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): April 2, 2009
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
April 2, 2009, AngioDynamics, Inc. (the “Company”) issued a press release
announcing financial results for the fiscal third quarter ended February 28,
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 and 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 May 31,
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
and the ability of the
Company to integrate purchased businesses, 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.
(d) Exhibits.
|
Exhibit No.
|
Description
|
|
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99.1
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Press
Release dated April 2, 2009.
|
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.
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|||
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(Registrant)
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|||
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Date:
April 2, 2009
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By:
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/s/
D. Joseph Gersuk
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|
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D.
Joseph Gersuk
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|||
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Chief
Financial Officer
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|||
EXHIBIT
INDEX
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
Release dated April 2, 2009.
|
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 / Jenifer Kirtland
(415)
896-6820
dsherk@evcgroup.com
jkirtland@evcgroup.com
|
EVC Group,
Inc.
Steve
DiMattia
(646)
201-5445
sdimattia@evcgroup.com
|
AngioDynamics
Reports Financial Results for Fiscal 2009 Third Quarter
|
|
·
|
Net Sales
Increase 21% to $49.4
Million
|
|
|
·
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Net Income
of $1.9 Million and EPS of $0.08; EPS of $0.15 Prior to Expense Associated
with Completion of CEO
Transition
|
|
|
·
|
(Non GAAP)
EBITDA of $5.7 Million or $0.23 Per
Share
|
|
|
·
|
Conference
Call Begins Today at 4:30 p.m. Eastern
Time
|
QUEENSBURY, N.Y. April 2, 2009 — 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 third quarter and nine months ended February 28, 2009. Financial results
include the acquisition of Diomed assets since June 17, 2008, the date of
acquisition, and the acquisition of FlowMedica assets since January 12, 2009,
the date of acquisition.
Net
sales in the third quarter were $49.4 million, a 21% increase over the $40.7
million reported in the third quarter a year ago. Gross margin in the third
quarter was 61.1% compared with 62.2% a year ago. With the completion of the CEO
transition announced on December 3, 2008, the Company recorded a provision in
the quarter for all current and future costs associated with the Employment
Agreement and Non-Statutory Stock Option Agreement entered into on January 20,
2009, with its former chief executive officer, Eamonn Hobbs, and certain costs
associated with the recruitment of its new CEO, Jan Keltjens, under an agreement
entered into on January 19, 2009. The costs related to the foregoing, inclusive
of stock-based compensation, were $2.8 million.
Operating
income was $2.6 million in the third quarter, inclusive of the cost of the CEO
transition, compared with $7.6 million in the prior year third quarter, which
included a gain on the settlement of litigation. Excluding these two items,
operating income increased 23% in the third quarter to $5.5 million from $4.5
million a year ago. Net income was $1.9 million or $0.08 per share in the third
quarter, compared with $4.9 million or $0.20 per share a year ago. Excluding the
aforementioned two items, net
income
increased 26% in the third quarter to $3.7 million from $2.9 million a year ago.
EBITDA (Non GAAP) was $5.7 million or $0.23 per share in the third quarter and
$10.0 million or $0.41 per share in the third quarter a year ago. Excluding the
aforementioned two items, EBITDA increased 25% to $8.5 million or $0.35 per
share in the third quarter from $6.8 million or $0.28 per share a year
ago.
For
the nine months ended February 28, 2009, net sales of $142.2 million increased
19% over the $119.7 million reported in the prior year period; gross margin
increased to 61.4% from 61.2% in the prior year period; operating income was
$11.3 million compared with $15.9 million in the prior year period; net income
was $7.0 million or $0.29 per share, compared with $10.4 million or $0.43 per
share in the prior year period; and EBITDA (Non GAAP) was $20.2 million or $0.82
per share, compared with $22.6 million or $0.93 per share in the prior year
period. Excluding the aforementioned CEO transition costs and gain on settlement
of litigation, for the nine months ended February 28, 2009, operating income
increased 13% to $14.4 million from $12.8 million in the prior year period; net
income increased 6% to $8.9 million from $8.4 million in the prior year period;
and EBITDA (Non GAAP) increased 19% to $23.2 million or $0.95 per share,
compared with $19.5 million or $0.80 per share in the prior year
period.
