-----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, NRduCR6XkHj1o/W51j/zhuUtDRyVVNKg+K1ntBnpqk48GKBnp7GdhTcx7nvgsbF8 HMu/MVHBj8C6I7jJ4Zd7AQ== 0000943819-96-000012.txt : 19961113 0000943819-96-000012.hdr.sgml : 19961113 ACCESSION NUMBER: 0000943819-96-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: RESMED INC CENTRAL INDEX KEY: 0000943819 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 980152841 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26038 FILM NUMBER: 96660122 BUSINESS ADDRESS: STREET 1: 82 WATERLOO RD STREET 2: NORTH RYDE CITY: NEW SOUTH WALES AU STATE: C3 BUSINESS PHONE: 6128785244 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSACTION PERIOD FROM ___________ TO _____________ Commission file number: 0-26038 ResMed Inc. (Exact name of registrant as specified in its charter) Delaware 98-0152841 (State or other jurisdiction of (I.R.S Employer incorporation or organization) Identification No.) 5744 Pacific Center Boulevard Suite 311 San Diego CA 92121 United States Of America (Address of principal executive offices) 619 622 2040 (Registrant's telephone number including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 ______ As of September 30, 1996, 7,183,276 shares of Common Stock($0.004 par value) were outstanding. INDEX
PART I FINANCIAL INFORMATION Page Item 1 Financial Statements Condensed Consolidated Balance Sheets as of September 3 30, 1996 (unaudited) and June 30, 1996 Condensed Consolidated Statements of Income 4 (unaudited) for Three Months Ended September 30, 1996 and 1995 Condensed Consolidated Statements of Cash Flows 5 (unaudited) for the Three Months Ended September 30, 1996 and 1995 Notes to Condensed Consolidated Financial Statements 6 Item 2 Management's Discussion and Analysis of Financial 11 Condition and Results of Operations
PART II OTHER INFORMATION Item 1 Legal Proceedings 13 Item 2 Changes in Securities 13 Item 3 Defaults Upon Senior Securities 13 Item 4 Submission of Matters to a Vote of Security Holders 13 Item 5 Other Information 13 Item 6 Exhibits and Reports on Form 8-K 13 SIGNATURES 14
- -2- PART I. FINANCIAL INFORMATION Item 1. Financial Statements RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (in US$ thousands, except per share data) September 30, June 30, --------------- ------------ 1996 1996 --------------- ------------ Assets (unaudited) Current assets: Cash and cash equivalents $ 6,455 5,510 Marketable securities - available for sale 18,204 18,021 Accounts receivable, net of allowance of $175 at September 30, 1996 and $175 at June 30, 1996 6,681 6,252 Government grants 810 915 Inventories 6,148 6,134 Prepaid expenses and other current assets 1,757 1,014 ____________ ____________ Total current assets 40,055 37,846 Property, plant and equipment, net 3,570 3,284 Patents, net of accumulated amortization of $279 at September 30,1996 and $260 at June 30, 1996 221 217 Deferred income taxes 26 27 Goodwill, net 4,248 4,309 Other assets 2,061 1,263 ____________ ____________ Total assets $ 50,181 46,946 ============ ============ Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,522 2,421 Accrued expenses 3,533 2,815 Income taxes payable 2,247 1,857 Current portion of capital lease obligation 13 - Current portion of long-term debt 290 289 ____________ ____________ Total current liabilities 8,605 7,382 Long-term debt, less current portion 580 578 Capital lease obligation, less current portion 6 - ____________ ____________ Total liabilities 9,191 7,960 ____________ ____________ Stockholders' equity: Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued - - Common Stock $0.004 par value; 15,000,000 shares authorized; issued and outstanding 7,183,276 at September 30, 1996 and 7,172,408 at June 30, 1996 29 29 Additional paid-in capital 29,506 29,407 Retained Earnings 10,943 9,103 Currency translation adjustment 512 447 ____________ ____________ 40,990 38,986 Commitments and contingencies ____________ ____________ $ 50,181 46,946 ============ ============ See the accompanying notes to the condensed consolidated financial statements.
