<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2000
Commission File Number 0-26670
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NORTH AMERICAN SCIENTIFIC, INC.
(Exact name of registrant as specified in its charter)
Delaware 51-0366422
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
20200 Sunburst Street, Chatsworth, CA 91311
(Address of principal executive offices)
(818) 734-8600
(Registrant's telephone number, including area code)
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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.
/X/ Yes / / No
The number of shares of Registrant's Common Stock, $.01 par value,
outstanding as of May 25, 2000 was 6,904,736 shares.
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<PAGE>
NORTH AMERICAN SCIENTIFIC, INC.
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheets as of April 30, 2000 and October 31, 1999 .......... 3
Consolidated Statements of Income for the three months and six months
ended April 30, 2000 and 1999 ............................................... 4
Consolidated Statements of Cash Flows for the six months
ended April 30, 2000 and 1999 ................................................ 5
Condensed Notes to Consolidated Financial Statements ........................... 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS ....................................................... 8
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .................. 11
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS ........................................................... 11
ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS ........................ 11
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits ....................................................................... 11
Reports on Form 8-K ............................................................ 11
</TABLE>
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<PAGE>
NORTH AMERICAN SCIENTIFIC, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
April 30, October 31,
2000 1999
------------ ------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents ................................................... $ 2,336,000 $ 1,443,000
Marketable securities ....................................................... 8,105,000 8,219,000
Accounts receivable, net ....................................................... 2,150,000 1,983,000
Inventories ................................................................. 749,000 552,000
Prepaid expenses and other current assets ................................... 717,000 365,000
------------ ------------
Total current assets ...................................................... 14,057,000 12,562,000
Notes receivable ............................................................... 5,354,000 4,162,000
Equipment and leasehold improvements, net ...................................... 3,705,000 3,743,000
Construction in progress ....................................................... 3,043,000 2,826,000
Deposits and other assets ...................................................... 895,000 545,000
------------ ------------
Total assets .............................................................. $ 27,054,000 $ 23,838,000
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable ............................................................ $ 959,000 $ 568,000
Accrued expenses ............................................................ 608,000 627,000
Income taxes payable ........................................................ -- 163,000
------------ ------------
Total current liabilities ................................................. 1,567,000 1,358,000
------------ ------------
Deferred income taxes .......................................................... 114,000 114,000
------------ ------------
Total liabilities ......................................................... 1,681,000 1,472,000
------------ ------------
Stockholders' equity
Preferred stock, $.01 par value, 2,000,000 shares authorized;
no shares issued .......................................................... -- --
Common stock, $.01 par value, 40,000,000 shares authorized; 6,896,937
and 6,787,975 shares issued and outstanding as of April 30, 2000 and
October 31, 1999, respectively ............................................ 69,000 68,000
Additional paid-in capital .................................................. 18,546,000 18,172,000
Retained earnings ........................................................... 6,758,000 4,126,000
------------ ------------
Total stockholders' equity ................................................ 25,373,000 22,366,000
------------ ------------
Total liabilities and stockholders' equity ................................ $ 27,054,000 $ 23,838,000
============ ============
</TABLE>
See notes to the consolidated financial statements.
