UNITED
STATES
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): July 24, 2008
AngioDynamics,
Inc.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
000-50761
|
11-3146460
|
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
603
Queensbury Avenue, Queensbury, New
York 12804
|
|
(Address
of Principal Executive
Offices) (Zip
Code)
|
|
(518)
798-1215
|
|
(Registrant’s
telephone number, including area
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:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2 (b))
|
|
|
o
|
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.
On July 24, 2008, AngioDynamics, Inc.
(the “Company”) issued a press release announcing financial results for the
fiscal fourth quarter and full year ended May 31, 2008, as well as guidance for
net sales, gross profit, operating income, earnings per share and EBITDA for
fiscal 2009.
The
information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1)
shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the Exchange Act), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.
Forward-Looking
Statements
This
document and its attachments include "forward-looking statements" intended to
qualify for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Investors can identify these statements by the
fact that they do not relate strictly to historical or current facts. These
statements contain words such as "expect,"
"reaffirm," "anticipate," "plan," "believe," "estimate," "may," "will,"
"predict," "project," "might," "intend," "potential," "could," "would,"
"should," "estimate," "seek," "continue," "pursue," or "our future success
depends," or the negative or other variations thereof or comparable terminology,
are intended
to identify such forward-looking statements. In particular, they include
statements relating to, among other things, future actions, strategies, future
performance, future financial results of the Company. These
forward-looking statements are based on current expectations and projections
about future events.
Investors
are cautioned that forward-looking statements are not guarantees of future
performance or results and involve risks and uncertainties that cannot be
predicted or quantified and, consequently, the actual performance or results of
the Company may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include, but
are not limited to, the factors described from time to time in the Company's
reports filed with the SEC, including the Company's Form 10-K for the fiscal
year ended June 2, 2007 and Form 10-Q for the period ended February 29, 2008,
financial community and rating agency perceptions of the Company; the effects of
economic, credit and capital market conditions on the economy in general, and on
medical device companies in particular; domestic and foreign health care reforms
and governmental laws and regulations; third-party relations and approvals,
technological advances and patents attained by competitors; and challenges
inherent in new product development, including obtaining regulatory
approvals. In addition to the
matters described above, the ability of the Company to develop its products,
future actions by the FDA or other regulatory agencies, results of pending or
future clinical trials, the outcome of pending patent litigation, overall
economic conditions, general market conditions, market acceptance, foreign
currency exchange rate fluctuations, and the effects on pricing from group
purchasing organizations and competition, may affect the actual results achieved
by the Company.
Any
forward-looking statements are made pursuant to the Private Securities
Litigation Reform Act of 1995 and, as such, speak only as of the date made. The
Company disclaims any obligation to update the forward-looking
statements. Investors are cautioned not to place undue reliance on
these forward-looking statements which speak only as of the date stated, or if
no date is stated, as of the date of this document.
Item
9.01 – Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
|
Description
|
|
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99.1
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Press
Release dated July 24, 2008.
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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.
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ANGIODYNAMICS,
INC.
(Registrant)
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|||
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Date:
July 24, 2008
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By:
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/s/
D. Joseph Gersuk
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D.
Joseph Gersuk
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|||
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Chief
Financial Officer
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|||
EXHIBIT
INDEX
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Exhibit No.
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Description
|
|
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99.1
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Press
Release dated July 24, 2008.
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Exhibit 99.1
For
Immediate Release
|
Company
Contact:
|
Investor
Relations Contacts:
|
Media
Contact:
|
|
AngioDynamics,
Inc.
D.
Joseph Gersuk, CFO
(800)
772-6446 x1608
jgersuk@AngioDynamics.com
|
EVC Group,
Inc.
Doug
Sherk / Donald Takaya
(415)
896-6820
dsherk@evcgroup.com
dtakaya@evcgroup.com
|
EVC Group,
Inc.
