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Previous: ADVANCED MACHINE VISION CORP, 4, 1998-07-01 |
Next: PLAYERS INTERNATIONAL INC /NV/, 10-K, 1998-07-01 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended Commission File No.
March 31, 1998 0-15443
THERAGENICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 58-1528626
(State of incorporation) (I.R.S. Employer Identification Number)
5325 Oakbrook Parkway
Norcross, Georgia 30093
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 381-8338
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed 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
As of May 12, 1998, the aggregate market value of the common stock of the
registrant held by non-affiliates of the registrant as determined by reference
to the closing price of Common Stock as reported on the Nasdaq National Market
System, was $765,925,965. As of May 12, 1998 the number of shares of common
stock, $.01 par value, outstanding was 29,178,132.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
THERAGENICS CORPORATION
BALANCE SHEETS
DECEMBER 31, 1997 AND MARCH 31, 1998
ASSETS
<TABLE>
<CAPTION>
December 31, March 31,
1997 1998
------------ ------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash and short-term investments $ 30,161,614 $ 24,201,105
Marketable Securities 8,391,807 8,391,807
Trade accounts receivable, less
allowance of $65,446 in 1997
and $84,480 at March 31, 1998. 2,925,390 3,580,036
Inventories 433,873 548,666
Prepaid expenses and other current assets 160,620 121,899
------------- ------------
TOTAL CURRENT ASSETS 42,073,304 36,843,513
PROPERTY AND EQUIPMENT
Building 3,333,728 3,333,728
Leasehold improvement 138,978 138,978
Machinery and equipment 14,698,623 14,986,600
Office furniture and equipment 66,464 95,400
-------------- ------------
18,237,793 18,554,706
Less accumulated depreciation
and amortization (4,695,669) ( 5,100,844)
13,542,124 13,453,862
Land 525,754 525,754
Construction in progress (Note B) 14,917,788 27,774,184
------------- ------------
TOTAL PROPERTY & EQUIPMENT 28,985,666 41,753,800
OTHER ASSETS
Patent costs 71,836 69,623
Other 9,503 9,251
------------- ------------
TOTAL OTHER ASSETS 81,339 78,874
TOTAL ASSETS $ 71,140,309 $ 78,676,187
============= ============
</TABLE>
<PAGE>
THERAGENICS CORPORATION
BALANCE SHEETS
(Continued)
DECEMBER 31, 1997 AND MARCH 31, 1998
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
December 31, March 31,
1996 1998
-------------- ---------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Trade accounts payable 1,435,154 4,642,502
Accrued salaries, wages, and payroll taxes 689,610 356,416
Income taxes payable 845,364 1,881,522
Other current liabilities 137,097 296,230
----------- -----------
TOTAL CURRENT LIABILITIES 3,107,225 7,176,670
LONG TERM LIABILITIES:
Deferred income taxes 1,000,000 1,075,000
STOCKHOLDERS' EQUITY: (Note C)
Common stock, $.01 par value,
50,000,000 share authorized; 29,075,682
and 29,091,812 shares had been issued
as of December 31, 1997 and March 31, 1998,
respectively. 290,757 290,918
Additional paid-in capital 55,594,987 55,685,703
Retained earnings 11,147,340 14,447,896
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 67,033,084 70,424,517
------------ ------------
TOTAL LIABILITIES/
STOCKHOLDERS' EQUITY $71,140,309 $ 78,676,187
============ ============
<PAGE>
</TABLE>
The accompanying notes are an integral part of these statements.
THERAGENICS CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
Common Stock Additional
Number of Par Value Paid-in Retained
shares $.01 Capital Earnings Total
<S> <C> <C> <C> <C> <C>
BALANCE, December 31, 1997, as
adjusted for stock split........ 29,075,682 $ 290,757 $55,594,987 $11,147,340 $67,033,084
Exercise of stock options........ 16,130 161 35,491 35,652
Income tax benefit from stock
options exercised............... 55,225 55,225
Net earnings for the period......
3,300,556 3,300,556
BALANCE, March 31, 1998........... 29,091,812 $ 290,918 $55,685,703 $14,447,896 $70,424,517
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
PART II - OTHER INFORMATION
Item 6.- Exhibits and Reports on Form 8-K
(a) Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K.
No reports on For 8-K were filed during the quarter ended
March 31, 1998.
<PAGE>
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 thereunto duly authorized.
REGISTRANT:
THERAGENICS CORPORATION
By: /s/ M. Christine Jacobs
-----------------------
M. Christine Jacobs
President
/s/ Bruce W. Smith
------------------
Bruce W. Smith
Treasurer and
Chief Financial Officer
Dated: June 30, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> $24,201,105
<SECURITIES> 8,391,807
<RECEIVABLES> 3,664,516
<ALLOWANCES> 84,480
<INVENTORY> 548,666
<CURRENT-ASSETS> 121,899
<PP&E> 46,854,644
<DEPRECIATION> 5,100,844
<TOTAL-ASSETS> 78,676,187
<CURRENT-LIABILITIES> 7,176,670
<BONDS> 0
0
0
<COMMON> 290,918
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 78,676,187
<SALES> 8,255,947
<TOTAL-REVENUES> 8,280,947
<CGS> 2,188,435
<TOTAL-COSTS> 3,580,793
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,936
<INCOME-PRETAX> 5,157,119
<INCOME-TAX> 1,856,563
<INCOME-CONTINUING> 3,300,556
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,330,556
<EPS-PRIMARY> .11
<EPS-DILUTED> .11
</TABLE>
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