CANTEL MEDICAL Reports 19% Increase in Net Income On 143% Increase in Net Sales for Quarter Ended October 31, 2001; EPS - $0.13 vs. $0.14 for Quarter.Business Editors LITTLE FALLS Little Falls is the name of some places in the United States of America:
CANTEL MEDICAL CORP. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM:CNTL CNTL Control ) reported net income of $770,000, an increase of 19%, or $0.13 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on sales of $21,165,000 for its first quarter ended October 31, 2001, as compared with net income of $649,000, or $0.14 per diluted share, on sales of $8,719,000 for the quarter ended October 31, 2000. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "The results for the first quarter include the operations of Minntech Corporation since the completion of the merger in September." Reilly continued, "The integration of Minntech is going well, having had a positive impact on the results during the first quarter. We expect a significant contribution to our results through the balance of our fiscal year." Reilly further noted, "The first quarter was also impacted by lower than expected results for our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. subsidiary where we expect improvement in future quarters, as well as a one time charge to cost of sales resulting from purchase accounting related to the Minntech acquisition." The Company further reported that its balance sheet at October 31, 2001 continued to improve with current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $53,764,000, a current ratio of 2.9:1 and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $50,279,000. Cantel Medical Corp. is a healthcare company concentrating primarily in infection prevention and control products and diagnostic and therapeutic medical equipment. Through its United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. subsidiaries, Minntech Corporation and MediVators, Inc., Cantel serves customers worldwide by designing, developing, manufacturing, marketing and distributing innovative products for the infection prevention and control market. The Company, by utilizing its proprietary core technologies in chemicals, hollow fibers, and electronics, has developed a wide variety of medical device reprocessing Reprocessing may refer to:
Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids and separation products for the renal renal /re·nal/ (re´n'l) pertaining to the kidney. re·nal adj. Of or in the region of the kidneys. Renal Relating to the kidney. dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. , medical device disinfection disinfection, n the process of destroying pathogenic organisms or rendering them inert. disinfection, full oral cavity, n a procedure used to reduce active periodontal disease, usually completed within a certain short time frame. , cardiosurgery, pharmaceutical, biotechnology and semiconductor industries. Minntech is a world leader in renal dialyzer dialyzer /di·a·lyz·er/ (di´ah-liz?er) hemodialyzer. di·a·lyz·er n. 1. A machine equipped with a semipermeable membrane and used for performing dialysis. 2. reprocessing, providing a broad product line that includes a reprocessing system and a sterilant sterilant a sterilizing agent, i.e. an agent that destroys microorganisms. that each command the largest market share in the U.S. in their respective categories. Through its Canadian subsidiary, Carsen Group Inc., Cantel markets and distributes medical equipment (including flexible and rigid endoscopes), precision instruments (including microscopes and high performance image analysis hardware and software) and industrial equipment (including remote visual inspection devices). Cantel's subsidiaries also provide technical maintenance services for their own products, as well as for certain competitors' products. The Company will hold a conference call to discuss the results for the first quarter ended October 31, 2001 on Wednesday, December 12, 2001 at 11:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . To participate in the conference call, dial 1-877-351-9864 approximately 5 to 10 minutes before the beginning of the call. If you are unable to participate, a digital replay of the call will be available from Wednesday, December 12 at 1:00 PM through midnight on December 13, by dialing 1-800-642-1687 and using passcode 2654753. The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/NASApp/Vcall/EventPage?ID=78367. A replay of the webcast will be available on Vcall for 30 days. For further information, visit the Cantel Web site at www.cantelmedical.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the Company's filings and reports with the Securities and Exchange Commission. Such statements are only predictions, and actual events or results may differ materially from those projected.
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended
October 31,
--------------------------------
2001 2000 (1)
------------- --------------
Net sales $21,165 $ 8,719
Cost of sales 13,166 5,064
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Gross profit 7,999 3,655
Operating expenses 6,381 2,548
------------- --------------
Income before interest
and income taxes 1,618 1,107
Interest expense (income) 375 (3)
------------- --------------
Income before income taxes 1,243 1,110
Income taxes 473 461
------------- --------------
Net income $ 770 $ 649
============= ==============
Earnings per common share
- diluted $ 0.13 $ 0.14
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Weighted average shares
- diluted 5,960 4,670
(1) Restated from amounts previously reported to reflect warehouse
and shipping expenses in cost of sales and related amounts
billed to customers in net sales. These reclassifications had no
effect on income.
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
October 31, July 31,
2001 2001
------------- --------------
Assets
Current assets $ 53,764 $ 26,494
Property and equipment, net 23,825 844
Intangible assets 8,204 622
Goodwill 15,194 585
Other assets 8,340 3,384
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$ 109,327 $ 31,929
============= ==============
Liabilities and stockholders' equity
Current liabilities $ 18,336 $ 9,825
Long-term debt 32,000 -
Other long-term liabilities 8,712 77
Stockholders' equity 50,279 22,027
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$ 109,327 $ 31,929
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