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<PAGE>
NORTH AMERICAN SCIENTIFIC, INC.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
April 30, April 30,
--------------------------- ---------------------------
2000 1999 2000 1999
--------------------------- ---------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net sales ........................................ $ 4,440,000 $ 3,007,000 $ 8,441,000 $ 5,434,000
Cost of goods sold ............................... 1,475,000 1,095,000 2,818,000 2,004,000
------------ ------------ ------------ ------------
Gross profit ................................ 2,965,000 1,912,000 5,623,000 3,430,000
------------ ------------ ------------ ------------
Selling, general and administrative expenses ..... 864,000 765,000 1,698,000 1,463,000
Research and development ......................... 95,000 112,000 138,000 204,000
------------ ------------ ------------ ------------
Income from operations ........................... 2,006,000 1,035,000 3,787,000 1,763,000
Interest and other income ........................ 221,000 129,000 430,000 251,000
------------ ------------ ------------ ------------
Income before provision for income taxes ......... 2,227,000 1,164,000 4,217,000 2,014,000
Provision for income taxes ....................... 830,000 447,000 1,585,000 787,000
------------ ------------ ------------ ------------
Net income ....................................... $ 1,397,000 $ 717,000 $ 2,632,000 $ 1,227,000
============ ============ ============ ============
Earnings per share:
Basic ......................................... $ .20 $ .11 $ .38 $ .18
============ ============ ============ ============
Diluted ....................................... $ .19 $ .10 $ .36 $ .17
============ ============ ============ ============
Shares used in per share calculations:
Basic ......................................... 6,879,220 6,794,806 6,854,661 6,791,351
============ ============ ============ ============
Diluted ....................................... 7,507,214 7,140,065 7,407,092 7,156,634
============ ============ ============ ============
</TABLE>
See notes to the consolidated financial statements
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<PAGE>
NORTH AMERICAN SCIENTIFIC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Months Ended
April 30,
----------------------------
2000 1999
------------ ------------
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income .................................................. $ 2,632,000 $ 1,227,000
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization ........................... 363,000 159,000
Changes in assets and liabilities
Accounts receivable ................................... (167,000) (23,000)
Inventories ........................................... (197,000) 73,000
Prepaid expenses and other assets ..................... (713,000) (168,000)
Accounts payable ...................................... 391,000 85,000
Accrued expenses ...................................... (19,000) 155,000
Income taxes payable .................................. (162,000) 188,000
------------ ------------
Net cash provided by operating activities ..... 2,128,000 1,696,000
------------ ------------
Cash flows from investing activities:
Construction in progress .................................... (217,000) (455,000)
Net sales of marketable securities .......................... 114,000 1,001,000
Notes receivable, net ....................................... (1,192,000) (1,210,000)
Capital expenditures ........................................ (314,000) (1,710,000)
------------ ------------
Net cash used in investing activities ......... (1,609,000) (2,374,000)
------------ ------------
Cash flows from financing activities:
Net proceeds from issuance of common stock .................. 374,000 15,000
------------ ------------
Net cash provided by financing activities ..... 374,000 15,000
------------ ------------
Net increase (decrease) in cash and cash equivalents ............ 893,000 (663,000)
Cash and cash equivalents at beginning of period ................ 1,443,000 2,119,000
------------ ------------
Cash and cash equivalents at end of period ...................... $ 2,336,000 $ 1,456,000
============ ============
Supplemental disclosure of cash flow information:
Income taxes paid ........................................... $ 1,800,000 $ 598,000
============ ============
</TABLE>
See notes to the consolidated financial statements.
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<PAGE>
NORTH AMERICAN SCIENTIFIC, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial information as of April 30, 2000, and for the three
months and six months then ended is unaudited and has been prepared by the
Company in accordance with the instructions to Form 10-Q. Therefore, certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules. In the opinion of management, the
unaudited financial information is presented on a basis consistent with the
audited financial statements and contains all adjustments, consisting only of
normal recurring adjustments, necessary for a fair statement of the results for
such interim periods. The results of operations for interim periods are not
necessarily indicative of results of operations for the full year. The interim
financial statements should be read in conjunction with the audited financial
statements and notes thereto included in the Company's Annual Report on Form
10-K for the fiscal year ended October 31, 1999.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the reporting period. Actual
results could differ from those estimates.
NOTE 2 - MARKETABLE SECURITIES
The Company considers its marketable securities available-for-sale as defined in
Statement of Financial Accounting Standards ("SFAS") No. 115. There were no
material realized or unrealized gains or losses nor any material differences
between estimated fair values, based upon quoted market prices, and the costs of
securities as of April 30, 2000.
NOTE 3 - INVENTORIES
Inventories are valued at the lower of cost or market as determined under the
first-in, first-out method. Costs include materials, labor and manufacturing
overhead. Inventories are shown net of applicable reserves and allowances.
