Alcide (ALCD) 10-Q 2001 Q3 Quarterly report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

/x/
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2001

or

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period
from              to              

Commission File Number: 0-12395

ALCIDE CORPORATION

Delaware State or other jurisdiction of incorporation or organization	22-2445061 (IRS Employer Identification No.)
8561 154th Avenue North East, Redmond WA (Address of principal executive offices)	98052 (zip code)

Registrant's telephone number, including area code(425) 882-2555

    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 that 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 the number of shares outstanding of each of the issuer's classes of common stock, as of February 28, 2001: 2,619,236, net of Treasury Stock.

ALCIDE CORPORATION

INDEX

		Page
PART I.	FINANCIAL INFORMATION
Item 1. Financial Statements
	Consolidated Condensed Balance Sheets—February 28, 2001 (Unaudited) and May 31, 2000	3
	Unaudited Consolidated Condensed Statements of Operations—for the three and nine months ended February 28, 2001 and February 29, 2000	4
	Consolidated Condensed Statements of Changes in Shareholders' Equity	5
	Unaudited Consolidated Condensed Statements of Cash Flows—for the nine months ended February 28, 2001 and February 29, 2000	6
	Notes to Unaudited Consolidated Condensed Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		10
Item 3. Legal Proceeding		12
PART II.	OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K		13
SIGNATURE		14

2

ALCIDE CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS

				February 28, 2001			May 31, 2000
				(Unaudited)
Assets:
	Current assets:
		Cash and cash equivalents		$	1,932,966		$	1,794,723
		Accounts receivable—trade			2,165,288			2,486,046
		Inventory			2,623,834			1,404,090
		Deferred and prepaid income taxes			562,607			—
		Components and spare parts			384,807			449,058
		Prepaid expenses and other current assets			300,307			238,651
			Total current assets		7,969,809			6,372,568
	Equipment and leasehold improvements:
		Sanova plant assets			11,006,000			7,365,458
		Office equipment			365,965			282,673
		Laboratory, manufacturing equipment and vehicles			236,726			169,136
		Leasehold improvements			73,483			73,483
		Less: Accumulated depreciation and amortization			(2,811,590	)		(1,437,892	)
			Total equipment and leasehold improvements, net		8,870,584			6,452,858
	Deferred income tax asset				406,061			1,102,331
	Goodwill and other intangibles, net				511,453			—
	Long term investments and other assets				585,353			602,564
Total Assets				$	18,343,260		$	14,530,321
Liabilities and Shareholders' Equity:
	Current liabilities:
		Accounts payable		$	716,617		$	594,454
		Accrued expenses			655,086			376,747
		Unearned revenue			172,496			—
		Loan payable			1,000,000			—
			Total current liabilities		2,544,199			971,201
	Long term payable to Novus				—			158,000
Total Liabilities					2,544,199			1,129,201
Commitments and Contingencies:
	Redeemable Class "B" Preferred Stock— noncumulative convertible $.01 par value: authorized 10,000,000 shares; issued and outstanding: May 31, 2000—72,525 February 28, 2001—72,525				190,377			190,377
	Shareholders' equity: Class "A" Preferred Stock—no par value: authorized 1,000 shares; issued and outstanding: May 31, 2000—138 February 28, 2001—138				18,636			18,636
	Common Stock $.01 par value: authorized 100,000,000 shares; issued and outstanding: May 31, 2000—2,904,068 February 28, 2001—3,000,195				30,002			29,040
	Treasury stock at cost				(7,283,165	)		(7,254,248	)
	Additional paid-in capital				21,019,131			19,832,668
	Retained earnings				1,824,080			584,647
			Total Shareholders' Equity		15,608,684			13,210,743
Total Liabilities and Shareholders' Equity				$	18,343,260		$	14,530,321

See notes to Unaudited Consolidated Condensed Financial Statements.

