MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
DATASCOPE CORP. |
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Registered Office : |
14
Philips Parkway, Montvale, NJ 07465 |
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Country : |
United States |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
05.10.1989 |
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Legal Form : |
Public
Company |
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Line of Business : |
Medical Device Company |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 6,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company name
DATASCOPE CORP.
Address
14 Philips Parkway, Montvale, NJ
07465 – USA
Telephone : 201-391-8100
Fax : 201-265-8562
Website : www.datascope.com
summary
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Corporate
ID# : State : Judicial
form : Date
founded : Stock Value: Name of manager: |
2209780 Delaware Public
Company (Nasdaq = DCSP) October
5, 1989 As of August 29, 2008, there were 15,868,002 outstanding shares of the registrant’s common stock. Lawrence
SAPER |
ACTIVITIES
& OPERATIONS
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Business Staff: |
Datascope Corp., a medical device company, engages in the development, manufacture, and marketing of products for clinical health care markets in interventional cardiology and radiology, cardiovascular and vascular surgery, anesthesiology, emergency medicine, and critical care. Its principal product lines include Cardiac Assist and Vascular Products. The Cardiac Assist product line consists of counterpulsation products, intra-aortic balloon pumps, and intra-aortic balloon catheters; and endoscopic vessel harvesting devices that provide a less-invasive alternative to surgical harvesting of blood vessels for use in coronary bypass. The Vascular Products include vascular grafts and patches, and vascular stent products for reconstructive vascular and cardiovascular surgery. The company also offers life science research products primarily for use in newly developed kinds of detection assays. It sells its products through direct sales representatives and independent distributors primarily to physicians, hospitals, and other medical institutions worldwide with a principal focus on the United States, Europe, and Japan. The company was founded in 1964 and is headquartered in Montvale, New Jersey. 765 |
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Operations & branches: |
At above address,
we find the Corporate office and laboratory, owned. |
SHAREHOLDERS & MANAGERS
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Shareholders : |
The Company is quoted with the Nasdaq under symbol DSCP. 79% of the common stock is held by institutional and pension fund
owners including:
On September 16, 2008 ,
Datascope Corp. announced that it has entered into a definitive agreement
providing for the acquisition by Getinge AB, a global medical technology company
with existing operations in the cardiac and vascular surgery markets, for all
of the outstanding shares of Datascope common stock for $53.00 per share. The
transaction is subject to customary conditions, including the tender of a
majority of the outstanding shares of Datascope common stock into the tender
offer, regulatory approvals and the absence of a material adverse change with
respect to Datascope. Lawrence Saper, the Chairman and CEO of Datascope and
an 18% stockholder, has entered into a voting and tender agreement in
connection with this transaction. This
announcement is neither an offer to purchase nor a solicitation of an offer
to sell securities. The tender offer for the outstanding shares of common
stock of Datascope has not yet commenced. |
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Management : |
Lawrence Saper is the Founder, Chairman of the Board and Chief Executive Officer. Mr. Saper received his
degree in electrical engineering from City College of New York. Henry M. Scaramelli has served as Vice President; Chief Financial Officer since August 2007. Henry M.
Scaramelli served as Vice President;
Acting Chief Financial Officer from April 2007 to August 2007. Prior to this position, Mr. Scaramelli held the
position of Corporate Controller,
from September 2003 to April 2007. From
June 2004 to the present, Mr. Scaramelli was Acting Vice
President of Finance for the
Interventional Products Division and
InterVascular, Inc. From July 2002 to August 2003, Mr. Scaramelli served as Group Vice President, Finance
for the Cardiac Assist Division and
InterVascular, Inc. From October 1996 to June 2002, Mr. Scaramelli served as Vice President, Finance for the
Cardiac Assist Division. Mr.