Steve
DiMattia
(646)
201-5445
sdimattia@evcgroup.com
|
AngioDynamics
Reports Fiscal Fourth Quarter and Full Year 2008 Financial Results
|
·
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Fourth
Quarter Sales Increase 14% to $46.8 Million
|
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·
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Net
Income for the Fourth Quarter of $519,000 and EPS of $0.02; Excluding VNUS
Medical Settlement, Net Income of $4.7 Million and EPS of
$0.19
|
|
·
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Adjusted
Income (Non GAAP) for the Fourth Quarter of $10.1 Million and Adjusted EPS
(Non GAAP) of $0.41 Per Share
|
|
·
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Company
Establishes Three Business Units to Drive Future Growth
|
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·
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Announces
Significant Investment in Sales Force Expansion, NanoKnifeTM
and IRE Product Development
|
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·
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Conference
Call Begins Today at 4:30 p.m. Eastern
Time
|
QUEENSBURY, N.Y. July 24, 2008 —
AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative
medical devices used by interventional radiologists, and surgeons for the
minimally invasive treatment of cancer and peripheral vascular disease, today
reported financial results for the fiscal fourth quarter and full fiscal year
2008, which ended on May 31, 2008.
Net
sales in the fiscal fourth quarter were $46.8 million, a 14% increase over the
$40.9 million reported in the fourth quarter a year ago. Gross margin
rose in the fourth quarter to 62.7% from 58.9% in the prior year’s fourth
quarter. Operating income in the fourth quarter of 2008 was $322,000
and net income was $519,000, or $0.02 per
share. The fourth quarter’s operating income, net income
and EPS were reduced by $6.8 million, $4.2 million and $0.17 per share,
respectively, as a result of the settlement of patent litigation with VNUS
Medical Technologies announced on June 3, 2008. Excluding
this
charge,
operating income was $7.1 million and net income was $4.7 million, or $0.19 per
share, compared with operating income of $4.0 million and net income of $2.9
million, or $0.12 per share in the fourth quarter of fiscal year 2007, which
ended on June 2, 2007. Net income adjusted for the items listed in
the Consolidated Income Statement table attached to this release was $10.1
million, or $0.41 per share as compared with $7.9 million, or $0.33 per share
for the corresponding period one year ago.
The
Company generated $5.8 million in cash flow from operations in the fourth
quarter (or $12.8 million excluding $7.0 million paid to Diomed, Inc. in
settlement of patent litigation and disclosed in the fiscal third
quarter), bringing cash flow from operations for fiscal 2008 to $25.9 million,
compared to $8.8 million in fiscal 2007. Cash and investments at May
31, 2008 totaled $78.3 million.
For
fiscal year 2008, net sales were $166.5 million, which is 48% higher than net
sales of $112.2 million for fiscal year 2007. Net sales in fiscal
year 2008 included a full year of sales from RITA Medical Systems, which
AngioDynamics acquired on January 29, 2007. Net income for fiscal
2008 was $10.9 million, or $0.45 per diluted share, compared to a net loss for
fiscal 2007 of $9.1 million, or $0.49 per share.
“From
an operating perspective, the fourth quarter was our best quarter of the fiscal
year and gave us strong momentum going into fiscal 2009,” said Eamonn P. Hobbs,
President and CEO. “In the fourth quarter, total Company sales grew
14%. Our interventional product sales growth of 12% was the best
quarterly performance for that group of products during the fiscal
year. International sales were also very strong, growing
26%. Fourth quarter operating income, excluding the VNUS settlement,
was the highest in the Company’s history. In addition to the strong
operating performance, there were a number of other accomplishments in the
quarter that position AngioDynamics well to execute on its growth
strategy. These include completing the acquisition of Irreversible
Electroporation (IRE) technology of Oncobionic, preparations to integrate the
Diomed business, the negotiation of a settlement of major patent litigation, and
the internal reorganization of the Company mentioned below.”
