-----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, Sbp2Asqfep+6N5BIFAqEuoAaRWBadWiWMRGn+3fqprgvpzPDDTlLMzkwDH86w8yw vc/9oHmAS4XJ4MN8CzBJGw== 0000950135-03-003276.txt : 20030528 0000950135-03-003276.hdr.sgml : 20030528 20030528160932 ACCESSION NUMBER: 0000950135-03-003276 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030528 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLYMEDICA CORP CENTRAL INDEX KEY: 0000878748 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 043033368 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13690 FILM NUMBER: 03721785 BUSINESS ADDRESS: STREET 1: 11 STATE ST CITY: WOBURN STATE: MA ZIP: 01801 BUSINESS PHONE: 6179332020 MAIL ADDRESS: STREET 1: 11 STATE STREET CITY: WOBURN STATE: MA ZIP: 01801 FORMER COMPANY: FORMER CONFORMED NAME: POLYMEDICA INDUSTRIES INC DATE OF NAME CHANGE: 19930328 8-K 1 b46792pce8vk.txt POLYMEDICA CORPORATION ON FORM 8-K 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 28, 2003 POLYMEDICA CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Massachusetts 0-19842 04-3033368 --------------------------------- ------------------------ --------------------------------- (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation)
11 State Street, Woburn, Massachusetts 01801 ------------------------------------------- ---------------- (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (781) 933-2020 - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 9. REGULATION FD DISCLOSURE (INFORMATION FURNISHED PURSUANT TO ITEM 12, "DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION"). On May 28, 2003, PolyMedica Corporation announced its financial results for the quarter ended March 31, 2003 and the fiscal year ended March 31, 2003. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with the procedural guidance in SEC Release No. 33-8216, the information in this Form 8-K and the Exhibit attached hereto is being furnished under "Item 9. Regulation FD Disclosure" rather than under "Item 12. Disclosure of Results of Operations and Financial Condition." The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. 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. POLYMEDICA CORPORATION Dated: May 28, 2003 By: /s/ John K.P. Stone III ------------------------------------ Name: John K.P. Stone III Title: Senior Vice President and General Counsel EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 99.1 Press release dated May 28, 2003
EX-99.1 3 b46792pcexv99w1.txt PRESS RELEASE DATED MAY 28, 2003 [POLYMEDICA LOGO] FOR IMMEDIATE RELEASE POLYMEDICA ANNOUNCES RESULTS FOR FISCAL 2003 FOURTH QUARTER AND FISCAL YEAR ENDED MARCH 31, 2003 - 4Q EPS OF $0.86 COMPARED TO $0.69 IN 4Q FISCAL 2002 - 4Q NET REVENUES OF $97 MILLION, UP 29% OVER 4Q FISCAL 2002 - FISCAL 2003 NET REVENUES OF $356 MILLION, UP 27% OVER FISCAL 2002 - RECORD QUARTERLY CASH FLOW FROM OPERATIONS OF $9.1 MILLION WOBURN, MA - MAY 28, 2003 -- POLYMEDICA CORPORATION (NNM: PLMD) today announced its financial results for the fiscal 2003 fourth quarter and fiscal year ended March 31, 2003. Fiscal 2003 Fourth Quarter Net revenues for the fiscal 2003 fourth quarter were $96.7 million compared to $75.1 million for the fiscal 2002 fourth quarter, an increase of $21.6 million, or 28.7%. Net income for the quarter was $10.9 million, and earnings per share (diluted) in the quarter were $0.86, compared to $8.6 million or $0.69 per share for the fiscal 2002 fourth quarter. Cash flow from operations for the quarter was a record $9.1 million. Fiscal 2003 Full Year Net revenues for the fiscal year ended March 31, 2003 were $356.2 million, a 27.4% increase from the $279.7 million recorded a year ago. Net income for the year was $25.6 million, and earnings per share (diluted) were $2.04, compared to $30.4 million or $2.38 per share reported for fiscal 2002. As previously announced, in connection with the adoption of SFAS 142, "Goodwill and Other Intangible Assets", the Company recorded a goodwill impairment loss of $23.8 million (pre-tax) related to its urological products as a cumulative effect of a change in accounting principal retroactive to April 1, 2002. The original goodwill related to these products was recorded in December 1992 in connection with the purchase of a urological product line. Income before cumulative effect of accounting change (excluding the goodwill impairment charge) was $40.2 million or $3.21 per share, diluted, compared to $30.4 million or $2.38 per share, diluted, in the prior year. Cash flow from operations for the year was $29.4 million. Commenting on the financial results, Lead Director and Interim CEO Samuel L. Shanaman said, "The fourth quarter's financial results once again demonstrated PolyMedica's ability to continue growing while delivering solid financial performance. I am particularly pleased by the growth in our non-Medicare initiative, Liberty Pharmacy, which produced over $20 million in net revenues in its first full year of operation and ended the year at an annual revenue run rate of over $30 million." 