California
|
000-19720
|
77-0213001
|
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 8.01
|
Other Events.
|
Item 9.01 | Financial Statements and Exhibits. |
(d)
|
Exhibits.
|
Exhibit No.
|
Description
|
99.1
|
Press release dated January 28, 2016
|
Abaxis, Inc.
|
|||
By:
|
/s/ Ross Taylor
|
||
Ross Taylor
|
|||
Vice President of Finance and Chief Financial Officer
|
Exhibit No.
|
Description
|
Press release dated January 28, 2016
|
Abaxis, Inc.
|
Lytham Partners, LLC
|
Clint Severson, Chief Executive Officer
|
Joe Dorame, Robert Blum and Joe Diaz
|
510-675-6500
|
602-889-9700
|
• | Total medical and veterinary reagent disc sales of 2.3 million units, up 12% over last year’s comparable quarter. |
• | International revenues of $11.8 million, up 12% over last year’s comparable quarter. |
• | Gross profit from continuing operations of $29.6 million, up 3% over last year’s comparable quarter. |
• | Income from operations of $11.3 million, up 16% over last year’s comparable quarter. |
• | Diluted EPS from continuing operations of $0.35, up 30% over last year’s comparable quarter. |
• | Cash, cash equivalents and investments of $155.4 million as of December 31, 2015. |
• | Abaxis paid dividends of $2.5 million, or $0.11 per share, during the third quarter of fiscal 2016. |
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$
|
52,876
|
$
|
56,051
|
$
|
161,941
|
$
|
150,576
|
||||||||
Cost of revenues
|
23,274
|
27,268
|
70,985
|
70,014
|
||||||||||||
Gross profit
|
29,602
|
28,783
|
90,956
|
80,562
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
4,428
|
3,585
|
13,840
|
11,764
|
||||||||||||
Sales and marketing
|
10,395
|
10,742
|
31,766
|
30,193
|
||||||||||||
General and administrative
|
3,524
|
4,770
|
11,301
|
11,475
|
||||||||||||
Total operating expenses
|
18,347
|
19,097
|
56,907
|
53,432
|
||||||||||||
Income from operations
|
11,255
|
9,686
|
34,049
|
27,130
|
||||||||||||
Interest and other income (expense), net
|
231
|
(197
|
)
|
716
|
(595
|
)
|
||||||||||
Income from continuing operations before income tax provision
|
11,486
|
9,489
|
34,765
|
26,535
|
||||||||||||
Income tax provision
|
3,532
|
3,274
|
11,993
|
9,534
|
||||||||||||
Income from continuing operations
|
7,954
|
6,215
|
22,772
|
17,001
|
||||||||||||
Discontinued operations
|
||||||||||||||||
Income (loss) from discontinued operations, net of tax
|
4
|
(330
|
)
|
(3
|
)
|
(1,001
|
)
|
|||||||||
Net income
|
$
|
7,958
|
$
|
5,885
|
$
|
22,769
|
$
|
16,000
|
||||||||
Net income (loss) per share:
|
||||||||||||||||
Basic
|
||||||||||||||||
Continuing operations
|
$
|
0.35
|
$
|
0.27
|
$
|
1.00
|
$
|
0.75
|
||||||||
Discontinued operations
|
-
|
(0.01
|
)
|
-
|
(0.05
|
)
|
||||||||||
Basic net income per share
|
$
|
0.35
|
$
|
0.26
|
$
|
1.00
|
$
|
0.70
|
||||||||
Diluted
|
||||||||||||||||
Continuing operations
|
$
|
0.35
|
$
|
0.27
|
$
|
1.00
|
$
|
0.75
|
||||||||
Discontinued operations
|
-
|
(0.01
|
)
|
-
|
(0.05
|
)
|
||||||||||
Diluted net income per share
|
$
|
0.35
|
$
|
0.26
|
$
|
1.00
|
$
|
0.70
|
||||||||
Shares used in the calculation of net income per share:
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
22,725
|
22,533
|
22,684
|
22,483
|
||||||||||||
Weighted average common shares outstanding - diluted
|
22,889
|
22,756
|
22,884
|
22,717
|
||||||||||||
Cash dividends declared per share
|
$
|
0.11
|
$
|
0.10
|
$
|
0.33
|
$
|
0.30
|
December 31,
2015 |
March 31,
2015 |
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
82,402
|
$
|
107,015
|
||||
Short-term investments
|
50,808
|
26,109
|
||||||
Receivables, net
|
33,450
|
29,015
|
||||||
Inventories
|
35,178
|
36,179
|
||||||
Prepaid expenses and other current assets
|
7,441
|
2,893
|
||||||
Net deferred tax assets, current
|
6,439
|
6,575
|
||||||
Current assets of discontinued operations
|
49
|
2,075
|
||||||
Total current assets
|
215,767
|
209,861
|
||||||
Long-term investments
|
22,147
|
24,181
|
||||||
Investment in unconsolidated affiliate
|
2,739
|
2,683
|
||||||
Property and equipment, net
|
27,514
|
27,316
|
||||||
Intangible assets, net
|
1,363
|
1,491
|
||||||
Net deferred tax assets, non-current
|
3,180
|
3,413
|
||||||
Non-current assets of discontinued operations
|
-
|
12
|
||||||
Other assets
|
604
|
107
|
||||||
Total assets
|
$
|
273,314
|
$
|
269,064
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
7,882
|
$
|
7,277
|
||||
Accrued payroll and related expenses
|
7,241
|
11,094
|
||||||
Accrued taxes
|
269
|
4,829
|
||||||
Current liabilities of discontinued operations
|
180
|
5,536
|
||||||
Other accrued liabilities
|
8,953
|
9,804
|
||||||
Deferred revenue
|
1,537
|
1,322
|
||||||
Warranty reserve
|
1,272
|
1,423
|
||||||
Total current liabilities
|
27,334
|
41,285
|
||||||
Non-current liabilities:
|
||||||||
Deferred revenue
|
2,516
|
3,219
|
||||||
Warranty reserve
|
1,822
|
1,733
|
||||||
Net deferred tax liabilities
|
310
|
310
|
||||||
Notes payable, less current portion
|
404
|
480
|
||||||
Other non-current liabilities
|
769
|
1,843
|
||||||
Total non-current liabilities
|
5,821
|
7,585
|
||||||
Total liabilities
|
33,155
|
48,870
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
137,258
|
132,559
|
||||||
Retained earnings
|
102,918
|
87,643
|
||||||
Accumulated other comprehensive loss
|
(17
|
)
|
(8
|
)
|
||||
Total shareholders' equity
|
240,159
|
220,194
|
||||||
Total liabilities and shareholders' equity
|
$
|
273,314
|
$
|
269,064
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
Revenues by Geographic Region
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
North America
|
$
|
41,109
|
$
|
45,576
|
$
|
128,596
|
$
|
121,532
|
||||||||
International
|
11,767
|
10,475
|
33,345
|
29,044
|
||||||||||||
Total revenues
|
$
|
52,876
|
$
|
56,051
|
$
|
161,941
|
$
|
150,576
|
Three Months Ended
December 31, |
Nine Months Ended
December 31, |
|||||||||||||||
Revenues by Customer Group
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Medical Market
|
$
|
11,002
|
$
|
11,846
|
$
|
28,317
|
$
|
26,707
|
||||||||
Veterinary Market
|
40,896
|
43,414
|
131,084
|
121,454
|
||||||||||||
Other
|
978
|
791
|
2,540
|
2,415
|
||||||||||||
Total revenues
|
$
|
52,876
|
$
|
56,051
|
$
|
161,941
|
$
|
150,576
|