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)
|
August
5, 2015
|
SPAN-AMERICA MEDICAL SYSTEMS, INC.
|
(Exact name of registrant as specified in its charter)
|
South
Carolina
|
0-11392
|
57-0525804
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
70
Commerce Center, Greenville, South Carolina
|
29615
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code
|
(864)
288-8877
|
N/A
|
(Former name or former address, if changed since last report.)
|
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))
Item 2.02
|
Results of Operations and Financial Condition.
|
On August 5, 2015, Span-America Medical Systems, Inc. ("SPAN") issued a
press release announcing financial information for its third quarter of
fiscal 2015 ended June 27, 2015. The press release is attached as
Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with,
the Commission.
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
|
|
Exhibit Number
|
Description of Exhibit
|
|
99.1
|
Press release issued August 5, 2015
|
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.
|
|
|
SPAN-AMERICA
MEDICAL SYSTEMS, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
Date:
|
August
5, 2015
|
|
|
|
|
By:
|
/s/ Richard C. Coggins
|
|
|
|
Richard
C. Coggins
|
|
|
|
Chief
Financial Officer
|
EXHIBIT INDEX
Exhibit
|
Description
|
|
|
99.1
|
Press Release dated August 5, 2015
|
Exhibit 99.1
Span-America
Reports Improved Third Quarter 2015 Results
Sales Up
19% to $15.8 Million
Net
Income Jumps 155% to $0.32 Per Diluted Share
GREENVILLE, S.C.--(BUSINESS WIRE)--August 5, 2015--Span-America Medical
Systems, Inc. (NASDAQ:SPAN) today reported improved results for the
third fiscal quarter and nine months ended June 27, 2015 compared with
the same periods in fiscal 2014. Net sales for the third quarter of
fiscal 2015 rose 19% to $15.8 million compared with $13.3 million in the
third quarter of fiscal 2014. Net income for the third quarter of fiscal
2015 increased by 155% to $963,000, or $0.32 per diluted share, compared
with $378,000, or $0.13 per diluted share, in the third quarter of
fiscal 2014.
“Our improved sales and earnings for the third quarter reflect increased
demand for our medical, consumer and industrial products,” stated Jim
Ferguson, president and chief executive officer of Span-America. “Custom
products sales rose 40% to $4.1 million, and medical sales were up 13%
to $11.7 million compared with the third quarter of last year. The
growth in custom products sales came from our consumer bedding products,
including higher sales to a large retail customer, and continued volume
gains from our industrial products. Our medical sales were up due to
broad-based demand for M.C. Healthcare’s beds and related products
combined with higher sales of our therapeutic support surfaces.
“We are encouraged by the strong performance from our M.C. Healthcare
and therapeutic support surface product lines during the third quarter.
We continued to see steady quoting activity for our medical and consumer
products in the third quarter, which is normally a good indicator of
future sales growth. As a result, we expect to have a solid
fourth-quarter sales and earnings performance, which should give us a
strong finish to fiscal year 2015,” continued Ferguson.
Third Quarter Results
Sales for the third quarter of fiscal 2015 rose 19% to $15.8 million
compared with $13.3 million in the third quarter of fiscal 2014. The
sales increase was due to solid growth in volume from our medical and
custom products business units. Sales in the medical segment increased
by 13% to $11.7 million due to strong growth from our M.C. Healthcare
products and our therapeutic support surfaces. Sales in the custom
products segment were up by 40% to $4.1 million due to volume growth
from our consumer bedding and industrial product lines.
Medical Segment – Total medical sales increased by 13% to
$11.7 million in the third quarter of fiscal 2015 compared with $10.3
million in the third quarter last year. The increase in medical sales
was the result of strong demand for our M.C. Healthcare products
combined with solid growth from our therapeutic support surface product
lines compared with the third quarter last year.
Sales of M.C. Healthcare beds and related products increased by 39% to
$3.3 million compared with $2.4 million in the third quarter last year.
The M.C. Healthcare sales growth was broad-based across our most popular
bed products. The Encore® bed, our newest entry for the
long-term care bed market, was a sales leader for M.C. Healthcare in the
third quarter.
“We are pleased to see the advanced Encore bed continue to gain momentum
among our customers, and we look forward to further growth from our M.C.
