10-K/A 1 d55429_10k-a.txt FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2002 Commission file number 0-27750 IMPATH INC. (Exact name of registrant as specified in its charter) Delaware 13-3459685 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 521 West 57th Street 10019 New York, New York (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code (212) 698-0300 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.005 par value Title of class 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 as 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 |_| 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 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. |_| State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of a specified date within the past 60 days. Aggregate market value as of June 30, 2002....................$293,114,130 Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes |X| No |_| Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Common Stock, $.005 par value, as of February 28, 2003..........16,465,472 DOCUMENTS INCORPORATED BY REFERENCE List hereunder the documents, all or portions of which are incorporated by reference herein and the Part of the Form 10-K into which the document is incorporated: 2003 Proxy Statement--Part III Explanatory Note This amendment to the registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 (the "Form 10-K") is being filed in order to revise certain quarterly revenue numbers reported in Note 18 to the Consolidated Financial Statements of the registrant. Note 18 to the 10-K is hereby amended by deleting the text thereof in its entirety and substituting the following: (18) Quarterly Financial Data (unaudited)
Per share of common stock ($ in thousands except per share data) net income/(loss) Net Quarter Revenues(2) income/(loss) Basic Diluted ------- ----------- ------------- ----- ------- 2002 Fourth (1)................................ $ 46,491 $ (930) $(0.06) $(0.06) Third..................................... 49,188 5,029 0.31 0.31 Second.................................... 48,438 4,949 0.30 0.30 First..................................... 44,006 1,449 0.09 0.09 -------- ------- ------ ------ Total................................ $188,123 $10,497 $ 0.64 $ 0.63 ======== ======= ====== ====== 2001 Fourth.................................... $ 45,397 $4,812 $ 0.30 $ 0.29 Third..................................... 41,844 (2,158) (0.13) (0.13) Second.................................... 40,493 4,305 0.27 0.26 First..................................... 35,555 4,032 0.25 0.24 -------- ------- ------ ------ Total................................ $163,289 $10,991 $ 0.69 $ 0.66 ======== ======= ====== ======
(1) In the fourth quarter of 2002, the Company recorded a $9.9 million adjustment to the carrying value of its December 31, 2002 net accounts receivable balance after its annual detailed assessment of recent collection activities and certain other changes in its collection practices and policies. The adjustment, after giving consideration to the revenue classification approach, was estimated to reduce net revenues by approximately $5 million and to increase bad debt expenses by approximately $5 million. (2) In 2002, as described in Note 2, the Company made a decision to reclassify certain amounts previously classified as bad debt expense against net revenues. Amounts have been reclassified in each of the above periods to conform with the annual presentation. 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. IMPATH Inc. Dated: May 1, 2003 By /S/ RICHARD C. ROSENZWEIG ----------------------------- Richard C. Rosenzweig Secretary and General Counsel (INDEX TO EXHIBITS) Exhibit Number Description 23 Consent of KPMG