- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
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 15, 1999
--------------
SEROLOGICALS CORPORATION
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-26126 58-2152225
- -----------------------------------------------------------------------------
(State of other (Commission file number) (IRS Employer
jurisdiction) identification No.)
780 Park North Blvd.
Suite 110
Clarkston, Georgia 30021
- -----------------------------------------------------------------------------
(Address of Principal executive offices) (Zip code)
Registrant's telephone number, including area code: (404) 296-5595
--------------
(Former name or former address, if changed since last report)
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Item 5. Other Events
On April 15, 1999, Serologicals Corporation issued a press release, the
text of which is attached hereto as Exhibit 99.1 and is incorporated herein by
reference, announcing that it does not expect to reach targeted shipments for
one of its specialty therapeutic antibodies that is used to manufacture anti-D
immune globulin.
Item 7. Financial Statements and Exhibits
a) Exhibits
99.1 Press Release of the Company dated April 15, 1999
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 hereunto duly authorized.
Serologicals Corporation
(Registrant)
Date: April 16, 1999 By: /s/ Russell H. Plumb
------------------------------
Russell H. Plumb
Vice President/Chief Financial
Officer (Principal Financial
and Accounting Officer)
NEWS
FOR IMMEDIATE RELEASE
Contact: Russell H. Plumb
Chief Financial Officer
(404) 296-5595
SEROLOGICALS DOES NOT EXPECT TO REACH TARGETED SHIPMENTS
ATLANTA (April 15, 1999) - Serologicals Corporation (Nasdaq/NM: SERO) today
announced that it does not expect to reach targeted shipments over the
remainder of this year for one of its major specialty therapeutic antibodies
that is used to manufacture anti-D immune globulin ("anti-D"). The Company
indicated that the anticipated shortfall is not due to any developments
related to Serologicals' ability to collect these antibodies but rather to
recent indications from two international customers that they will not be
purchasing the amount of product that had originally been ordered or that
Serologicals had anticipated for 1999. Both customers indicated that their
manufacturing, or fractionation, facilities will be closed for longer than
expected periods of time for various quality control enhancements, driven
largely by changing regulatory requirements, and in one case, the validation
of manufacturing procedures relating to its anti-D immune globulin product.
Serologicals said that although it is attempting to market this planned
volume of collections to other pharmaceutical companies, it does not expect
to generate a sufficient level of incremental shipments to significantly
offset the reduced demand from these customers. As a result, it believes
that the shortfall in revenues could result in an impact on after-tax
earnings of approximately $4.0 million, or about $0.15 per share (diluted),
for the remainder of the year.
Harold J. Tenoso, Ph.D., President and Chief Executive Officer, remarked,
"Anti-D remains a vital therapeutic product and a significant end-use part
for our antibodies. While current indications are that this development
will have a negative effect on our 1999 operating results, we are evaluating
what, if any, changes we may make to our collection activities and business."
Tenoso said that the Company expects to release financial results for
the first quarter of 1999 as planned on April 27, and indicated that this
development had no impact on those results. For the year ended December 27,
1998, Serologicals reported revenues of $123.1 million and net income of
$16.3 million, or $0.63 diluted earnings per share.
Serologicals Corporation, headquartered in Atlanta, is a leading
worldwide provider of specialty human antibody-based products and services
to major healthcare companies. The Company's services, including donor
recruitment, donor management and clinical testing services, enable it to
provide value-added products that are used as the active ingredients in
therapeutic products for the treatment and management of diseases such as
Rh incompatibility in newborns, rabies and hepatitis and in diagnostic
products such as blood typing reagents and diagnostic test kits.
This release may contain certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 including,
without limitation, statements regarding a shortfall in revenues and its
impact on earnings per share, its marketing efforts and any changes the
Company may make to its collection activities or business. These
forward-looking statements are subject to certain risks, uncertainties
and other factors, including changes in government and industry mandated
regulations or customer specifications and changes in the markets for the
Company's products and services, which could cause actual results to differ
materially. Additional information on factors that could potentially affect
the Company or its financial results may be found in the Company's filings
with the Securities and Exchange Commission.
Serologicals is a registered trademark of Serologicals Royalty Company.
-END-