Healthcare products,” stated Ferguson.
Sales of Span-America’s other medical product lines increased by 6% to
$8.4 million compared with $7.9 million in the third quarter of fiscal
2014. The increase was due primarily to our therapeutic support surfaces
and, to a lesser extent, from our Risk Manager™ bedside safety mat and
our Selan® skin care products. Sales in our largest product line,
therapeutic support surfaces, increased by 11% to $5.9 million compared
with $5.3 million in the third quarter last year. Within the therapeutic
support surface group, sales of our powered products, including the
newest PressureGuard® Custom Care® and
Protocol® products, increased by 4% while sales of our
non-powered Geo-Mattress® products increased by 20% compared with the
third quarter last year. Sales of all other pressure management
products, including overlays, positioners and seating products,
decreased by 8% during the third quarter to $2.0 million compared with
$2.2 million in the year-earlier quarter.
Custom Products Segment – Total custom products sales
increased by 40% in the third quarter to $4.1 million compared with $3.0
million in the third quarter last year. Most of the sales growth came
from our consumer bedding products, which grew 55% to $3.1 million
compared with $2.0 million in the third quarter last year. The consumer
sales growth came almost entirely from a large retail customer after
regaining the majority of its business, which we lost for a period of
time in fiscal 2014 as previously reported.
Sales from our industrial product lines, included within the custom
products segment, rose 8% to $1.0 million in the third quarter of fiscal
2015 compared with $933,000 in the same quarter last year. This marked
our eighth consecutive quarterly increase in industrial product line
sales, which have benefited from the strong manufacturing economy in our
region. Industrial sales growth in the third quarter came from sales to
new and existing customers primarily in the automotive and packaging
markets.
Earnings – Our earnings growth in the third quarter was
driven by higher sales volume in the medical and custom products
segments and a slightly more profitable sales mix in the medical
segment. Total gross profit increased 25% to $5.4 million compared with
$4.3 million in the third quarter last year, and our gross margin
percentage increased to 34.4% compared with 32.8% in the same quarter
last year. The increases in gross profit dollars and gross margin
percentage were due primarily to the $2.6 million growth in total sales
volume compared with the same quarter last year.
Selling and marketing expenses increased by 7% to $2.7 million in the
third quarter this year due to increased activities related to the
higher sales volumes in both our medical and custom products segments.
R&D expenses increased by 10% to $282,000 due to new-product development
projects in the medical segment. Administrative expenses increased by
13% to $1.1 million due to higher costs for incentive compensation and
medical benefits combined with lower income from the cash value of life
insurance policies.
Operating income increased by 134% to $1.3 million for the third quarter
this year compared with $563,000 in the third quarter last year.
Non-operating income increased to $64,000 in the third quarter this year
compared with $13,000 in the same quarter last year due to realized
gains on foreign currency transactions related to our Canadian business.
Net income for the third quarter increased by 155% to $963,000, or $0.32
per diluted share, compared with $378,000, or $0.13 per diluted share,
in the third quarter last year. The increases in operating income and
net income were the result of a 19% increase in sales volume, a slightly
more profitable sales mix in the medical segment and lower rates of
growth in operating expenses compared with the third quarter of last
fiscal year.
Year-to-Date Results
For the first nine months of fiscal 2015, total sales rose 9% to $46.6
million compared with $42.8 million in the first nine months of last
fiscal year. The growth in fiscal 2015 year-to-date sales came from
higher volumes in our medical segment and, to a lesser extent, higher
demand for our industrial product lines compared with the same period in
fiscal 2014.
Total medical sales, including M.C. Healthcare, for the first nine
months of fiscal 2015 increased by 11% to $35.6 million compared with
$32.1 million in the first nine months of last fiscal year. Sales of
M.C. Healthcare products were up 35% to $9.3 million in the first nine
months of this year compared with $6.9 million in the same period last
year. The increase was due to broad-based growth in sales of our beds
and related products, led by strong customer demand for our new Encore
bed.
Sales of our pressure management product lines, which include all
medical products except M.C. Healthcare, increased 4% to $26.3 million
during the first nine months of fiscal 2015 compared with $25.2 million
in the same period of fiscal 2014. Sales of therapeutic support surfaces
rose 9% to $18.5 million compared with $16.9 million in the same period
last year. Product leaders within the therapeutic support surface group
included our newest products, the Geo-Mattress Ultramax® as well as our
PressureGuard APM, Custom Care and Protocol support surfaces.
