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)
|
November
9, 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 November 9, 2015, Span-America Medical Systems, Inc. ("SPAN") issued
a press release announcing financial information for its fourth quarter
of fiscal 2015 ended October 3, 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 November 9, 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:
|
November
9, 2015
|
|
|
|
|
By:
|
/s/ Richard C. Coggins
|
|
|
|
Richard
C. Coggins
|
|
|
|
Chief
Financial Officer
|
EXHIBIT INDEX
Exhibit
|
Description
|
|
|
99.1
|
Press Release dated November 9, 2015
|
Exhibit 99.1
Span-America
Reports Improved Fourth Quarter and Fiscal Year 2015 Results
Fourth
Quarter Sales Up 36% to $17.7 Million
Net
Income Jumps 96% to $1.3 Million, or $0.43 Per Diluted Share
GREENVILLE, S.C.--(BUSINESS WIRE)--November 9, 2015--Span-America
Medical Systems, Inc. (NASDAQ:SPAN) today reported growth in sales and
net income for the fourth quarter and fiscal year ended October 3, 2015.
Net income for the fourth quarter of fiscal 2015 rose 96% to $1.3
million, or $0.43 per diluted share, compared with $656,000, or $0.22
per diluted share, in the fourth quarter of fiscal 2014. Net sales for
the fourth quarter of fiscal 2015 were up 36% to $17.7 million compared
with $13.0 million in the fourth quarter of fiscal 2014. For the full
year, fiscal 2015 net income increased 54% to $4.0 million, or $1.33 per
diluted share, compared with $2.6 million, or $0.87 per diluted share,
in fiscal 2014. Fiscal 2015 net sales were up 15% to $64.3 million
compared with $55.9 million in fiscal 2014.
“Span-America had a very strong fourth quarter that benefited from
increased sales in our medical segment combined with a jump in sales in
our custom products segment,” stated Jim Ferguson, president and chief
executive officer of Span-America. “Custom products sales doubled to
$5.5 million mainly because we regained a major retail customer that we
lost to a competitor for part of last fiscal year. We also expect to
report significant growth in sales to this customer in the first quarter
of fiscal 2016 related to a seasonal promotion that we have previously
announced.
“Our medical segment continues to gain momentum with higher sales of our
proprietary therapeutic support surfaces and solid growth from
Span-Canada, our Canadian subsidiary. The new line of medical beds from
Span-Canada, the Encore® bed, has gained traction in
U.S. and Canadian markets from customers in the long-term care business
and is contributing significantly to our growth in the medical segment.
“Our net income almost doubled this quarter compared with the fourth
quarter of last fiscal year due to our solid sales growth across the
company. We believe the company’s excellent performance in the fourth
quarter highlights our progress in adding new customers and new products
to fuel our growth,” stated Ferguson.
Fourth Quarter Results
Sales for the fourth quarter of fiscal 2015 rose 36% to $17.7 million
compared with $13.0 million in the fourth quarter of fiscal 2014. The
sales increase came from strong volume growth from both our medical and
custom products business segments. Sales in the medical segment
increased 19% to $12.2 million due to solid growth from our therapeutic
support surfaces and our Span-Canada beds and related products. Sales in
the custom products segment were up 100% to $5.5 million due to volume
growth from our consumer bedding and industrial product lines. Earnings
for the fourth quarter of fiscal 2015 rose 96% to $1.3 million, or $0.43
per diluted share, compared with $656,000, or $0.22 per diluted share,
in the fourth quarter last year. The increase in earnings was largely
due to higher sales volume from most of the major product lines in our
medical and custom products business units.
Medical Segment – Total medical sales increased by 19% to
$12.2 million in the fourth quarter of fiscal 2015 compared with $10.3
million in the fourth quarter last year. The increase in medical sales
came from higher volumes within our therapeutic support surface product
lines as well as our Span-Canada beds compared with the fourth quarter
last year.