1 Shanaman continued, "Our continued strong performance is especially impressive coming in a year of transition for the Company. In the past year, in addition to growing Liberty's pharmacy business, our successes included the continued growth of our core diabetes and respiratory customer base and the expansion of the base of doctors with whom we work. We also opened extensive new facilities in Port St. Lucie, Florida and realigned our Liberty business units to take maximum advantage of the opportunities that lie ahead. Given our ability to build and retain a solid customer base and the potential for expanding and extending our current product offerings, I continue to remain very excited about the Company's future." Conference Call and Replay PolyMedica management will host a conference call and live Webcast today, Wednesday, May 28, at 4:30 p.m., EDT, to discuss the Company's fiscal fourth quarter and fiscal 2003 year. To listen to the conference call over the Internet, go to www.polymedica.com or www.companyboardroom.com. Go to either Web site at least 15 minutes early to register and download and install any necessary audio software. For those unable to participate, a rebroadcast will be made available at www.polymedica.com and www.companyboardroom.com for 90 days after the call. It will be available shortly after the call. About PolyMedica (www.polymedica.com) PolyMedica is a rapidly growing national medical products company. The Company is best known through its Liberty brand name and innovative direct-to-consumer television advertising to seniors with diabetes and respiratory disease. Building on its technology-based operating platform and compliance management focus, PolyMedica continues to expand its product offerings in these chronic disease and other categories. This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, outcomes of government inquiries and investigations and related litigation, continued compliance with government regulations, changes in Medicare reimbursement, fluctuations in customer demand, management of rapid growth, intensity of competition from other healthcare product vendors, timing and acceptance of new product introductions, general economic conditions, geopolitical events and regulatory changes, as well as other especially relevant risks detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended March 31, 2002, its Quarterly Reports on Form 10-Q for the quarters ended June 30, September 30 and December 31, 2002. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this press release. ### For additional information, contact: Fred ("Skip") Croninger Jim Barron/Denise DesChenes PolyMedica Corporation Citigate Sard Verbinnen (781) 933-2020 (212) 687-8080 (Financial Tables Follow) 2 MAY 28, 2003 POLYMEDICA CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED YEAR ENDED MAR. 31, MAR. 31, % MAR. 31, MAR. 31, % 2003 2002 CHANGE 2003 2002 CHANGE ---- ---- ------ ---- ---- ------ Net revenues $ 96,655 $ 75,093 28.7% $ 356,185 $ 279,661 27.4% Cost of sales 35,084 27,192 29.0% 126,844 97,519 30.1% --------- --------- --------- --------- --------- --------- Gross margin 61,571 47,901 28.5% 229,341 182,142 25.9% Selling, general and administrative expenses 43,763 34,386 27.3% 163,768 133,609 22.6% --------- --------- --------- --------- --------- --------- Income from operations 17,808 13,515 31.8% 65,573 48,533 35.1% Other income and expense (93) (95) 2.1% (25) 361 (106.9%) --------- --------- --------- --------- --------- --------- Income before income taxes 17,715 13,420 32.0% 65,548 48,894 34.1% Income tax provision 6,838 4,861 40.7% 25,301 18,483 36.9% --------- --------- --------- --------- --------- --------- Income before cumulative effect of accounting change 10,877 8,559 27.1% 40,247 30,411 32.3% Cumulative effect of accounting change, net of taxes of $9,187 (A) -- -- -- (14,615) -- N/A --------- --------- --------- --------- --------- --------- Net income $ 10,877 $ 8,559 27.1% $ 25,632 $ 30,411 (15.7%) ========= ========= ========= ========= ========= ========= Diluted earnings per share: Income before cumulative effect of accounting change $ .86 $ .69 24.6% $ 3.21 $ 2.38 34.9% Net income $ .86 $ .69 24.6% $ 2.04 $ 2.38 (14.3%) Weighted average shares, diluted 12,588 12,362 1.8% 12,546 12,780 (1.8%) (A) Accounting change refers to the April 1, 2002 adoption of SFAS No. 142, "Goodwill and Other Intangible Assets." SUPPLEMENTAL INFORMATION ON SEGMENT NET REVENUES: Liberty Diabetes $ 65,087 $ 55,561 17.1% $ 244,683 $ 207,262 18.1% Liberty Respiratory 20,174 14,746 36.8% 75,128 52,355 43.5% Pharmaceuticals 11,394 4,786 138.1% 36,374 20,044 81.5% --------- --------- --------- --------- --------- --------- Total net revenues $ 96,655 $ 75,093 28.7% $ 356,185 $ 279,661 27.4% ========= ========= ========= ========= ========= ========= SUPPLEMENTAL SUMMARIZED INFORMATION ON CASH FLOWS: Cash flows from operating activities $ 9,052 $ 5,548 $ 29,449 $ 22,899 Cash flows from investing activities (7,805) (5,275) (23,517) (15,229) Cash flows from financing activities (6,001) (642) (6,654) (19,357) --------- --------- --------- --------- Net change in cash and cash equivalents (4,754) (369) (722) (11,687) Beginning cash and cash equivalents 31,916 28,253 27,884 39,571 --------- --------- --------- --------- Ending cash and cash equivalents $ 27,162 $ 27,884 $ 27,162 $ 27,884 ========= ========= ========= =========
3 MAY 28, 2003 POLYMEDICA CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)
March 31, March 31, 2003 2002 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 27,162 $ 27,884 Marketable securities 1,442 -- Accounts receivable, net 61,168 44,059 Inventories 18,850 21,663 Deferred tax asset 15,061 10,622 Prepaid expenses and other current assets 3,438 1,727 -------- -------- Total current assets 127,121 105,955 Property, plant and equipment, net 53,304 34,603 Goodwill 5,946 29,748 Intangible assets, net 108 698 Direct response advertising, net 64,061 52,112 Other assets 1,530 1,276 -------- -------- Total assets $252,070 $224,392 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 28,204 $ 23,260 Certain amounts due to Medicare and others 2,476 4,798 Current portion, capital lease obligations and note payable 2,310 742 -------- -------- Total current liabilities 32,990 28,800 Long-term capital lease and other obligations 1,877 1,485 Deferred income taxes 20,528 20,524 -------- -------- Total liabilities 55,395 50,809 Total shareholders' equity 196,675 173,583 -------- -------- Total liabilities and shareholders' equity $252,070 $224,392 ======== ========
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