3

ALCIDE CORPORATION
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

			For the Three Months Ended February 28 and 29,					For the Nine Months Ended February 28 and 29,
			2001		2000			2001		2000
NET SALES			$	4,158,786	$	2,875,063		$	13,097,993	$	8,510,282
Expenditures
	Cost of goods sold			2,051,673		1,635,440			6,212,555		5,195,933
	Research and development expense			560,481		356,468			1,355,012		1,309,110
	Consulting expense to related parties			24,000		24,000			72,000		72,000
	Other selling, general/administrative			1,177,231		1,012,148			3,642,211		3,135,627
		Total Expenditures		3,813,385		3,028,056			11,281,778		9,712,670
Operating income (loss)				345,401		(152,993	)		1,816,215		(1,202,388	)
Interest, net				36,187		60,372			107,495		201,742
Other income				13,263		5,642			22,026		14,050
Income (loss) before provision (benefit) for income taxes				394,851		(86,979	)		1,945,736		(986,596	)
Provision (benefit) for income taxes				143,331		(29,573	)		706,304		(334,915	)
Net income (loss)			$	251,520	$	(57,406	)	$	1,239,432	$	(651,681	)
Basic earnings (loss) per common share			$	.10	$	(.02	)	$	.48	$	(.26	)
Diluted earnings (loss) per common share and equivalents			$	.09	$	(.02	)	$	.47	$	(.26	)
Weighted average common shares outstanding				2,594,306		2,519,974			2,556,869		2,518,495
Weighted average common shares & common share equivalents				2,697,522		2,519,974			2,637,877		2,518,495

See Notes to Unaudited Consolidated Condensed Financial Statements.

4

ALCIDE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

	Class "A" Preferred Stock								Common Treasury Stock
				Common Stock
							Additional Paid in Capital							Retained Earnings		Total Shareholders' Equity
	Shares	Amount		Shares	Amount				Shares		Amount
Balance May 31, 2000	138	$	18,636	2,904,068	$	29,040	$	19,832,668	(384,425	)	$	(7,254,248	)	$	584,647	$	13,210,743
Exercise of stock options				15,027		150		93,600									93,750
Stock issued for officers' bonuses				13,488		135		225,265									225,400
Tax benefit from exercise of stock options								56,406									56,406
Net Income															381,432		381,432
Balance August 31, 2000	138	$	18,636	2,932,583	$	29,325	$	20,207,939	(384,425	)	$	(7,254,248	)	$	966,079	$	13,967,731
Exercise of stock options				12,142		122		80,755									80,877
Tax benefit from exercise of stock options								96,047									96,047
Net Income															606,481		606,481
Balance November 30, 2000	138	$	18,636	2,944,725	$	29,447	$	20,384,741	(384,425	)	$	(7,254,248	)	$	1,572,560	$	14,751,136
Exercise of stock options				55,470		555		245,463									246,018
Tax benefit from exercise of stock options								289,387									289,387
Purchase Treasury Stock									(5,000	)		(138,750	)				(138,750	)
Transferred stock to ESOP									8,466			109,833					109,833
Issued stock warrants								99,540									99,540
Net Income															251,520		251,520
Balance February 28, 2001	138	$	18,636	3,000,195	$	30,002	$	21,019,131	(380,959	)	$	(7,283,165	)	$	1,824,080	$	15,608,684

See notes to Unaudited Consolidated Condensed Financial Statements.

