Delaware
(State or other jurisdiction
of incorporation)
|
0-13839
(Commission File Number)
|
06-1123096
(I.R.S. Employer
Identification No.)
|
44 East Industrial Road, Branford, Connecticut 06405
(Address of principal executive offices, including zip code)
(203) 488-6056
(Registrant's telephone number, including area code)
|
Item 2.01 | Completion of Acquisition or Disposition of Assets |
Item 9.01
|
Financial Statements and Exhibits.
|
Twelve Months Ended December 31, 2015
|
||||||||||||
(In thousands, except per share information)
|
||||||||||||
Pro Forma
|
||||||||||||
Historical
|
Adjustment
|
Pro Forma
|
||||||||||
Net sales from continuing operations
|
$
|
21,639
|
$
|
2,152
|
$
|
19,487
|
||||||
Cost of sales
|
10,987
|
1,470
|
9,517
|
|||||||||
Gross profit
|
10,652
|
682
|
9,970
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
3,514
|
—
|
3,514
|
|||||||||
Selling, general and administrative
|
13,164
|
66
|
13,098
|
|||||||||
Total operating expenses
|
16,678
|
66
|
16,612
|
|||||||||
Operating loss
|
(6,026
|
)
|
616
|
(6,642
|
)
|
|||||||
Interest expense
|
859
|
—
|
859
|
|||||||||
Other income
|
(4
|
)
|
—
|
(4
|
)
|
|||||||
Loss from continuing operations before income taxes
|
(6,881
|
)
|
616
|
(7,497
|
)
|
|||||||
Income tax (benefit)
|
—
|
216
|
(216
|
)
|
||||||||
Loss from continuing operations
|
(6,881
|
)
|
400
|
(7,281
|
)
|
|||||||
(Loss) income from discontinued operations,
|
||||||||||||
net of income taxes
|
(18
|
)
|
400
|
382
|
||||||||
Net loss
|
(6,899
|
)
|
—
|
(6,899
|
)
|
|||||||
Preferred stock dividend accretion
|
1,383
|
1,383
|
||||||||||
Net loss applicable to common stockholders
|
$
|
(8,282
|
)
|
$
|
—
|
$
|
(8,282
|
)
|
||||
(Loss) income per common share from continuing
|
||||||||||||
operations - basic and diluted
|
$
|
(0.32
|
)
|
$
|
0.02
|
$
|
(0.34
|
)
|
||||
(Loss) income per common share from discontinued
|
||||||||||||
operations - basic and diluted
|
(0.00
|
)
|
0.02
|
0.02
|
||||||||
Per share basic and diluted loss applicable to
|
||||||||||||
common stockholders
|
$
|
(0.32
|
)
|
$
|
—
|
$
|
(0.32
|
)
|
||||
Weighted-average number of common
|
||||||||||||
shares outstanding:
|
||||||||||||
Basic and diluted
|
25,701
|
25,701
|
25,701
|
Twelve Months Ended December 31, 2014
|
||||||||||||
(In thousands, except per share information)
|
||||||||||||
Pro Forma
|
||||||||||||
Historical
|
Adjustment
|
Pro Forma
|
||||||||||
Net sales from continuing operations
|
$
|
19,215
|
$
|
2,196
|
$
|
17,019
|
||||||
Cost of sales
|
10,657
|
1,446
|
9,211
|
|||||||||
Gross profit
|
8,558
|
750
|
7,808
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
3,316
|
—
|
3,316
|
|||||||||
Selling, general and administrative
|
11,957
|
51
|
11,906
|
|||||||||
Total operating expenses
|
15,273
|
51
|
15,222
|
|||||||||
Operating loss
|
(6,715
|
)
|
699
|
(7,414
|
)
|
|||||||
Interest expense
|
787
|
—
|
787
|
|||||||||
Other income
|
(18
|
)
|
—
|
(18
|
)
|
|||||||
Loss from continuing operations before income taxes
|
(7,484
|
)
|
699
|
(8,183
|
)
|
|||||||
Income tax (benefit)
