UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For quarterly period endedJune 30, 2003
Commission file number: 0-16946
LabOne, Inc.
10101 Renner Blvd.
Lenexa, Kansas 66219
(913) 888-1770
Incorporated in Missouri
I.R.S. Employer Identification Number: 43-1039532
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 by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes /X/ No / /
Number of shares outstanding of the only class of Registrant's common stock, $.01 par value, as of July 31, 2003 - 11,734,974.
LabOne, Inc.
Form 10-Q for the Second Quarter, 2003
Table of Contents
PART I. FINANCIAL INFORMATION |
ITEM 1. Financial Statements: |
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4. Controls and Procedures |
PART II. OTHER INFORMATION |
PART I. FINANCIAL INFORMATION
ITEM 1 - Financial Statements
LabOne, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
June 30, | December 31, | |
2003 | 2002 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 10,580,554 | 8,107,554 |
Accounts and notes receivable - trade, net of allowance for doubtful accounts of $8,101,652 in 2003 and $7,075,748 in 2002 | 52,331,434 | 48,669,148 |
Inventories | 5,083,317 | 4,739,423 |
Prepaid expenses and other current assets | 4,411,973 | 3,967,757 |
Deferred income taxes | 5,044,125 | 3,865,539 |
Total current assets | 77,451,403 | 69,349,421 |
Property, plant and equipment | 110,031,949 | 106,946,090 |
Less accumulated depreciation | 64,442,683 | 60,094,949 |
Net property, plant and equipment | 45,589,266 | 46,851,141 |
Other assets: | ||
Goodwill | 97,721,939 | 96,309,148 |
Other intangible assets | 1,855,284 | 1,967,282 |
Debt issue costs, net of accumulated amortization of $694,746 in 2003 and $395,262 in 2002 | 1,231,987 | 1,522,552 |
Deposits and other assets | 780,760 | 691,980 |
Total assets | $ 224,630,639 | 216,691,524 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | $ 15,649,220 | 15,373,393 |
Accrued payroll and benefits | 9,720,947 | 9,148,323 |
Other accrued expenses | 3,053,750 | 2,000,703 |
Income taxes payable | 911,349 | 454,206 |
Current portion of long-term debt | 1,944,445 | 2,005,596 |
Total current liabilities | 31,279,711 | 28,982,221 |
Long-term debt | 57,960,367 | 63,050,455 |
Deferred income taxes - noncurrent | 4,546,135 | 4,598,957 |
Stockholders' equity: | ||
Preferred stock, $.01 par value per share; 3,000,000 total authorized shares: Series B-1: 8% convertible; 45,000 shares authorized; 40,270 shares issued in 2003, and 38,865 shares issued in 2002 | 40,269,981 | 38,865,492 |
Common stock, $.01 par value per share; 40,000,000 shares authorized, 13,050,020 shares issued | 130,500 | 130,500 |
Additional paid-in capital | 41,409,988 | 48,865,813 |
Accumulated comprehensive loss - equity adjustment from foreign currency translation | (449,520) | (867,147) |
Retained earnings | 66,258,467 | 58,217,280 |
Less treasury stock of 1,327,267 shares in 2003 and 1,756,027 shares in 2002 | (16,774,990) | (25,152,047) |
Total stockholders' equity | 130,844,426 | 120,059,891 |
Total liabilities and stockholders' equity | $ 224,630,639 | 216,691,524 |
See accompanying notes to consolidated financial statements.
LabOne, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)