5

ALCIDE CORPORATION UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

				For the Nine Months Ended February 28 and 29,
				2001			2000
Operating Activities:
	Net income (loss)			$	1,239,432		$	(651,681	)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities:
		Depreciation			1,373,698			663,395
		Amortization of investment premiums/goodwill			11,634			752
		Stock bonus to officers			225,400			—
		Common stock issued to employee stock ownership plan			109,833			83,057
		Deferred income taxes			706,304			—
		Decrease (increase) in assets:
			Inventory		(1,219,744	)		457,992
			Accounts receivable—trade		320,758			271,452
			Prepaid income taxes		(130,800	)		289,537
			Prepaid expenses and other current assets		2,595			(113,387	)
			Long term investments and other assets		16,459			15,582
		Increase (decrease) in liabilities:
			Accounts payable		122,163			157,122
			Accrued expenses		278,339			(45,257	)
			Unearned revenue		172,496			—
			Other liabilities		(158,000	)		(158,000	)
Net cash provided by operating activities					3,070,567			970,564
Cash Flows from Investing Activities:
	Goodwill and other intangibles				(422,795	)		—
	Acquisition of equipment				(3,791,424	)		(3,845,064	)
	Net cash used in investing activities				(4,214,219	)		(3,845,064	)
Cash Flows from Financing Activities:
	Purchase of Alcide Common Stock and redemption of Class "A" Preferred stock				(138,750	)		(443,686	)
		Short term borrowing			1,000,000			—
		Stock options exercised			420,645			93,750
		Net cash provided by (used in) financing activities			1,281,895			(349,936	)
	Net increase (decrease) in cash and cash equivalents				138,243			(3,224,436	)
	Cash and cash equivalents at beginning of period				1,794,723			6,391,868
	Cash and cash equivalents at end of period			$	1,932,966		$	3,167,432
Supplemental Disclosures of Cash Flow Information:
	Cash paid during the period for interest			$	1,458			—
	Cash paid during the period for income taxes			$	130,800		$	1,600

See notes to Unaudited Consolidated Condensed Financial Statements.

6

ALCIDE CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1.  Basis of Presentation

    In the opinion of management, the accompanying unaudited financial statements of Alcide Corporation (the "Company") as of and for the three and nine month periods ended February 28, 2001 and February 29, 2000 have been prepared in accordance with the instructions to Form 10-Q. Certain information and disclosures normally included in notes to financial statements have been condensed or omitted according to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed financial statements should be read in conjunction with the financial statements contained in the Company's Annual Report on Form 10-K for the year ended May 31, 2000. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation. The results of operations for the nine month periods are not necessarily indicative of the results to be expected for the full year.

2.  Inventory consisted of the following:

	February 28, 2001		May 31, 2000
Finished products	$	1,343,915	$	212,047
Raw materials		590,549		681,049
Sanova inventory at customer sites		689,370		510,994
Total	$	2,623,834	$	1,404,090

    On February 1, 2001, the Company purchased the assets of Universal Marketing Services, Inc. (UMS). The assets acquired included inventory sold to UMS by the Company in prior periods. The inventory purchased was recorded at its fair market value of $1,154,467. At the end of February, $1,105,588 of this inventory remained in "finished products".

3.  Accounts Receivable—Trade consisted of the following:

	February 28, 2001		May 31, 2000
IBA, Inc.	$	72,648	$	209,048
UMS, Inc.		—		472,403
Other Domestic Distributors		115,216		—
International Distributors		499,617		641,021
Sanova Customers		1,384,759		1,092,443
Other Receivables		93,048		71,131
Total Accounts Receivable	$	2,165,288	$	2,486,046

    On February 1, 2001, UMS owed the Company $636,401. This amount was netted against the payment needed to purchase UMS' inventory.

4.  Goodwill

    On February 1, 2001, the Company purchased assets from Universal Marketing Services, Inc. for a total purchase price of $1,676,802. The purchase price consisted of cash less balance of accounts receivable from UMS and a warrant to purchase 7,000 shares of the Company's Common Stock. The warrant has been valued at $99,540 using the Black-Scholes model. The purchase price was allocated to

7

the acquired assets (inventory and intangible assets) based on their fair market value and the residual was recorded as goodwill. Goodwill and other intangible assets will be amortized over a 48 month period.

5.  Unearned Revenue

    In November, 2000, Alcide agreed to terminate a distribution contract with its animal health distributor in France. The contract contained a take-or-pay arrangement for fiscal year 2001. In exchange for eliminating this arrangement the distributor paid Alcide $517,489. One-third of this amount was recognized as revenue in the second quarter. Another third was recognized in the third quarter. The remaining $172,496 (unearned revenue on the Balance Sheet) will be recognized in the fourth quarter, at which point the distribution agreement ends.

