x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
11-2644611
|
|
(State
or other jurisdiction
Of
incorporation or organization)
|
(IRS
Employer Identification
No.)
|
Large
Accelerated filer ¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
BOVIE
MEDICAL CORPORATION
|
||||
INDEX TO FORM 10-Q
|
||||
FOR
THE QUARTER ENDED SEPTEMBER 30, 2008
|
||||
Contents
|
Page
|
|||
Part
I:
|
3
|
|||
Item
1:
|
Consolidated
Financial Statements
|
|||
3
|
||||
5
|
||||
6
|
||||
7
|
||||
8
|
||||
Item
2:
|
15
|
|||
|
||||
Item
3:
|
21
|
|||
Item
4:
|
22
|
|||
Part
II.
|
Other
Information
|
22
|
||
Item
1:
|
22
|
|||
Item
1A:
|
22
|
|||
Item
2:
|
22
|
|||
Item
3:
|
22
|
|||
Item
4:
|
22
|
|||
Item
5:
|
23
|
|||
Item
6:
|
23
|
|||
24
|
BOVIE
MEDICAL CORPORATION
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
SEPTEMBER
30, 2008 AND DECEMBER 31, 2007
|
||||||||
Assets
|
||||||||
(Unaudited)
|
(Audited)
|
|||||||
September 30, 2008
|
December 31, 2007
|
|||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 4,083,906 | $ | 3,534,759 | ||||
Trade
accounts receivable, net of allowance for doubtful accounts of $8,645 and
$8,734, respectively
|
2,621,092 | 2,525,451 | ||||||
Inventories
|
5,443,144 | 4,521,992 | ||||||
Prepaid
expenses
|
475,983 | 278,262 | ||||||
Deferred
income tax asset, net (Note 1)
|
219,000 | 848,223 | ||||||
Total
current assets
|
12,843,125 | 11,708,687 | ||||||
Property
and equipment, net
|
6,707,603 | 3,421,455 | ||||||
Other
assets:
|
||||||||
Brand
name/trademark, net
|
1,509,662 | 1,509,662 | ||||||
Purchased
technology, net
|
3,532,173 | 2,102,844 | ||||||
License
rights, net
|
231,454 | 278,797 | ||||||
Deposits
|
50,927 | 44,438 | ||||||
Total
other assets
|
5,324,216 | 3,935,741 | ||||||
Total
Assets
|
$ | 24,874,944 | $ | 19,065,883 | ||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
BOVIE
MEDICAL CORPORATION
|
||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
SEPTEMBER
30, 2008 AND DECEMBER 31, 2007
|
||||||||
(CONTINUED)
|
||||||||
Liabilities
and Stockholders' Equity
|
||||||||
(Unaudited)
|
(Audited)
|
|||||||
September 30, 2008
|
December 31, 2007
|
|||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 975,151 | $ | 807,437 | ||||
Accrued
payroll
|
140,436 | 113,308 | ||||||
Accrued
vacation
|
281,642 | 229,591 | ||||||
Current
portion of due to Lican
|
50,000 | 50,000 | ||||||
Customer
deposits
|
168 | 36,077 | ||||||
Deferred
revenue
|
32,500 | 56,386 | ||||||
Line
of credit (Note 10)
|
2,850,000 | - | ||||||
Current
income taxes payable
|
136,053 | - | ||||||
Accrued
expenses and other liabilities
|
875,750 | 409,880 | ||||||
Total
current liabilities
|
5,341,700 | 1,702,679 | ||||||
Deferred
income taxes payable, net (Note 1)
|
493,900 | 408,188 | ||||||
Due
to Lican, net of current portion
|
318,150 | 318,150 | ||||||
Total
liabilities
|
6,153,750 | 2,429,017 | ||||||
Contingency (Note
11)
|
||||||||
Stockholders'
equity:
|
||||||||
Preferred
stock, par value $.001; 10,000,000 shares authorized; none issued and
outstanding
|
- | - | ||||||
Common
stock par value $.001; 40,000,000 shares authorized, 16,077,498 and
15,457,088 issued and outstanding on September 30, 2008 and December 31,
2007, respectively
|
16,078 | 15,457 | ||||||
Additional
paid in capital
|
22,780,331 | 22,435,161 | ||||||
Accumulated
deficit
|
(4,020,731 | ) | (5,813,752 | ) | ||||
Other
accumulated comprehensive loss
|
(54,484 | ) | - | |||||
