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: April 18, 2001
Merit Medical Systems, Inc.
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(Exact name of registrant as specified in its charter)
Utah 1-18592 87-0447695
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(State or other (Commission File No.) (IRS Employer
jurisdiction Identification No.)
of incorporation)
1600 West Merit Parkway
South Jordan, Utah 84095
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (801) 253-1600
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Item 5. Other Events
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000
March 31, December 31,
ASSETS 2001 2000
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(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 469,092 $ 412,384
Trade receivables - net 14,372,128 13,235,858
Employee and related
party receivables 406,603 440,654
Irish Development Agency grant receivable 46,617 177,477
Inventories 23,123,591 25,273,428
Prepaid expenses other assets 900,658 663,101
Deferred income tax assets 1,183,944 1,183,944
Income tax refund receivable 238,958 588,640
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Total current assets 40,741,591 41,975,486
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PROPERTY AND EQUIPMENT:
Land 1,260,985 1,260,985
Building 1,500,000 1,500,000
Manufacturing equipment 21,141,914 19,696,550
Automobiles 91,496 131,036
Furniture and fixtures 9,632,975 9,576,084
Leasehold improvements 5,456,297 5,420,194
Construction-in-progress 1,564,479 2,120,671
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Total 40,648,146 39,705,520
Less accumulated depreciation
and amortization (18,788,557) (17,860,490)
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Property and equipment - net 21,859,589 21,845,030
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OTHER ASSETS:
Patents & trademarks - net 2,584,214 2,522,384
Deposits 38,859 41,273
Cost in excess of the fair value of assets of acquired-net 4,987,993 5,062,458
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Total other assets 7,611,066 7,626,115
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TOTAL ASSETS $ 70,212,246 $ 71,446,631
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(Continued)
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MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000
March 31, December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 2001 2000
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(Unaudited)
CURRENT LIABILITIES:
Current portion of long-term debt $ 872,428 $ 1,091,725
Trade payables 4,557,909 4,835,517
Accrued expenses 5,113,941 3,471,039
Advances from employees 138,206 96,778
Income taxes payable 318,872 33,420
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Total current liabilities 11,001,356 9,528,479
DEFERRED INCOME TAX LIABILITIES 2,210,088 2,177,833
LONG-TERM DEBT 20,061,415 24,011,778
DEFERRED CREDITS 914,012 955,839
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Total Liabilities 34,186,871 36,673,929
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STOCKHOLDERS' EQUITY:
Preferred stock- 5,000,000 shares authorized as of
March 31, 2001 and December 31, 2000, respectively,
no shares issued
Common stock- no par value; 20,000,000 shares authorized;
7,801,988 and 7,788,208 shares issued at March 31, 2001
and December 31, 2000, respectively 19,888,904 19,779,765
Accumulated other comprehensive loss (667,029) (624,138)
Retained earnings 16,803,500 15,617,075
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Total stockholders' equity 36,025,375 34,772,702
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 70,212,246 $ 71,446,631
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MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED
MARCH 31, 2001 AND 2000 (Unaudited)
March 31, March 31,
2001 2000
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SALES $ 26,788,373 $ 22,080,435
COST OF SALES 17,568,999 14,446,385
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GROSS PROFIT 9,219,374 7,634,050
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OPERATING EXPENSES:
Selling, general and administrative 6,006,073 6,338,539
Research and development 1,130,072 1,005,936
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TOTAL 7,136,145 7,344,475
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INCOME FROM OPERATIONS 2,083,229 289,575
OTHER EXPENSE - NET 436,067 517,404
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INCOME (LOSS) BEFORE INCOME TAXES 1,647,162 (227,829)
INCOME TAX EXPENSE (BENEFIT) 460,737 (68,347)
NET INCOME (LOSS) $ 1,186,425 $ (159,482)
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EARNINGS (LOSS) PER COMMON SHARE -
Basic and diluted $ .15 $ (.02)
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AVERAGE COMMON SHARES -
Basic 7,795,253 7,622,918
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Diluted 7,894,084 7,893,646
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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.
REGISTRANT
Date: May 12, 2000
By: /s/ FRED P. LAMPROPOULOS
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FRED P. LAMPROPOULOS
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Date: May 12, 2000
By: /s/ KENT W. STANGER
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KENT W. STANGER
SECRETARY AND CHIEF FINANCIAL OFFICER
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