“As
we move into fiscal 2009, our organization has made substantial progress,” said
Mr. Hobbs. “In addition to developing our strategy for
commercializing our Irreversible Electroporation (IRE) technology, we’ve begun
the intial phases of our roll-out plan for our first IRE technology-based
product. At the same time, we completed the acquisition of both the
U.S. and U.K. assets of Diomed and eliminated the distractions and costs of
ongoing litigation with VNUS. The result of these two developments is
that we have substantially strengthened our position in the rapidly growing
worldwide market for the treatment of varicose veins.”
“To
capitalize on our various market opportunities across our product lines, we have
begun implementing a plan to create three distinct business units within
AngioDynamics,” continued Mr. Hobbs. “Our Surgical/Oncology unit will
incorporate RFA, embolization, Habib™, and our first product line utilizing the
IRE technology. Our Access unit will incorporate dialysis, ports and
PICC product lines and our Peripheral Vascular unit will incorporate venous,
angiographic, PTA, drainage and thrombolytic product lines. Each unit
will be led by a Senior Vice President/General Manager and will have dedicated
sales, product marketing and engineering resources. We believe that
as a
result
of this transition, we will create more focus within our organization to
capitalize on opportunities as they develop within each market.”
“Regarding
the development of our IRE technology, at the recent World Conference on
Interventional Oncology in Los Angeles, we unveiled our first IRE product,
NanoKnife, and created a great deal of interest in the new system. We
have begun the process of placing the first 20 NanoKnife systems with thought
leaders in the U.S. and Europe. As we reported, the first human
clinical use of the NanoKnife took place in April and was extremely successful
in terms of patient outcome. A clinical trial is about to begin in
Italy and additional patients are being treated in Florida.
“While
we continue to expect a modest contribution to our top line of approximately
$1.0 million from the NanoKnife during fiscal 2009, we are very excited about
the potential for this technology to become our largest selling product group
within a few years” added Mr. Hobbs. “During the upcoming fiscal
year, we will be making substantial investments in the development of NanoKnife,
especially in clinical trials designed to generate data on the broad
applications for Nanoknife in surgical resection.
Fiscal
2009 Guidance
The
Company’s outlook for fiscal 2009 is as follows:
--
Net sales in the range of $205-$210 million
--
Gross profit in the range of 60-61% of net sales
--
GAAP operating income in the range of $21-22 million
--
GAAP EPS of approximately $0.55
--
EBITDA in the range of $33-35 million
Included
in the guidance is an approximate $5 million reduction in operating income and
an approximate $0.13 reduction in EPS attributable to the Company’s efforts to
commercialize and bring IRE technology to market in fiscal
2009. Without the $0.13 incremental strategic investment in
commercializing and bringing IRE technology to market during fiscal 2009, the
Company’s EPS guidance for the upcoming fiscal year would have been
approximately $0.68. Operating income includes expenses for IRE
investment and the expansion of the sales force. The gross profit
guidance reflects increased sales mix of venous products following the
acquisition of the Diomed business.
In
addition, for fiscal year 2010, the Company currently expects sales growth to
approach 20% over fiscal 2009, R&D expense to return to 8% of
sales, and operating income as a percentage of net sales to improve by 2-4
percentage points due to operating efficiencies.
Conference
Call
AngioDynamics
management will host a conference call to discuss its fourth quarter and full
fiscal year results today beginning at 4:30 p.m. Eastern Time. To participate in
the live call by telephone, please dial (800) 257-3401 from the U.S. or for
international callers, please dial (303) 262-2131.
In
addition, individuals can listen to the call on the Internet by visiting the
investor relations portion of the Company's Web site at
http://investor.angiodynamics.com. To listen to the live call, please
go to the website 15 minutes prior to its start to register, download, and
install the necessary audio software.
A
replay will be available on the website. A telephone replay will be available
from 6:30 p.m. Eastern time on July 24, 2008 through 11:59 p.m. Eastern time on
August 1, 2008 by dialing (800) 405-2236 (domestic) or (303) 590-3000
(international) and entering the passcode: 11117392#.
