AngioDynamics 8K Regulation FD Disclosure | ANGO 14 Nov 14

Exhibit 99.1

ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

As Revised (1)

(in thousands, except per share data)

	Three months ended			Year ended			Three months ended			Three months ended			Three months ended			Three months ended			Year ended
	Aug 31,			May 31,			May 31,			Feb 28,			Nov 30,			Aug 31,			May 31,
	2014			2014			2014			2014			2013			2013			2013
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Net sales	$	87,331		$	354,425		$	94,060		$	88,150		$	88,571		$	83,644		$	341,916
Cost of sales		41,506			174,757			46,650			43,357			43,686			41,064			173,402
Gross profit		45,825			179,668			47,410			44,793			44,885			42,580			168,514
% of net sales		52.5	%		50.7	%		50.4	%		50.8	%		50.7	%		50.9	%		49.3	%
					��
Operating expenses
Research and development		6,718			27,486			6,729			7,045			7,003			6,709			26,319
Sales and marketing		20,067			83,200			21,464			20,700			21,073			19,963			76,121
General and administrative		7,323			26,639			7,097			6,445			6,411			6,686			26,186
Amortization of intangibles		4,015			16,622			3,926			4,248			4,339			4,109			16,617
Medical device tax		995			3,829			874			980			999			976			1,600
Change in fair value of contingent consideration		801			(1,808	)		673			(4,154	)		940			733			1,583
Acquisition, restructuring and other		2,664			10,760			3,063			3,016			2,679			2,002			13,800
Total operating expenses		42,583			166,728			43,826			38,280			43,444			41,178			162,226
Operating income		3,242			12,940			3,584			6,513			1,441			1,402			6,288
Other income (expense), net		(1,824	)		(7,200	)		(1,474	)		(1,970	)		(1,791	)		(1,965	)		(7,875	)
Income (loss) before income taxes		1,418			5,740			2,110			4,543			(350	)		(563	)		(1,587	)
Provision for (benefit from) income taxes		948			3,074			3,325			28			(89	)		(190	)		(376	)
Net income (loss)	$	470		$	2,666		$	(1,215	)	$	4,515		$	(261	)	$	(373	)	$	(1,211	)

Earnings (loss) per common share
Basic	$	0.01		$	0.08		$	(0.03	)	$	0.13		$	(0.01	)	$	(0.01	)	$	(0.03	)
Diluted	$	0.01		$	0.08		$	(0.03	)	$	0.13		$	(0.01	)	$	(0.01	)	$	(0.03	)

Weighted average common shares
Basic		35,367			35,136			35,278			35,184			35,132			34,950			34,817
Diluted		35,885			35,440			35,278			35,704			35,132			34,950			34,817

(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

GAAP TO NON-GAAP RECONCILIATION

As Revised (1)

(in thousands, except per share data)

Reconciliation of Net Income to non-GAAP Adjusted Net Income:

	Three months ended			Year ended			Three months ended			Three months ended			Three months ended			Three months ended			Year ended
	Aug 31,			May 31,			May 31,			Feb 28,			Nov 30,			Aug 31,			May 31,
	2014			2014			2014			2014			2013			2013			2013
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Net income (loss)	$	470		$	2,666		$	(1,215	)	$	4,515		$	(261	)	$	(373	)	$	(1,211	)

Amortization of intangibles		4,015			16,622			3,926			4,248			4,339			4,109			16,617
Change in fair value of contingent consideration		801			(1,808	)		673			(4,154	)		940			733			1,583
Inventory step-up		-			150			-			75			75			-			3,845
Quality Call to Action Program		-			-			-			-			-			-			850
Impact of NYS tax reform legislation		-			1,173			1,173			-			-			-			-
Acquisition, restructuring and other (2)		2,664			10,760			3,063			3,016			2,679			2,002			13,800
Tax effect of non-GAAP items (3)		(2,300	)		(9,583	)		(1,415	)		(2,793	)		(2,893	)		(2,483	)		(13,190	)
Adjusted net income	$	5,650		$	19,980		$	6,205		$	4,907		$	4,879		$	3,988		$	22,294



Reconciliation of Diluted Earnings Per Share to non-GAAP Adjusted Diluted Earnings Per Share:

