-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SHwEfsVmsEKazLqxJlb3NoBu67kMBEIpADaf2xTG/r3NS9zTlhlnZzO8vGBujSbv /IPb91+nJgGoAORpnDaMEg== 0001157523-06-006987.txt : 20060719 0001157523-06-006987.hdr.sgml : 20060719 20060719071020 ACCESSION NUMBER: 0001157523-06-006987 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060719 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20060719 DATE AS OF CHANGE: 20060719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERAGENICS CORP CENTRAL INDEX KEY: 0000795551 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 581528626 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14339 FILM NUMBER: 06968252 BUSINESS ADDRESS: STREET 1: 5203 BRISTOL INDUSTRIAL WAY CITY: BUFORD STATE: GA ZIP: 30518 BUSINESS PHONE: 7702710233 MAIL ADDRESS: STREET 1: 5203 BRISTOL INDUSTRIAL WAY CITY: BUFORD STATE: GA ZIP: 30518 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR MEDICINE INC DATE OF NAME CHANGE: 19860902 8-K 1 a5190528.txt THERAGENICS CORPORATION 8-K 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: July 19, 2006 THERAGENICS CORPORATION(R) (Exact name of registrant as specified in charter) Delaware 000-15443 58-1528626 (State of incorporation) (Commission File Number) (IRS Employer Identification No.) 5203 Bristol Industrial Way Buford, Georgia 30518 (Address of principal executive offices / Zip Code) (770) 271-0233 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- Item 2.02. Results of Operations and Financial Condition. On July 19, 2006, Theragenics Corporation (the "Company") issued a press release regarding its consolidated financial results for the quarter ended July 2, 2006. The Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. - -------------------------------------------------------------------------------- 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. Theragenics Corporation (Registrant) Dated: July 19, 2006 By: /s/ M. Christine Jacobs ----------------------- M. Christine Jacobs Chief Executive Officer - -------------------------------------------------------------------------------- EXHIBIT INDEX Exhibit No. Description 99.1 Press Release, dated July 19, 2006 of Theragenics Corporation. EX-99.1 2 a5190528ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Theragenics(R) Reports Revenue and Earnings for Second Quarter 2006 BUFORD, Ga.--(BUSINESS WIRE)--July 19, 2006--Theragenics Corporation(R) (NYSE: TGX), a medical device company serving the prostate cancer treatment and surgical markets, today announced consolidated financial results for the second quarter ended July 2, 2006. Consolidated revenue for the quarter was $12.6 million compared to $11.4 million in the second quarter of 2005, an increase of 10.5%. For the six-month period, consolidated revenue was $25.0 million, compared to $20.9 million in the same period last year, an increase of 19.6%. Net income for the quarter was $433,000, or $0.01 per share, compared to a net loss of $1.0 million, or $0.03 per share in the second quarter of 2005. For the six-month period, net income was $1.2 million, or $0.04 per share, compared to a net loss of $1.5 million, or $0.05 per share, in 2005. The 2006 periods include the results of operations of CP Medical. The 2005 periods include the results of operations of CP Medical subsequent to its acquisition by Theragenics on May 6, 2005. Commenting on the quarter, Chief Executive Officer and President M. Christine Jacobs stated, "Performance of CP Medical and the positive effects of our 2005 restructuring have resulted in our second consecutive profitable quarter, with both our brachytherapy and surgical products businesses profitable. Shut down activities related to our restructuring were completed during the quarter. We also renewed our unused $40 million credit facility. This renewal will allow us to continue our long-term strategy of diversification. We are confident we can maintain our strategy of supporting our current businesses while continuing to pursue new strategic investment opportunities." Theragenics will host a conference call today at 11:00 a.m. Eastern Time. To access the call, dial 800-538-9844 or 706-634-7274 and provide the conference ID code 2677374. This call is also being broadcast live over the Internet, and a recording will be available for one month on the Company's website. To access the webcast, log on to www.theragenics.com and select Investor Relations followed by selecting company presentations. You also can access a phone replay of the call until Midnight, July 26, 2006, by dialing 800-642-1687 or 706-645-9291 and providing the conference ID code: 2677374. Theragenics Corporation (NYSE: TGX) is a provider of brachytherapy and surgical products. In Buford, Ga., the Company manufactures and markets its premiere product, the palladium-103 TheraSeed(R) device (www.theraseed.com), and I-Seed, an iodine-125 based device, which are used primarily in the minimally invasive treatment of localized prostate cancer. Theragenics is the world's largest producer of palladium-103 for human use. Through