2012 Q2 Form 10-Q Financial Statement

#000115752312004339 Filed on August 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q2
Revenue $19.62M $14.36M $16.14M
YoY Change 21.58% 22.35% 11.32%
Cost Of Revenue $8.084M $6.413M $6.656M
YoY Change 21.46% 14.43% 13.0%
Gross Profit $10.80M $7.200M $8.759M
YoY Change 23.28% 31.97% 1.73%
Gross Profit Margin 55.02% 50.14% 54.27%
Selling, General & Admin $4.109M $3.351M $4.233M
YoY Change -2.95% -17.05% -14.82%
% of Gross Profit 38.05% 46.54% 48.33%
Research & Development $1.298M $1.533M $1.574M
YoY Change -17.53% 0.2% -14.45%
% of Gross Profit 12.02% 21.29% 17.97%
Depreciation & Amortization $1.190M $986.9K $1.020M
YoY Change 16.67% 7.27% 25.93%
% of Gross Profit 11.02% 13.71% 11.65%
Operating Expenses $5.407M $4.884M $5.807M
YoY Change -6.9% -12.47% -14.72%
Operating Profit $6.134M $3.063M $3.678M
YoY Change 66.79% -2562.21% 104.31%
Interest Expense -$49.13K -$51.20K -$45.28K
YoY Change 8.5% 28.01% -24.53%
% of Operating Profit -0.8% -1.67% -1.23%
Other Income/Expense, Net
YoY Change
Pretax Income $6.085M $3.012M $3.632M
YoY Change 67.52% 479.2% 108.75%
Income Tax $2.348M $1.100M $1.350M
% Of Pretax Income 38.59% 36.51% 37.16%
Net Earnings $3.737M $1.912M $2.283M
YoY Change 63.71% 489.41% 113.33%
Net Earnings / Revenue 19.04% 13.31% 14.14%
Basic Earnings Per Share $0.28 $0.15 $0.18
Diluted Earnings Per Share $0.26 $0.14 $0.17
COMMON SHARES
Basic Shares Outstanding 13.26M shares 13.16M shares 12.73M shares
Diluted Shares Outstanding 14.44M shares 14.09M shares 13.74M shares

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.90M $34.00M $26.80M
YoY Change 41.42% 16.84% 13.56%
Cash & Equivalents $37.91M $34.00M $26.83M
Short-Term Investments
Other Short-Term Assets $3.200M $3.800M $4.500M
YoY Change -28.89% -19.15% 2.27%
Inventory $10.78M $9.100M $9.200M
Prepaid Expenses
Receivables $17.69M $17.00M $17.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $69.60M $64.00M $57.50M
YoY Change 21.04% 16.36% 11.65%
LONG-TERM ASSETS
Property, Plant & Equipment $36.42M $36.70M $36.90M
YoY Change -1.3% -0.27% 2.5%
Goodwill $8.628M $9.150M
YoY Change
Intangibles $21.51M
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $400.0K
YoY Change -50.0% -60.0% -84.62%
Total Long-Term Assets $66.78M $69.20M $73.90M
YoY Change -9.64% -6.23% 1.79%
TOTAL ASSETS
Total Short-Term Assets $69.60M $64.00M $57.50M
Total Long-Term Assets $66.78M $69.20M $73.90M
Total Assets $136.4M $133.2M $131.4M
YoY Change 3.79% 3.42% 5.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.941M $3.900M $7.600M
YoY Change -48.14% -57.61% 2.7%
Accrued Expenses $4.276M $4.300M $5.500M
YoY Change -22.26% -6.52% 14.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $1.600M $1.600M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $15.21M $12.90M $17.40M
YoY Change -12.56% -28.33% 5.45%
LONG-TERM LIABILITIES
Long-Term Debt $8.800M $9.200M $10.40M
YoY Change -15.38% -14.81% -13.33%
Other Long-Term Liabilities $1.535M $5.900M $6.400M
YoY Change -76.01% -6.35% -23.81%
Total Long-Term Liabilities $10.34M $15.10M $16.80M
YoY Change -38.48% -11.7% -17.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.21M $12.90M $17.40M
Total Long-Term Liabilities $10.34M $15.10M $16.80M
Total Liabilities $25.55M $35.00M $40.30M
YoY Change -36.6% -14.84% -9.03%
SHAREHOLDERS EQUITY
Retained Earnings $39.90M
YoY Change
Common Stock $137.7K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $100.7M $98.30M $91.10M
YoY Change
Total Liabilities & Shareholders Equity $136.4M $133.2M $131.4M
YoY Change 3.79% 3.42% 5.88%

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q2
OPERATING ACTIVITIES
Net Income $3.737M $1.912M $2.283M
YoY Change 63.71% 489.41% 113.33%
Depreciation, Depletion And Amortization $1.190M $986.9K $1.020M
YoY Change 16.67% 7.27% 25.93%
Cash From Operating Activities $5.220M -$1.690M -$1.400M
YoY Change -472.86% -230.98% -284.21%
INVESTING ACTIVITIES
Capital Expenditures -$930.0K $224.1K -$580.0K
YoY Change 60.34% -380.07% 163.64%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$930.0K -$224.1K -$580.0K
YoY Change 60.34% 180.07% 383.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $400.0K
YoY Change
Cash From Financing Activities -360.0K 108.7K -280.0K
YoY Change 28.57% -129.39% -26.32%
NET CHANGE
Cash From Operating Activities 5.220M -1.690M -1.400M
Cash From Investing Activities -930.0K -224.1K -580.0K
Cash From Financing Activities -360.0K 108.7K -280.0K
Net Change In Cash 3.930M -1.805M -2.260M
YoY Change -273.89% -314.88% -969.23%
FREE CASH FLOW
Cash From Operating Activities $5.220M -$1.690M -$1.400M
Capital Expenditures -$930.0K $224.1K -$580.0K
Free Cash Flow $6.150M -$1.914M -$820.0K
YoY Change -850.0% -239.69% -183.67%

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<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div align="left"> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="5%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 1.</font></div> </td> <td align="left" valign="top" width="95%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Nature of Business</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Anika Therapeutics,&#xA0;Inc. (together with its subsidiaries, &#x201C;Anika,&#x201D; the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; or &#x201C;our&#x201D;) develops, manufactures and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (&#x201C;HA&#x201D;), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.</font></div> <div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#xA0;</div> <div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) and foreign regulations and approval requirements as well as the ability to grow the Company&#x2019;s business.</font></div> </div>
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