In the custom products segment, sales for the first nine months of
fiscal 2015 were up 2% to $11.0 million compared with $10.8 million in
the first nine months of fiscal 2014. Consumer sales for the first nine
months of fiscal 2015 decreased by 1% to $8.0 million from $8.1 million
in the same period last year due primarily to the loss of a large retail
customer in February 2014 that was later regained in November 2014.
Industrial sales rose 11% to $2.9 million during the first nine months
of this year compared with $2.7 million in the same period last year.
Net income for the first nine months of fiscal 2015 increased 40% to
$2.7 million, or $0.90 per diluted share, compared with $1.9 million, or
$0.65 per diluted share, in the same period last year. The increase in
earnings for the first nine months of fiscal 2015 was the result of
higher sales volume in our medical segment, particularly among our M.C.
Healthcare product lines.
Future Outlook
“We expect that our sales and earnings for the fourth quarter of fiscal
year 2015 will be higher than last year’s fourth quarter due to
anticipated growth in medical and custom products sales,” continued
Ferguson. “We expect demand for our M.C. Healthcare products to continue
to be strong during the fourth quarter, with more modest growth for our
therapeutic support surfaces and other medical products. In addition, we
expect growth in custom products sales compared with the fourth quarter
of last year. We believe sales of consumer products will benefit from
increased shipments to our recently regained retail customer as well as
continued growth in sales of industrial products due to the healthy
regional manufacturing economy,” concluded Ferguson.
Conference Call
The company will conduct a conference call at 10:00 a.m. ET on Thursday,
August 6, 2015, to review the Company’s financial and operating results
for the third quarter ended June 27, 2015. A live broadcast of the
conference call will be available online at www.spanamerica.com
under Investor Relations on the About Us tab. The online replay will
follow immediately and continue for 30 days.
About Span-America Medical Systems, Inc.
Span-America manufactures and markets a comprehensive selection of
pressure management products for the medical market, including Geo-Matt®,
PressureGuard®, Geo-Mattress®, Custom
Care®, Span+Aids®, Isch-Dish®,
Risk Manager® and Selan® products. We
also supply custom foam and packaging products to the consumer
and industrial markets. Through our wholly-owned subsidiary Span Medical
Products Canada Inc., we manufacture and market the M.C. Healthcare
Products brands of Encore®, Maxxum, Advantage and Rexx bed frames as
well as related case goods, tables and seating products for the
long-term care market. Span-America’s stock is traded on The
NASDAQ Global Market under the symbol “SPAN.” For more information,
visit www.spanamerica.com and www.mchealthcare.com.
Forward-Looking Statements
We have made forward-looking statements in this release regarding, among
other things, our expectations for future sales and earnings
performance. We wish to caution the reader that these statements are
only predictions. These forward-looking statements may be generally
identified by the use of forward-looking words and phrases such as
“will,” “intends,” “may,” “believes,” “anticipates,” “should” and
“expects,” and are based on the company’s current expectations or
beliefs concerning future events that involve risks and uncertainties.
Actual events or results may differ materially as a result of risks and
uncertainties facing the company, including: (a) the inability to
achieve anticipated sales growth in the medical and custom products
segments, (b) the possibility of a loss of a key customer or distributor
for our products, (c) risks related to international operations and
foreign currency exchange associated with our Canadian subsidiary, (d)
the possibility of having material uncollectible receivables from one or
more key customers or distributors, (e) the potential for volatile
pricing conditions in the market for polyurethane foam, (f) raw material
cost increases, (g) the possibility that some or all of our medical
products could be determined to be subject to the 2.3% medical device
excise tax imposed by the Affordable Care Act, (h) the potential for
lost sales due to competition from low-cost foreign imports, (i) changes
in relationships with large customers or key suppliers, (j) the impact
of competitive products and pricing, (k) government reimbursement
changes in the medical market, (l) FDA and Health Canada regulation of
medical device manufacturing and (m) other risks referenced from time to
time in our Securities and Exchange Commission filings. We disclaim any
obligation to update publicly any forward-looking statement, whether as
a result of new information, future events or otherwise. We are not
responsible for changes made to this document by wire services or
Internet services.