Sales of beds and related products increased by 14% to $2.7 million
compared with $2.4 million in the fourth quarter last year. The
Span-Canada 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 Span-Canada in the
fourth quarter. “Sales of our medical beds showed excellent growth in
fiscal 2015 and benefited from the new Encore® bed line
as well as increased cross-selling opportunities with our therapeutic
support surfaces. The majority of our bed orders are now shipping with
therapeutic support surfaces, which we believe adds value for our
customers in addition to being good for Span,” stated Ferguson.
Sales of Span-America’s other medical product lines increased by 20% to
$9.5 million compared with $7.9 million in the fourth quarter of fiscal
2014. The increase was due to strong volume growth within our
therapeutic support surface product line. Sales of therapeutic support
surfaces increased by 31% to $6.8 million compared with $5.2 million in
the fourth quarter last year. Within the therapeutic support surface
group, sales of our non-powered Geo-Mattress® products
were up by 15%, and sales of our powered products, including the newest
PressureGuard®, Custom Care® and Protocol®
products, increased by 43% compared with the fourth quarter last year.
Sales of all other pressure management products, including overlays,
positioners, seating, skin care and fall protection products, decreased
by 1% during the fourth quarter of fiscal 2015 to $2.6 million compared
with the fourth quarter of fiscal 2014. The decline in this product
group was mainly the result of lower sales of our Risk Manager™ bedside
safety mat due to an increased number of competitive products being
offered in that market.
Custom Products Segment – Total custom products sales
increased by 100% in the fourth quarter to $5.5 million compared with
$2.8 million in the fourth quarter last year. Our consumer bedding
product line was the major contributor to growth in custom products
sales and jumped 143% to $4.6 million compared with $1.9 million in the
fourth quarter last year. The consumer sales growth came primarily from
a large retail customer that we regained in November 2014 after
previously losing the business to a competitor in February 2014.
Sales from our industrial product lines, included within the custom
products segment, rose 10% to $982,000 in the fourth quarter of fiscal
2015 compared with $895,000 in the same quarter last year. This marked
our ninth consecutive quarterly increase in industrial product line
sales, which have benefited from the strong manufacturing economy in our
region. Industrial sales growth in the fourth quarter came mostly from
new and existing customers in the automotive and packaging markets.
Earnings – Our earnings growth in the fourth quarter was
driven by higher sales volumes in the medical and custom products
segments and a slightly more profitable sales mix in the medical
segment. Total gross profit increased 31% to $5.8 million compared with
$4.4 million in the fourth quarter last year, and our gross margin
percentage decreased to 32.5% compared with 33.8% in the same quarter
last year. The increase in gross profit dollars was the result of higher
sales volume during the quarter, and the decrease in gross margin
percentage was due mainly to the large increase in consumer sales during
the quarter that shifted our overall sales mix toward the lower-margin
custom products segment.
Selling and marketing expenses increased by 9% to $2.7 million in the
fourth quarter this year due to increased activities related to the
higher sales volumes primarily in our medical segment. R&D expenses
increased by 3% to $260,000 due to new-product development projects in
the medical segment. Administrative expenses increased by 15% to $1.1
million due mostly to a decline in the cash value of corporate-owned
life insurance.
Operating income increased by 138% to $1.7 million for the fourth
quarter this year compared with $702,000 in the fourth quarter last
year. Non-operating income increased to $106,000 in the fourth quarter
this year compared with a loss of $17,000 in the same quarter last year
due to gains on foreign currency transactions related to our Canadian
business. Net income for the fourth quarter increased by 96% to $1.3
million, or $0.43 per diluted share, compared with $656,000, or $0.22
per diluted share, in the fourth quarter last year. The increase in
operating income and net income was the result of the growth in sales in
the fourth quarter this year compared with the same quarter last year.
Fiscal Year Results
Fiscal 2015 net sales rose 15% to $64.3 million compared with $55.9
million in fiscal 2014. The growth in fiscal 2015 sales came mostly from
our medical segment, but we also had solid sales growth from our
consumer and industrial product lines, which are part of the custom
products segment.