Inventories consist of the following:
<TABLE>
<CAPTION>
April 30, October 31,
2000 1999
---- ----
<S> <C> <C>
Raw materials $ 530,000 $ 285,000
Work in process 70,000 166,000
Finished goods 149,000 101,000
------------ ------------
$ 749,000 $ 552,000
============ ============
</TABLE>
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<PAGE>
NOTE 4 - NET INCOME PER SHARE
Basic earnings per share is computed by dividing the net income by the weighted
average number of shares outstanding for the period. Diluted earnings per share
is computed by dividing the net income by the sum of the weighted average number
of common shares outstanding for the period plus the assumed exercise of all
dilutive securities by applying the treasury stock method. The following table
sets forth the computation of basic and diluted earnings per share:
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
APRIL 30, APRIL 30,
----------------------- ------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net income $1,397,000 $ 717,000 $2,632,000 $1,227,000
========== ========== ========== ==========
Weighted average shares outstanding (basic) 6,879,220 6,794,806 6,854,661 6,791,351
Dilutive effect of stock options and warrants 627,994 345,259 552,431 365,283
----------- ----------- ----------- -----------
Diluted shares outstanding 7,507,214 7,140,065 7,407,092 7,156,634
=========== ========== ========== ==========
Basic earnings per share $ .20 $ .11 $ .38 $ .18
=========== ========== ========== ==========
Diluted earnings per share $ .19 $ .10 $ .36 $ .17
=========== ========== ========== ==========
</TABLE>
NOTE 5 - CONTINGENCIES
On August 11, 1999, a demand for arbitration was filed by PracSys Corporation
against the Company in Boston, Massachusetts. On February 6, 1998, the Company
contracted with PracSys to build two linear particle accelerators intended to
produce Pd-103 isotope to be incorporated in the Company's Pd-103 brachytherapy
seed products. PracSys did not complete the manufacturing of the accelerators,
and the Company demanded that PracSys turn over the uncompleted accelerators.
PracSys initiated an arbitration proceeding against the Company on the basis of
claims of breach of contract, breach of fiduciary duty and unfair and deceptive
trade practices. The Company has vigorously denied and is defending against
PracSys' claims, and has also asserted counterclaims against PracSys for breach
of contract and fraud and misrepresentation in connection with PracSys' failure
to complete the accelerators. Arbitration began on January 24, 2000 and a final
ruling by the arbitrator is expected by June 2000. An unfavorable outcome of the
arbitration could have a significant adverse impact on the financial condition
of the Company.
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<PAGE>
NORTH AMERICAN SCIENTIFIC, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the
Consolidated Financial Statements contained herein and the notes thereto and the
audited consolidated financial statements and notes thereto contained in the
Company's 1999 Annual Report on Form 10-K. Certain matters discussed in this
quarterly report on Form 10-Q are forward looking as that term is defined by:
(i) the Private Securities Litigation Reform Act of 1995 (the "1995 Act") and
(ii) releases issued by the SEC. These statements are being made pursuant to the
provisions of the 1995 Act and with the intention of obtaining the benefits of
the "Safe Harbor" provisions of the 1995 Act. The Company cautions investors
that any forward looking statements made by the Company are not guarantees of
future performance and that actual results may differ materially from those in
such forward looking statements as a result of various factors, including, but
not limited to, any risks detailed herein or detailed from time to time in the
Company's filings with the SEC, including those factors identified under
"Business-Risk Factors" in the Company's Annual Report on Form 10-K for the
fiscal year ended October 31, 1999. The Company undertakes no obligation to
update publicly any forward-looking statements.
RESULTS OF OPERATIONS
THREE MONTHS ENDED APRIL 30, 2000 COMPARED TO THREE MONTHS ENDED APRIL 30, 1999
NET SALES. Net sales increased $1,433,000, or 48%, to $4,440,000 for the three
months ended April 30, 2000 from $3,007,000 for the three months ended April 30,
1999. The increase in net sales was due to the increase in revenues generated
from the Company's brachytherapy product lines. Sales of the non-therapeutic
lines remained consistent between periods.
GROSS PROFIT. Gross profit increased $1,053,000 or 55% to $2,965,000 for the
three months ended April 30, 2000 from $1,912,000 for the three months ended
April 30, 1999. Gross profit as a percent of sales increased from 64% to 67%
during this period. The increase in gross profit as a percentage of sales was
primarily attributable to the significant proportionate increase in revenues
from the brachytherapy product lines in the second quarter of fiscal 2000, which
yield greater gross margins than the Company's non-therapeutic product lines.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative ("SG&A") expenses increased $99,000, or 13%, to $864,000 for the
three months ended April 30, 2000 from $765,000 for the three months ended April
30, 1999. SG&A as a percent of net sales decreased to 19% for the three months
ended April 30, 1999 from 25% for the same period in 1999. SG&A expenses
increased primarily due to the following: (i) the Company added a significant
number of administrative personnel throughout fiscal 1999 and has continued to
do so into fiscal 2000 to support the growth of the Company, and (ii) other
general and administrative expenses were increased to give effect to
management's plans for the expansion of the Company. We expect that general and
administrative expenses will continue to increase in absolute dollars.
RESEARCH AND DEVELOPMENT. Research and development efforts continued into the
second quarter of 2000 with such expenditures totaling $95,000 during this
period compared to $112,000 in the corresponding 1999 period. Such expenditures
may increase in future periods.
