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): February 18, 1997
CRYOLIFE, INC.
(Exact name of registrant as specified in charter)
Commission file number 0-21104
Florida 59-2417093
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation)
1655 Roberts Boulevard, N.W.
Kennesaw, Georgia 30144
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (770) 419-3355
2211 New Market Parkway
Suite 142
Marietta, GA 30067
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On February 18, 1997, the Registrant issued a press release ("Press
Release") announcing its results of operations for the year ended December 31,
1996. The Registrant hereby incorporates by reference herein the information set
forth in its Press Release dated February 18, 1997, a copy of which is annexed
hereto as Exhibit 99.
Except for the historical information contained in this report, the
statements made by the Registrant are forward looking statements that involve
risks and uncertainties. All such statements are subject to the safe harbor
created by the Private Securities Litigation Reform Act of 1995. The
Registrant's future financial performance could differ significantly from the
expectations of management and from results expressed or implied in the Press
Release. For example, the acquisition of Ideas For Medicine ("IFM") may not
close as expected, due to failure to reach agreement on the final terms of the
acquisition or other issues, or if the acquisition is closed as expected, IFM
may not be successfully or timely integrated with the Registrant. For further
information on these and other risk factors, please refer to the "Risk Factors"
section of the Registrant's Form S-3 filed on November 21, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
Exhibit
Number Description
99 Press Release dated February 18, 1997
408348.1
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SIGNATURES
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.
CRYOLIFE, INC.
Date: February 25, 1997 By: /s/ Edwin B. Cordell, Jr.
-----------------------------
Edwin B. Cordell, Jr.
Chief Financial Officer
408348.1
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EXHIBIT INDEX
Exhibit
Number Description
99 Press Release dated February 18, 1997
408348.1
EXHIBIT 99
CryoLife, Inc. Reports Record Revenues and Earnings For 1996
Tuesday, February 18, 1997 8:59:00 AM EST
ATLANTA, Feb. 18 /PRNewswire/ -- Cryolife, Inc. (Nasdaq: CRYL), a leader in
human tissue and cell preservation, announced record revenues and earnings for
the year ended December 31, 1996.
Revenues for the year were $37,228,000, 27 percent over the previous record of
$29,226,000 set in 1995.
Net income for 1996 increased 78 percent over 1995. 1996 earnings were
$3,927,000, or 40 cents per common share, compared to the previous record of
$2,202,000, or 23 cents per common share in 1995.
The earnings per common share recorded for 1995 and 1996 have been adjusted to
reflect the Company's 2-for-1 stock split effected on June 28, 1996.
Steven G. Anderson, President and Chief Executive Officer, CryoLife, Inc.,
noted, "The Company's financial results in 1996 represent the third consecutive
year of record revenues and net income, reflecting expanded applications of
cryopreserved human tissues for transplants. Heart valve unit shipments
increased by 29 percent over 1995 levels, while vein units shipped increased by
22 percent, and orthopaedic tissue shipments increased by 171 percent. The
record pace continued into 1997 with January revenues and net income surpassing
the record results achieved in January of 1996."
The acquisition of Ideas for Medicine (IFM) is continuing and the Company
expects to close on this transaction by the end of February. Upon successful
completion of the acquisition, CryoLife, Inc., would be responsible for both
domestic and international marketing of IFM's extensive line of specialty
intravenous shunts, balloon and angioplasty catheters, infusion ports and
laparoscopic instruments. Founded in 1979, IFM is a privately held company with
revenues in excess of $6.5 million annually.
Founded in 1984, CryoLife, Inc., is a leader in the development and
commercialization of technology for ultra-low temperature preservation
("cryopreservation") of viable human cardiovascular and orthopaedic tissues for
use in cardiac, vascular and orthopaedic surgeries throughout the United States
and Canada. The Company also distributes stentless porcine heart valves within
the European Community.
CRYOLIFE, INC.
Summary of Consolidated Financial Data
(In thousands, except share and per share data)
Three 3 Months Ended Year Ended
12/31/96 12/31/95 12/31/96 12/31/95
Revenues $ 8,686 $ 7,044 $37,228 $29,226
Costs and expenses:
Preservation 2,862 2,204 12,593 10,485
General, administrative 3,627 3,353 15,673 12,807
and marketing
Research & development 801 628 2,807 2,633
408348.1
Interest expense 33 --- 72 4
Total 7,323 6,185 31,145 25,929
Income before income taxes 1,363 859 6,083 3,297
Income tax expense 468 292 2,156 1,095
Net income $ 895 $ 567 $ 3,927 $ 2,202
Earnings per share of $ 0.09 $ 0.06 $ 0.40 $ 0.23
common stock*
Weighted average common 9,942,000 9,616,000 9,906,000 9,568,000
and common equivalent
shares outstanding
December 31,
1996 1995
Balance Sheet Data:
Working Capital $10,986 $15,217
Total Assets $34,973 $24,132
Shareholders' Equity $24,929 $20,465
*Adjusted to reflect the two for one stock split effected on June 28, 1996.
SOURCE CryoLife, Inc.
408348.1