Use
of Non-GAAP Measures
Management
uses non-GAAP measures to establish operational goals, and believes that
non-GAAP measures may assist investors in analyzing the underlying trends in the
Company's business over time. Investors should consider these non-GAAP measures
in addition to, not as a substitute for or as superior to, financial reporting
measures prepared in accordance with GAAP. In this news release, the Company has
reported non-GAAP adjusted income and adjusted EPS, non-GAAP cash flow from
operations, operating income, net income and earnings per share.
Adjusted income and adjusted EPS excludes certain non-cash expenses relating to
the amortization of intangibles, stock-based compensation expense (net of tax),
and the settlement of patent litigation with VNUS announced on June 3, 2008, and
includes the cash benefit from the use of acquired net operating
losses. In addition, the Diomed litigation provision and the related
gain on settlement have also been excluded from adjusted income. Non-GAAP cash
flow from operations in the fourth quarter excludes $7.0 million paid to Diomed
in settlement of patent litigation and disclosed in the third
quarter. Non-GAAP operating income, net income and earnings per share
during the fourth quarter exclude the settlement of patent litigation with VNUS
announced on June 3, 2008. In the prior fiscal year, non-GAAP
adjusted income and EPS also excludes the RITA Medical acquired in process
R&D charge. Management uses these measures in its internal
analysis and review of operational performance. Management believes that these
measures provide investors with useful information in comparing the Company's
performance over different periods, particularly when comparing this period to
periods in which the Company did not incur any expenses relating to these
activities or items. By using these non-GAAP measures, management believes that
investors get a better picture of the performance of the Company's underlying
business. Management encourages investors to review the Company's financial
results prepared in accordance with GAAP to understand the Company's performance
taking into account all relevant factors, including those that may only occur
from time to time but have a material impact on the Company's financial results.
Please see the tables that follow for a reconciliation of GAAP to non-GAAP
measures.
About
AngioDynamics
AngioDynamics,
Inc. is a leading provider of innovative medical devices used by interventional
radiologists, surgeons, and other physicians for the minimally invasive
treatment of cancer and peripheral vascular disease. The Company's diverse
product line includes market-leading radiofrequency ablation systems, vascular
access products, angiographic products and accessories, dialysis products,
angioplasty products, drainage products, thrombolytic products, embolization
products and venous products. More information is available at www.angiodynamics.com.
Safe
Harbor
This
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements regarding
AngioDynamics’ expected future financial position, results of operations, cash
flows, business strategy, budgets, projected costs, capital expenditures,
products, competitive positions, growth opportunities, plans and objectives of
management for future operations, as well as statements that include the words
such as "expects,” “reaffirms” "intends," "anticipates," "plans," "believes,"
"seeks," "estimates," or variations of such words and similar expressions, are
forward-looking statements. These forward looking statements are not guarantees
of future performance and are subject to risks and
uncertainties. Investors are cautioned that actual events or results
may differ from the Company's expectations. Factors that may affect
the actual results achieved by the Company include, without limitation, the
ability of the Company to develop its existing and new products, future actions
by the FDA or other regulatory agencies, results of pending or future clinical
trials, overall economic conditions, general market conditions, market
acceptance, foreign currency exchange rate fluctuations, the effects on pricing
from group purchasing organizations and competition, the ability of the Company
to integrate the purchased Diomed businesses as well as the risk factors listed
from time to time in the SEC filings of AngioDynamics, Inc., including but not
limited to its Annual Report on Form 10-K for the year ended June 2,
2007. The Company does not assume any obligation to publicly update
or revise any forward-looking statements for any reason.