INTEREST AND OTHER INCOME. Interest and other income increased $92,000 to
$221,000 for the three months ended April 30, 2000 from $129,000 for the three
months ended April 30, 1999 primarily due to a change in the composition of the
Company's investment portfolio.
NET INCOME. Net income increased $680,000 to $1,397,000 for the three months
ended April 30, 2000 from $717,000 for the three months ended April 30, 1999.
The increase is a result of the factors described above.
-8-
<PAGE>
SIX MONTHS ENDED APRIL 30, 2000 COMPARED TO SIX MONTHS ENDED APRIL 30, 1999
NET SALES. Net sales increased $3,007,000, or 55%, to $8,441,000 for the six
months ended April 30, 2000 from $5,434,000 for the six months ended April 30,
1999. The increase in net sales was due to the increase in revenues generated
from the Company's brachytherapy product lines. Sales of the non-therapeutic
lines remained consistent between periods.
GROSS PROFIT. Gross profit increased $2,193,000 or 64% to $5,623,000 for the six
months ended April 30, 2000 from $3,430,000 for the six months ended April 30,
1999. Gross profit as a percent of sales increased from 63% to 67% during this
period. The increase in gross profit as a percentage of sales was primarily
attributable to the significant proportionate increase in revenues from the
Company's brachytherapy product lines in the first six months of fiscal 2000,
which yield greater gross margins than the Company's non-therapeutic product
lines.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative ("SG&A") expenses increased $235,000, or 16%, to $1,698,000 for
the six months ended April 30, 2000 from $1,463,000 for the six months ended
April 30, 1999. SG&A as a percent of net sales decreased to 20% for the six
months ended April 30, 2000 from 27% for the same period in 1998. SG&A expenses
increased primarily due to the following: (i) the Company added a significant
number of administrative personnel throughout fiscal 1999 and has continued to
do so into fiscal 2000 to support the growth of the Company and (ii) other
general and administrative expenses were increased to give effect to
management's plans for the expansion of the Company. We expect that general and
administrative expenses will continue to increase in absolute dollars.
RESEARCH AND DEVELOPMENT. Research and development efforts continued into the
first half of 2000 with such expenditures totaling $138,000 during this period
compared to $204,000 in the corresponding 1999 period. Such expenditures may
increase in future periods.
INTEREST AND OTHER INCOME. Interest and other income increased $179,000 to
$430,000 for the six months ended April 30, 2000 from $251,000 for the six
months ended April 30, 1999 primarily due to a change in the composition of the
Company's investment portfolio.
NET INCOME. Net income increased $1,405,000 to $2,632,000 for the six months
ended April 30, 2000 from $1,227,000 for the six months ended April 30, 1999.
The increase is a result of the factors described above.
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<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
At April 30, 2000, the Company had cash and investments in marketable securities
aggregating approximately $10.4 million and working capital of $12.5 million.
For the six months ended April 30, 2000, net cash provided by operating
activities was approximately $2.1 million. Net cash used in investing activities
for capital expenditures, convertible notes and construction in progress totaled
approximately $1.7 million during the six months ended April 30, 2000. On
October 21, 1999, the Company entered into a definitive agreement to acquire
Theseus Imaging Corporation ("Theseus"). The increase in notes receivable
resulted from an additional $1.7 million in secured loans to Theseus which was
partially offset by the repayment of the $500,000 principal balance of the
convertible note receivable from RadioMed Corporation ("Radiomed"). The
remaining accrued interest due from RadioMed was converted into 20,000 shares of
Series A Preferred Stock of RadioMed. Construction in progress includes payments
to PracSys Corp. of approximately $2.7 million for two linear accelerators
purchased pursuant to a purchase agreement dated February 6, 1998. The
manufacture of the accelerators has not been completed and disputes currently
exist between the parties with respect thereto. These disputes have been
submitted to arbitration (see Note 5 to Condensed Notes to the Consolidated
Financial Statements). The Company is currently investigating what the costs
will be to complete the accelerators and anticipates that such costs will be
material.
The Company receives cash from the exercise of stock options. During the six
months ended April 30, 2000, cash received from the exercise of stock options
totaled approximately $374,000. Proceeds from the exercise of stock options and
their related tax benefits will vary from period to period based upon, among
other factors, fluctuations in the market value of the Company's stock relative
to the exercise price of such options.
The Company is authorized to purchase up to $1.5 million of the Company's common
stock on the open market. No such shares have been repurchased as of April 30,
2000.
