SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
May 1, 2000
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THERMEDICS INC.
(Exact name of Registrant as specified in its charter)
Massachusetts 1-9567 04-2788806
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification Number
incorporation or)
organization)
470 Wildwood Street,
P.O. Box 2999
Woburn, Massachusetts 01888
(Address of principal (Zip Code)
executive offices)
(781) 622-1000
(Registrant's telephone number
including area code)
This Form 8-K contains forward-looking statements that involve a number of risks
and uncertainties. Important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements are set forth
under the heading "Forward-looking Statements" in Exhibit 13 to Thermedics
Inc.'s Annual Report on Form 10-K for the year ended January 1, 2000. These
include risks and uncertainties relating to: government regulation and industry
standards, competition and technological change, intellectual property rights,
reimbursement by insurers for medical procedures, medical community acceptance
of medical devices, availability of materials and components, product liability,
international operations, the company's acquisition strategy, and the company's
cash management arrangement with Thermo Electron.
Item 5. Other Events
On April 7, 2000, the Registrant issued a press release, attached hereto as
Exhibit 99, regarding its financial results for the guarter ended April 1, 2000.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired: not applicable.
(b) Pro Forma Financial Information: not applicable.
(c) Exhibits
99 Press Release dated April 1, 2000.
SIGNATURE
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, thereunto duly authorized, on this 2nd day of May, 2000.
THERMEDICS INC
By: /s/ Theo Melas-Kyriazi
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Theo Melas-Kyriazi
Chief Financial Officer
Exhibit 99
Investor Contact: 781-6 22-1111
Media Contact: 781-622-1252
Thermedics Announces First Quarter Results
WOBURN, Mass., May 1, 2000 - Thermedics Inc. (ASE-TMD), a Thermo Electron
company, today reported that revenues for the quarter ended April 1, 2000, were
$60.7 million, compared with $52.0 million in 1999. Income from continuing
operations, which excludes the results of the company's power electronics and
test equipment and heart-assist and blood testing devices segments because of
plans to sell these businesses, was $2.7 million, or $.06 per diluted share,
compared with $1.7 million, or $.04 per diluted share, last year. Excluding
pretax restructuring and unusual costs of $0.1 million in 2000 and $1.4 million
in 1999, income from continuing operations would have been $2.7 million, or $.06
per diluted share, in 2000 and $3.1 million, or $.07 per diluted share, in 1999.
Consolidated Statement of Income (unaudited)
Three Months Ended
(In thousands except per share amounts) April 1, 2000 April 3, 1999
Revenues $ 60,729 $ 51,960
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Costs and Operating Expenses:
Cost of revenues 32,245 28,018
Selling, general, and administrative expenses 18,409 15,162
Research and development expenses 4,466 3,404
Restructuring and unusual costs 93 1,395
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55,213 47,979
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Operating Income 5,516 3,981
Interest Income 1,046 1,051
Interest Expense (891) (427)
Equity in Earnings (Loss) of Unconsolidated
Subsidiaries 65 (21)
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Income from Continuing Operations Before
Provision for Income Taxes and Minority Interest 5,736 4,584
Provision for Income Taxes 2,479 2,304
Minority Interest Expense 566 588
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Income from Continuing Operations 2,691 1,692
Income from Discontinued Operations (net of
income tax provision and minority interest
of $1,581) - 890
-------- --------
Net Income $ 2,691 $ 2,582
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Earnings per Share from Continuing Operations:
Basic $ .06 $ .04
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Diluted $ .06 $ .04
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Earnings per Share:
Basic $ .06 $ .06
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Diluted $ .06 $ .06
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Weighted Average Shares:
Basic 41,982 41,696
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Diluted 42,981 42,806
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Note: The company's power electronics and test equipment and heart-assist
and blood testing devices segments have been classified as "discontinued
operations" because of the company's plans to sell these businesses. The 1999
results have been restated to reflect this accounting treatment.
Thermedics Inc. develops, manufactures, and markets diverse product lines,
including implantable heart-assist devices and other biomedical products,
security instruments, and equipment that assures the quality of a wide variety
of consumer products and bulk materials. Thermedics is a public subsidiary of
Thermo Electron Corporation. More information is available on the Internet at
http://www.thermo.com/subsid/tmd1.html.
The following constitutes a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This press release contains forward-looking
statements that involve a number of risks and uncertainties. Important factors
that could cause actual results to differ materially from those indicated by
such forward-looking statements are set forth under the heading "Forward-looking
Statements" in Exhibit 13 to the company's annual report on Form 10-K for the
year ended January 1, 2000. These include risks and uncertainties relating to:
government regulation and industry standards, competition and technological
change, intellectual property rights, reimbursement by insurers for medical
procedures, medical community acceptance of medical devices, availability of
materials and components, product liability, international operations, the
company's acquisition strategy, and the company's cash management arrangement
with Thermo Electron.