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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO
Commission File Number 000-27701
HEALTHSTREAM, INC.
(Exact name of registrant as specified in its charter)
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Tennessee
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62-1443555 |
(State or other jurisdiction of
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(I.R.S. Employer Identification No.) |
incorporation or organization) |
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209 10th Avenue South, Suite 450
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37203 |
Nashville, Tennessee
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(Zip Code) |
(Address of principal executive offices) |
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(615) 301-3100
(Registrants telephone number, including area code)
Securities Registered Pursuant To Section 12(b) Of The Act:
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Title of each class
Common
Stock, No Par Value
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Name of each Exchange on which registered
NASDAQ
Global Market |
Securities Registered Pursuant To Section 12(g) Of The Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act. Yes o No þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 of
15(d) of the Act. Yes o No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes o No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best of registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated
filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
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Large accelerated filer o | |
Accelerated filer o | |
Non-accelerated filer o | |
Smaller reporting company þ |
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(Do not check if a smaller reporting company) |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of
the Act). Yes o No þ
The aggregate market value of the Common Stock issued and outstanding and held by non-affiliates of
the Registrant, based upon the closing sales price for the Common Stock on the NASDAQ Global Market
on June 30, 2010 was $71,681,232. All executive officers and directors of the registrant have been
deemed, solely for the purpose of the foregoing calculation, to be affiliates of the registrant.
As of March 22, 2011, there were 21,931,535 shares of the Registrants common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrants definitive Proxy Statement for its 2011 Annual Meeting of Shareholders
are incorporated by reference into Part III hereof.
TABLE OF CONTENTS
Explanatory Note
This Amendment No. 1 on Form 10-K/A (the Amendment) amends our Annual Report on Form 10-K for the
year ended December 31, 2010, that was filed with the Securities and Exchange Commission on March
23, 2011 (the Original Filing). The purpose of this Amendment is to update Exhibit 23.1, for
which the signature of Ernst & Young LLP had been inadvertently omitted in the Original Filing.
No other changes have been made to the Original Filing other than the correction described above.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized on this 10th day of August, 2011.
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HEALTHSTREAM, INC.
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By: |
/s/ Gerard M. Hayden Jr.
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Gerard M. Hayden, Jr. |
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Chief Financial Officer |
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INDEX TO EXHIBITS
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Exhibit |
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Number |
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Description |
2.1(1)
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Stock Purchase Agreement, dated as of March 28, 2005, by and among
HealthStream, Inc., Mel B. Thompson and Data Management & Research, Inc. |
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2.2(2)
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Stock Purchase Agreement, dated as of March 12, 2007, by and among
HealthStream, Inc., The Jackson Organization, Research Consultants, Inc., David Jackson and
the Jackson Charitable Remainder Trust |
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3.1*
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Form of Fourth Amended and Restated Charter of HealthStream, Inc. |
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3.2*
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Form of Amended and Restated Bylaws of HealthStream, Inc. |
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4.1*
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Form of certificate representing the common stock, no par value per share, of HealthStream, Inc. |
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4.2
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Reference is made to Exhibits 3.1 and 3.2. |
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10.1^*
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1994 Employee Stock Option Plan, effective as of April 15, 1994 |
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10.2^*
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2000 Stock Incentive Plan, effective as of April 10, 2000 |
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10.3^ (9)
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2010 Stock Incentive Plan, effective as of May 27, 2010 |
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10.4^*
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Form of Indemnification Agreement |
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10.5^ (3)
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Executive Employment Agreement, dated July 21, 2005, between HealthStream,
Inc. and Robert A. Frist, Jr. |
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10.6*
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Lease dated March 27, 1995, as amended June 6, 1995 and September 22, 1998, between Cummins
Station LLC, as landlord, and NewOrder Media, Inc., as tenant |
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10.7^ (4)
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Form of HealthStream, Inc. Non-Qualified Stock Option Agreement
(Employees) |
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10.8^ (4)
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Form of HealthStream, Inc. Incentive Stock Option Agreement
(Employees) |
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10.9^ (4)
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Form of HealthStream, Inc. Non-Qualified Stock Option Agreement
(Directors) |
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10.10 (5)
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Loan Agreement dated July 21, 2006 between HealthStream, Inc. and SunTrust
Bank |
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10.11 (6)
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First Amendment to Loan Agreement dated February 16, 2007 between HealthStream, Inc. and SunTrust Bank |
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10.12 (7)
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Second Amendment to Loan Agreement dated July 23, 2007 between HealthStream, Inc. and SunTrust Bank |
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10.13 (8)
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Third Amendment to Loan Agreement dated July 17, 2009 between HealthStream, Inc. and SunTrust Bank |
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10.14^**
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Summary of Director and Executive Officer Compensation |