|
—
|
245
|
(245
|
)
|
||||||||
(Loss) income from continuing operations
|
(7,484
|
)
|
454
|
(7,938
|
)
|
|||||||
(Loss) income from discontinued operations,
|
||||||||||||
net of income taxes
|
(118
|
)
|
454
|
336
|
||||||||
Net loss
|
(7,602
|
)
|
—
|
(7,602
|
)
|
|||||||
Preferred stock dividend accretion
|
1,290
|
—
|
1,290
|
|||||||||
Net loss applicable to common stockholders
|
$
|
(8,892
|
)
|
$
|
—
|
$
|
(8,892
|
)
|
||||
(Loss) income per common share from continuing
|
||||||||||||
operations - basic and diluted
|
$
|
(0.46
|
)
|
$
|
0.02
|
$
|
(0.48
|
)
|
||||
(Loss) income per common share from discontinued
|
||||||||||||
operations - basic and diluted
|
(0.00
|
)
|
0.02
|
0.02
|
||||||||
Per share basic and diluted loss applicable to
|
||||||||||||
common stockholders
|
$
|
(0.46
|
)
|
$
|
—
|
$
|
(0.46
|
)
|
||||
Weighted-average number of common
|
||||||||||||
shares outstanding:
|
||||||||||||
Basic and diluted
|
19,235
|
19,235
|
19,235
|
(In thousands)
|
||||||||||||
Historical
|
Pro Forma
|
|||||||||||
December 31,
|
Pro Forma
|
December 31,
|
||||||||||
2015
|
Adjustment
|
2015
|
||||||||||
Cash and cash equivalents
|
$
|
7,528
|
$
|
—
|
$
|
7,528
|
||||||
Accounts receivable, net
|
3,278
|
(356
|
)
|
2,922
|
||||||||
Inventories
|
1,572
|
(144
|
)
|
1,428
|
||||||||
Other current assets
|
416
|
—
|
416
|
|||||||||
Assets associated with discontinued operations
|
722
|
518
|
1,240
|
|||||||||
Total current assets
|
13,516
|
18
|
13,534
|
|||||||||
Property and equipment
|
8,840
|
(433
|
)
|
8,407
|
||||||||
Less accumulated depreciation
|
(6,600
|
)
|
427
|
(6,173
|
)
|
|||||||
2,240
|
(6
|
)
|
2,234
|
|||||||||
Intangible and other assets, net
|
1,279
|
(12
|
)
|
1,267
|
||||||||
Total assets
|
17,035
|
—
|
17,035
|
|||||||||
Accounts payable
|
1,473
|
(13
|
)
|
1,460
|
||||||||
Accrued expenses
|
1,834
|
—
|
1,834
|
|||||||||
Note payable
|
82
|
—
|
82
|
|||||||||
Current portion of long-term debt
|
2,818
|
—
|
2,818
|
|||||||||
Liabilities associated with discontinued operations
|
187
|
13
|
200
|
|||||||||
Total current liabilities
|
6,394
|
—
|
6,394
|
|||||||||
Deferred gain on sale and leaseback of property
|
226
|
—
|
226
|
|||||||||
Long-term debt, less current portion
|
4,462
|
—
|
4,462
|
|||||||||
Other long-term liabilities
|
300
|
—
|
300
|
|||||||||
Total liabilities
|
11,382
|
—
|
11,382
|
|||||||||
Series A convertible preferred stock
|
8,802
|
—
|
8,802
|
|||||||||
Series A exchangeable preferred stock
|
5,136
|
—
|
5,136
|
|||||||||
Common stock
|
109
|
—
|
109
|
|||||||||
Treasury stock
|
(101
|
)
|
—
|
(101
|
)
|
|||||||
Additional paid-in capital
|
29,636
|
—
|
29,636
|
|||||||||
Accumulated deficit
|
(37,929
|
)
|
—
|
(37,929
|
)
|
|||||||
Total stockholders' equity
|
5,653
|
—
|
5,653
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
17,035
|
$
|
—
|
$
|
17,035
|
(1)
|
Notes to Unaudited Pro Forma Financial Information
|
CAS MEDICAL SYSTEMS, INC. | |||
|
|||
Date: March 29, 2016
|
By:
|
/s/ Jeffery A. Baird | |
Jeffery A. Baird
|
|||
Chief Financial Officer | |||