AngioDynamics
reported cash and investments of $62.3 million and long-term debt of $7.2
million at February 28, 2009.
In
fiscal 2009, AngioDynamics began operating three business units: Peripheral
Vascular, Access and Oncology/Surgery. Peripheral Vascular sales were $20.7
million in the quarter, an increase of 35% from the third quarter a year ago,
inclusive of the laser ablation products acquired from Diomed and the Benephit® product
line acquired from FlowMedica. Access sales were $17.2 million in the quarter,
an increase of 8% from the third quarter a year ago, and Oncology/Surgery sales
grew 22% to $11.5 million from the third quarter a year ago.
“Our
third quarter results illustrate how smoothly our CEO transition has gone as we
recorded solid growth across all of our business units,” said Jan Keltjens,
President and CEO. “I would like to thank Eamonn Hobbs for his support during
our transition and for all his contributions to AngioDynamics. Since joining the
Company, I’ve visited our principal operating locations in New York, Georgia,
California and England to become familiar with our people and our products, and
have met some of our customers and industry associations. As a result, I am more
excited than ever about the potential of our company.
“For
the remainder of fiscal 2009 and beyond, I look forward to working with our team
to maximize our opportunities,” continued Mr. Keltjens. “We have a strong and
growing oncology/surgery business that is in a position to potentially help
millions of patients through our exciting IRE technology. We are focusing our
efforts with the NanoKnife™ IRE System on continuing pre-clinical studies to
advance the technology and support regulatory filings, enhancing our focus on
driving clinical programs towards gaining labeling for specific indications, and
building
professional education programs. Our goal is to use evidence-based medicine to
build a strong IRE offering and a successful and sustainable business
benefitting a large group of patients.
“We
also will be working to build our market-leading laser vein ablation business,
the Benephit Targeted
Renal Therapy™ product line and our access product lines, as well as
reinvigorating our product development effort. Our overall goal is to capitalize
on our numerous opportunities while maintaining our business model that
generates substantial operating cash flow and positions us to drive a growth
strategy through focused internal and external investments,” Mr. Keltjens
concluded.
Highlights
of the quarter and more recent activities include the following:
|
|
·
|
AngioDynamics
completed the product development integration of the acquired Diomed
business with the February launch of NeverTouch® –
FRS. The company’s product set has now been expanded to enable the use of
the NeverTouch fiber on the Delta series laser, as well as lasers formerly
manufactured by Diomed.
|
|
|
·
|
The
assets of privately-held FlowMedica Inc., a leader in the emerging field
of Targeted Renal Therapy were purchased for $1.75 million plus an earn
out based on 2011 net sales. The Benephit product line has
been integrated into AngioDynamics Peripheral Vascular business unit.
Targeted Renal Therapy is a therapeutic approach which delivers drugs
directly to the kidneys to prevent and treat acute kidney injury (AKI),
which results from many common interventional and surgical
procedures.
|
|
|
·
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Positive
clinical uses of NanoKnife continued, as six sites in the U.S., Australia,
Germany and Italy have completed a total of 48 IRE procedures for
percutaneous prostate, percutaneous and laparoscopic liver, percutaneous
kidney, lymph node, and lung lesions as of the date of this release. The
physicians performing the procedures have reported either same day patient
discharge, in the case of prostate procedures, or typically a one-day
stay, in the case of hepatic or renal procedures. Physicians have also
commented on short procedure times compared to thermal ablation
modalities. Most patients treated continue to comment on a distinct lack
of, or very minimal pain, especially when compared to previous thermal
focal therapy treatments.
|
|
|
·
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Two
independent pre-clinical pancreatic IRE safety studies have concluded with
promising results. One of these studies is now entering a second phase to
gather longer-term chronic data and to gain a more in-depth understanding
of pathology results. In addition, in Australia, the Therapeutic Good
Administration has approved the NanoKnife System for commercial sale and
similar approval has been obtained from the Canadian Health Protection
Branch.
