SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): August 26, 2002
HEMACARE CORPORATION
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(Exact name of registrant as specified in its chapter)
California
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(State or other jurisdiction of incorporation)
0-15223 95-3280412
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Commission File Number (IRS Employer Identification No.)
21101 Oxnard Street, Woodland Hills, California 91367
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 226-1968
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Item 5. Other Events.
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On August 26, 2002, the Company announced that the
California Legislature did not act on proposed legislation
that would have permitted HemaCare to continue compensating
donors of apheresis platelets beyond January 1, 2003.
As a result, HemaCare will discontinue paying donors in
California and the distribution of platelets from
paid donors to California hospitals, effective
December 31, 2002.
In the year ended December 31, 2001, paid donors in
California contributed $6 million in revenue (24%
of total Company revenue) and $1.2 million in gross
profits (27% of the total Company gross profits).
The California platelet program has served hospitals and
patients in Southern California for the last 24 years with
an outstanding safety record. The program supplies
approximately 30% of the area's apheresis platelets,
has an outstanding safety record and an excellent regulatory
compliance record.
The Company will continue to operate its other blood
collection operations, including platelet collection
programs, both inside and outside of California, which
involve volunteer (unpaid) donors. Additionally, the
Company's Therapeutic Apheresis programs, which provide
clinical services to patients in Southern California
hospitals, are unaffected by this development.
Item 7. Financial Statements and Exhibits.
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Exhibit Number Description of Document
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None
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Signature
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Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
Date: August 26, 2002 HEMACARE CORPORATION
By: /s/ David Fractor
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David Fractor,
Chief Financial Officer
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