|
SPAN-AMERICA MEDICAL SYSTEMS, INC.
|
Consolidated Statements of Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
June 27,
|
|
|
June 28,
|
|
|
|
|
|
June 27,
|
|
|
June 28,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
% Chg.
|
|
|
2015
|
|
|
2014
|
|
|
% Chg.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
15,813,474
|
|
|
|
$
|
13,250,985
|
|
|
|
19
|
%
|
|
|
$
|
46,567,766
|
|
|
|
$
|
42,812,791
|
|
|
|
9
|
%
|
Cost of goods sold
|
|
|
|
10,372,903
|
|
|
|
|
8,907,793
|
|
|
|
16
|
%
|
|
|
|
30,696,346
|
|
|
|
|
28,428,627
|
|
|
|
8
|
%
|
Gross profit
|
|
|
|
5,440,571
|
|
|
|
|
4,343,192
|
|
|
|
25
|
%
|
|
|
|
15,871,420
|
|
|
|
|
14,384,164
|
|
|
|
10
|
%
|
|
|
|
|
34.4
|
%
|
|
|
|
32.8
|
%
|
|
|
|
|
|
|
34.1
|
%
|
|
|
|
33.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses
|
|
|
|
2,717,470
|
|
|
|
|
2,532,889
|
|
|
|
7
|
%
|
|
|
|
8,090,610
|
|
|
|
|
7,623,819
|
|
|
|
6
|
%
|
Research and development expenses
|
|
|
|
281,798
|
|
|
|
|
256,596
|
|
|
|
10
|
%
|
|
|
|
877,726
|
|
|
|
|
819,503
|
|
|
|
7
|
%
|
General and administrative expenses
|
|
|
|
1,123,101
|
|
|
|
|
990,703
|
|
|
|
13
|
%
|
|
|
|
3,316,021
|
|
|
|
|
3,032,036
|
|
|
|
9
|
%
|
|
|
|
|
4,122,369
|
|
|
|
|
3,780,188
|
|
|
|
9
|
%
|
|
|
|
12,284,357
|
|
|
|
|
11,475,358
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,318,202
|
|
|
|
|
563,004
|
|
|
|
134
|
%
|
|
|
|
3,587,063
|
|
|
|
|
2,908,806
|
|
|
|
23
|
%
|
|
|
|
|
8.3
|
%
|
|
|
|
4.2
|
%
|
|
|
|
|
|
|
7.7
|
%
|
|
|
|
6.8
|
%
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
-
|
|
|
|
|
(3,160
|
)
|
|
|
100
|
%
|
|
|
|
(6,285
|
)
|
|
|
|
(9,479
|
)
|
|
|
34
|
%
|
Other
|
|
|
|
64,333
|
|
|
|
|
16,209
|
|
|
|
297
|
%
|
|
|
|
308,520
|
|
|
|
|
44,537
|
|
|
|
593
|
%
|
Net non-operating income (expense)
|
|
|
|
64,333
|
|
|
|
|
13,049
|
|
|
|
393
|
%
|
|
|
|
302,235
|
|
|
|
|
35,058
|
|
|
|
762
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,382,535
|
|
|
|
|
576,053
|
|
|
|
140
|
%
|
|
|
|
3,889,298
|
|
|
|
|
2,943,864
|
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
420,000
|
|
|
|
|
198,000
|
|
|
|
112
|
%
|
|
|
|
1,183,000
|
|
|
|
|
1,009,000
|
|
|
|
17
|
%
|
Net income
|
|
|
$
|
962,535
|
|
|
|
$
|
378,053
|
|
|
|
155
|
%
|
|
|
$
|
2,706,298
|
|
|
|
$
|
1,934,864
|
|
|
|
40
|
%
|
|
|
|
|
6.1
|
%
|
|
|
|
2.9
|
%
|
|
|
|
|
|
|
5.8
|
%
|
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.32
|
|
|
|
$
|
0.13
|
|
|
|
152
|
%
|
|
|
$
|
0.91
|
|
|
|
$
|
0.66
|
|
|
|
38
|
%
|
Diluted
|
|
|
|
0.32
|
|
|
|
|
0.13
|
|
|
|
154
|
%
|
|
|
|
0.90
|
|
|
|
|
0.65
|
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share (1)
|
|
|
$
|
0.15
|
|
|
|
$
|
0.14
|
|
|
|
7
|
%
|
|
|
$
|
1.45
|
|
|
|
$
|
0.42
|
|
|
|
245
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
2,991,192
|
|
|
|
|
2,961,128
|
|
|
|
1
|
%
|
|
|
|
2,976,994
|
|
|
|
|
2,944,653
|
|
|
|
1
|
%
|
Diluted
|
|
|
|
3,017,536
|
|
|
|
