-----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, SvVaHJm115foXmVdH3uyxl+ZnuHepMO7f3xJnodXmsfqQW3+ZXmQxXX2+ueecXMo Ya6bPKnwuAMv//BEUuHm/A== 0001001277-03-000200.txt : 20030515 0001001277-03-000200.hdr.sgml : 20030515 20030515171624 ACCESSION NUMBER: 0001001277-03-000200 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030513 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERMOGENESIS CORP CENTRAL INDEX KEY: 0000811212 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 943018487 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-82900 FILM NUMBER: 03706058 BUSINESS ADDRESS: STREET 1: 3146 GOLD CAMP DRIVE CITY: RANCHO CORDOVA STATE: CA ZIP: 95670 BUSINESS PHONE: 9168585100 MAIL ADDRESS: STREET 1: 3146 GOLD CAMP DRIVE CITY: RANCHO CORDOVA STATE: CA ZIP: 95670 FORMER COMPANY: FORMER CONFORMED NAME: INSTA COOL INC OF NORTH AMERICA DATE OF NAME CHANGE: 19920703 8-K 1 for031303.txt 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) May 13, 2003 THERMOGENESIS CORP. (Exact name of registrant as specified in its charter) Delaware 0-16375 94-3018487 --------- -------- ---------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 3146 Gold Camp Drive Rancho Cordova, California 95670 (916) 858-5100 (Address and telephone number of principal executive offices) Item 7. Financial Statements and Exhibits. Exhibit No. Exhibit Description ----------- ------------------- 99 Press release announcing third quarter results Item 9. Regulation FD Disclosure. ThermoGenesis Corp. announced its results for the third quarter of fiscal year 2003 on the attached press release. The correct date of the Company conference call was May 14, 2003. For more information on accessing the call, see the attached press release. This information is being provided pursuant to Item 12. SIGNATURE 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. THERMOGENESIS CORP., a Delaware Corporation Dated: May 14, 2003 /S/ RENEE RUECKER ------------------------------------ Renee Ruecker, Chief Financial Officer EX-99 3 exhibit99.txt PRESS RELEASE [GRAPHIC OMITTED] THERMOGENESIS CORP. ANNOUNCES THIRD QUARTER RESULTS BioArchive (R) Revenues Significantly Increased, Restructuring Plan Initiated and Balance Sheet Strengthened Rancho Cordova, California (May 14, 2003) - THERMOGENESIS CORP. (Nasdaq: KOOL) today announced results for its third quarter of fiscal year 2003, ended March 31, 2003. The Company reported net revenues for the third quarter of $2,886,000, a 6% increase when compared to $2,735,000 reported in the third quarter of last year. For the nine months ended March 31, 2003 the Company's net revenues increased 8% to $7,289,000 compared to $6,720,000 for the first nine months of the prior year. This quarter represents the first three months of operations under the direction of Kevin Simpson, the Company's new President and COO who has more than 20 years of executive management experience in the field of life sciences, 12 years specifically in the blood industry. "Revenues continued to increase in our two pipeline product lines, BioArchive and CryoSeal(R), for the three and nine months ended March 31, 2003", stated Kevin Simpson. "We are especially pleased that the increasing momentum in BioArchive and CryoSeal sales offset the decline in ThermoLine revenues which were inflated in the prior year as a result of a large order for plasma freezers received from Aventis Bio-Services, Inc. Additionally, revenues from BioArchive and CryoSeal disposables sold to existing customers increased 216% over the prior year third quarter and we anticipate continuing growth in these products." Despite the increase in revenues, the Company's gross profit decreased $123,000 from the quarter ended March 31, 2002 to the quarter ended March 31, 2003. The decrease was primarily due to the higher overhead resulting from lower units produced in-house and increased contract service expenses. In order to improve future gross profit margins, the Company has implemented a restructuring plan designed to achieve the improvements in overall gross profit margins necessary for the Company to achieve self-sufficiency and profitable growth. This plan will be executed in three parts: (1) focus the Company's marketing and sales efforts to improve the revenues and selling prices of the CryoSeal and BioArchive product lines, (2) reduce the in-house direct and overhead costs of manufacturing, and (3) identify alternative OEM supplier relationships that will provide low cost and high quality disposables. As part of the restructuring plan, on April 9, 2003, the Company reduced the personnel costs in manufacturing overhead by approximately $500,000 and direct labor by $100,000 on an annual basis. The Company's balance