its subsidiary, CP Medical (www.cpmedical.com), based in Portland, Ore., the Company manufactures and distributes wound closure and other medical devices with applications in, among others, the veterinary, brachytherapy, orthopedics, dental, plastic surgery, and cardiology markets. For additional information, call the Company's Investor Relations Department at (800) 998-8479 or visit www.theragenics.com. This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks and uncertainties, including, without limitation, statements regarding optimism for the results of Theragenics' restructuring, sales growth, sales and marketing initiatives, new product development, Theragenics' relationship with its distributor, institution of activities and plans that could benefit Theragenics' goals in its diversification efforts and anticipated positive results in general. Actual results may differ materially due to a variety of factors, including, among other things, risks and uncertainties related to new product development cycles, integration risks, effectiveness and execution of marketing and sales programs by Theragenics and its distributor, changes in product pricing by Theragenics or other brachytherapy seed producers, changes in costs of materials used in production processes (especially as it relates to isotope production), continued acceptance of the products by the market, continued demand for palladium-103, introduction and/or availability of competitive products by others, potential changes in third-party (including CMS) reimbursement, physician training, third-party distribution agreements, ability to execute on acquisition opportunities on favorable terms and successfully integrate any acquisitions, and other factors set forth from time to time in the Company's Securities and Exchange Commission filings. All forward looking statements and cautionary statements included in this document are made as of the date hereby based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward looking statement or cautionary statement. THERAGENICS AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands except per share data) Three Months Six months Ended Ended July 2, July 3, July 2, July 3, 2006 2005 2006 2005 -------- -------- -------- -------- Total revenues $12,590 $11,372 $24,984 $20,911 Cost of sales 6,480 6,244 12,535 11,038 -------- -------- -------- -------- Gross profit 6,110 5,128 12,449 9,873 Operating expenses: Selling, general & Administrative 5,565 5,913 11,100 10,414 Research & Development 179 1,143 418 2,550 Restructuring expenses 63 - 369 - Gain on sale of assets - - (201) - -------- -------- -------- -------- 5,807 7,056 11,686 12,964 -------- -------- -------- -------- Operating income/(loss) 303 (1,928) 763 (3,091) Other income, net 390 292 715 622 -------- -------- -------- -------- Income/(Loss) before income tax 693 (1,636) 1,478 (2,469) -------- -------- -------- -------- Income tax expense/(benefit) 260 (600) 270 (936) -------- -------- -------- -------- Net earnings/(loss) $ 433 $(1,036) $ 1,208 $(1,533) ======== ======== ======== ======== Net income/(loss) per common share, Basic $ 0.01 $ (0.03) $ 0.04 $ (0.05) ======== ======== ======== ======== Net income/(loss) per common share, Diluted $ 0.01 $ (0.03) $ 0.04 $ (0.05) ======== ======== ======== ======== Weighted average Shares outstanding, Basic 32,077 31,213 32,064 30,589 Shares outstanding, Diluted 32,120 31,213 32,114 30,589 Three Months Six Months Ended Ended KEY RATIOS 7/2/06 7/3/05 7/2/06 7/3/05 ------- ------- ------- ------- Gross Margin 48.5% 45.1% 49.8% 47.2% Operating Margin 2.4% (17.0)% 3.1% (14.8)% Operating Margin before restructuring and gain on sale of assets 2.9% (17.0)% 3.7% (14.8)% Income/(Loss) Before Tax Margin 5.5% (14.4)% 5.9% (11.8)% Income/(Loss) After Tax Margin 3.4% (9.1)% 4.8% (7.3)% ROE 1.5% (3.0)% 2.1% (2.2)% THERAGENICS CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) Assets July 2, December 31, 2006 2005 -------------- ------------- Cash, short-term investments & marketable securities $ 48,211 $ 45,608 Trade accounts receivable 7,411 7,622 Inventories 5,337 5,042 Assets held for sale 3,400 3,433 Prepaid expenses and other current assets 3,250 2,720 -------------- ------------- Total current assets 67,609 64,425 Property, plant & equipment, net 30,972 32,766 Goodwill 18,370 18,370 Other intangible assets 5,996 6,388 Other long-term assets 269 115 -------------- ------------- Total assets $ 123,216 $ 122,064 ============== ============= Liabilities & Shareholders' Equity Accounts payable & accrued expenses $ 3,846 $ 4,172 Contract termination liability 1,526 1,537 Deferred income tax liability 260 - Other liabilities 537 672 -------------- ------------- Total liabilities 6,169 6,381 Shareholders' equity 117,047 115,683 -------------- ------------- Total liabilities & shareholders' equity $ 123,216 $ 122,064 ============== ============= CONTACT: Theragenics Corporation Frank Tarallo/Lisa Rassel, 800-998-8479 or 770-271-0233 www.theragenics.com -----END PRIVACY-ENHANCED MESSAGE-----