Total
stockholders' equity
|
18,721,194 | 16,636,866 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 24,874,944 | $ | 19,065,883 | ||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
BOVIE
MEDICAL CORPORATION
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND
2007
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Sales
|
$ | 7,295,793 | $ | 7,459,818 | $ | 20,958,672 | $ | 21,602,061 | ||||||||
Cost
of sales
|
4,062,424 | 4,343,709 | 12,238,925 | 12,942,901 | ||||||||||||
Gross
profit
|
3,233,369 | 3,116,109 | 8,719,747 | 8,659,160 | ||||||||||||
Other
costs and expenses:
|
||||||||||||||||
Research
and development
|
488,063 | 415,992 | 1,430,207 | 1,232,585 | ||||||||||||
Professional
services
|
344,727 | 219,354 | 667,084 | 609,201 | ||||||||||||
Salaries
and related costs
|
726,761 | 665,882 | 2,253,066 | 2,134,392 | ||||||||||||
Selling,
general and administrative
|
1,061,135 | 1,104,050 | 3,221,433 | 2,990,684 | ||||||||||||
Total
costs and expenses
|
2,620,686 | 2,405,278 | 7,571,790 | 6,966,862 | ||||||||||||
Income
from operations
|
612,683 | 710,831 | 1,147,957 | 1,692,298 | ||||||||||||
Other
income (expense), net:
|
||||||||||||||||
Interest,
net
|
(15,244 | ) | 34,086 | 15,430 | 101,323 | |||||||||||
Gain
on cancellation of agreement
|
- | - | 1,495,634 | - | ||||||||||||
Total
other income (expense), net
|
(15,244 | ) | 34,086 | 1,511,064 | 101,323 | |||||||||||
Income
before income taxes
|
597,439 | 744,917 | 2,659,021 | 1,793,621 | ||||||||||||
Benefit
(provision) for income taxes
|
(231,549 | ) | (273,281 | ) | (866,000 | ) | 326,192 | |||||||||
Net
income
|
$ | 365,890 | $ | 471,636 | $ | 1,793,021 | $ | 2,119,813 | ||||||||
Earnings
per share
|
||||||||||||||||
Basic
|
$ | .02 | $ | .03 | $ | .11 | $ | .14 | ||||||||
Diluted
|
$ | .02 | $ | .03 | $ | .10 | $ | .12 | ||||||||
Weighted
average number of shares outstanding
|
16,067,979 | 15,388,073 | 15,998,150 | 15,284,033 | ||||||||||||
Weighted
average number of shares outstanding adjusted for dilutive
securities
|
17,820,155 | 17,699,654 | 17,731,492 | 17,669,657 | ||||||||||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
BOVIE
MEDICAL CORPORATION
|
||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY
|
||||||||||||||||||||||||||||
FOR
THE YEAR ENDED DECEMBER 31, 2007 AND THE PERIOD
|
||||||||||||||||||||||||||||
ENDED
SEPTEMBER 30, 2008 (UNAUDITED)
|
||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
Additional
|
Accumulated
|
|||||||||||||||||||||||||||
Options
|
Common
|
Paid-in
|
Accumulated
|
Comprehensive
|
||||||||||||||||||||||||
Outstanding
|
Shares
|
Par Value
|
Capital
|
Deficit
|
Loss
|
Total
|
||||||||||||||||||||||
January
1, 2007
|
3,263,700 | 15,223,538 | $ | 15,241 | $ | 22,104,399 | $ | (8,059,343 | ) | $ | -- | $ | 14,060,297 | |||||||||||||||
Options
granted
|
137,500 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Options
exercised, net of stock swaps
|
(225,300 | ) | 216,121 | 216 | 253,684 | -- | -- | 253,900 | ||||||||||||||||||||
Options
forfeited
|
(42,500 | ) | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||
Stock
based compensation
|
-- | -- | -- | 72,089 | -- | -- | 72,089 | |||||||||||||||||||||
Other
|
-- | 17,429 | -- | 4,989 | -- | -- | 4,989 | |||||||||||||||||||||
Income
for the year
|
-- | -- | -- | -- | 2,245,591 | -- | 2,245,591 | |||||||||||||||||||||
December
31, 2007
|