###
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME
STATEMENTS
|
||||||||||||||||
|
(in thousands,
except per share data)
|
||||||||||||||||
|
Three months
ended
|
Twelve months
ended
|
|||||||||||||||
|
May 31,
|
June 2,
|
May 31,
|
June 2,
|
|||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net sales
|
$ | 46,752 | $ | 40,855 | $ | 166,500 | $ | 112,227 | ||||||||
|
Cost of sales
(1)
|
17,439 | 16,807 | 63,913 | 46,060 | ||||||||||||
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Gross
profit
|
29,313 | 24,048 | 102,587 | 66,167 | ||||||||||||
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% of net
sales
|
62.7 | % | 58.9 | % | 61.6 | % | 59.0 | % | ||||||||
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Operating
expenses
|
||||||||||||||||
|
Research and
development (1)
|
4,064 | 3,043 | 14,424 | 20,555 | ||||||||||||
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Sales and
marketing (1)
|
12,507 | 11,138 | 46,047 | 31,605 | ||||||||||||
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General and
administrative (1)
|
3,820 | 4,076 | 15,425 | 13,172 | ||||||||||||
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Amortization of
intangibles
|
1,843 | 1,648 | 6,849 | 2,350 | ||||||||||||
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Litigation
provision, net
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6,757 | 110 | 3,606 | 9,710 | ||||||||||||
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Total operating
expenses
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28,991 | 20,015 | 86,351 | 77,392 | ||||||||||||
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Operating income
(loss)
|
322 | 4,033 | 16,236 | (11,225 | ) | |||||||||||
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Other income,
net
|
403 | 790 | 1,092 | 4,053 | ||||||||||||
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Income (loss) before
income taxes
|
725 | 4,823 | 17,328 | (7,172 | ) | |||||||||||
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Provision for income
taxes
|
206 | 1,897 | 6,439 | 1,955 | ||||||||||||
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Net income
(loss)
|
$ | 519 | $ | 2,926 | $ | 10,889 | $ | (9,127 | ) | |||||||
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Earnings per common
share
|
||||||||||||||||
|
Basic
|
$ | 0.02 | $ | 0.12 | $ | 0.45 | $ | (0.49 | ) | |||||||
|
Diluted
|
$ | 0.02 | $ | 0.12 | $ | 0.45 | $ | (0.49 | ) | |||||||
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Weighted average common
shares
|
||||||||||||||||
|
Basic
|
24,199 | 23,934 | 24,082 | 18,444 | ||||||||||||
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Diluted
|
24,394 | 24,211 | 24,349 | 18,444 | ||||||||||||
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ANGIODYNAMICS, INC. AND
SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME
STATEMENTS
|
||||||||||||||||
|
(in thousands, except per share
data)
|
||||||||||||||||
|
Three months
ended
|
Twelve months
ended
|
|||||||||||||||
|
May 31,
|
June 2,
|
May 31,
|
June 2,
|
|||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
(1) Includes stock-based
compensation expense of:
|
||||||||||||||||
