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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
|X| Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 1997 or
| | Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
MERIT MEDICAL SYSTEMS, INC.
---------------------------
(Exact name of registrant as specified in its charter)
Utah 0-18592 87-0447695
---- ------- ----------
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
1600 West Merit Parkway
South Jordan, Utah 84095
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (801) 253-1600
Securities registered pursuant to Section 12(b) of the Act:
None
----
Securities registered pursuant to Section 12(g) of the Act:
Title of Class
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Common Stock, No Par Value
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 | |
The aggregate market value of the Common Stock held by non-affiliates
of the Registrant, based upon the closing sale price of the Common Stock on the
NASDAQ National Market System on March 26, 1998, was approximately $48,114,229
Shares of Common Stock held by each officer and director and by each person who
may be deemed to be an affiliate have been excluded.
As of March 26, 1998 the Registrant had 7,402,189 shares of Common
Stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
The Registrant's definitive Proxy Statement relating to the Annual
Meeting of Shareholders scheduled for May 27, 1998 is incorporated by reference
in Part III of this report.
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. |X|
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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, on March 29, 1998.
MERIT MEDICAL SYSTEMS, INC.
By:_____________________________________
Fred P. Lampropoulos, President
and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities indicated on March 29,1998.
Signature Capacity in Which Signed
--------- ------------------------
___________________________________ President, Chief Executive Officer
Fred P. Lampropoulos and Director
___________________________________ Chief Financial Officer, Secretary,
Kent W. Stanger Treasurer and Director (Principal
financial and accounting officer)
___________________________________ Director
Richard W. Edelman
___________________________________
Rex C. Bean Director
___________________________________
James J. Ellis Director
___________________________________
Michael E. Stillabower Director
14
MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
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Selected Financial Data
Year Ended December 31,
- ---------------------------------------------------------------------------------------------------------------------
1997 1996 1995 1994 1993
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Operating Data:
Sales $ 60,579,011 $ 50,455,766 $ 42,587,284 $ 33,324,245 $ 25,431,180
Cost of sales 37,766,116 29,319,617 24,987,998 18,999,015 13,653,379
Gross profit 22,812,895 21,136,149 17,599,286 14,325,230 11,777,801
Selling, general, and
administrative expenses 15,726,651 14,311,049 12,808,805 10,232,215 7,836,018
Research and
development expenses 4,446,795 2,533,171 2,330,324 2,069,882 1,306,782
Income from operations 2,639,449 4,291,929 2,460,157 2,023,133 2,635,001
Other income (expense) (863,933) (661,777) (459,462) (29,868) 4,860
Income before
income tax expense 1,775,516 3,630,152 2,000,695 1,993,265 2,639,861
Income tax expense 944,981 1,277,431 700,418 775,453 799,650
Minority interest in (income)
loss of subsidiary (33,003) (190,113) (79,040) 33,035
Net income 797,532 2,162,608 1,221,237 1,250,847 1,840,211
Net income per share $ .11 $ .31 $ .18 $ .19 $ .28
Weighted average
shares outstanding 7,369,668 7,051,911 6,851,164 6,678,041 6,679,758
Balance Sheet Data:
Working capital $ 14,737,971 $ 12,761,211 $ 9,518,971 $ 9,032,899 $ 10,226,533
Total assets 45,269,678 41,718,553 34,503,858 27,024,267 20,479,384
Long-term debt 3,913,686 4,822,126 1,778,953 827,592 841,921
Stockholders' equity $ 25,802,149 $ 22,487,123 $ 19,264,525 $ 17,537,029 $ 15,705,152