- -3- RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited) (in US$ thousands, except share and per share data) Three Months Ended September 30, -------------------- 1996 1995 -------------------- -------------- Net revenues $ 11,141 6,703 Cost of sales 4,850 3,212 ____________ ____________ Gross profit 6,291 3,491 ____________ ____________ Operating expenses Selling, general and administrative expenses 3,922 2,130 Research and development expenses 791 680 ____________ ____________ Total operating expenses 4,713 2,810 ____________ ____________ Income from operations 1,578 681 ____________ ____________ Other income, net: Interest income, net 243 257 Government grants 89 135 Other income, net 796 150 ____________ ____________ Total other income, net 1,128 542 ____________ ____________ Income before income taxes 2,706 1,223 Income taxes (866) (343) ____________ ____________ Net income $ 1,840 880 ============ ============ Net income per common and common equivalent share: Primary $ 0.25 $ 0.12 Assuming full dilution $ 0.25 $ 0.12 Weighted average shares per common and common equivalent share, outstanding: Primary 7,296,475 7,150,838 Assuming full dilution 7,334,845 7,188,459 See the accompanying notes to the condensed consolidated financial statements.
- -4- RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited) (in US$ thousands) Three Months Ended September 30, -------------------- 1996 1995 -------------------- ------------- Cash flows from operating activities: Net income $ 1,840 880 Adjustment to reconcile net income to net cash provided by/(used) in operating activities: Depreciation and amortization 517 135 Provision for service warranties 16 17 Deferred income taxes 1 343 Foreign currency options (717) (22) Changes in operating assets and liabilities: Accounts receivable, net (352) (621) Government grants 109 250 Inventories 6 (1,488) Prepaid expenses and other current assets (741) 14 Accounts payable, accrued expenses and other liabilities 1,104 (696) ____________ ____________ Net cash provided by/(used) in operating activities 1,783 (1,188) ____________ ____________ Cash flows used in investing activities: Purchases of property, plant and equipment (668) (229) Purchases of patents (23) (4) Purchase of non-trading investments - (329) Loans receivable (75) - Purchases of marketable securities - available for sale (11,301) (19,660) Proceeds from sale of marketable securities - available for sale 11,118 15,791 ____________ ____________ Net cash used in investing activities (949) (4,431) ____________ ____________ Cash flows from financing activities - proceeds from issuance of common stock 99 4,690 ____________ ____________ Effect of exchange rate changes on cash 12 122 ____________ ____________ Net increase (decrease) in cash and cash equivalents 945 (807) ____________ ____________ Cash and cash equivalents at beginning of period 5,510 3,256 ____________ ____________ Cash and cash equivalents at end of period $ 6,455 2,449 ============ ============ Supplemental disclosure of cash flow information: Income taxes paid 279 437 Interest paid - - The Company entered into a capital lease obligation for computer equipment of $19,000 during the three months September 30, 1996 See the accompanying notes to the condensed consolidated financial statements.
- -5- RESMED INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) Organization and Basis of Presentation ResMed Inc. (the Company), is a Delaware corporation formed in March 1994 as a holding company for ResCare Holdings Ltd. (RHL), a company resident in Australia. RHL designs, manufactures and markets devices for the evaluation and treatment of sleep disordered breathing, primarily obstructive sleep apnea. The Company's principal manufacturing operations are located in Australia. Other principal distribution and sales sites are located in the United States, the United Kingdom and Europe. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 1996 are not necessarily indicative of the results that may be expected for the year ended June 30, 1997. (2) Summary of Significant Accounting Policies (a) Basis of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. (b) Revenue Recognition: Revenue on product sales is recorded at the time of shipment. Royalty revenue from license agreements is recorded when earned. (c) Cash and Cash Equivalents: Cash equivalents include certificates of deposit, commercial paper, and other highly liquid investments stated at cost, which approximates market. Investments with original maturities of 90 days or less are considered to be cash equivalents for purposes of the consolidated statements of cash flows. (d) Inventories: Inventories are stated at the lower of cost, determined principally by the first-in, first-out method, or net realizable value. - -6- RESMED INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (2) Summary of Significant Accounting Policies, Continued (e) Property, Plant and Equipment: Property, plant and equipment is recorded at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, generally two to 10 years. Assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. Amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease. Straight-line and accelerated methods of depreciation are used for tax purposes. Maintenance and repairs are charged to expense as incurred. (f) Patents: The registration costs for new patents are capitalized and amortized over the estimated useful life of the