-----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, TWW3CghJVO4hy121RkHKjSf+askSQ4zyaLMmrRjM6uhef0t+D/b38b48ou1lDW/o jOV+yM1KuWMf14HmhIfnuA== 0000930661-02-001071.txt : 20020415 0000930661-02-001071.hdr.sgml : 20020415 ACCESSION NUMBER: 0000930661-02-001071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020403 ITEM INFORMATION: Other events FILED AS OF DATE: 20020404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RETRACTABLE TECHNOLOGIES INC CENTRAL INDEX KEY: 0000946563 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 752599762 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16465 FILM NUMBER: 02601994 BUSINESS ADDRESS: STREET 1: 511 LOBO LANE CITY: LITTLE ELM STATE: TX ZIP: 75068-0009 BUSINESS PHONE: 9722941010 MAIL ADDRESS: STREET 1: 511 LOBO LANE CITY: LITTLE ELM STATE: TX ZIP: 75068-0009 8-K 1 d8k.txt FORM 8-K 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 (date of earliest event reported) April 3, 2002 -------------------------------- Retractable Technologies, Inc. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Texas 000-30885 75-2599762 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 511 Lobo Lane, Little Elm, Texas 75068-0009 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (972) 294-1010 ------------------------------ None - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5 OTHER EVENTS On April 3, 2002, the Registrant issued a press release, a copy of which is attached to this Form 8-K as exhibit 99. 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 hereunto duly authorized. DATE: April 3, 2002 RETRACTABLE TECHNOLOGIES, INC. (Registrant) By: /s/ THOMAS J. SHAW --------------------------------- THOMAS J. SHAW CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER INDEX TO EXHIBITS EXHIBIT NO. DESCRIPTION - ----------- ----------- 99 Press Release of Retractable Technologies, Inc. issued April 3, 2002 EX-99 3 dex99.txt PRESS RELEASE EXHIBIT 99 RETRACTABLE TECHNOLOGIES, INC. ANNOUNCES SIGNIFICANT REVENUE INCREASE FOR 2001 LITTLE ELM, Texas, April 3, 2002--- Retractable Technologies, Inc. (AMEX: RVP) ("Retractable") a leading maker of safety needle devices, today reported record sales for the year ended December 31, 2001. Net revenues for the year ended December 31, 2001 were $16,145,635, an increase of 67.5% over the $9,641,451 reported in 2000. The sharp growth in sales for the twelve months ended December 31, 2001 was accompanied by significant gains in operating efficiency. Gross margins for 2001 increased to 17.5% of net revenues from 8.6% a year ago. The improvement in gross margin from 8.6% in 2000 to 17.5% in 2001 is due to the increased revenues and corresponding positive effect on reduction of unit costs achieved through higher production. A 67.5% increase in 2001 revenues over 2000 revenues resulted in a 103.5% increase in gross margin percentage. Assuming continued increases in revenue, we would expect this positive trend in the Company's gross margin to continue due to our low variable costs of production. For example, a 50% increase from our 2001 revenues would improve the gross margin from the current 17.5% to an estimated 31%, an increase of approximately 77%. Operating expenses (excluding a one-time charge of IPO costs of $563,912) decreased $2,298,176 for the twelve months ended December 31, 2001 from the same period last year. Operating expenses (excluding IPO costs) as a percentage of net revenues decreased from 117% to 56%. Retractable incurred expenses of $563,912 in connection with its public offering, which was declared effective by the Securities and Exchange Commission on May 3, 2001. On September 20, 2001 Retractable filed a post-effective amendment to withdraw Retractable's offering of 2,000,000 shares of common stock. Effective with the decision to withdraw this offering, Retractable expensed all deferred IPO costs, resulting in a charge in 2001 of $563,912. For a detailed discussion of financial performance for the twelve months ended December 31, 2001, see Management's Discussion and Analysis in the Form 10-KSB filed April 1, 2002, with the Securities and Exchange Commission. Retractable Technologies, Inc. manufactures and markets VanishPoint(R) automated retraction safety syringes and blood collection devices, which virtually eliminate health care worker exposure to accidental needlestick injuries. These revolutionary devices use a patented friction ring mechanism that causes the contaminated needle to retract automatically from the patient into the barrel of the device. VanishPoint(R) safety needle devices are distributed to the acute care hospital market