3,133,400 | 15,457,088 | 15,457 | 22,435,161 | (5,813,752 | ) | -- | 16,636,866 | ||||||||||||||||||||
Options
exercised, net of stock swaps
|
(703,150 | ) | 620,410 | 621 | 219,779 | -- | -- | 220,400 | ||||||||||||||||||||
Options
granted at market price
|
197,500 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Stock
based compensation
|
-- | -- | -- | 125,391 | -- | -- | 125,391 | |||||||||||||||||||||
Options
forfeited
|
-- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Income
for the period
|
-- | -- | -- | -- | 1,793,021 | -- | 1,793,021 | |||||||||||||||||||||
Currency
translation adjustment
|
-- | -- | -- | -- | -- | (54,484 | ) | (54,484 | ) | |||||||||||||||||||
Comprehensive
income
|
-- | -- | -- | -- | -- | -- | 1,738,537 | |||||||||||||||||||||
September
30, 2008
|
2,627,750 | 16,077,498 | $ | 16,078 | $ | 22,780,331 | $ | (4,020,731 | ) | $ | (54,484 | ) | $ | 18,721,194 |
BOVIE
MEDICAL CORPORATION
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
|
||||||||
(UNAUDITED)
|
||||||||
2008
|
2007
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 1,793,021 | $ | 2,119,813 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization of property and equipment
|
590,798 | 492,463 | ||||||
Amortization
of intangible assets
|
120,457 | 67,739 | ||||||
Provision
for (recovery of) inventory obsolescence
|
(13,401 | ) | (67,976 | ) | ||||
Loss
on disposal of property and equipment
|
2,692 | -- | ||||||
Stock
based compensation
|
125,391 | 52,693 | ||||||
Non
cash re-class adjustment
|
10,325 | (11 | ) | |||||
Provision
(benefit) for deferred income taxes
|
714,934 | (371,192 | ) | |||||
Gain
on cancellation of agreement
|
(1,495,634 | ) | -- | |||||
Changes
in current assets and liabilities:
|
||||||||
Receivables
|
(95,642 | ) | (164,443 | ) | ||||
Inventories
|
(907,749 | ) | (1,003,475 | ) | ||||
Prepaid
expenses
|
(197,720 | ) | (63,565 | ) | ||||
Deposits
|
(6,488 | ) | -- | |||||
Accounts
payable
|
167,715 | (47,082 | ) | |||||
Accrued
and other liabilities
|
545,044 | 107,605 | ||||||
Current
income taxes payable
|
136,053 | - | ||||||
Customer
deposits
|
(35,909 | ) | (42,938 | ) | ||||
Deferred
revenue
|
(23,886 | ) | (106,950 | ) | ||||
Net
cash provided by operating activities
|
1,430,001 | 972,681 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of property and equipment
|
(3,850,060 | ) | (672,200 | ) | ||||
Proceeds
from sale of assets
|
10,573 | - | ||||||
Payments
for purchased technology and license rights
|
(57,283 | ) | (831,975 | ) | ||||
Net
cash used in investing activities
|
(3,896,770 | ) | (1,504,175 | ) | ||||
Cash
provided by financing activities:
|
||||||||
Increase
in line of credit
|
2,850,000 | -- | ||||||
Common
shares issued
|
220,400 | 216,176 | ||||||
Net
cash provided in financing activities
|
3,070,400 | 216,176 | ||||||
Effect
of exchange rate changes on cash and cash equivalents
|
(54,484 | ) | -- | |||||
Net
change in cash and cash equivalents
|
549,147 | (315,318 | ) | |||||
Cash
and cash equivalents, beginning of period
|
3,534,759 | 2,952,892 | ||||||
Cash
and cash equivalents, end of period
|
$ | 4,083,906 | $ | 2,637,574 |
Interest
|
$ | 24,755 | $ | 2,439 | ||||
Income
taxes
|
$ | 37,128 | $ | 59,916 | ||||
Supplemental disclosure of
non-cash investing and financing activities - During the nine
months ended September 30, 2007, purchased technology increased by
$115,000 upon the acquisition of a minority interest in a joint
venture.
