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The following is an excerpt from a 10-K SEC Filing, filed by PERSEPTIVE BIOSYSTEMS INC on 12/29/1997.
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PERSEPTIVE BIOSYSTEMS INC - 10-K - 19971229 - FINANCIAL_DATA

ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA

SELECTED CONSOLIDATED FINANCIAL DATA

The selected consolidated financial data of PerSeptive Biosystems, Inc. set forth below as of and for each of the three years in the period ended September 30, 1997 has been derived from PerSeptive's Consolidated Financial Statements which have been audited by Coopers & Lybrand L.L.P., independent accountants, and which are included elsewhere in this Annual Report on Form 10-K. The statement of operations data for each of the two years in the period ended September 30, 1994 and the balance sheet data as of September 30, 1993 and 1994 were derived from PerSeptive's audited Consolidated Financial Statements not included in this Annual Report on Form 10-K. The data set forth below should be read in conjunction with the Consolidated Financial Statements and related notes thereto of PerSeptive included elsewhere in this Annual Report on Form 10-K.

(in thousands, except per share data)

                                                                             Year Ended September 30,
                                                     -------------------------------------------------------------------------
                                                          1993            1994            1995            1996           1997
                                                     -------------------------------------------------------------------------
STATEMENT OF OPERATIONS DATA:
Revenue:
    Product revenue                                     $ 10,535       $  30,707       $  69,430       $  75,916       $96,516
    Contract revenue (1)                                   4,431          15,348          19,999          10,102             -
                                                        --------       ---------       ---------       ---------       -------
     Total revenue                                        14,966          46,055          89,429          86,018       $96,516
Cost of revenue:
    Cost of product revenue                                3,756          15,524          33,169          37,813        49,815
    Cost of contract revenue (1)                           2,924          13,009          16,968           8,571             -
    Other charges (2)                                          -               -               -           9,906             -
                                                        --------       ---------       ---------       ---------       -------
     Total cost of revenue                                 6,680          28,533          50,137          56,290        49,815
Gross Profit                                               8,286          17,522          39,292          29,728        46,701
Operating expenses:
    Research and development                               3,222           6,828           6,999          11,342        15,215
    Selling, general and administrative                    9,193          27,757          32,771          39,518        40,425
    Other charges (2)                                          -          14,681          15,459          24,239             -
    Amortization                                             349           2,209           3,080           2,158         1,041
                                                        --------       ---------       ---------       ---------       -------
     Loss from operations                                 (4,478)        (33,953)        (19,017)        (47,529)       (9,980)
    Other income (expense), net (12)                       1,259             307          (1,553)         (2,938)       25,223
    Provision for income taxes                                 -            (366)              -               -             -
                                                        --------       ---------       ---------       ---------       -------
Net income (loss)                                       $ (3,219)      $ (34,012)      $ (20,570)      $ (50,467)      $15,243
                                                        ========       =========       =========       =========       =======
Net income (loss) per common share,
 primary (3)(4)(7)                                      $  (0.31)      $   (2.88)      $   (1.88)      $   (3.22)      $  0.63
                                                        ========       =========       =========       =========       =======
Net income (loss) per common share,
 fully diluted                                                                                                         $  0.60
                                                                                                                       =======
Weighted average common shares outstanding (3)(4)         10,240          11,903          12,340          16,296        21,905
                                                        ========       =========       =========       =========       =======
Weighted average common shares                                 -               -               -               -        25,552
outstanding, fully diluted                                                                                             =======

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                                                                                        September 30,
                                                              ------------------------------------------------------------------

                                                                  1993          1994          1995          1996          1997
                                                              ------------------------------------------------------------------
BALANCE SHEET DATA:
Cash, cash equivalents and
   investments                                                   $36,357      $ 36,794      $ 23,816      $ 24,657      $ 34,929
Working capital                                                   21,561        34,668        27,096        26,572        42,547
Total assets                                                      54,888       137,246       138,209       121,655       133,951
Total long-term debt (including obligations under capital
 lease) (5)(8)                                                       137        27,230        32,559        33,165        25,834

Redeemable convertible preferred stock (6)(9)(10)                      -        33,342             -             -             -
Total stockholders' equity (3)(9)(10)(11)                         50,658        40,349        65,107        50,285        67,398


(1) In December 1992, March 1993 and December 1993, the Company entered into certain technology license and research and development agreements with PerSeptive Technologies Corporation ("PTC"), PerIsis II Development Corporation ("PerIsis") and PTC-II, respectively. As of September 30, 1996, all technology rights granted to these entities have been re-acquired by the Company and no further contract revenue is anticipated to be derived from these entities. See Note 15 of Notes to the Consolidated Financial Statements.