|
|
|
·
|
Study
results published in the December 2008 edition of the Journal of Urology
demonstrated the benefits of using the Habib® 4X
radio frequency resection device in procedures to treat kidney
malignancies compared to a control group using other common means. These
benefits include significantly diminished blood loss, far fewer adverse
events and a shorter operative
time.
|
Fiscal
2009 Guidance
AngioDynamics
has updated its outlook for fiscal 2009 incorporating the results from the third
fiscal quarter and the acquisition of FlowMedica assets:
|
|
·
|
Net
sales in the range of $195 million to $198
million
|
|
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·
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Gross
margin in the range of 61% to 62%
|
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·
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GAAP
operating income in the range of $17 million to $18
million
|
|
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·
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EBITDA
in the range of $29 million to $30
million
|
|
|
·
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GAAP
EPS in the range of $0.42 to $0.45, inclusive of the expenses
incurred for the CEO
transition
|
Conference
Call
AngioDynamics
management will host a conference call to discuss its third quarter results
today beginning at 4:30 p.m. Eastern Time. To participate in the live call by
telephone, please dial 1 (800) 257-7087 from the U.S. or for international
callers, please dial +1 (303) 262-2140.
In
addition, individuals can listen to the call on the Internet by visiting the
investor relations portion of the AngioDynamics Web site at
http://investor.angiodynamics.com. To listen to the live call, please go to the
Web site 15 minutes prior to its start to register, download and install the
necessary audio software.
A
replay will be available on the Web site. A telephone replay will be available
from 6:30 p.m. Eastern time on April 2, 2009, through 11:59 p.m. Eastern time on
April 9, 2009, by dialing 1 (800) 405-2236 (domestic) or +1 (303) 590-3000
(international) and entering the passcode: 11128472#.
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
AngioDynamics’ 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 EBITDA, (earnings before interest, taxes,
depreciation and amortization), and non-GAAP EBITDA per share. 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. (“AngioDynamics” or the “Company”) 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 and irreversible electroporation resection 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 purchased 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 May 31, 2008. The Company does not assume any obligation to
publicly update or revise any forward-looking statements for any
reason.
In
the United States, NanoKnife has been cleared by the FDA for use in the surgical
ablation of soft tissue. This document may discuss the use of NanoKnife for
specific clinical indications for which it is not cleared in the United States
at this time.
(Tables
to Follow)
|
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
INCOME STATEMENTS
|
|
(in
thousands, except per share
data)
|
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
|
Feb
28,
|
Feb
29,
|
Feb
28,
|
Feb
29,
|
|||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net
sales
|
