UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
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Commission File Number: 0-28460
FUSION MEDICAL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-3177221
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1615 Plymouth Street
Mountain View, CA 94043
(Address of principal executive offices)
(650) 903-4000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required 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 [ ]
Indicate by check mark whether the registrant has filed all documents and
reports required by Section 12, 13, or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of the securities under a plan
confirmed by the Court. Yes [ X ] No [ ]
This Report on Form 10-Q/A is filed to amend previously submitted Financial
Data Schedules due to an accounting principle change. The filing contains
summary financial information restated to retroactively restate earnings per
share in accordance with the Financial Accounting Standards Board Statement
of Financial Accounting Standards No. 128, "Earnings per Share" ("SFAS 128").
The Company was required to adopt SFAS 128 in the fourth quarter of fiscal
1997 and restated at that time earnings per share data for prior periods to
conform with SFAS 128.
The number of outstanding shares of the registrant's Common Stock, $.001 par
value, was 7,171,490 as of October 12, 1998.
This Report on Form 10-Q/A includes 10 of pages with the Index to Exhibits
located on page 3.
<PAGE> 1
FUSION MEDICAL TECHNOLOGIES, INC.
INDEX
Page
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PART II-OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K............................ 3
SIGNATURES.................................................. 4
<PAGE> 2
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
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Exhibit
Number Description
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27.1 Restated Financial Data Schedule.
27.2 Restated Financial Data Schedule.
27.3 Restated Financial Data Schedule.
(b) Reports on Form 8-K.
- -------------------------
The Registrant did not file any reports on Form 8-K with the Securities and
Exchange Commission during the quarter ended June 30, 1998.
<PAGE> 3
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.
FUSION MEDICAL TECHNOLOGIES, INC.
Date: October 21, 1998 By: /s/ PHILIP M. SAWYER
----------------------------------
Philip M. Sawyer
President, Chief Executive Officer
<PAGE> 4
<TABLE> <S> <C>
<S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORM 10-K FOR THE PERIOD ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS TO RETROACTIVELY RESTATE
EARNINGS PER SHARE IN ACCORDANCE WITH THE FINANCIAL ACCOUNTING STANDARDS
BOARD STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 128, "EARNINGS PER
SHARE" ("SFAS 128").
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<CASH> 10,778,423
<SECURITIES> 12,706,757
<RECEIVABLES> 22,859
<ALLOWANCES> 0
<INVENTORY> 83,201
<CURRENT-ASSETS> 22,337,006
<PP&E> 1,120,572 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 25,062,791 <F2>
<CURRENT-LIABILITIES> 1,264,867
<BONDS> 0
0
0
<COMMON> 6,999
<OTHER-SE> 23,735,369
<TOTAL-LIABILITY-AND-EQUITY> 25,062,791
<SALES> 31,031
<TOTAL-REVENUES> 31,031
<CGS> 196,344
<TOTAL-COSTS> 7,700,438
<OTHER-EXPENSES> 15,992
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 15,992
<INCOME-PRETAX> (6,955,558)
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,955,558)<F3>
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,955,558)
<EPS-PRIMARY> (1.52)<F4>
<EPS-DILUTED> (1.52)
<FN>
<F1>PP&E on Accountant Report is net of depreciation.
<F2>TOTAL ASSETS includes prepaid item not shown on schedule.
<F3>Interest and income for the 12 months ended December 31, 1996 was
$926,185.
<PAGE>
<F4>See Accountant's Report for computation of net loss per share.
</FN>
</TABLE>
<TABLE> <S> <C>
<S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORM 10-Q FOR THE PERIODS ENDED SEPTEMBER 30, JUNE 30, AND MARCH 31, 1997 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS TO
RETROACTIVELY RESTATE EARNINGS PER SHARE IN ACCORDANCE WITH THE FINANCIAL
ACCOUNTING STANDARDS BOARD STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.
128, "EARNINGS PER SHARE" ("SFAS 128").
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> SEP-30-1997 JUN-30-1997 MAR-31-1997
<CASH> 10,881 12,077 13,378
<SECURITIES> 5,979 <F1> 6,669 <F1> 7,023 <F1>
<RECEIVABLES> 81 37 48
<ALLOWANCES> 0 0 0
<INVENTORY> 100 58 83
<CURRENT-ASSETS> 14,205 17,435 19,954
<PP&E> 1,197 <F2> 1,230 <F2> 1,220 <F2>
<DEPRECIATION> 0 0 0
<TOTAL-ASSETS> 18,503 20,271 22,778
<CURRENT-LIABILITIES> 1,048 941 958
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 7,066 7,063 7,025
<OTHER-SE> 17,392 20,264 21,757
<TOTAL-LIABILITY-AND-EQUITY> 18,503 20,271 22,778
<SALES> 144 78 0
<TOTAL-REVENUES> 144 78 50
<CGS> 576 382 158
<TOTAL-COSTS> 576 382 158
<OTHER-EXPENSES> 4,024 <F3> 2,583 <F3> 1,241 <F3>
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 11 0 5
<INCOME-PRETAX> (6,973) (4,574) (2,090)
<INCOME-TAX> 0 0 0
<INCOME-CONTINUING> (6,973) (4,574) (2,090)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (6,973) (4,574) (2,090)
<EPS-PRIMARY> (0.99) <F4> (0.65) <F4> (0.30) <F4>
<EPS-DILUTED> (0.99) (0.65) (0.30)
<FN>
<PAGE>
<F1> Securities, item 5-02(2) are net of accrued interest and unrealized
gain/loss.
<F2> Item shown net of allowance, consistent with the balance sheet
presentation.
<F3> Item consists of research and development.
<F4> Item consists of basic earnings per share.
</FN>
</TABLE>
<TABLE> <S> <C>
<S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORM 10-Q FOR THE PERIODS ENDED SEPTEMBER 30, AND JUNE 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS TO
RETROACTIVELY RESTATE EARNINGS PER SHARE IN ACCORDANCE WITH THE FINANCIAL
ACCOUNTING STANDARDS BOARD STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.
128, "EARNINGS PER SHARE" ("SFAS 128").
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JUL-01-1996 JAN-01-1996
<PERIOD-END> SEP-30-1996 JUN-30-1996
<CASH> 25,448 25,362
<SECURITIES> 0 2,481 <F1>
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 25,644 27,933
<PP&E> 984 1,019
<DEPRECIATION> 175 222
<TOTAL-ASSETS> 26,661 28,762
<CURRENT-LIABILITIES> 1,128 1,475
<BONDS> 0 0
0 0
0 0
<COMMON> 3,713 2,168
<OTHER-SE> 25,480 27,159
<TOTAL-LIABILITY-AND-EQUITY> 26,661 28,762
<SALES> 8 0
<TOTAL-REVENUES> 8 0
<CGS> 7 0
<TOTAL-COSTS> 7 0
<OTHER-EXPENSES> 3,519 <F1> 2,278 <F1>
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 133 (163)
<INCOME-PRETAX> (5,115) (3,297)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (5,115) (3,297)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (5,115) (3,297)
<EPS-PRIMARY> (1.38)<F2> (1.52)<F2>
<EPS-DILUTED> (1.38) (1.52)
<FN>
<F1> Item consists of research and development.
<F2> Item consists of basic earnings per share.
</FN>
</TABLE>