Total medical sales for fiscal 2015 increased by 13% to a record $47.8
million compared with $42.3 million in fiscal 2014. The $5.5 million
increase in medical segment sales was about evenly divided between our
pressure management products and our Span-Canada beds and related
products. Sales in our pressure management product lines increased by 8%
during fiscal 2015 to $35.8 million compared with $33.0 million in
fiscal 2014. The growth in sales of pressure management products came
entirely from our line of therapeutic support surfaces where sales
increased by 14% to $25.3 million in fiscal 2015 compared with $22.2
million in fiscal 2014. Sales of Span-Canada’s beds and related products
were up 30% to $12.0 million in fiscal 2015 compared with $9.3 million
in fiscal 2014.
In the custom products segment, sales rose 22% to $16.5 million in
fiscal 2015 compared with $13.5 million in fiscal 2014. Consumer sales
for fiscal 2015 increased by 26% to $12.6 million from $10.0 million in
fiscal 2014 due primarily to regaining the business of a large retail
customer in November 2014 that was lost to a competitor in February
2014. Industrial sales rose 10% to $3.9 million during the 2015 fiscal
year compared with $3.5 million in fiscal 2014.
Net income for the full year increased 54% to $4.0 million, or $1.33 per
diluted share, in fiscal 2015 compared with $2.6 million, or $0.87 per
diluted share, in fiscal 2014. The increase in earnings for fiscal 2015
was the result of strong sales growth and margin improvements within our
Span-Canada product lines, solid sales growth from our therapeutic
support surfaces and higher sales from our consumer and industrial
product lines.
Future Outlook
“We expect solid overall sales growth in the first quarter of fiscal
2016 due mostly to an increase in sales of consumer bedding products,”
stated Ferguson. “As we previously announced, we expect growth in first
quarter sales due to shipments in November 2015 for a seasonal promotion
of consumer products. In the medical segment, we expect sales to be
similar to medical sales in the first quarter of fiscal 2015, which was
a particularly strong sales quarter in our medical business. Since the
consumer promotional products tend to carry a lower margin than usual,
we expect first quarter earnings in fiscal 2016 to be similar to those
reported in the first quarter of fiscal 2015.
“We remain positive about our outlook for 2016 based on growth trends in
our medical and custom products segments. We continue to invest in new
product development and are gaining traction with a number of new
products that hold potential in the coming year,” concluded Ferguson.
As we reported on October 2, 2015, the company repurchased 261,310
shares of its common stock (approximately 9% of the outstanding shares)
from former director Robert B. Johnston and his affiliate, The Jerry
Zucker Revocable Trust. The total purchase price of $4.6 million was
funded from the company’s cash on hand. However, we expect to use our
existing line of credit during the first quarter of fiscal 2016 to fund
an increase in inventory related to the large seasonal promotion of
consumer bedding products scheduled to ship in November of 2015. We
expect the repurchase of these shares to be accretive to our fiscal 2016
earnings per share based on our outlook for the new fiscal year.
