-----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, Js+K33zHYdH1colgEsciTrg0uHU26rYOtkGhkT4pB8uKZ/8gRYTqUqKjkEN++OiS co6kNoMf5AcNhiqvwltq7Q== 0000950134-04-000139.txt : 20040109 0000950134-04-000139.hdr.sgml : 20040109 20040109134726 ACCESSION NUMBER: 0000950134-04-000139 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040109 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATS MEDICAL INC CENTRAL INDEX KEY: 0000824068 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 411595629 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18602 FILM NUMBER: 04517385 BUSINESS ADDRESS: STREET 1: 3905 ANNAPOLIS LA STREET 2: SUITE 105 CITY: MINNEAPOLIS STATE: MN ZIP: 55447 BUSINESS PHONE: 6125537736 MAIL ADDRESS: STREET 1: 3905 ANNAPOLIS LANE STREET 2: SUITE 105 CITY: MINNEAPOLIS STATE: MN ZIP: 55447 FORMER COMPANY: FORMER CONFORMED NAME: ATS MEDCIAL INC DATE OF NAME CHANGE: 19920803 8-K 1 c81970e8vk.txt FORM 8-K UNITED STATES 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): January 9, 2004 ATS MEDICAL, INC. ----------------- (Exact name of registrant as specified in its charter) Minnesota 0-18602 41-1595629 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission file number) (I.R.S. Employer of incorporation) Identification No.) 3905 Annapolis Lane N., Minneapolis, Minnesota 55447 ---------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (763) 553-7736 -------------- Not Applicable -------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) The following exhibit is being "furnished" in accordance with Item 12 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing: 99.1 Press Release, dated January 8, 2004, of ATS Medical, Inc. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION FOR A COMPLETED QUARTER The following information is being "furnished" in accordance with Item 12 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing: On January 8, 2004, ATS Medical, Inc. issued a press release to report the Company's results of operations and financial condition for the completed fiscal quarter ended December 31, 2003. The release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. -2- 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. January 9, 2004 ATS MEDICAL, INC. By: /s/ John R. Judd ---------------- John R. Judd Chief Financial Officer -3- EXHIBIT INDEX 99.1 Press Release, dated January 8, 2004, of ATS Medical, Inc. EX-99.1 3 c81970exv99w1.txt PRESS RELEASE, DATED JANUARY 8, 2004 EXHIBIT 99.1 Contact: Michael Dale, President/CEO Jack Judd, Chief Financial Officer Manny Vilafana, Chairman 763/553-7736 763/553-0052 Fax EVC Group, Inc. Doug Sherk, Jennifer Beugelmans 415/896-6820 Anne Bugge 206-926-5220 FOR IMMEDIATE RELEASE ATS MEDICAL PROVIDES PRELIMINARY OUTLOOK ON FOURTH QUARTER RESULTS MINNEAPOLIS, January 8, 2004 -- ATS Medical, Inc. (NASDAQ: ATSI) today reported that fourth quarter revenue is expected to increase more than 50 percent to approximately $5.6 million, as compared to sales of $3.7 million for the quarter ended December 31, 2002. For the 12 months ended December 31, 2003, sales are expected to grow to approximately $18.5 million compared to $13.3 million for the 12 months ended December 31, 2002, an increase of 39 percent. In addition, ATS expects to record a $4.4 million write-down of inventories recognizing the strategic decision to sell existing inventory in select international markets at prices lower than current inventory carrying values. This non-cash lower-of-cost or market adjustment will be included in cost of sales. Commented Michael Dale, President and CEO "We continue to anticipate strong sales growth in all our markets and especially so in the United States. The cardiac surgery community continues to have a very positive reception to our product, people, and our mission to establish ATS Medical as a new leader within cardiovascular surgery. The just completed quarter represents our sixth straight period of sales growth. The non-cash adjustment to inventory carrying values is now necessary as we currently feel confident in our sales trends and forecasts to estimate future sales in certain less developed international markets. As we decrease our current inventories and increase production in our own factory, our product costs per unit will decrease resulting in increased margins." ATS Medical, Inc. plans to issue final results for the fourth quarter and full year 2003 and conduct a conference call after market close on Wednesday, February 11, 2004. ATS Medical, Inc. manufactures and markets a pyrolytic carbon open pivot mechanical heart valve. The Company's website is www.atsmedical.com. ------------------ This Press Release contains forward-looking statements that may include statements regarding intent, belief or current expectations of the Company and its management. Actual results could differ materially from those projected in the forward looking statements as a result of a number of important factors, including regulatory actions, competition, pricing pressures, supplier actions and management of growth. For a discussion of these and other risks and uncertainties that could affect the Company's activities and results, please refer to the Company's filings with the Securities and Exchange Commission including Exhibit 99.1 to its Form 10-Q for the quarter ended September 30, 2003. -5- -----END PRIVACY-ENHANCED MESSAGE-----