|
Cost of sales
|
$ | 166 | $ | 157 | $ | 645 | $ | 476 | ||||||||
|
Research and
development
|
126 | 177 | 737 | 615 | ||||||||||||
|
Sales and
marketing
|
440 | 289 | 1,540 | 966 | ||||||||||||
|
General and
administrative
|
511 | 445 | 1,977 | 1,441 | ||||||||||||
|
Total stock-based
compensation
|
1,243 | 1,068 | 4,899 | 3,498 | ||||||||||||
|
Income tax
benefit
|
(365 | ) | (304 | ) | (1,478 | ) | (1,126 | ) | ||||||||
|
Net stock-based compensation
expense
|
$ | 878 | $ | 764 | $ | 3,421 | $ | 2,372 | ||||||||
|
Reconciliation of Net Income to
non-GAAP adjusted income:
|
||||||||||||||||
|
Net income
(loss)
|
$ | 519 | $ | 2,926 | $ | 10,889 | $ | (9,127 | ) | |||||||
|
Stock-based compensation
expense
|
1,243 | 1,068 | 4,899 | 3,498 | ||||||||||||
|
Amortization of
intangibles
|
1,843 | 1,648 | 6,849 | 2,350 | ||||||||||||
|
Cash benefit from use of
NOL's
|
2,605 | 1,609 | 7,319 | 1,609 | ||||||||||||
|
Litigation provision,
net
|
6,757 | 110 | 3,606 | 9,710 | ||||||||||||
|
Amortization of inventory
step-up
|
- | 894 | - | 1,192 | ||||||||||||
|
Acquired in process
R&D
|
- | - | - | 12,100 | ||||||||||||
|
Adjusted income before
taxes
|
12,967 | 8,255 | 33,562 | 21,332 | ||||||||||||
|
Effect of income
taxes
|
(2,879 | ) | (346 | ) | (2,801 | ) | (842 | ) | ||||||||
|
Adjusted
income
|
$ | 10,088 | $ | 7,909 | $ | 30,761 | $ | 20,490 | ||||||||
|
Adjusted income per common
share
|
||||||||||||||||
|
Basic
|
$ | 0.42 | $ | 0.33 | $ | 1.28 | $ | 1.11 | ||||||||
|
Diluted
|
$ | 0.41 | $ | 0.33 | $ | 1.26 | $ | 1.11 | ||||||||
|
Weighted average common
shares
|
||||||||||||||||
|
Basic
|
24,199 | 23,934 | 24,082 | 18,444 | ||||||||||||
|
Diluted
|
24,394 | 24,211 | 24,349 | 18,444 | ||||||||||||
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
|
||||||||||||||||
|
NET SALES BY PRODUCT CATEGORY AND
BY GEOGRAPHY
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Three months
ended
|
Twelve months
ended
|
|||||||||||||||
|
May 31,
|
June 2,
|
May 31,
|
June 2,
|
|||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net Sales by Product
Category
|
||||||||||||||||
|
Interventional
Products
|
$ | 35,864 | $ | 31,920 | $ | 128,102 | $ | 101,126 | ||||||||
|
Oncology
Products
|
10,888 | 8,935 | 38,398 | 11,101 | ||||||||||||
|
Total
|
$ | 46,752 | $ | 40,855 | $ | 166,500 | $ | 112,227 | ||||||||
|
Net Sales by
Geography
|
||||||||||||||||
|
United States
|
$ | 41,988 | $ | 37,071 | $ | 150,643 | $ | 105,154 | ||||||||
|
International
|
4,764 | 3,784 | 15,857 | 7,073 | ||||||||||||
|
Total
|
$ | 46,752 | $ | 40,855 | $ | 166,500 | $ | 112,227 | ||||||||
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ANGIODYNAMICS, INC. AND
SUBSIDIARIES
|
|||||||||
|
CONSOLIDATED BALANCE
SHEETS
|
|||||||||
|
(in
thousands)
|
|||||||||
|
May 31,
|
Jun 2,
|
||||||||
|
2008
|
2007
|
||||||||
|
(unaudited)
|
(2)
|
||||||||
|
Assets
|
|||||||||
|
Current
Assets
|
|||||||||
|
Cash and cash
equivalents
|
$ | 32,040 | $ | 28,313 | |||||
|
Restricted
cash
|
68 | 1,786 | |||||||
|
Marketable
securities
|
46,182 | 43,191 | |||||||
|
Total cash and
investments
|
78,290 | 73,290 | |||||||
|
Receivables,
net
|
26,642 | 20,798 | |||||||
|
Inventories,
net
