, 2011 presents pro forma effects as if the transaction had occurred on January 1, 2011.  The unaudited pro forma statement of operations for the fiscal year ended December 31, 2010 presents the pro forma effects as if the sale had occurred on January 1, 2010.
 
 
Note 2—Notes Regarding the Unaudited Pro Forma Adjustments
 
(A)
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.
 
(B)
The pro forma adjustments present the effects of the transaction as follows:
 
 
Cash received at closing                                                                                              
   $ 2,475,000  
Cash held in escrow                                                                                              
   $ 275,000  
Remainder of cash receivable within 90 days of closing 
   $ 250,000  
Cash receivable for inventory at closing    
   $ 50,000  
Inventory sale and write down                                                                                              
   $ 72,000  
Employee separation expenses                                                                                              
   $ 900,000  
Officer bonuses                                                                                              
   $ 124,000  
Legal fees                                                                                              
   $ 60,000  
Value of fixed assets sold at closing                                                                                              
   $ 158,000  
Gain from discontinued operations                                                                                              
   $ 1,736,000