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 endedMarch 31, 2004
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 April 30, 2004 - 17,043,879.
LabOne, Inc.
Form 10-Q for the First Quarter, 2004
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
(in thousands, except share and per share data)
March 31, | December 31, | |
2004 | 2003 | |
(unaudited) | ||
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 3,189 | $ 4,651 |
Accounts receivable, net of allowances of $21,748 in 2004 and $8,727 in 2003 | 78,878 | 57,928 |
Inventories | 8,067 | 5,472 |
Prepaid expenses and other current assets | 3,665 | 5,202 |
Deferred income taxes | 5,602 | 4,990 |
Total current assets | 99,401 | 78,243 |
Property, plant and equipment, net | 52,015 | 47,405 |
Goodwill | 136,862 | 99,103 |
Intangible assets, net | 21,612 | 11,345 |
Other long-term assets | 1,341 | 1,526 |
Total assets | $ 311,231 | $ 237,622 |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Accounts payable | $ 23,373 | $ 13,617 |
Accrued payroll and benefits | 14,739 | 11,769 |
Other accrued expenses | 5,871 | 2,787 |
Current portion of long-term debt | 2,038 | 2,014 |
Total current liabilities | 46,021 | 30,187 |
Deferred income taxes | 5,717 | 5,619 |
Long-term debt | 104,734 | 56,094 |
Other | 29 | 21 |
Total liabilities | 156,501 | 91,921 |
Stockholders' equity: | ||
Common stock, $0.01 par value per share. Authorized 40,000,000 shares; issued 18,027,729 shares in 2004 and 2003 | 180 | 180 |
Additional paid-in capital | 85,427 | 84,066 |
Retained earnings | 82,130 | 76,250 |
Accumulated other comprehensive loss | (344) | (245) |
Treasury stock of 996,415 shares in 2004 and 1,144,840 shares in 2003, at cost | (12,663) | (14,550) |
Total stockholders' equity | 154,730 | 145,701 |
Total liabilities and stockholders' equity | $ 311,231 | 237,622 |
See accompanying notes to consolidated financial statements.
LabOne, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)