The primary objectives for the Company's investment portfolio are liquidity and
safety of principal. Investments are made to achieve the highest rate of return
to the Company, consistent with these two objectives. The Company invests its
excess cash in securities with varying maturities to meet projected cash needs.
To date, the Company's short term liquidity needs have generally consisted of
operating capital to finance growth in inventories, trade accounts receivable,
new product development, capital expenditures and strategic investments in
related businesses. The Company has satisfied these needs primarily through a
combination of private equity financings and from cash generated by operations.
The Company does not currently have long-term debt or a line of credit or
similar arrangements with a bank. Management anticipates that its existing cash
resources will be sufficient to fund its planned expansion over the next twelve
months, although additional funding may be required to fund the acquisition
and/or development of complementary businesses, technologies or products. In the
event additional needs for cash arise, the Company may raise additional funds
from a combination of sources including potential debt and equity issuances.
RECENT ACCOUNTING PRONOUNCEMENTS
In December 1999, the Securities and Exchange Commission ("SEC") issued Staff
Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial
Statements." The Company will be required to adopt SAB 101 for fiscal 2000. SAB
101 requires, among other things, that license and other up-front fees be
recognized over the term of the agreement, unless the fees are in exchange for
products delivered or services performed that represent the culmination of a
separate earnings process. The Company does not expect this change in accounting
principle to have a material effect on the Company's financial position and
results of operation.
In June 1998, the FASB issued Statement of Financial Accounting Standards No.
133 ("FAS 133"), "Accounting for Derivative Instruments and Hedging Activities."
In May 1999, the FASB voted to delay the effective date of FAS 133 by one year.
The Company will be required to adopt FAS 133 for fiscal year 2001. This
statement establishes a new model for accounting for derivatives and hedging
activities. Under FAS 133, all derivatives must be recognized as assets and
liabilities and measured at fair value. The Company does not expect this change
in accounting principle to have a material effect on the Company's financial
position and results of operation.
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<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information about market risks for the three months ended April 30, 2000 does
not differ materially from that discussed under Item 7A of the registrant's
Annual Report on Form 10-K for 1999.
PART II - OTHER INFORMATION
The Company was not required to report any information pursuant to Items 1
through 6 of Part II of Form 10-Q except as follows:
ITEM 1. LEGAL PROCEEDINGS
The Company is engaged in arbitration proceedings. For a discussion of these
matters, please see Note 5 to the Condensed Notes to the Consolidated Financial
Statements.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On March 24, 2000, the Company held its 2000 Annual Meeting of Stockholders. The
following persons were elected as directors to hold office until the 2000 Annual
Meeting of Stockholders: Irwin J. Gruverman, L. Michael Cutrer, Dr. Allan M.
Green, Larry Berkin and Michael C. Lee. The number of shares cast for, withheld
and abstained with respect to each of the nominees were as follows:
<TABLE>
<CAPTION>
NOMINEE FOR WITHHELD ABSTAINED
<S> <C> <C> <C>
Gruverman 6,376,237 2,595 0
Cutrer 6,376,237 2,595 0
Green 6,376,237 2,595 0
Berkin 6,376,237 2,595 0
Lee 6,376,237 2,595 0
</TABLE>
The stockholders also voted to approve the Company's 2000 Employee Stock
Purchase Plan. A total of 6,336,237 shares were cast for the adoption of the
proposal, 31,892 shares were cast against this proposal, and 10,804 shares
abstained.
The stockholders also voted to approve the ratification of the selection of
PricewaterhouseCoopers LLP as independent accountants for the Company for the
fiscal year ending October 31, 2000. A total of 6,336,211 shares were cast for
the adoption of the proposal, 29,869 shares were cast against this proposal, and
12,752 shares abstained.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits - The following Exhibits are filed herewith:
Exhibit 27 - Financial Data Schedule (EDGAR only)
b. Reports on Form 8-K - No reports on Form 8-K have been filed during the
quarter for which this report is filed.
-11-
<PAGE>
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.
NORTH AMERICAN SCIENTIFIC, INC.
May 31, 2000 By: /s/ L. MICHAEL CUTRER
--------------------------------------------------
Name: L. Michael Cutrer
Title: President and
Chief Executive Officer
(Principal Executive Officer)
May 31, 2000 By: /s/ ALAN I. EDRICK
--------------------------------------------------
Name: Alan I. Edrick
Title: Chief Financial Officer
(Principal Financial and Accounting Officer)
-12-
