SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) April 4, 2001
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NOVOSTE CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 0-20727 59-2787476
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
3890 Steve Reynolds Blvd., Norcross, GA 30093
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 717-0904
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(Former name or former address, if changed since last report)
Item 5. Other Events
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The Registrant's unaudited results of operations for the quarter ended
September 30, 2000 are presented below as previously reported in its Form 10-Q
and as restated to reflect the revenue recognition policy applied in the
Registrant's audited financial statements for the year ended December 31, 2000
Annual Financial Statements. The results of operations for the quarter and
year ended December 31, 2000 are also presented below as previously reported in
the Company's earnings release dated January 29, 2001 and as restated in the
audited financial statements for the year ended December 31, 2000 to reflect the
revenue recognition policies applied. The restated results of operations were
included in the Registrant's Annual Report on Form 10-K filed with the
Securities and Exchange Commission on April 2, 2001.
The Registrant has evaluated the impact of Staff Accounting Bulletin (SAB) 101,
Revenue Recognition in Financial Statements, on its revenue recognition policies
and has concluded, based on its current understanding of the SEC's ongoing
interpretation of SAB 101, that the adoption of SAB 101 in 2000 did not require
the Registrant to change its revenue recognition policies in its audited
financial statements for the year ended December 31, 2000. The Registrant had
previously disclosed and reported in its Form 10-Q for the quarter ended
September 30, 2000, that the adoption of SAB 101 would require a change in its
revenue recognition policies.
Third Quarter Ended Fourth Quarter Ended Year Ended
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September 30 September 30 December 31 December 31 December 31 December 31
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As Previously As As Previously As As Previously As
Reported Restated Reported Restated Reported Restated
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Net sales and revenue 1,445,527 1,301,771 3,279,912 3,184,117 6,863,487 6,529,581
Cost of sales 977,146 833,390 1,996,614 1,900,819 4,591,508 4,257,602
Gross margin 468,381 468,381 1,283,298 1,283,298 2,271,979 2,271,979
Loss from operations (9,807,332) (9,807,332) (11,033,625) (11,033,625) (36,818,939) (36,818,939)
Net loss (8,704,782) (8,704,782) (10,040,616) (10,040,616) (33,073,473) (33,073,473)
Net loss per share (0.54) (0.54) (0.63) (0.63) (2.13) (2.13)
The Registrant believes that its adoption of SAB 101 will not have any material
effect on the recognition of revenues during the year ending December 31, 2001.
SIGNATURES
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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 hereunto duly authorized.
Dated: April 4, 2001
NOVOSTE CORPORATION
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(Registrant)
By: /S/ EDWIN B. CORDELL, JR.
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Edwin B. Cordell, Jr.
Vice President - Finance