(2) Other charges of $9.9 million recorded as part of cost of goods sold during the year ended September 30, 1996 relate to various actions taken to realign the current product offering and to write-off certain manufacturing related assets. Other charges of $24.2 million recorded as part of operating expenses during the year ended September 30, 1996 related to various matters including the write-off of in-process research and development in connection with the acquisition of PTC-II, write-off of certain intangibles related to acquisitions reported in prior years, and additional provisions for estimated litigation costs associated with certain matters including the ongoing patent litigation. Charges of $15.5 million in the year ended September 30, 1995 include charges associated with the Company's settlement of shareholder litigation related to the restatement of the consolidated financial statements for the year ended September 30, 1993 and in-process research and development charges related to the purchase of the outstanding shares of PerIsis. Other charges of $14.7 million in the year ended September 30, 1994 reflect the write-off of in-process research and development in connection with the acquisition of PTC effective December 28, 1993 and Vestec Corporation in the year ended September 30, 1994. See Notes 13, 14, 15, and 16 of Notes to the Consolidated Financial Statements.

(3) On June 5, 1992, the Company completed an initial public offering of 2,500,000 shares of its Common Stock. The net proceeds to the Company were approximately $15,520,000. On July 2, 1992, the Company issued 375,000 shares of its Common Stock in exchange for $2,441,000 in net proceeds pursuant to the exercise of the underwriters' over-allotment option in connection with the Company's initial public offering. On March 4, 1993, the Company completed a second public offering of 2,000,000 shares of its Common Stock. The net proceeds to the Company were approximately $33,840,000. On August 16, 1996, the Company completed a private placement of 2,579,286 shares of its Common Stock. The net proceeds to the Company were approximately $17 million (after commissions, but before offering expenses).

(4) Effective March 27, 1992, the Company's Board of Directors authorized a four-for-one stock split of the Company's Common Stock in the form of a stock dividend. All common shares and per share amounts have been adjusted to give retroactive effect to the Common Stock split for all years presented.

(5) On August 22, 1994, the Company issued $25,000,000 aggregate principal amount of 8-1/4% Convertible Subordinated Notes Due 2001 (the "Notes"). On September 22, 1994, the Company issued an additional $2,230,000 aggregate principal amount of the Notes pursuant to the exercise of the Initial Purchasers' over-allotment option in connection with this offering. See Note 8 of Notes to the Consolidated Financial Statements. The long-term debt as of September 30, 1997 excludes the current portion which has been reclassified to current liabilities in connection with the Company's sinking fund obligation which begins in August 1998.

(6) On August 22, 1994, the Company issued to Millipore Corporation 4,000 shares of a newly designated series of non-voting redeemable convertible preferred stock (the "Series A Preferred Shares"). See Note 9 of Notes to the Consolidated Financial Statements.

(7) Net income/loss per share, primary, for the years ended September 30, 1994, 1995, 1996 and 1997 includes accretion of the Series A Preferred Shares. See Note 2 of Notes to the Consolidated Financial Statements.

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(8) During the year ended September 30, 1995, the Company secured financing with several banks and financial institutions including a line of credit for borrowings up to 8.5 million DM (approximately $6 million at September 30, 1995) for use in financing the construction of a new manufacturing facility in Hamburg, Germany, short-term financing collateralized by the Company's short-term investments, and a sale-leaseback transaction for $5 million secured by certain of the Company's fixed assets. See Note 8 of Notes to the Consolidated Financial Statements.

(9) In August 1995, 1996, and 1997, the Company issued 912,199 shares, 1,248,050 shares, and 1,019,108 shares, respectively, of Common Stock to satisfy the first three of four redemption payments of $10 million each to Millipore in connection with the Series A Preferred Shares. See Note 9 of Notes to the Consolidated Financial Statements.

(10) The Company has reclassified the redeemable convertible preferred stock to stockholders' equity based on the Company's intent to redeem the future remaining amounts through the issuance of Common Stock. See Note 9 of Notes to the Consolidated Financial Statements.

(11) In September 1995, the Company issued 157,565 shares of Common Stock to Boehringer Mannheim GmbH in exchange for $2 million. See Note 9 of Notes to the Consolidated Financial Statements.

(12) Other income included a gain of $27.5 million recorded upon receipt and subsequent partial sale of Millenium common stock which the Company had received pursuant to the merger of Chemgenics and Millennium. See Note 16 of Notes to the Consolidated Financial Statements.

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