Conference Call
The company will conduct a conference call at 10:00 a.m. ET on Tuesday,
November 10, 2015, to review the Company’s financial and operating
results for the fourth quarter ended October 3, 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) uncertainty
about whether or not we will continue to be awarded one-time seasonal
promotions with major retailers, which can have a large impact on annual
revenues and earnings, (k) the impact of competitive products and
pricing, (l) government reimbursement changes in the medical market, (m)
FDA and Health Canada regulation of medical device manufacturing and
(n) 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
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
|
|
|
|
|
Oct. 3,
|
|
|
Sept. 27,
|
|
|
|
|
|
|
|
Oct. 3,
|
|
|
Sept. 27,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
% Chg
|
|
|
|
|
2015
|
|
|
2014
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
17,747,229
|
|
|
|
$
|
13,044,584
|
|
|
|
36
|
%
|
|
|
|
|
$
|
64,314,996
|
|
|
|
$
|
55,857,375
|
|
|
|
15
|
%
|
Cost of goods sold
|
|
|
|
11,982,666
|
|
|
|
|
8,639,110
|
|
|
|
39
|
%
|
|
|
|
|
|
42,679,013
|
|
|
|
|
37,067,737
|
|
|
|
15
|
%
|
Gross profit
|
|
|
|
5,764,563
|
|
|
|
|
4,405,474
|
|
|
|
31
|
%
|
|
|
|
|
|
21,635,983
|
|
|
|
|
18,789,638
|
|
|
|
15
|
%
|
|
|
|
|
32.5
|
%
|
|
|
|
33.8
|
%
|
|
|
|
|
|
|
|
|
33.6
|
%
|
|
|
|
33.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses
|
|
|
|
2,698,540
|
|
|
|
|
2,464,581
|
|
|
|
9
|
%
|
|
|
|
|
|
10,789,150
|
|
|
|
|
10,088,400
|
|
|
|
7
|
%
|
Research and development expenses
|
|
|
|
259,608
|
|
|
|
|
252,080
|
|
|
|
3
|
%
|
|
|
|
|
|
1,137,334
|
|
|
|
|
1,071,583
|
|
|
|
6
|
%
|
General and administrative expenses
|
|
|
|
1,136,026
|
|
|
|
|
987,040
|
|
|
|
15
|
%
|
|
|
|
|
|
4,452,047
|
|
|
|
|
4,019,075
|
|
|
|
11
|
%
|
|
|
|
|
4,094,174
|
|
|
|
|
3,703,701
|
|
|
|
11
|
%
|
|
|
|
|
|
16,378,531
|
|
|
|
|
15,179,058
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,670,389
|
|
|
|
|
701,773
|
|
|
|
138
|
%
|
|
|
|
|
|
5,257,452
|
|
|
|
|
3,610,580
|
|
|
|
46
|
%
|
|
|
|
|
9.4
|
%
|
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
8.2
|
%
|
|
|
|
6.5
|
%
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
-
|
|
|
|
|
(3,160
|
)
|
|
|
100
|
%
|
|
|
|
|
|
(6,285
|
)
|
|
|
|
(12,639
|
)
|
|
|
50
|
%
|
Other
|
|
|
|
105,711
|
|
|
|
|
(13,711
|
)
|
|
|
871
|
%
|
|
|
|
|
|
414,231
|
|
|
|
|
30,826
|
|
|
|
1244
|
%
|
Net non-operating income (expense)
|
|
|
|
105,711
|
|
|
|
|
(16,871
|
)
|
|
|
727
|
%
|
|
|
|
|
|
407,946
|
|
|
|
|
18,187
|
|
|
|
2143
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,776,100
|
|
|
|
|
684,902
|
|
|
|
159
|
%
|
|
|
|
|
|
5,665,398
|
|
|
|
|
3,628,767
|
|
|
|
56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
489,000
|
|
|
|
|
29,000
|
|
|
|
1586
|
%
|
|
|
|
|
|
1,672,000
|
|
|
|
|
1,038,000
|
|
|
|
61
|
%
|
Net income
|
|
|
$
|
1,287,100
|
|
|
|
$
|
655,902
|
|
|
|
96
|
%
|
|
|
|
|
$
|
3,993,398
|
|
|
|
$
|
2,590,767
|
|
|
|
54
|
%
|
|
|
|
|
7.3
|
%
|
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
6.2
|
%
|
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.43
|
|