patent, generally five years. In the event of a patent being superseded, the unamortized costs are written off immediately. (g) Government Grants: Government grants revenue is recognized when earned. Grants have been obtained by the Company from the Australian Federal Government to support continued development and export of the Company's proprietary positive airway pressure technology and to June 30, 1996, to assist development of export markets. Grants of $89,000 and 135,000 have been recognized for the three month period ended September 30, 1996 and September 30, 1995, respectively. (h) Foreign Currency: The consolidated financial statements of the Company's non-U.S. subsidiaries are translated into U.S. dollars for financial reporting purposes. Assets and liabilities of non-U.S. subsidiaries whose functional currencies are other than the U.S. dollar are translated at period end exchange rates, revenue and expense transactions are translated at average exchange rates for the period. Cumulative translation effects are reflected in stockholders' equity. Gains and losses on transactions, denominated in other than the functional currency of the entity, are reflected in operations. (i) Research and Development: All research and development costs are expensed in the period incurred. (j) Net Income per Common and Common Equivalent Share: Primary net income per common and common equivalent share and net income per common and common equivalent share assuming full dilution are computed using the weighted average number of shares outstanding, adjusted for the incremental shares attributed to outstanding options to purchase common stock as determined under the treasury stock method. - -7- RESMED INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (2) Summary of Significant Accounting Policies, Continued (k) Financial Instruments: The carrying value of financial instruments, such as cash and cash equivalents, marketable securities - available for sale, accounts receivable, government grants, foreign currency option contracts, accounts payable and long-term debt approximate their fair value. The Company does not hold or issue financial instruments for trading purposes. The following table presents the carrying amounts and estimated fair values of the Company's financial instruments at September 30, 1996 and June 30, 1996. The Fair Value of Financial Instruments is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties.
September 30, 1996 June 30, 1996 ------------------- ---------------- Carrying Fair Carrying Fair Amount Value Amount Value ---------- ---------- ---------- ---------- (US$ in thousands) Financial assets Cash and cash equivalents $ 6,455 6,455 5,510 5,510 Marketable securities - available for sale 18,204 18,204 18,021 18,021 Accounts receivable, net 6,681 6,681 6,252 6,252 Government grants 810 810 915 915 Other assets 2,061 2,061 1,263 1,263 Financial liabilities Accounts payable 2,522 2,522 2,421 2,421 Long - term debt 870 870 867 867
The carrying amounts shown in the table are included in the statement of financial position under the indicated captions. (l) Foreign Exchange Risk Management: The Company enters into various types of foreign exchange contracts in managing its foreign exchange risk, including derivative financial instruments encompassing forward exchange contracts and foreign currency options. The purpose of the Company's foreign currency hedging activities is to protect the Company from adverse exchange rate fluctuations with respect to net cash movements resulting from the sales of products to foreign customers and Australian manufacturing activities. The Company enters into foreign currency option contracts to hedge anticipated sales and manufacturing costs denominated in principally Australian Dollars, Pound Sterling and Deutschmarks. The term of such foreign exchange contracts generally do not exceed three years. - -8- RESMED INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (2) Summary of Significant Accounting Policies, Continued (l) Foreign Exchange Risk Management, Continued Premiums to enter certain foreign currency options are included in other assets and are amortized over the period of the agreement in the consolidated statement of income against other income, net. At September 30, 1996 unamortized premiums amounted to $271,000. Unrealized gains or losses are recognized as incurred in the statement of financial position as either other assets or other liabilities and are recorded within other income, net on the Company's consolidated statements of income. Unrealized gains and losses on currency derivatives are determined based on dealer quoted prices. Foreign currency option contracts have been purchased in part by the issue of put options to counterparts. As a result, should foreign exchange rates drop below a specified level, on a specific date, the Company is required to deliver certain funds to counterparts at contracted foreign exchange rates. As at September 30, 1996 none of the put options issued by the Company are exercisable as foreign exchange rates remain above the foreign exchange rates specified. The Company is exposed to credit-related losses in the event of non-performance by counterparts to financial instruments, but it does not expect any counterparts to fail to meet their obligations given their high credit ratings. The credit exposure of foreign exchange options is represented by the fair value of options with a positive fair value at the