6.  Loan Payable

    On February 21, 2001, the Company took an initial draw of $1 million on its $10 million unrestricted line of credit with US Bank. The principal draw is due August 31, 2001. The interest rate is approximately 6.56% and interest is paid monthly.

7.  Taxes

    The income tax provision for the nine month period ended February 28, 2001 consisted of:

Federal income taxes	$	638,495
State income taxes	$	67,809
Total taxes	$	706,304

8.  Earnings Per Share

    Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and common stock equivalents outstanding during the period. Common stock equivalents of the Company include the dilutive effect of outstanding stock options.

    Basic and Diluted earnings per share were calculated as follows:

	Three Months Ended February 28 and 29,					Nine Months Ended February 28 and 29,
	2001		2000			2001		2000
Net income (loss)	$	251,520	$	(57,406	)	$	1,239,432	$	(651,681	)
Weighted average number of Common Shares outstanding		2,594,306		2,519,974			2,556,869		2,518,495
Basic earnings (loss) per share	$	.10	$	(.02	)	$	.48	$	(.26	)
Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from exercise of such options (Ø if antidilutive)		103,216		—			81,008		—
Weighted average Common Shares outstanding and Common Share equivalents		2,697,522		2,519,974			2,637,877		2,518,495
Diluted earnings (loss) per share	$	.09	$	(.02	)	$	.47	$	(.26	)

8

9.  Orders for Future Delivery

    At February 28, 2001 and February 29, 2000 the Company had orders for future delivery of $788,537 and $1,440,454. The $788,537 orders for future delivery are scheduled for shipment during the period March, 2001 through June, 2001. Data for both years excludes expected sales of Sanova to the poultry industry because contracts with Sanova customers do not require placement of purchase orders for future delivery. Sanova sales are based on product usage reported by the customers after the fact.

10. Segment Information

    The Company adopted Statement of Financial Accounting Standards No. 131 (SFAS 131) "Disclosures about Segments of an Enterprise and Related Information," during 1998. Following the provisions of SFAS 131, the Company is reporting segment information in the same format as reviewed by the Company's management (the "Management Approach"), which is organized around differences in products and services. During fiscal 2001, management determined that due to the growth of the Company's Sanova business, the Company now has two reportable segments, Animal Health and Surface Disinfectants, and Sanova Food Antimicrobial Products.

    The Company's reportable segments are strategic business units that offer similar products but to entirely different customers at substantially different selling price and cost of goods sold structure.

    The accounting policies of the segments are the same as those described in Note 2—Summary of Significant Accounting Policies, in the Company's Form 10-K. The Company evaluates performance based on gross margin from the sale of each segment's products and does not allocate expenses beyond gross margin to the two segments.

    Segment net sales, gross margin and assets are as follows:

		Three Months Ended				Nine Months Ended
		2/28/01		2/29/00		2/28/01		2/29/00
Animal Health
	Net Sales	$	1,881,585	$	1,879,542	$	7,151,816	$	6,181,598
	Gross Margin	$	1,118,959	$	1,094,310	$	4,481,225	$	3,657,374
	Assets (at end of period)	$	3,232,775	$	2,463,177
Sanova
	Net Sales	$	2,277,201	$	995,521	$	5,946,177	$	2,328,684
	Gross Margin	$	988,154	$	145,313	$	2,404,213	$	(343,025	)
Assets (at end of period)		$	11,137,398	$	7,017,830
Not Segment Related
	Assets (at end of period)	$	3,973,087	$	5,194,260
Total
	Net Sales	$	4,158,786	$	2,875,063	$	13,097,993	$	8,510,282
	Gross Margin	$	2,107,113	$	1,239,623	$	6,885,438	$	3,314,349
Assets (at end of period)		$	18,343,260	$	14,675,267

    Assets assigned to the business segments include accounts receivable, inventories, fixed assets, spare parts, components and goodwill.