|
Statement
of operations
|
Six Months Ended June 30,
2008
|
|||||||||||
As Reported
|
Adjustment
|
Corrected
|
||||||||||
Provision
for income taxes
|
$
|
440
|
$
|
200
|
$
|
680
|
||||||
Net
income
|
$
|
1,621
|
$
|
(
200
|
)
|
$
|
1,421
|
|||||
Comprehensive
income
|
$
|
1,574
|
$
|
(200
|
)
|
$
|
1,374
|
|||||
Statement
of operations
|
Three Months Ended June 30,
2008
|
|||||||||||
Provision
for income taxes
|
$
|
320
|
$
|
200
|
$
|
520
|
||||||
Net
income
|
$
|
1,430
|
$
|
(200
|
)
|
$
|
1,230
|
|||||
Comprehensive
income
|
$
|
1,383
|
$
|
(
200
|
)
|
$
|
1,183
|
|||||
Balance
sheet
|
As of June 30, 2008
|
|||||||||||
As Reported
|
Adjustment
|
Corrected
|
||||||||||
Deferred
income tax assets
|
$
|
223
|
$
|
-
|
$
|
223
|
||||||
Total
assets
|
$
|
21,216
|
$
|
-
|
$
|
21,216
|
||||||
Income
tax liabilities
|
$
|
38
|
$
|
350
|
$
|
388
|
||||||
Total
liabilities
|
$
|
2,588
|
$
|
350
|
$
|
2.938
|
||||||
Total
liabilities and stockholders’ equity
|
$
|
21,216
|
$
|
-
|
$
|
21,216
|
||||||
Balance
sheet
|
As of December 31, 2007
|
|||||||||||
As Reported
|
Adjustment
|
Corrected
|
||||||||||
Deferred
income tax assets
|
$
|
603
|
$
|
245
|
$
|
848
|
||||||
Total
assets
|
$
|
18,821
|
$
|
245
|
$
|
19,066
|
||||||
Income
tax liabilities
|
$
|
8
|
$
|
400
|
$
|
408
|
||||||
Total
liabilities
|
$
|
2,029
|
$
|
400
|
$
|
2.429
|
||||||
Total
liabilities and stockholders’ equity
|
$
|
18,821
|
$
|
245
|
$
|
19,066
|
September 30, 2008
|
December 31, 2007
|
|||||||
Raw
materials
|
$ | 3,175,555 | $ | 2,447,090 | ||||
Work
in process
|
1,375,764 | 1,230,172 | ||||||
Finished
goods
|
891,825 | 844,730 | ||||||
Total
|
$ | 5,443,144 | $ | 4,521,992 |
September 30, 2008
|
December 31, 2007
|
|||||||
Trade
name (life indefinite)
|
$ | 1,509,662 | $ | 1,509,662 | ||||
|
||||||||
Purchased
technology (9-17 yr life)
|
$ | 3,940,618 | $ | 2,438,175 | ||||
Less: Accumulated
amortization
|
(408,445 | ) | (335,331 | ) | ||||
|
||||||||
Net
carrying amount
|
$ | 3,532,173 | $ | 2,102,844 | ||||
|
||||||||
|
||||||||
License
rights (5 yr life)
|
$ | 315,619 | $ | 315,619 | ||||
Less
accumulated amortization
|
(84,165 | ) | (36,822 | ) | ||||
Net
carrying amount
|
$ | 231,454 | $ | 278,797 |
Three Months
Ended
September 30, 2008
|
Three Months
Ended
September 30, 2007
|
|||||||
Expected
volatility
|
30 | % | 26 | % | ||||
Expected
dividend yield
|
0.00 | % | 0.00 | % | ||||
Expected
term (in years)
|
5 - 7 | 5 - 7 | ||||||
Risk-free
rate
|
2.7 | % | 5.0%–5.5 | % |
Stock Options
|
||||
Outstanding
at January 1, 2008
|
3,133,400 | |||
Granted
at market price
|
197,500 | |||
Exercised
|
(703,150 | ) | ||
Forfeited/expired
|
-- | |||
Outstanding
at September 30, 2008
|