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21.1**
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Subsidiaries of HealthStream, Inc. |
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23.1
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Consent of Independent Registered Public Accounting Firm |
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31.1
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Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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31.2
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Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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32.1
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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32.2
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 |
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Incorporated by reference to Registrants Registration Statement on Form S-1, as amended
(Reg. No. 333-88939). |
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Previously filed on our Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission on March 23, 2011. |
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^
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Management contract or compensatory plan or arrangement. |
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(1)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated March
29, 2005. |
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(2)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated March
12, 2007. |
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(3)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated July
25, 2005. |
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(4)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated
June 1, 2010. |
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(5)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated
July 25, 2006. |
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(6)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated
February 20, 2007. |
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(7)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated July
24, 2007. |
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(8)
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Incorporated by reference from exhibit filed on our Current Report on Form 8-K, dated July
17, 2009. |
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(9)
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Incorporated by reference to Appendix B of the Companys Definitive Proxy Statement filed
with the SEC on April 29, 2010. |
exv23w1
EXHIBIT 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the following Registration Statements:
Registration Statement (Form S-8 No. 333-167241) pertaining to the 2010 Stock Incentive Plan of
HealthStream, Inc. and Registration Statement (Form S-8 No. 333-37440) pertaining to the 1994
Employee Stock Option Plan, 2000 Stock Incentive Plan and Employee Stock Purchase Plan of
HealthStream, Inc. of our report dated March 23, 2011, with respect to the consolidated financial
statements of HealthStream, Inc. included in this Annual Report (Form 10-K) for the year ended
December 31, 2010.
/s/ Ernst & Young LLP
Nashville, Tennessee
August 10, 2011
exv31w1
EXHIBIT 31.1
CERTIFICATION
I, Robert A. Frist, Jr., certify that:
1. I have reviewed this annual report on Form 10-K/A of HealthStream, Inc.;
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Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
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Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; |
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The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have: |
a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
d) Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter (the
registrants fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrants internal control
over financial reporting; and
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The registrants other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions): |
a) All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrants internal control over financial reporting.
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Date: August 10, 2011 |
/s/ Robert A. Frist, Jr.
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Robert A. Frist, Jr. |
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Chief Executive Officer |
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exv31w2
EXHIBIT 31.2
CERTIFICATION
I, Gerard M. Hayden, Jr., certify that:
1. I have reviewed this annual report on Form 10-K/A of HealthStream, Inc.;
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Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
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Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; |
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The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have: |
a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
d) Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter (the
registrants fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrants internal control
over financial reporting; and
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The registrants other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions): |
a) All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrants internal control over financial reporting.
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Date: August 10, 2011 |
/s/ Gerard M. Hayden, Jr.
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Gerard M. Hayden, Jr. |
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Chief Financial Officer |
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exv32w1
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of HealthStream, Inc. (the Company) on Form 10-K/A for the
year ending December 31, 2010, as filed with the Securities and Exchange Commission on the date
hereof (the Report), Robert A. Frist, Jr., Chief Executive Officer of the Company certifies,
pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
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The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and |
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The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. |
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/s/ Robert A. Frist, Jr.
Robert A. Frist, Jr.
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Chief Executive Officer |
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August 10, 2011 |
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exv32w2
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of HealthStream, Inc. (the Company) on Form 10-K/A for the
year ending December 31, 2010, as filed with the Securities and Exchange Commission on the date
hereof (the Report), Gerard M. Hayden, Jr., Chief Financial Officer of the Company certifies,
pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
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The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and |
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The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. |
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/s/ Gerard M. Hayden, Jr.
Gerard M. Hayden, Jr.
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Chief Financial Officer |
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August 10, 2011 |
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