SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Ammendment #1
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997.
OR
__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____.
Commission File Number 0-18592
MERIT MEDICAL SYSTEMS, INC.
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(Exact name of Registrant as specified in its charter)
Utah 87-0447695
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(State or other jurisdiction of (I.R.S. Identification No.)
incorporation or organization)
1600 West Merit Parkway, South Jordan UT, 84095
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(Address of Principal Executive Offices)
(801) 253-1600
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(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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
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Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date.
Common Stock 7,372,379
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TITLE OR CLASS Number of Shares Outstanding at
November 10, 1997
<PAGE>
MERIT MEDICAL SYSTEMS, INC.
INDEX TO FORM 10-Q
PART I. FINANCIAL INFORMATION PAGE
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Item 1. Financial Statements
Consolidated Balance Sheets as of September 30, 1997
and December 31, 1996 ...............................................1
Consolidated Statements of Operations for the three
and nine months ended September 30, 1997 and 1996....................3
Consolidated Statements of Cash Flows for the nine months
ended September 30, 1997 and 1996....................................4
Notes to Consolidated Financial Statements...........................6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................8
PART II. OTHER INFORMATION
Item 4. Exhibits and Reports on Form 8-K....................................10
SIGNATURES....................................................................10
<PAGE>
MERIT MEDICAL SYSTEMS, INC.
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<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 and 1996 (Unaudited)
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<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
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1997 1996 1997 1996
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<S> <C> <C> <C> <C>
SALES $ 15,450,336 $12,702,407 $ 44,609,549 $ 37,484,550
COST OF SALES 9,815,145 7,352,304 27,690,322 21,796,638
------------ ------------ ----------- -----------
GROSS MARGIN 5,635,191 5,350,103 16,919,227 15,687,912
------------ ------------ ----------- -----------
OPERATING EXPENSES:
Selling, general and administrative 3,912,461 3,437,619 11,680,876 10,477,173
Research and development 1,207,985 534,632 3,283,324 1,725,945
------------ ------------ ----------- -----------
TOTAL 5,120,446 3,972,251 14,964,200 12,203,118
------------ ------------ ----------- -----------
INCOME FROM OPERATIONS 514,745 1,377,852 1,955,027 3,484,794
OTHER EXPENSE 216,444 142,678 626,749 489,424
------------ ------------ ----------- -----------
INCOME BEFORE INCOME TAX EXPENSE 298,301 1,235,174 1,328,278 2,995,370
INCOME TAX EXPENSE 161,713 524,218 707,269 1,162,823
MINORITY INTEREST IN INCOME
OF SUBSIDIARY 7,450 34,933 15,844 137,619
------------ ------------ ----------- -----------
NET INCOME $ 129,138 $ 676,023 $ 605,165 $ 1,694,928
============ ============ =========== ===========
NET INCOME PER COMMON
AND COMMON EQUIVALENT SHARE $ 0.02 $ 0.10 $ 0.08 $ 0.24
============ ============ =========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING 7,375,057 7,054,457 7,346,533 7,035,095
============ ============ =========== ===========
</TABLE>
See Notes to Consolidated Financial Statements
3
<PAGE>
MERIT MEDICAL SYSTEMS, INC.
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PART II - OTHER INFORMATION
ITEM 4: Exhibits and Reports on Form 8-K
(a) Reports on Form 8-K - none
(b) Exhibits
S - K No. Description Exhibit No.
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27 Financial Data Schedule 1
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 duly authorized.
MERIT MEDICAL SYSTEMS, INC.
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REGISTRANT
Date: NOVEMBER 10, 1997
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FRED P. LAMPROPOULOS
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Date: NOVEMBER 10, 1997
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KENT W. STANGER
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
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