by Abbott Laboratories (NYSE:ABT - news) and to the alternate care market by various specialty and general line distributors. For more information on Retractable, visit our Web site at www.vanishpoint.com. ------------------- Forward looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect the company's current views with respect to future events. The company believes that the expectations reflected in such forward-looking statements are accurate. However, the company cannot assure you that such expectations will occur. The company's actual future performance could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of dramatic increases in demand, the company's ability to quickly increase its production capacity in the event of a dramatic increase in demand, the company's ability to access the market, the company's ability to continue to finance research and development as well as operations and expansion of production through equity and debt financing, as well as sales, the increased interest of larger market players in providing safety needle devices and other risks and uncertainties that are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission. RETRACTABLE TECHNOLOGIES, INC. CONDENSED BALANCE SHEETS - --------------------------------------------------------------------------------
December 31, ----------------------------- ASSETS 2001 2000 ----------- ----------- Current assets: Cash and cash equivalents $ 1,220,244 $ 3,727,682 Accounts receivable, net 1,585,024 2,325,252 Inventories, net 3,218,786 1,575,636 Other current assets 245,555 426,758 ----------- ----------- Total current assets 6,269,609 8,055,328 Property, plant and equipment, net 11,740,464 11,902,792 Intangible assets and deferred charges, net 530,378 529,803 ----------- ----------- Total assets $18,540,451 $20,487,923 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,917,650 $ 1,868,357 Current portion of long-term debt 686,402 471,676 Accrued compensation 399,149 339,431 Marketing fees payable 2,517,341 1,937,072 Accrued royalties 1,019,050 198,941 Other accrued liabilities 259,184 623,414 ----------- ----------- Total current liabilities 8,798,776 5,438,891 ----------- ----------- Long-term debt, net of current maturities 9,579,053 7,680,130 ----------- ----------- Stockholders' equity: Preferred stock $1 par value: Class A 1,101,500 1,826,500 Series I, Class B 261,900 366,400 Series II, Class B 431,000 489,250 Series III, Class B 158,245 158,245 Series IV, Class B 1,066,000 1,066,000 Additional paid-in capital 37,671,513 36,774,763 Accumulated deficit (40,527,536) (33,312,256) ----------- ----------- Total stockholders' equity 162,622 7,368,902 ----------- ----------- Total liabilities and stockholders' equity $18,540,451 $20,487,923 =========== ===========
RETRACTABLE TECHNOLOGIES, INC. CONDENSED STATEMENTS OF OPERATIONS
Years ended December 31, ----------------------------------------------- 2001 2000 1999 ----------- ------------- ------------- Sales, net $16,145,635 $ 9,641,451 $ 3,375,158 Cost of sales 13,322,965 8,815,939 2,331,070 ----------- ------------- ------------- Gross margin 2,822,670 825,512 1,044,088 ----------- ------------- ------------- Operating expenses: Preproduction manufacturing - 627,200 1,837,830 Sales and marketing 4,066,433 4,955,456 3,742,779 Research and development 756,542 899,149 842,062 General and administrative 4,149,389 4,788,735 2,863,989 Deferred IPO expenses 563,912 - - ----------- ------------- ------------- Total operating expenses 9,536,276 11,270,540 9,286,660 ----------- ------------- ------------- Loss from operations (6,713,606) (10,445,028) (8,242,572) Interest income 51,943 204,195 122,028 Interest expense, net (553,617) (203,776) (112,964) ----------- ------------- ------------- Net loss (7,215,280) (10,444,609) (8,233,508) Preferred stock dividend requirements (2,023,954) (3,719,839) (2,999,848) ----------- ------------- ------------- Net loss applicable to common shareholders $(9,239,234) $(14,164,448) $(11,233,356) =========== ============ ============ Net loss per share (basic and diluted) $ (.47) $ (.96) $ (.80) =========== ============ ============ Weighted average common shares outstanding 19,774,006 14,716,190 14,000,000 =========== ============ ============
- ------------------------------------------ Investor Contact: Douglas W. Cowan Media Contact: Phillip L. Zweig Chief Financial Officer Communications Director (888) 806-2626 or (972) 294-1010 (212)490-0811 or (214)912-7415 (cell) rtifinancial@vanishpoint.com plzweig@aol.com - ---------------------------- --------------- -----END PRIVACY-ENHANCED MESSAGE-----