	Three months ended			Year ended			Three months ended			Three months ended			Three months ended			Three months ended			Year ended
	Aug 31,			May 31,			May 31,			Feb 28,			Nov 30,			Aug 31,			May 31,
		2014			2014			2014			2014			2013			2013			2013
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Diluted earnings (loss) per share	$	0.01		$	0.08		$	(0.03	)	$	0.13		$	(0.01	)	$	(0.01	)	$	(0.03	)

Amortization of intangibles		0.11			0.47			0.11			0.12			0.12			0.12			0.47
Change in fair value of contingent consideration		0.02			(0.05	)		0.02			(0.12	)		0.03			0.02			0.04
Inventory step-up		-			0.00			-			0.00			0.00			-			0.11
Quality Call to Action Program		-			-			-			-			-			-			0.02
Impact of NYS tax reform legislation		-			0.03			0.03			-			-			-			-
Acquisition, restructuring and other (2)		0.07			0.30			0.09			0.08			0.08			0.06			0.39
Tax effect of non-GAAP items (3)		(0.06	)		(0.27	)		(0.04	)		(0.08	)		(0.08	)		(0.07	)		(0.37	)
Adjusted diluted earnings per share	$	0.16		$	0.56		$	0.17		$	0.14		$	0.14		$	0.11		$	0.63


Adjusted diluted sharecount		35,885			35,440			35,653			35,704			35,348			35,100			35,354

(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.

(2) Includes costs related to acquisitions, integrations, restructurings, debt refinancing, litigation, and other items.

(3) Represents the net tax effect of non-GAAP adjustments.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

GAAP TO NON-GAAP RECONCILIATION (Continued)

As Revised (1)

(in thousands, except per share data)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA:

	Three months ended		Year ended			Three months ended			Three months ended			Three months ended			Three months ended			Year ended
	Aug 31,		May 31,			May 31,			Feb 28,			Nov 30,			Aug 31,			May 31,
	2014		2014			2014			2014			2013			2013			2013
	(unaudited)		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Net income (loss)	$	470	$	2,666		$	(1,215	)	$	4,515		$	(261	)	$	(373	)	$	(1,211	)

Provision for (benefit from) income taxes		948		3,074			3,325			28			(89	)		(190	)		(376	)
Other income (expense), net		1,824		7,200			1,474			1,970			1,791			1,965			7,875
Depreciation and amortization		6,685		28,157			7,044			7,243			7,123			6,747			27,227
EBITDA		9,927		41,097			10,628			13,756			8,564			8,149			33,515

Change in fair value of contingent consideration		801		(1,808	)		673			(4,154	)		940			733			1,583
Acquisition, restructuring and other (2,3)		2,289		10,010			2,688			2,641			2,679			2,002			13,800
Quality Call to Action Program		-		-			-			-			-			-			850
Inventory step-up		-		150			-			75			75			-			3,845
Stock-based compensation		1,395		5,502			1,480			1,599			1,271			1,152			4,609
Adjusted EBITDA	$	14,412	$	54,951		$	15,469		$	13,917		$	13,529		$	12,036		$	58,202

Per diluted share:
EBITDA	$	0.28	$	1.15		$	0.30		$	0.39		$	0.24		$	0.23		$	0.95
Adjusted EBITDA	$	0.40	$	1.54		$	0.43		$	0.39		$	0.38		$	0.34		$	1.65

(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.

(2) Includes costs related to acquisitions, integrations, restructurings, debt refinancing, litigation, and other items.

(3) Excludes $375 of depreciation expense for each of Q1 FY15, Q4 FY14, Q3 FY14 and $750 for FY14 captured in the depreciation and amortization component of this reconciliation.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As Revised (1)

(in thousands)

	Aug 31,		May 31,
	2014		2014
	(unaudited)		(unaudited)
Assets
Current Assets
Cash and cash equivalents	$	13,808	$	16,105
Marketable securities		1,670		1,809
Total cash and investments		15,478		17,914

Receivables, net		56,026		61,968
Inventories, net		70,421		61,234
Deferred income taxes		3,667		4,625
Prepaid income taxes		1,936		510
Prepaid expenses and other		6,777		5,471
Total current assets		154,305		151,722

Property, plant and equipment, net		66,794		66,590
Intangible assets, net		201,440		205,256
Goodwill		360,473		360,473
Deferred income taxes		9,236		10,403
Other non-current assets		3,866		4,447
Total Assets	$	796,114	$	798,891

Liabilities and Stockholders' Equity
Accounts payable and accrued expenses	$	46,982	$	49,547
Current portion of long-term debt		5,000		5,000
Current portion of contingent consideration		10,897		12,879
Other current liabilities		828		1,288
Total current liabilities		63,707		68,714
Long-term debt, net of current portion		136,410		137,660
Contingent consideration, net of current portion		55,135		54,452
Other long-term liabilities		1,178		1,230
Total Liabilities		256,430		262,056

Stockholders' equity		539,684		536,835
Total Liabilities and Stockholders' Equity	$	796,114	$	798,891

(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.

