UNITED STATES 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 6, 2005
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ARROW INTERNATIONAL, INC.
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(Exact Name of Registrant as Specified in its Charter)
Pennsylvania 0-20212 23-1969991
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
2400 Bernville Road, Reading, Pennsylvania 19605
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (610) 378-0131
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ARROW INTERNATIONAL, INC.
Item 2.02. Results of Operations and Financial Condition and Item 8.01. Other
Events
On April 7, 2005, Arrow International, Inc. (the "Company") issued a press
release announcing, among other things, that its Board of Directors has
unanimously voted to discontinue the development, sales and marketing programs
related to the Company's LionHeart Left Ventricular Assist System (LVAS).
As previously announced on March 21, 2005, there were no sales of the Company's
LionHeart devices during either of the first two quarters of fiscal year 2005.
As a result, the Company will make a provision in its second fiscal 2005 quarter
of $2.1 million for LionHeart inventory in excess of anticipated requirements.
In addition, based upon the Board of Directors' decision, the Company will write
off in the second fiscal quarter ended February 28, 2005 its remaining
investment in the LionHeart program, which includes $2.8 million in
manufacturing equipment and components. The total write off of $4.9 million in
the second quarter related to the LionHeart will be recorded to cost of sales
and research and development expenses.
A copy of this press release is attached to this report as Exhibit 99.1 and is
incorporated; herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
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99.1 Press release dated April 7, 2005 issued by
Arrow International, Inc.
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ARROW INTERNATIONAL, INC.
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 hereunto duly authorized.
ARROW INTERNATIONAL, INC.
Date: April 12, 2005 By: /s/ Frederick J. Hirt
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Frederick J. Hirt
Chief Financial Officer and
Senior Vice President-Finance
(Principal Financial Officer and
Chief Accounting Officer)
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EXHIBIT INDEX
EXHIBIT DESCRIPTION
NUMBER OF EXHIBIT METHOD OF FILING
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99.1 Press release dated April 7, 2005 issued by File herewith.
Arrow International, Inc.
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