|
22,901 | 28,007 | |||||||
|
Deferred income
taxes
|
10,902 | 2,247 | |||||||
|
Prepaid expenses and
other
|
3,147 | 2,957 | |||||||
|
Total current
assets
|
141,882 | 127,299 | |||||||
|
Property, plant and equipment,
net
|
21,163 | 16,832 | |||||||
|
Intangible assets,
net
|
71,311 | 49,148 | |||||||
|
Goodwill
|
162,707 | 153,787 | |||||||
|
Deferred income
taxes
|
6,860 | 29,289 | |||||||
|
Other non-current
assets
|
4,824 | 6,926 | |||||||
|
Total
Assets
|
$ | 408,747 | $ | 383,281 | |||||
|
Liabilities and Stockholders'
Equity
|
|||||||||
|
Current portion of long-term
debt
|
$ | 10,040 | $ | 315 | |||||
|
Litigation
provision
|
6,757 | 9,790 | |||||||
|
Contractual payments on
acquisition of business, net
|
9,625 | - | |||||||
|
Other current
liabilities
|
19,537 | 20,103 | |||||||
|
Long-term debt, net of current
portion
|
7,075 | 17,115 | |||||||
|
Total
Liabilities
|
53,034 | 47,323 | |||||||
|
Stockholders'
equity
|
355,713 | 335,958 | |||||||
|
Total
Liabilities and Stockholders' Equity
|
$ | 408,747 | $ | 383,281 | |||||
|
Shares
outstanding
|
24,268 | 23,962 | |||||||
|
(2)
|
Derived from audited financial
statements
|
||||||||
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
||||||||
|
(in
thousands)
|
||||||||
|
Year ended
|
||||||||
|
May 31,
|
June 2,
|
|||||||
|
2008
|
2007
|
|||||||
|
(unaudited)
|
(unaudited)
|
|||||||
|
Cash flows from operating
activities:
|
||||||||
|
Net income
|
$ | 10,889 | $ | (9,127 | ) | |||
|
Depreciation and amortization
|
9,205 | 3,764 | ||||||
|
Tax effect of exercise of stock options
|
(390 | ) | 597 | |||||
|
Deferred income taxes
|
5,483 | (2,818 | ) | |||||
|
Stock-based
compensation
|
4,902 | 3,498 | ||||||
|
Litigation
provision, net
|
3,967 | 9,790 | ||||||
|
Purchased research and development expense
|
- | 12,100 | ||||||
|
Other
|
799 | 601 | ||||||
|
Changes in operating assets and liabilities
|
||||||||
|
Receivables
|
(6,067 | ) | (1,474 | ) | ||||
|
Inventories
|
4,043 | (6,522 | ) | |||||
|
Accounts payable and accrued liabilities
|
2,340 | (2,890 | ) | |||||
|
Other long term liabilities
|
(7,000 | ) | - | |||||
|
Other
|
(2,264 | ) | 1,265 | |||||
|
Net cash
provided by operating activities
|
25,907 | 8,784 | ||||||
|
Cash flows from investing
activities:
|
||||||||
|
Additions to property, plant and equipment
|
(6,711 | ) | (5,806 | ) | ||||
|
Acquisition of
intangible assets and business
|
(18,694 | ) | (30,384 | ) | ||||
|
Change in restricted cash
|
1,718 | (1,786 | ) | |||||
|
Purchases of
marketable securities, net
|
(2,507 | ) | (17,066 | ) | ||||
|
Net cash used in investing
activities
|
(26,194 | ) | (55,042 | ) | ||||
|
Cash flows from financing
activities:
|
||||||||
|
Repayment of long-term debt
|
(315 | ) | (205 | ) | ||||
|
Issuance of long term debt
|
- | 5,000 | ||||||
|
Proceeds from
exercise of stock options and ESPP
|
4,238 | 4,579 | ||||||
|
Other
|
91 | 1,155 | ||||||
|
Net cash
provided by financing activities
|
4,014 | 10,529 | ||||||
|
Increase (decrease) in cash and cash
equivalents
|
3,727 | (35,729 | ) | |||||
|
Cash and cash
equivalents
|
||||||||
|
Beginning
of period
|
28,313 | 64,042 | ||||||
|
End of period
|
$ | 32,040 | $ | 28,313 | ||||