sheet was strengthened upon completion of an equity financing during the third quarter of fiscal year 2003, which generated $5.3 million in net proceeds. "Our ability to raise funds in the current market speaks to the investors confidence in the Company's restructuring plan and strategic direction" stated Philip Coelho, Chairman and CEO. "Additionally, we initiated efforts in the third quarter to promote the federal financing of a National Cord Blood Stem Cell Bank Network. The proposed legislation would provide for the collection and cryogenic archiving of 200,000 cord blood stem cell units to be used in the treatment of life threatening diseases to replace the bone marrow of victims of radiation exposure from potential terrorist attacks." Although uncertain in light of current fiscal and budgetary debates in Congress, the Company is hopeful that a bill providing for the funding will be introduced over the next six months. Company Conference Call Management will host a conference call today, March 14, 2003 at 11:00 am PST (2:00 pm EST) to review the fiscal third quarter financial results and other corporate events, followed by a Q&A session. The call can be accessed by dialing: (800) 860-2442 within the U.S. or (412) 858-4600 outside the U.S.. Participants are asked to call the assigned number approximately 5 minutes before the conference call begins. A replay of the conference call will be available two hours after the call for the following five business days by dialing: (877) 344-7529 within the U.S. or (412) 858-1440 outside the U.S. and entering the following account number: 715 and the following passcode: 317050. About THERMOGENESIS CORP. - ------------------------- After extensive research, THERMOGENESIS CORP.'S newly introduced technology platforms lead the world in their ability to produce biological products from single units of blood. Umbilical cord blood banks are utilizing the Company's BioArchive System as a critical enabling technology for the processing and cryogenic archiving of stem cells for transplant. The CryoSeal FS System is used to prepare hemostatic and adhesive surgical sealants from patient blood in about an hour. CryoSeal FS System is not available in the United States. THERMOGENESIS CORP. has been a leading supplier of state-of-the-art Ultra-Rapid Blood Plasma Freezers and Thawers to hospitals and blood banks since 1992. The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies and products, delays in testing and evaluation of products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. More Information, Contact: Contact: THERMOGENESIS CORP. Renee M. Ruecker, CFO rruecker@thermogenesis.com (916) 858-5100 THERMOGENESIS CORP. Condensed Balance Sheets (Unaudited)
March 31, June 30, 2003 2002 ------------ ----------- ASSETS Current assets: Cash, cash equivalents and short term investments $7,208,000 $6,726,000 Accounts receivable, net 2,041,000 1,916,000 Inventory 2,896,000 2,887,000 Other current assets 615,000 115,000 ------------ ----------- Total current assets 12,760,000 11,644,000 Equipment, net 472,000 537,000 Other assets 54,000 58,000 ------------ ----------- $13,286,000 $12,239,000 ============ =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $1,028,000 $995,000 Other current liabilities 1,218,000 1,018,000 ------------ ----------- Total current liabilities 2,246,000 2,013,000 Long-term obligations 49,000 33,000 Stockholders' equity 10,991,000 10,193,000 ------------ ----------- $13,286,000 $12,239,000 ============ ===========
THERMOGENESIS CORP. Condensed Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended March 31, March 31, 2003 2002 2003 2002 Net revenues $2,886,000 $2,735,000 $7,289,000 $6,720,000 Cost of revenues 2,375,000 2,101,000 6,010,000 5,211,000 -------------- ------------ ----------- ------------ Gross profit 511,000 634,000 1,279,000 1,509,000 -------------- ------------ ----------- ------------ Expenses: Selling, general and administrative 1,386,000 1,184,000 3,755,000 3,433,000 Research and development 795,000 652,000 2,183,000 1,708,000 -------------- ------------ ----------- ------------ Total operating expenses 2,181,000 1,836,000 5,938,000 5,141,000 Interest and other income/(expenses) 4,000 2,000 47,000 64,000 -------------- ------------ ----------- ------------ Net loss $(1,666,000) $(1,200,000) $(4,612,000) $(3,568,000) ============== ============ =========== ============ Basic and diluted net loss per common share ($0.05) ($0.04) ($0.13) ($0.11) ============== ============ =========== ============ Shares used in computing per share data 36,570,697 32,745,103 35,700,791 32,051,362 ============== ============ =========== ============
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