2,627,750 |
USA
|
Canada
|
USA
|
Canada
|
|||||||||||||
2008
|
2008
|
2007
|
2007
|
|||||||||||||
Sales,
net
|
$ | 7,071 | $ | 225 | $ | 7,325 | $ | 134 | ||||||||
Gross
profit
|
3,166 | 67 | 3,175 | (59 | ) | |||||||||||
Operating
expenses
|
2,346 | 275 | 2,228 | 177 | ||||||||||||
Net
income (loss)
|
$ | 574 | $ | (208 | ) | $ | 708 | $ | (236 | ) |
USA
|
Canada
|
USA
|
Canada
|
|||||||||||||
2008
|
2008
|
2007
|
2007
|
|||||||||||||
Sales,
net
|
$ | 20,551 | $ | 408 | $ | 21,391 | $ | 211 | ||||||||
Gross
profit
|
8,746 | (26 | ) | 8,826 | (167 | ) | ||||||||||
Operating
expenses
|
6,812 | 760 | 6,634 | 338 | ||||||||||||
Net
income (loss)
|
$ | 2,579 | $ | (786 | ) | $ | 2,625 | $ | (505 | ) |
§
|
CE
Mark for our SEER tissue resection device intended for initial use in
liver oncology. The CE Mark allows for the sale of the device
in the European Union and all countries recognizing the
mark.
|
§
|
We
filed a 510(k) pre-notification application to the U.S. Food and Drug
Administration (FDA) requesting regulatory clearance for the
SEER.
|
§
|
We
received a 510(k) clearance from the FDA to market our ICON GP generator
to be used in general surgery and in conjunction with our Polarian vessel
sealing instruments. As of October 31, 2008 a 510(k)
application has not been filed for Polarian vessel sealing
instruments.
|
Percentage
Change
in Dollar
Amounts |
Percentage
Change
in Dollar
Amounts |
|||||||||||||||||||||||
3rd
Quarter
|
Nine
months
|
|||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||
%
|
%
|
%
|
%
|
%
|
%
|
|||||||||||||||||||
Sales
|
100.0 | 100.0 | (2.2 | ) | 100.0 | 100.0 | (3.0 | ) | ||||||||||||||||
Cost
of sales
|
55.7 | 58.2 | (6.5 | ) | 58.4 | 59.9 | (5.4 | ) | ||||||||||||||||
Gross
profit
|
44.3 | 41.8 | 3.8 | 41.6 | 40.1 | 0.7 | ||||||||||||||||||
Other
costs:
|
||||||||||||||||||||||||
Research
& development
|
6.7 | 5.6 | 17.3 | 6.8 | 5.7 | 16.0 | ||||||||||||||||||
Professional
services
|
4.7 | 3.0 | 57.2 | 3.2 | 2.8 | 9.5 | ||||||||||||||||||
Salaries
and related costs
|
10.0 | 8.9 | 9.1 | 10.8 | 9.9 | 5.6 | ||||||||||||||||||
Selling,
general and administrative
|
14.5 | 14.8 | (3.9 | ) | 15.4 | 13.9 | 7.7 | |||||||||||||||||
Total
other costs
|
35.9 | 32.3 | 9.0 | 36.1 | 32.3 | 8.7 | ||||||||||||||||||
Income
from operations
|
8.4 | 9.5 | (13.8 | ) | 5.5 | 7.8 | (32.2 | ) | ||||||||||||||||
Interest
income, net
|
(0.2 | ) | 0.5 | (144.7 | ) | 0.1 | 0.5 | (84.8 | ) | |||||||||||||||
Other
Income
|
0.0 | 0.0 | 0.0 | 7.1 | 0.0 | 100.0 | ||||||||||||||||||
Income
before income tax
|
8.2 | 10.0 | (19.8 | ) | 12.7 | 8.3 | 48.2 | |||||||||||||||||
Benefit
(provision) for income taxes
|
(3.2 | ) | (3.7 | ) | (15.3 | ) | (4.1 | ) | 1.5 | (365.6 | ) | |||||||||||||