$ | 49,447 | $ | 40,725 | $ | 142,234 | $ | 119,748 | ||||||||
|
Cost
of sales
|
19,225 | 15,407 | 54,862 | 46,474 | ||||||||||||
|
Gross
profit
|
30,222 | 25,318 | 87,372 | 73,274 | ||||||||||||
|
% of net sales
|
61.1 | % | 62.2 | % | 61.4 | % | 61.2 | % | ||||||||
|
Operating
expenses
|
||||||||||||||||
|
Research
and development
|
4,692 | 3,955 | 13,079 | 10,360 | ||||||||||||
|
Sales
and marketing
|
13,651 | 11,725 | 40,735 | 33,540 | ||||||||||||
|
General
and administrative
|
4,085 | 3,409 | 12,359 | 11,604 | ||||||||||||
|
Amortization
of intangibles
|
2,323 | 1,777 | 6,816 | 5,006 | ||||||||||||
|
Gain
on settlement of litigation
|
- | (3,151 | ) | - | (3,151 | ) | ||||||||||
|
CEO
transition costs
|
2,841 | - | 3,041 | - | ||||||||||||
|
Total operating expenses
|
27,592 | 17,715 | 76,030 | 57,359 | ||||||||||||
|
Operating income
|
2,630 | 7,603 | 11,342 | 15,915 | ||||||||||||
|
Other
income (expense), net
|
93 | 238 | (658 | ) | 688 | |||||||||||
|
Income
before income taxes
|
2,723 | 7,841 | 10,684 | 16,603 | ||||||||||||
|
Provision
for income taxes
|
811 | 2,951 | 3,654 | 6,233 | ||||||||||||
|
Net income
|
$ | 1,912 | $ | 4,890 | $ | 7,030 | $ | 10,370 | ||||||||
|
Earnings
per common share
|
||||||||||||||||
|
Basic
|
$ | 0.08 | $ | 0.20 | $ | 0.29 | $ | 0.43 | ||||||||
|
Diluted
|
$ | 0.08 | $ | 0.20 | $ | 0.29 | $ | 0.43 | ||||||||
|
Weighted
average common shares
|
||||||||||||||||
|
Basic
|
24,366 | 24,123 | 24,342 | 24,042 | ||||||||||||
|
Diluted
|
24,484 | 24,404 | 24,501 | 24,343 | ||||||||||||
|
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
INCOME STATEMENTS
|
|
(in
thousands, except per share
data)
|
|
Reconciliation
of Operating Income to non-GAAP EBITDA:
|
||||||||||||||||
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
|
Feb
28,
|
Feb
29,
|
Feb
28,
|
Feb
29,
|
|||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Operating
income
|
$ | 2,630 | $ | 7,603 | $ | 11,342 | $ | 15,915 | ||||||||
|
Amortization
of intangibles
|
2,323 | 1,777 | 6,816 | 5,006 | ||||||||||||
|
Depreciation
|
709 | 589 | 1,998 | 1,683 | ||||||||||||
|
EBITDA
|
$ | 5,662 | $ | 9,969 | $ | 20,156 | $ | 22,604 | ||||||||
|
EBITDA
per common share
|
||||||||||||||||
|
Basic
|
$ | 0.23 | $ | 0.41 | $ | 0.83 | $ | 0.94 | ||||||||
|
Diluted
|
$ | 0.23 | $ | 0.41 | $ | 0.82 | $ | 0.93 | ||||||||
|
Weighted
average common shares
|
||||||||||||||||
|
Basic
|
24,366 | 24,123 | 24,342 | 24,042 | ||||||||||||
|
Diluted
|
24,484 | 24,404 | 24,501 | 24,343 | ||||||||||||
|
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
|
|
NET
SALES BY BUSINESS UNIT AND BY GEOGRAPHY
|
|
(in
thousands)
|
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
|
Feb
28,
|
Feb
29,
|
Feb
28,
|
Feb
29,
|
|||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net
Sales by Business Unit
|
||||||||||||||||
|
Peripheral
Vascular
|
$ | 20,743 | $ | 15,411 | $ | 60,947 | $ | 45,884 | ||||||||
|
Access
|
17,176 | 15,846 | 48,931 | 46,322 | ||||||||||||
|
Oncology/Surgery
|
11,528 | 9,468 | 32,356 | 27,542 | ||||||||||||
|
Total
|
$ | 49,447 | $ | 40,725 | $ | 142,234 | $ | 119,748 | ||||||||
|
Net
Sales by Geography
|
||||||||||||||||
|
United
States
|
$ | 44,074 | $ | 37,021 | $ | 126,262 | $ | 108,617 | ||||||||
|
International
|
5,373 | 3,704 | 15,972 | 11,131 | ||||||||||||
|
Total
|
$ | 49,447 | $ | 40,725 | $ | 142,234 | $ | 119,748 | ||||||||
|