Scaramelli received a B.S. degree in
accounting and an MBA in Finance from Fairleigh Dickinson University. |
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Subsidiaries & Partnership : |
There are several subsidiaries worldwide. |
FINANCIALS
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Datascope Corp. and SubsidiariesCondensed Consolidated Balance Sheets(In thousands, except per share amounts)(Unaudited) June 30, June 30, 2008 2007 --------- --------- Assets Current assets: Cash and cash equivalents $ 22,106 $ 15,780 Short-term investments 228,106 23,681 Accounts receivable less allowance for doubtful accounts of $2,777 and $2,603 65,178 85,553 Inventories 31,030 59,455 Prepaid income taxes -- 2,293 Prepaid expenses and other current assets 16,559 11,167 Current deferred taxes 3,203 7,238 Current assets of discontinued operations 5,773 -- --------- --------- Total current assets 371,955 205,167 Property, plant and equipment, net of accumulated depreciation of $73,563 and $100,760 49,710 82,812 Long-term investments 22,846 14,346 Intangible assets, net 15,873 26,074 Goodwill 4,575 12,860 Other assets 44,548 34,897 Noncurrent assets of discontinued operations 15,666 -- --------- --------- $ 525,173 $ 376,156 ========= ========= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 16,951 $ 18,386 Dividends payable -- 1,532 Accrued expenses 13,488 16,129 Accrued compensation 14,377 17,422 Deferred revenue 2,728 4,380 Income taxes payable 45,360 -- Current liabilities of discontinued operations 500 -- --------- --------- Total current liabilities 93,404 57,849 Other liabilities 26,026 25,220 Other liabilities of discontinued operations 459 --Commitments and contingencies Stockholders' equity: Preferred stock, par value $1.00 per share: Authorized 5,000 shares; Issued, none -- -- Common stock, par value $0.01 per share: Authorized, 45,000 shares; Issued, 19,401 and 18,867 shares 194 189 Additional paid-in capital 126,876 109,384 Treasury stock at cost, 3,567 and 3,521 shares (108,897) (107,037) Retained earnings 376,857 294,765 Accumulated other comprehensive income (loss): Cumulative translation adjustments 10,043 1,899 Benefit plan adjustments (55) (5,827) Unrealized gain (loss) on available-for-salesecurities 266 (286) --------- --------- Total stockholders' equity 405,284 293,087 --------- --------- $ 525,173 $ 376,156 ========= ========= Year Ended Three Months Ended June 30, June 30, -------------------- -------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Net sales $ 230,915 $ 212,991 $ 63,335 $ 56,590 Cost of sales 80,013 74,148 22,004 19,454 --------- --------- --------- --------- Gross profit 150,902 138,843 41,331 37,136 Operating expenses: Research and development expenses 21,079 19,901 4,888 4,873 Selling, general and administrative expenses 92,617 87,424 23,727 23,640 Special items -- 8,737 -- 5,349 --------- --------- --------- --------- 113,696 116,062 28,615 33,862 --------- --------- --------- --------- Operating earnings 37,206 22,781 12,716 3,274 Other (income) expense: Interest, net (2,614) (2,443) (1,016) (560) Dividend income -- (196) -- -- Gain on sale of investment (13,173) (1,273) -- -- Other, net 1,727 737 1,524 265 --------- --------- --------- --------- (14,060) (3,175) 508 (295) --------- --------- --------- --------- Earnings from continuing operations before income taxes 51,266 25,956 12,208 3,569 Income taxes 17,488 7,244 4,628 1,262 --------- --------- --------- --------- Net earnings from continuing operations 33,778 18,712 7,580 2,307 Net loss from discontinued operations (4,207) (1,247) (5,979) (571) Net gain on sale of discontinued operations 76,998 -- 76,998 -- --------- --------- --------- --------- Net earnings $ 106,569 $ 17,465 $ 78,599 $ 1,736 ========= ========= ========= ========= Net earnings (loss) per share, basic: Continuing operations $ 2.19 $ 1.23 $ 0.48 $ 0.15 Discontinued operations (0.27) (0.08) (0.38) (0.04) Gain on sale of discontinued operations 4.98 -- 4.92 -- --------- --------- --------- --------- Net earnings $ 6.90 $ 1.15 $ 5.02 $ 0.11 ========= ========= ========= ========= Weighted average number of common shares outstanding, basic 15,441 15,244 15,656 15,307 ========= ========= ========= ========= Net earnings (loss) per share, diluted: Continuing operations $ 2.16 $ 1.22 $ 0.48 $ 0.15 Discontinued operations (0.27) (0.08) (0.38) (0.04) Gain on sale of discontinued operations 4.93 -- 4.85 -- --------- --------- --------- --------- Net earnings $ 6.82 $ 1.14 $ 4.95 $ 0.11 ========= ========= ========= ========= Weighted average number of common shares outstanding, diluted 15,617 15,387 15,885 15,484 ========= ========= ========= ========= Datascope Corp. and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited) Year Ended Three Months Ended June 30, June 30, ------------------ ------------------ 2008 2007 2008 2007 -------- -------- -------- -------- Net earnings from continuing operations as reported $ 33,778 $ 18,712 $ 7,580 $ 2,307 Non-GAAP adjustments, net of tax: Special items -- 5,705 -- 3,546 Gain on sale ofinvestment (7,791) (1,273) -- -- Special dividend income -- (170) -- -- -------- -------- -------- -------- Net earnings from continuing operations as adjusted (non-GAAP) $ 25,987 $ 22,974 $ 7,580 $ 5,853 ======== ======== ======== ======== Earnings per share from continuing operations, diluted, as reported $ 2.16 $ 1.22 $ 0.48 $ 0.15 Non-GAAP adjustments, net of tax: Special charges -- 0.36 -- 0.23 Gain on sale of investment (0.50) (0.08) -- -- Special dividend income -- (0.01) -- -- -------- -------- -------- -------- Earnings per share from continuing operations, diluted, as adjusted (non-GAAP) $ 1.66 $ 1.49 $ 0.48 $ 0.38 ======== ======== ======== ======== Shares used in per share calculation 15,617 15,387 15,885 15,484======== ======== ======== ======== |
Banks
Bank of
America
LEGAL FILINGS
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Legal filings
& complaints : |
As of
today date, there is no legal filings pending with the District
Courts. |
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Secured debts
summary (UCC) : |
There are
several UCC files listed. |
COMPANY
CREDIT HISTORY
According to our credit analysts, during the last 6 months, 93% of trade experience indicates a regular payment.
Payments of imports are currently made with an average of 2 to 5 days beyond terms.
The Company
maintains a regular business.
The banks
and financial institutions confirmed a satisfying credit history.
The risk is
low.
Our
opinion:
A business
connection may be conducted.
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CREDIT REQUIRED |
MAXIMUM CREDIT |
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Maximum |
USD 6,000,000= |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)