9

PART I.

ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

    Alcide Corporation (the "Company") is a Delaware Corporation organized in 1983 which has its executive offices and research laboratories at 8561 154th Avenue N.E., Redmond, Washington 98052.

    Alcide is engaged in the research, development and commercialization of unique chemical compounds having intense microbiocidal activity. The Company holds substantial worldwide rights to its discoveries through various patents, patent applications, trademarks and other intellectual property, technology, and know-how.

    This report includes forward-looking statements which involve risk and uncertainty including, without limitation, risk of dependence on patents and trademarks, third party suppliers, market acceptance of and demand for the Company's products, distribution capabilities, development of technology and regulatory approval thereof. Sentences or phrases that use the words such as "believes," "anticipates," "hopes," "plans," "may," "can," "will," "expects," and others, are often used to flag such forward-looking statements, but their absence does not mean a statement is not forward-looking. Such statements reflect management's current opinion and are designed to help readers understand management's thinking. By their very nature, however, such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

Financial Condition and Results of Operations

    The Company's financial condition and results of operations for the quarter and nine month period ending February 28, 2001 were impacted by Alcide's agreement to purchase the assets of Universal Marketing Services, Inc. (UMS) on February 1, 2001. UMS' inventory and intangible assets were purchased for cash plus warrants to purchase 7,000 shares of Alcide Common Stock. The cash payment was reduced by the amount of accounts receivable owed to Alcide by UMS on the date of acquisition. In anticipation of the acquisition, Alcide curtailed its shipments to UMS in an effort to reduce UMS' inventory of Alcide produced products prior to February 1. In summary, the transaction with Universal Marketing Services, Inc. had the following impact on third quarter results:

•

Net sales were decreased by an estimated $500,000 as a result of Alcide's decision to reduce shipments to UMS during December and January.



•

Net income was reduced by approximately $200,000 for the same reason.



•

Inventory increased by $1,154,467 as a direct result of the purchase.



•

Accounts receivable were reduced by $636,401—the amount owed to Alcide by UMS on the date of acquisition.



•

Cash was reduced by $897,129.



•

Goodwill and other intangible assets were recorded at $522,335.

10

    Net sales of $4,158,786 for the quarter and $13,097,993 for the nine month period ending February 28, 2001 were 45% and 54% higher than for the respective periods last year.

	Three Months Ended				Nine Months Ended
Net Sales	Feb. 28, 2001		Feb. 29, 2000		Feb. 28, 2001		Feb. 29, 2000
Animal Health and Surface Disinfectants	$	1,881,585	$	1,879,542	$	7,151,816	$	6,181,598
Sanova Food Antimicrobial		2,277,201		995,521		5,946,177		2,328,684
Total	$	4,158,786	$	2,875,063	$	13,097,993	$	8,510,282

    Sales of Sanova food antimicrobial to the poultry industry totaled $2,277,201 for the quarter, an increase of $1,281,680 compared to the fiscal third quarter last year, and $345,607, 18% higher than this year's second quarter sales, as this new Alcide business continued to expand rapidly. Twenty-seven plants, processing approximately 4.7 billion pounds of poultry annually and representing roughly 15% of the total U.S. chicken market, are utilizing the Sanova System to improve the quality of their product. Alcide has agreements for future installations at five plants, bringing the total to 32 poultry plants under contract. Sanova sales for the nine month period ended February 28, 2001 were $5,946,177, an increase of $3,617,493 compared to the equivalent nine month period last year.

    The Company's animal health and surface disinfectant sales for the quarter ended February 28, 2001 were $1,881,585, essentially the same as the $1,879,542 for the equivalent quarter last year. Nine month sales of animal health and surface disinfectant products were $7,151,816, $970,218, 16% higher than the equivalent nine month period last year.

    Cost of goods sold were 49% of net sales for the quarter and 47% of net sales for the nine month period ended February 28, 2001. This is a substantial reduction from the 57% of net sales during the quarter and 61% for the nine month period last year and reflects primarily a reduction in Sanova cost of goods.