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in
thousands)
|
|
Feb
28,
|
May
31,
|
||||||||
|
2009
|
2008
|
||||||||
|
(unaudited)
|
(2)
|
||||||||
|
Assets
|
|||||||||
|
Current
Assets
|
|||||||||
|
Cash
and cash equivalents
|
$ | 26,776 | $ | 32,040 | |||||
|
Restricted
cash
|
- | 68 | |||||||
|
Marketable
securities
|
35,557 | 46,182 | |||||||
|
Total cash and investments
|
62,333 | 78,290 | |||||||
|
Receivables,
net
|
26,501 | 26,642 | |||||||
|
Inventories,
net
|
32,415 | 22,901 | |||||||
|
Deferred
income taxes
|
8,063 | 10,902 | |||||||
|
Prepaid
expenses and other
|
5,305 | 3,147 | |||||||
|
Total current assets
|
134,617 | 141,882 | |||||||
|
Property,
plant and equipment, net
|
22,600 | 21,163 | |||||||
|
Intangible
assets, net
|
70,065 | 71,311 | |||||||
|
Goodwill
|
161,990 | 162,707 | |||||||
|
Deferred
income taxes
|
7,425 | 6,860 | |||||||
|
Other
non-current assets
|
3,882 | 4,824 | |||||||
|
Total Assets
|
$ | 400,579 | $ | 408,747 | |||||
|
Liabilities
and Stockholders' Equity
|
|||||||||
|
Current
portion of long-term debt
|
$ | 350 | $ | 10,040 | |||||
|
Contractual
payments on acquisition of business, net
|
5,164 | 9,625 | |||||||
|
Other
current liabilities
|
20,370 | 19,537 | |||||||
|
Litigation
provision
|
- | 6,757 | |||||||
|
Long-term
debt, net of current portion
|
6,810 | 7,075 | |||||||
|
Total Liabilities
|
32,694 | 53,034 | |||||||
|
Stockholders'
equity
|
367,885 | 355,713 | |||||||
|
Total Liabilities and Stockholders'
Equity
|
$ | 400,579 | $ | 408,747 | |||||
|
Shares
outstanding
|
24,426 | 24,268 | |||||||
|
(2)
|
Derived
from audited financial statements
|
||||||||
|
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
Nine
months ended
|
||||||||
|
Feb
28,
|
Feb
29,
|
|||||||
|
2009
|
2008
|
|||||||
|
(unaudited)
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ | 7,030 | $ | 10,370 | ||||
|
Depreciation
and amortization
|
8,814 | 6,689 | ||||||
|
Tax
effect of exercise of stock options
|
(104 | ) | 223 | |||||
|
Deferred
income taxes
|
2,438 | 4,901 | ||||||
|
Stock-based
compensation
|
4,508 | 3,658 | ||||||
|
Other
|
912 | 602 | ||||||
|
Changes
in operating assets and liabilities
|
||||||||
|
Receivables
|
1,198 | (2,242 | ) | |||||
|
Inventories
|
(6,444 | ) | 1,881 | |||||
|
Accounts
payable and accrued liabilities
|
1,704 | (509 | ) | |||||
|
Litigation
provision
|
(6,757 | ) | (3,151 | ) | ||||
|
Other
|
(259 | ) | (2,290 | ) | ||||
|
Net
cash provided by operating activities
|
13,040 | 20,132 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Additions
to property, plant and equipment
|
(3,472 | ) | (4,792 | ) | ||||
|
Acquisition
of intangible assets and business
|
(17,078 | ) | (3,471 | ) | ||||
|
Change
in restricted cash
|
68 | (9,195 | ) | |||||
|
Purchases,
sales and maturities of marketable securities, net
|
10,516 | 9,650 | ||||||
|
Net
cash used in investing activities
|
(9,966 | ) | (7,808 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Repayment
of long-term debt
|
(9,955 | ) | (230 | ) | ||||
|
Proceeds
from exercise of stock options and ESPP
|
1,765 | 3,209 | ||||||
|
Other
|
(148 | ) | 30 | |||||
|
Net
cash (used in) provided by financing activities
|
(8,338 | ) | 3,009 | |||||
|
Increase
(decrease) in cash and cash equivalents
|
(5,264 | ) | 15,333 | |||||
|
Cash
and cash equivalents
|
||||||||
|
Beginning
of period
|
32,040 | 28,313 | ||||||
|
End
of period
|
$ | 26,776 | $ | 43,646 | ||||