Net
income
|
5.0 | 6.3 | (22.4 | ) | 8.6 | 9.8 | (15.4 | ) |
%age
change
|
Increase/
|
|||||||||||||||
2008
|
2007
|
2008/2007
|
(Decrease)
|
|||||||||||||
Net
Sales (in thousands):
|
||||||||||||||||
Domestic
|
$ | 17,294 | $ | 18,409 | (6.1 | ) | $ | (1,115 | ) | |||||||
International
|
3,665 | 3,193 | 14.8 | 472 | ||||||||||||
Total
net sales
|
$ | 20,959 | $ | 21,602 | (3.0 | ) | $ | (643 | ) | |||||||
Product
line sales:
|
||||||||||||||||
Electrosurgical
|
$ | 14,480 | $ | 15,182 | (4.6 | ) | $ | (702 | ) | |||||||
Cauteries
|
4,673 | 4,607 | 1.4 | 66 | ||||||||||||
Other
|
1,806 | 1,813 | (0.4 | ) | (7 | ) | ||||||||||
Total
net sales
|
$ | 20,959 | $ | 21,602 | (3.0 | ) | $ | (643 | ) |
%age
change
|
Increase/
|
|||||||||||||||
2008
|
2007
|
2008/2007
|
(Decrease)
|
|||||||||||||
Net
Sales (in thousands)
|
||||||||||||||||
Domestic
|
$ | 6,348 | $ | 6,373 | (0.3 | ) | $ | (25 | ) | |||||||
International
|
948 | 1,087 | (12.8 | ) | (139 | ) | ||||||||||
Total
net sales
|
$ | 7,296 | $ | 7,460 | (2.2 | ) | $ | (164 | ) | |||||||
Product
line sales:
|
||||||||||||||||
Electrosurgical
|
$ | 5,139 | $ | 5,328 | (3.6 | ) | $ | (189 | ) | |||||||
Cauteries
|
1,532 | 1,557 | (1.6 | ) | (25 | ) | ||||||||||
Other
|
625 | 575 | 8.7 | 50 | ||||||||||||
Total
net sales
|
$ | 7,296 | $ | 7,460 | (2.2 | ) | $ | (164 | ) |
Years ended December 31,
|
||||||||||||||||||||
2009
|
2010
|
2011
|
2012
|
Thereafter
|
||||||||||||||||
Operating
leases
|
208 | 199 | 172 | 167 | 143 | |||||||||||||||
Employment
Agreements
|
1,022 | 799 | 858 | 72 | - |
(a)
|
Since
our last proxy statement disseminated to our shareholders in connection
with our last annual meeting of shareholders held on November 6, 2008,
there have been no changes in the procedures by which our security holders
or 5% holders may recommend nominees to our Board of Directors.
|
(b)
|
The
Company has received 510-K clearance to market its ICON GP/VS generator.
This product is designed to add safety features and improve convenience in
performing general purpose procedures, and includes a blood vessel sealing
component.
|
Certifications
of Andrew Makrides, President and Chief Executive Officer of Registrant
pursuant to Rule 13a-14 adopted under the Securities Exchange Act of 1934,
as amended, and Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
Certifications
of Gary D. Pickett, Chief Financial Officer of Registrant pursuant to Rule
13a-14 adopted under the Securities Exchange Act of 1934, as amended, and
Section 302 of the Sarbanes-Oxley act of 2002.
|
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
|
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of
2002.
|