    Research and development expenses for the quarter ended February 28, 2001 were $560,481 as compared to $356,468 for the same quarterly period last year. The increase in R&D expenses for the quarter is primarily due to outside testing to support regulatory approvals for Sanova use on meat. Research and development expenditures for the nine month period were $1,355,012, a 4% increase over the $1,309,110 during the equivalent nine month period last year. The R&D expenses last year were heavily oriented toward development of Sanova for poultry, while expenditures this year relate primarily to the development of Sanova for red meats and to support product development and regulatory activity for the Company's animal health product line.

    Other selling, general and administrative expenses were $1,177,231 for the quarter ended February 28, 2001, a 16% increase from the $1,012,148 for the third quarter last year. Nine month expenses of $3,642,211 were 16% higher than for the equivalent period last year. The increases reflect cost incurred to establish the Alcide Food Safety operations and engineering office and to recruit staff to replace engineering, design and startup services previously purchased from outside consultants.

    Interest, net was $36,187 for the quarter and $107,495 for the nine month period ended February 28, 2001 as compared to $60,372 and $201,742 for the respective periods a year ago. The decreased amounts of interest result essentially from lower investable cash resources this year as compared to the equivalent periods a year ago. Also, the quarter and nine month periods this year included $1,458 in interest expense, while no interest expense was incurred last fiscal year.

Liquidity and Capital Resources

    The Company's cash, cash equivalents and U.S. Treasury investments (included in long term investments and other assets) totaled $2,434,469 on February 28, 2001, an amount $137,490 higher than

11

at the end of the previous fiscal year. The February 28, 2001 balance includes $1 million in cash resulting from a draw on the Company's $10 million line of credit.

    Net cash inflow provided by operating activities for the nine month period ended February 28, 2001 was $3,070,567, offsetting a $3,791,424 investment in the acquisition of equipment primarily to support the expanding food safety business, and $138,750 to purchase Alcide Common Stock, offset by $420,645 in cash realized from the exercise of stock options.

Outlook

•

Sanova Food Quality System

The size of the Company's food antimicrobial business continues to expand. On March 31, 2001, 27 poultry processing plants, having an annual capacity of approximately 4.7 billion pounds of poultry and representing roughly 15% of the total U.S. chicken market, were utilizing the Sanova System to improve the quality of their product. The 27 plants are expected to generate annual sales of approximately $10 million. Five additional poultry plants have agreed to future Sanova System installation.

In February, the Company began the commercialization of Sanova in the red meat industry. One beef plant began using Sanova for carcass disinfection in March. Four beef plants have signed agreements for use of Sanova on beef parts/trim prior to grinding and are expected to begin using Sanova early next fiscal year.

•

Animal Health and Surface Disinfectant Products

The nine month sales increase of 16% vs. prior year is not necessarily projectable long term. Worldwide, the market for teat dip products shows very little growth dynamic because the number of dairy cows decreases as the quantity of milk production per cow increases. Growth, therefore, is dependent on entering new markets and in obtaining market share increases in markets currently served. In addition, the Company now faces direct competition from products similar to its products, UDDERgold® and UDDERgold® Plus, in key market areas. The assumption going forward is that the market characteristics will result in essentially flat year-to-year sales.

ITEM 3.  Legal Proceeding

    None reportable.

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PART II.

OTHER INFORMATION

ITEM 6.  Exhibits and Reports on Form 8-K

    None.

13

SIGNATURE

    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.

	ALCIDE CORPORATION The Registrant
Date: April 12, 2001	By:	/s/ JOHN P. RICHARDS   John P. Richards President Chief Financial Officer

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ALCIDE CORPORATION INDEX
ALCIDE CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS
ALCIDE CORPORATION UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
ALCIDE CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
ALCIDE CORPORATION UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
ALCIDE CORPORATION NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PART I.
PART II. OTHER INFORMATION
SIGNATURE