reporting date. At September 30, 1996 the Company held foreign currency option contracts with notional amounts totaling $41,691,919 to hedge foreign currency items. These contracts mature at various dates prior to June 30, 1998. (m) Income Taxes: The Company accounts for income taxes under Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (Statement 109). Statement 109 requires an asset and liability method of accounting for income taxes. Under the asset and liability method of Statement 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under Statement 109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. - -9- RESMED INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(3) Inventories Inventories were comprised of the following at September 30, 1996 and June 30, 1996: September 30, June 30, 1996 1996 -------------- --------- Raw materials $ 1,816 $ 2,088 Work in progress 577 257 Finished goods 3,755 3,789 _______ _______ $ 6,148 $ 6,134 ======= =======
- -10- RESMED INC. AND SUBSIDIARIES MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 1996 AND SEPTEMBER 30, 1995 Net Revenues Net revenues increased for the three months ended September 30, 1996 to $11.1 million from $6.7 million for the three months ended September 30, 1995, an increase of $4.4 million or 66%. The three month increase in net revenues is primarily attributable to an increase in unit sales of the Company's flow generators and accessories in North America and Europe, which benefited significantly from the additional revenues generated in Germany from the Priess business which was acquired in February 1996. Net revenues in North America increased to $4.4 million from $3.6 million for the quarter and in Europe to $5.4 million from $1.9 million, respectively. Gross Profit Gross profit increased for the three months ended September 30, 1996 to $6.3 million from $3.5 million for the three months ended September 30, 1995, an increase of $2.8 million or 80%. The increase resulted primarily from increased unit sales, a shift to higher margin products, and a significant improvement in European revenues during the quarter ended September 30, 1996. Gross profit as a percentage of net revenues increased for the quarter ended September 30, 1996 to 56% from 52% in three months ended September 30, 1995. Selling, General and Administrative Expenses Selling, general and administrative expenses increased for the three months ended September 30, 1996 to $3.9 million from $2.1 million for the three months ended September 30, 1995, an increase of $1.8 million or 84%. As a percentage of net revenues, selling, general and administrative expenses increased to 35% for the quarter ended September 30, 1996 from 32% for the three months ended September 30, 1995. The increase in gross selling, general and administrative expenses was due primarily to an increase from 70 to 88 in the number of sales and administrative personnel, including 24 persons employed on acquisition of Priess, an increase in legal costs from $61,000 to $327,000 associated with ongoing legal action (refer Part II Item 1) and other expenses related to the increase in Company sales. Research and Development Expenses Research and development expenses increased for the three months ended September 30, 1996 to $791,000 from $680,000 for the three months ended September 30, 1995, an increase of $111,000 or 16%. As a percentage of net revenues, research and development expenses for the three months ended September 30, 1996 decreased to 7% from 10% for the period ended September 30, 1995. The increase in gross research and development expenses was due to an increase in charges for consulting fees and technical assessments incurred to facilitate product development of a number of new products. Other Income, net Other income, net increased for the three months ended September 30, 1996 to $1,128,000 from $542,000 for the three months ended September 30, 1995, an increase of $586,000 or 108%. This increase was due primarily to net foreign exchange gains of $750,000 relating to marking to market foreign currency option contracts. Government grants income declined for the three months ended September 30, 1996 to $89,000 from $135,000 for the three months ended September 30, 1995 reflecting the termination of Australian Federal Government export grants. This termination was marginally offset by an increase in both manufacturing and research activity for which the Company receives grant revenues. - -11- RESMED INC. AND SUBSIDIARIES MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 1996 AND SEPTEMBER 30, 1995 Income Taxes The Company's effective income tax rate for the three months ended September 30, 1996 increased to approximately 32% from approximately 28% for the three months ended September 30, 1995. The increased tax rate primarily relates to a relatively higher German effective corporate taxation rate. This effective tax rate increase is partially offset by the increase in Australian research and development expenses incurred in the first quarter of fiscal 1997 over the first quarter of fiscal 1996 for which the Company received a 150% deduction under Australian tax law. The 150% research and development deduction was only available on expenses incurred up to August 20, 1996. Subsequent to August 20, 1996 the Company receives a 125% deduction for research and development expenditures incurred in Australia, under revised Australian taxation legislation. Liquidity and Capital