DELAWARE | 0-19974 | 33-0022692 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
951 Calle Amanecer, San Clemente, California | 92673 | |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | ||
[ ] | 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)) |
(c) | Exhibits | |
99.1 | Press release, dated April 16, 2012 announcing ICU Medical, Inc.'s first quarter 2012 earnings. |
ICU Medical, Inc. | ||
Date: April 16, 2012 | /s/ SCOTT E. LAMB Scott E. Lamb Secretary, Treasurer and Chief Financial Officer |
Exhibit | Description | |
99.1 | Press release dated April 16, 2012 |
March 31, 2012 | December 31, 2011 | ||||||
(unaudited) | (1) | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 122,103 | $ | 99,590 | |||
Investment securities | 61,482 | 60,395 | |||||
Cash, cash equivalents and investment securities | 183,585 | 159,985 | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,056 at March 31, 2012 and $1,293 at December 31, 2011 | 41,728 | 43,571 | |||||
Inventories | 37,290 | 40,423 | |||||
Prepaid income taxes | 3,677 | 5,589 | |||||
Prepaid expenses and other current assets | 5,913 | 6,759 | |||||
Deferred income taxes | 3,798 | 4,081 | |||||
Total current assets | 275,991 | 260,408 | |||||
PROPERTY AND EQUIPMENT, net | 83,183 | 83,048 | |||||
GOODWILL | 1,478 | 1,478 | |||||
INTANGIBLE ASSETS, net | 11,065 | 11,419 | |||||
DEFERRED INCOME TAXES | 4,767 | 4,759 | |||||
$ | 376,484 | $ | 361,112 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 11,825 | $ | 13,251 | |||
Accrued liabilities | 13,562 | 16,059 | |||||
Total current liabilities | 25,387 | 29,310 | |||||
COMMITMENTS AND CONTINGENCIES | — | — | |||||
DEFERRED INCOME TAXES | 7,127 | 7,144 | |||||
INCOME TAX LIABILITY | 4,081 | 4,081 | |||||
STOCKHOLDERS' EQUITY: | |||||||
Convertible preferred stock, $1.00 par value Authorized-500 shares; Issued and outstanding- none | — | — | |||||
Common stock, $0.10 par value - Authorized-80,000 shares; Issued 14,855 shares at March 31, 2012 and December 31, 2011, outstanding 14,117 shares at March 31, 2012 and 13,871 shares at December 31, 2011 | 1,486 | 1,486 | |||||
Additional paid-in capital | 58,106 | 56,796 | |||||
Treasury stock, at cost - 738 shares at March 31, 2012 and 984 shares at December 31, 2011 | (27,034 | ) | (35,348 | ) | |||
Retained earnings | 308,478 | 300,877 | |||||
Accumulated other comprehensive loss | (1,147 | ) | (3,234 | ) | |||
Total stockholders' equity | 339,889 | 320,577 | |||||
$ | 376,484 | $ | 361,112 |
Three months ended March 31, | |||||||
2012 | 2011 | ||||||
REVENUES: | |||||||
Net sales | $ | 75,383 | $ | 71,338 | |||
Other | 128 | 133 | |||||
TOTAL REVENUE | 75,511 | 71,471 | |||||
COST OF GOODS SOLD | 40,546 | 36,845 | |||||
Gross profit | 34,965 | 34,626 | |||||
OPERATING EXPENSES: | |||||||
Selling, general and administrative | 20,890 | 22,863 | |||||
Research and development | 2,693 | 2,052 | |||||
Legal settlement | — | (2,500 | ) | ||||
Total operating expenses | 23,583 | 22,415 | |||||
Income from operations | 11,382 | 12,211 | |||||
OTHER INCOME | 135 | 403 | |||||
Income before income taxes | 11,517 | 12,614 | |||||
PROVISION FOR INCOME TAXES | (3,916 | ) | (4,541 | ) | |||
NET INCOME | $ | 7,601 | $ | 8,073 | |||
NET INCOME PER SHARE | |||||||
Basic | $ | 0.54 | $ | 0.59 | |||
Diluted | $ | 0.53 | $ | 0.57 | |||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||
Basic | 13,956 | 13,692 | |||||
Diluted | 14,324 | 14,056 |
Three months ended March 31, | |||||||
2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 7,601 | $ | 8,073 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 4,777 | 4,500 | |||||
Provision for doubtful accounts | (263 | ) | 208 | ||||
Provision for warranty and returns | 312 | — | |||||
Stock compensation | 1,231 | 978 | |||||
Loss on disposal of property and equipment | 27 | — | |||||
Bond premium amortization | 357 | 19 | |||||
Cash provided (used) by changes in operating assets and liabilities | |||||||
Accounts receivable | 1,931 | 5,085 | |||||
Inventories | 3,768 | (6,186 | ) | ||||
Prepaid expenses and other assets | 898 | (252 | ) | ||||
Accounts payable | (1,610 | ) | 2,764 | ||||
Accrued liabilities | (2,608 | ) | (2,091 | ) | |||
Deferred revenue | — | (278 | ) | ||||
Prepaid and deferred income taxes | 1,915 | 2,347 | |||||
Net cash provided by operating activities | 18,336 | 15,167 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (3,632 | ) | (4,942 | ) | |||
Proceeds from sale of asset | 10 | — | |||||
Intangible asset additions | (287 | ) | — | ||||
Purchases of investment securities | (22,424 | ) | (24,530 | ) | |||
Proceeds from sale of investment securities | 21,442 | 3,304 | |||||
Net cash used by investing activities | (4,891 | ) | (26,168 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from exercise of stock options | 5,684 | 1,027 | |||||
Proceeds from employee stock purchase plan | 1,081 | 909 | |||||
Tax benefits from exercise of stock options | 1,626 | 280 | |||||
Purchase of treasury stock | — | — | |||||
Net cash provided by financing activities | 8,391 | 2,216 | |||||
Effect of exchange rate changes on cash | 677 | 1,049 | |||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 22,513 | (7,736 | ) | ||||
CASH AND CASH EQUIVALENTS, beginning of period | 99,590 | 78,850 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 122,103 | $ | 71,114 | |||
NON-CASH INVESTING ACTIVITIES | |||||||
Accrued liabilities for property and equipment | $ | 588 | $ | — |