-----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, KOtuPp1O5E4Yd5U647HJutF+cI0Ex3tzHQsliRb2dhOfYRiBkVrC+Ob/KHUdQWYz eHc1+cpH1BU1xp1F+bMZdw== 0000931731-97-000272.txt : 19971118 0000931731-97-000272.hdr.sgml : 19971118 ACCESSION NUMBER: 0000931731-97-000272 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971117 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MERIT MEDICAL SYSTEMS INC CENTRAL INDEX KEY: 0000856982 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 870447695 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-18592 FILM NUMBER: 97722310 BUSINESS ADDRESS: STREET 1: 1600 WEST MERIT PARK WAY CITY: SOUTH JORDAN STATE: UT ZIP: 84095 BUSINESS PHONE: 8012531600 MAIL ADDRESS: STREET 1: 1600 WEST MERIT PARKWAY CITY: SOUTH JORDAN STATE: UT ZIP: 84095 10-Q/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A Ammendment #1 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997. OR __ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____. Commission File Number 0-18592 MERIT MEDICAL SYSTEMS, INC. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Utah 87-0447695 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Identification No.) incorporation or organization) 1600 West Merit Parkway, South Jordan UT, 84095 ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (801) 253-1600 ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No --- --- Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date. Common Stock 7,372,379 - ---------------- --------------------------------- TITLE OR CLASS Number of Shares Outstanding at November 10, 1997 MERIT MEDICAL SYSTEMS, INC. INDEX TO FORM 10-Q PART I. FINANCIAL INFORMATION PAGE ---- Item 1. Financial Statements Consolidated Balance Sheets as of September 30, 1997 and December 31, 1996 ...............................................1 Consolidated Statements of Operations for the three and nine months ended September 30, 1997 and 1996....................3 Consolidated Statements of Cash Flows for the nine months ended September 30, 1997 and 1996....................................4 Notes to Consolidated Financial Statements...........................6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................................8 PART II. OTHER INFORMATION Item 4. Exhibits and Reports on Form 8-K....................................10 SIGNATURES....................................................................10 MERIT MEDICAL SYSTEMS, INC. - --------------------------- CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 and 1996 (Unaudited) - --------------------------------------------------------------------------------
Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------ 1997 1996 1997 1996 ------------- ------------- -------------- ----------- SALES $ 15,450,336 $12,702,407 $ 44,609,549 $ 37,484,550 COST OF SALES 9,815,145 7,352,304 27,690,322 21,796,638 ------------ ------------ ----------- ----------- GROSS MARGIN 5,635,191 5,350,103 16,919,227 15,687,912 ------------ ------------ ----------- ----------- OPERATING EXPENSES: Selling, general and administrative 3,912,461 3,437,619 11,680,876 10,477,173 Research and development 1,207,985 534,632 3,283,324 1,725,945 ------------ ------------ ----------- ----------- TOTAL 5,120,446 3,972,251 14,964,200 12,203,118 ------------ ------------ ----------- ----------- INCOME FROM OPERATIONS 514,745 1,377,852 1,955,027 3,484,794 OTHER EXPENSE 216,444 142,678 626,749 489,424 ------------ ------------ ----------- ----------- INCOME BEFORE INCOME TAX EXPENSE 298,301 1,235,174 1,328,278 2,995,370 INCOME TAX EXPENSE 161,713 524,218 707,269 1,162,823 MINORITY INTEREST IN INCOME OF SUBSIDIARY 7,450 34,933 15,844 137,619 ------------ ------------ ----------- ----------- NET INCOME $ 129,138 $ 676,023 $ 605,165 $ 1,694,928 ============ ============ =========== =========== NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE $ 0.02 $ 0.10 $ 0.08 $ 0.24 ============ ============ =========== =========== WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 7,375,057 7,054,457 7,346,533 7,035,095 ============ ============ =========== ===========
See Notes to Consolidated Financial Statements 3 MERIT MEDICAL SYSTEMS, INC. - --------------------------- PART II - OTHER INFORMATION ITEM 4: Exhibits and Reports on Form 8-K (a) Reports on Form 8-K - none (b) Exhibits S - K No. Description Exhibit No. --------- ----------------------- ----------- 27 Financial Data Schedule 1 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 thereunto duly authorized. MERIT MEDICAL SYSTEMS, INC. - --------------------------- REGISTRANT Date: NOVEMBER 10, 1997 - ---------------------------- ------------------------------------------ FRED P. LAMPROPOULOS PRESIDENT AND CHIEF EXECUTIVE OFFICER Date: NOVEMBER 10, 1997 - --------------------------- ------------------------------------------ KENT W. STANGER VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 10 -----END PRIVACY-ENHANCED MESSAGE-----