Resources As of September 30, 1996 and June 30, 1996, the Company had cash and cash equivalents and marketable securities available for sale of approximately $24.7 million and $23.5 million, respectively. The Company's working capital approximated $31.5 million and $30.5 million, at September 30, 1996 and June 30, 1996, respectively. The increase in working capital balances reflects the increase in cash generated from operations. During the three months ended September 30, 1996, the Company's operations generated $1.8 million cash from operations, primarily as a result of increased profit from operations offset partially by increases in accounts receivable due to increased sales. During the three months ended September 30, 1995 approximately $1.2 million of cash was used by operations primarily due to increased inventory levels. The Company's capital expenditures for the three month period ended September 30, 1996 and 1995 aggregated $687,000 and $229,000 respectively. The majority of the expenditures in the three month period ending September 30, 1996 relates to the purchase of computer software and hardware, production tooling and equipment and, to a lesser extent, office furniture and research and development equipment. As a result of these capital expenditures, the Company's September 30, 1996 balance sheet reflects net property plant and equipment of approximately $3.6 million at September 30, 1996, compared to $3.3 million at June 30, 1996. The results of the Company's international operations are affected by changes in exchange rates between currencies. Changes in exchange rates may negatively affect the Company's consolidated net sales and gross profit margins from international operations. The Company is exposed to the risk that the dollar-value equivalent of anticipated cash flows will be adversely affected by changes in foreign currency exchange rates. The Company manages this risk through foreign currency option contracts. In May 1993, the Australian Federal Government agreed to lend the Company up to $870,000 over a six year term. Such loan bears no interest for the first three years and bears interest at a rate of 3.8% thereafter until maturity. The outstanding principal balance of such loan was $870,000 and $867,000 at September 30, 1996 and June 30, 1996, respectively. - -12- RESMED INC. AND SUBSIDIARIES PART II OTHER INFORMATION Item 1. Legal Proceedings In October 1994, in Australia, a patent held by ResMed was revoked on appeal on grounds that the patent was not entitled to claim priority to a "provisional" application, which was filed before the inventor's publication. As a result of this claim, ResMed based in part on advice from legal counsel, at June 30, 1994 accrued approximately $300,000 for costs associated with this patent litigation which remains outstanding at September 30, 1996. This amount is included in accrued expenses on consolidated balance sheets. In January 1995, the Company filed a complaint for patent infringement in the United States District Court against Respironics Inc., a Delaware registered company. In response, in February 1995, Respironics filed a complaint against the Company that asserts, (i) Respironics does not infringe the subject patents; and (ii) that the subject patents are invalid and unenforceable. Management believes, based in part on advice from legal counsel, that this action will not have a material adverse effect on the operations or financial position of the Company. In May 1995, Respironics and its Australian distributor filed a statement of claim against the Company and its President in the Federal Court of Australia, New South Wales District Registry. The statement of claim alleges that the Company engaged in unfair trade practices, including misuse of the power afforded by its Australian patents and dominant market position in violation of the Australian Trade Practices Act. The statement of claim asserts damage claims in the aggregate amount of approximately $901,000, constituting lost profit on sales. While the Company intends to defend this action vigorously, there can be no assurance that the Company will be successful in defending such action or that the Company will not be required to make significant payments to the claimants. Furthermore, the Company expects to incur ongoing legal costs in defending such action. Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Report on Form 8K None - -13- 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. ResMed Inc. PETER C FARRELL ________________________ Peter C Farrell President and Chief Executive Officer ADRIAN M SMITH ________________________ Adrian M Smith Vice President Finance and Chief Financial Officer - -14- EX-27 2 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RESMED INC'S FIRST QUARTER SEPTEMBER 30, 1996 FINANCIAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000943819 RESMED INC 1 USD $ CURRENCY 3-MOS 3-MOS JUN-30-1997 JUN-30-1996 SEP-30-1996 SEP-30-1995 1 1 6,455,000 2,449,000 18,204,000 24,383,000 6,681,000 4,507,000 (175,000) (155,000) 6,148,000 5,794,000 40,055,000 38,024,000 3,570,000 2,182,000 0 0 50,181,000 40,867,000 8,605,000 5,329,000 0 0 0 0 0 0 29,000 28,000 29,506,000 29,081,000 50,181,000 40,867,000 11,141,000 6,703,000 11,141,000 6,703,000 4,850,000 3,312,000 0 0 0 0 0 0 0 0 2,706,000 1,223,000 866,000 343,000 1,840,000 880,000 0 0 0 0 0 0 1,840,000 880,000 $0.25 $0.12 $0.25 $0.12
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