|
3,004,726
|
|
|
|
0
|
%
|
|
|
|
3,006,430
|
|
|
|
|
2,991,124
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
$
|
222,848
|
|
|
|
$
|
253,686
|
|
|
|
-12
|
%
|
|
|
$
|
646,336
|
|
|
|
$
|
643,077
|
|
|
|
1
|
%
|
Amortization expense
|
|
|
|
88,616
|
|
|
|
|
73,161
|
|
|
|
21
|
%
|
|
|
|
271,208
|
|
|
|
|
324,004
|
|
|
|
-16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Dividends per common share for the nine months ended June 27,
2015 include a special dividend of $1.00 per share paid on January
7, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPAN-AMERICA MEDICAL SYSTEMS, INC.
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
June 27,
|
|
|
Sept. 27,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Note)
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
6,159,687
|
|
|
|
$
|
6,865,931
|
|
Accounts receivable, net of allowances
|
|
|
|
7,512,051
|
|
|
|
|
5,851,822
|
|
Inventories
|
|
|
|
6,639,527
|
|
|
|
|
7,395,955
|
|
Deferred income taxes
|
|
|
|
272,504
|
|
|
|
|
271,828
|
|
Prepaid expenses
|
|
|
|
607,398
|
|
|
|
|
760,967
|
|
Total current assets
|
|
|
|
21,191,167
|
|
|
|
|
21,146,503
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
4,679,874
|
|
|
|
|
4,888,096
|
|
Goodwill
|
|
|
|
4,068,673
|
|
|
|
|
4,291,843
|
|
Intangibles, net
|
|
|
|
2,411,612
|
|
|
|
|
2,860,260
|
|
Other assets
|
|
|
|
2,738,736
|
|
|
|
|
2,660,132
|
|
|
|
|
$
|
35,090,062
|
|
|
|
$
|
35,846,834
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
3,000,639
|
|
|
|
$
|
2,477,198
|
|
Accrued and sundry liabilities
|
|
|
|
2,762,483
|
|
|
|
|
2,051,662
|
|
Total current liabilities
|
|
|
|
5,763,122
|
|
|
|
|
4,528,860
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
371,080
|
|
|
|
|
160,685
|
|
Deferred compensation
|
|
|
|
396,319
|
|
|
|
|
457,457
|
|
Total long-term liabilities
|
|
|
|
767,399
|
|
|
|
|
618,142
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
6,530,521
|
|
|
|
|
5,147,002
|
|
|
|
|
|
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
Common stock, no par value, 20,000,000 shares authorized; issued
and outstanding shares 2,991,192 at June 27, 2015 and 2,962,007 at
Sept. 27, 2014
|
|
|
|
3,421,081
|
|
|
|
|
3,064,658
|
|
Additional paid-in capital
|
|
|
|
926,811
|
|
|
|
|
906,834
|
|
Retained earnings
|
|
|
|
26,139,675
|
|
|
|
|
27,735,768
|
|
Accumulated other comprehensive loss
|
|
|
|
(1,928,026
|
)
|
|
|
|
(1,007,428
|
)
|
Total shareholders’ equity
|
|
|
|
28,559,541
|
|
|
|
|
30,699,832
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,090,062
|
|
|
|
$
|
35,846,834
|
|
|
|
|
|
|
|
|
Note: The Balance Sheet at September 27, 2014 has been derived from
the audited financial statements at that date.
|
CONTACT:
Span-America Medical Systems, Inc.
Jim Ferguson,
864-288-8877, ext. 6912
President and Chief Executive Officer
Span America (NASDAQ:SPAN)
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