ANGIODYNAMICS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

As Revised (1)

(in thousands)

	Three months ended			Year ended			Nine months ended			Six months ended			Three months ended			Year ended
	Aug 31,			May 31,			Feb 28,			Nov 30,			Aug 31,			May 31,
	2014			2014			2014			2013			2013			2013
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Cash flows from operating activities:
Net income (loss)	$	470		$	2,666		$	3,881		$	(634	)	$	(373	)	$	(1,211	)
Depreciation and amortization		6,685			28,157			21,113			13,870			6,747			27,227
Amortization of acquired inventory basis step-up		-			150			150			75			-			3,845
Tax effect of exercise of stock options		-			(146	)		(146	)		(146	)		(61	)		(1,644	)
Stock-based compensation		1,395			5,502			4,022			2,423			1,152			4,609
Change in fair value of contingent consideration		801			(1,808	)		(2,481	)		1,673			733			1,583
Deferred income taxes		2,110			2,951			1,700			1,155			569			666
Changes in accounts receivable allowance		127			465			281			312			195			338
Gain on sale of assets		-			-			-			-			-			(711	)
Loss on discontinuance of product offering		-			-			-			-			-			1,416
Other		190			(17	)		(50	)		(24	)		(47	)		157
Changes in operating assets and liabilities
Receivables		5,815			(14,786	)		(9,668	)		(123	)		1,793			1,020
Inventories		(9,187	)		(5,608	)		(3,491	)		(4,351	)		(3,473	)		(1,909	)
Prepaid expenses and other		(2,821	)		497			(2,958	)		(1,882	)		(1,212	)		977
Accounts payable and accrued liabilities		(233	)		6,658			2,821			3,410			1,277			(9,711	)
Net cash provided by (used in) operating activities		5,352			24,681			15,174			15,758			7,300			26,652

Cash flows from investing activities:
Additions to property, plant and equipment		(5,104	)		(11,172	)		(9,003	)		(7,191	)		(2,903	)		(12,120	)
Acquisition of businesses, net of cash acquired		-			(4,169	)		(4,169	)		(4,169	)		(4,169	)		(24,474	)
Acquisition of intangible assets		(154	)		(1,435	)		(180	)		(150	)		-			(800	)
Other cash flows from investing activities		-			-			-			-			-			801
Change in escrow receivable		-			-			-			-			-			2,500
Purchases, sales and maturities of marketable securities, net		-			328			328			303			303			11,855
Net cash provided by (used in) investing activities		(5,258	)		(16,448	)		(13,024	)		(11,207	)		(6,769	)		(22,238	)

Cash flows from financing activities:
Repayment of long-term debt		(1,250	)		(146,250	)		(145,000	)		(143,750	)		-			(7,500	)
Proceeds from issuance of long-term debt		-			100,000			100,000			100,000			-			-
Proceeds from borrowings on revolving credit facility		-			46,410			41,410			41,410
Proceeds from exercise of stock options and ESPP		959			2,444			2,208			1,133			678			1,214
Payment of Contingent Consideration		(2,100	)		(15,943	)		(14,597	)		(9,300	)		(950	)		-
Deferred financing costs on long-term debt		-			(677	)		(677	)		(677	)		-			-
Net cash provided by (used in) financing activities		(2,391	)		(14,016	)		(16,656	)		(11,184	)		(272	)		(6,286	)

Effect of exchange rate changes on cash		-			86			86			4			4			(65	)
Increase (Decrease) in cash and cash equivalents		(2,297	)		(5,697	)		(14,420	)		(6,629	)		263			(1,937	)

Cash and cash equivalents
Beginning of period		16,105			21,802			21,802			21,802			21,802			23,739
End of period	$	13,808		$	16,105		$	7,382		$	15,173		$	22,065		$	21,802

(1) Revised, as previously disclosed in the Company’s Form 10-Q for the quarterly period ended August 31, 2014, filed October 15, 2014.

AngioDynamics (ANGO) 8-KRegulation FD Disclosure