|
|
$
|
0.22
|
|
|
|
95
|
%
|
|
|
|
|
$
|
1.34
|
|
|
|
$
|
0.88
|
|
|
|
53
|
%
|
Diluted
|
|
|
|
0.43
|
|
|
|
|
0.22
|
|
|
|
96
|
%
|
|
|
|
|
|
1.33
|
|
|
|
|
0.87
|
|
|
|
53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share (1)
|
|
|
$
|
0.16
|
|
|
|
$
|
0.15
|
|
|
|
7
|
%
|
|
|
|
|
$
|
1.61
|
|
|
|
$
|
0.57
|
|
|
|
182
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
2,981,207
|
|
|
|
|
2,962,007
|
|
|
|
1
|
%
|
|
|
|
|
|
2,978,107
|
|
|
|
|
2,948,992
|
|
|
|
1
|
%
|
Diluted
|
|
|
|
3,004,802
|
|
|
|
|
2,999,958
|
|
|
|
0
|
%
|
|
|
|
|
|
3,006,082
|
|
|
|
|
2,993,333
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
$
|
218,667
|
|
|
|
$
|
221,279
|
|
|
|
-1
|
%
|
|
|
|
|
$
|
865,003
|
|
|
|
$
|
864,356
|
|
|
|
0
|
%
|
Amortization expense
|
|
|
|
85,567
|
|
|
|
|
100,165
|
|
|
|
-15
|
%
|
|
|
|
|
|
356,775
|
|
|
|
|
424,169
|
|
|
|
-16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Dividends per common share include a special dividend of $1.00
per share paid on January 7, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPAN-AMERICA MEDICAL SYSTEMS, INC.
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
Oct. 3,
|
|
|
|
Sept. 27,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
|
(Note)
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
1,224,026
|
|
|
|
|
$
|
6,865,931
|
|
Accounts receivable, net of allowances
|
|
|
|
7,813,773
|
|
|
|
|
|
5,851,822
|
|
Inventories
|
|
|
|
8,746,039
|
|
|
|
|
|
7,395,955
|
|
Deferred income taxes
|
|
|
|
351,452
|
|
|
|
|
|
271,828
|
|
Prepaid expenses
|
|
|
|
411,528
|
|
|
|
|
|
760,967
|
|
Total current assets
|
|
|
|
18,546,818
|
|
|
|
|
|
21,146,503
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
4,536,104
|
|
|
|
|
|
4,888,096
|
|
Goodwill
|
|
|
|
3,930,282
|
|
|
|
|
|
4,291,843
|
|
Intangibles, net
|
|
|
|
2,214,762
|
|
|
|
|
|
2,860,260
|
|
Other assets
|
|
|
|
2,953,656
|
|
|
|
|
|
2,660,132
|
|
|
|
|
$
|
32,181,622
|
|
|
|
|
$
|
35,846,834
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
4,035,333
|
|
|
|
|
$
|
2,477,198
|
|
Accrued and sundry liabilities
|
|
|
|
3,119,973
|
|
|
|
|
|
2,051,662
|
|
Total current liabilities
|
|
|
|
7,155,306
|
|
|
|
|
|
4,528,860
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
348,479
|
|
|
|
|
|
160,685
|
|
Deferred compensation
|
|
|
|
375,939
|
|
|
|
|
|
457,457
|
|
Total long-term liabilities
|
|
|
|
724,418
|
|
|
|
|
|
618,142
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
7,879,724
|
|
|
|
|
|
5,147,002
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
Common stock, no par value, 20,000,000 shares authorized; issued
and outstanding shares 2,737,468 (2015) and 2,962,007 (2014)
|
|
|
|
-
|
|
|
|
|
|
3,064,658
|
|
Additional paid-in capital
|
|
|
|
-
|
|
|
|
|
|
906,834
|
|
Retained earnings
|
|
|
|
26,848,299
|
|
|
|
|
|
27,735,768
|
|
Accumulated other comprehensive loss
|
|
|
|
(2,546,401
|
)
|
|
|
|
|
(1,007,428
|
)
|
Total shareholders' equity
|
|
|
|
24,301,898
|
|
|
|
|
|
30,699,832
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,181,622
|
|
|
|
|
$
|
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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