Candela Posts Net Income of $1.39 Million, or 24 Cents Per Diluted Share for 2nd Quarter of Fiscal 1999.WAYLAND Wayland, town (1990 pop. 11,874), Middlesex co., E Mass., W of Boston; settled c.1638, inc. 1835. Electronic and chemical research is carried on there. , Mass.--(BW HealthWire)--Jan. 21, 1999--Strong domestic and international sales of cosmetic cosmetic /cos·met·ic/ (koz-met´ik) 1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. laser devices, including its advanced GentleLASE(TM) hair removal system, enabled Candela candela (kăndĕ`lə), in weights and measures: see candle. A unit of measurement of the intensity of light. Part of the SI system of measurement, one candela (cd) is the monochromatic radiation of 540THz with a radiant intensity Corporation (Nasdaq:CLZR) to post solid gains in net income and earnings per share in the second quarter of its 1999 fiscal year. For the second quarter ended December December: see month. 26, 1998, revenue was a record $13,299,000, up 56% from $8,522,000 in the same period a year ago. This year's revenue for the second quarter was also 10% better than the company's previous record for any quarter, which was $12,063,000 in the fourth fiscal quarter ended June June: see month. 27, 1998. Net income for this fiscal year's December quarter was $1,393,000, or $0.24 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. One year ago, the company posted a net loss of $4,441,000, or $0.82 per share for its fiscal second quarter, with those results primarily attributed to now-discontinued skin care center operations and related restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . For the first six months of fiscal 1999, Candela reported that revenue increased 47% to $24,037,000, compared with $16,345,000 one year ago. Net income for the half-year was $2,303,000, or $0.41 per diluted share. For the fiscal first half of 1998, the company's net loss was $5,292,000 or $0.97 per diluted share. Commenting on the company's results, Gerard Gerard is a male forename of Germanic origin, variations of which exist in many Germanic and Romance languages. The name derives from Old Germanic 'ger' ('spear') and 'hard' ('hard/strong/brave'). Its meaning is 'strong/brave with the spear'. E. Puorro, president and chief executive officer, said: "Our re-emergence as a profitable and growing company is directly attributable to our sharpened sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp focus on Candela's traditional laser device business during the past year. We are seeing continuing strong demand for our GentleLASE and other aesthetic laser systems in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Japan, as
well as early signs of life in some Asia/Pacific markets that had all
but dried up last year."
"We are clearly benefiting from our aggressive approach to development, manufacturing and pricing for our systems," Mr. Puorro pointed out. "By pursuing a strategy that emphasizes smaller, faster, more comfortable and less expensive laser devices, we have become a market leader in ways which benefit our physician customers, their patients and -- as Candela's results increasingly indicate -- our bottom line." Discussing other recent developments, Mr. Puorro noted the reaffirmation re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re of the company's exclusive license for the patented Dynamic Cooling Device from the University of California's Beckman Beckman or Beckmann may refer to:
A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". , primarily through Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Capital Resource Corporation, was what he termed "a
key step toward further strengthening our financial position."
"As for continuing to grow the business," Mr. Puorro concluded, "we just announced a new relationship with PSS See EPSS. World Medical (Nasdaq: PSSI PSSI Persatuan Sepak Bola Seluruh Indonesia (Football Association of Indonesia) PSSI Performance Salary Step Increase PSSI Peninsula Sanitary Service, Inc. ), North America's #1 medical products distributor. With their very capable 700-person-strong sales force -- supplementing our own hard-driving sales and marketing team -- we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that Candela's sales and market share can continue to make progress to grow revenue, build profitability and enhance shareholder value." About Candela Candela Corporation develops, manufactures, and distributes innovative clinical solutions that enable physicians, surgeons and personal care practitioners to treat selected cosmetic and medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. using lasers, cryosurgery cryosurgery (krī`ōsr'jərē), bloodless surgical technique using a supercooled probe to destroy diseased or superfluous tissue. and other proven technologies. Founded near Boston in 1970, Candela markets and services its products in over 40 countries from offices in the 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. , Europe and Asia. Candela established the aesthetic laser market 11 years ago. With an installed base of over 2,000 lasers worldwide, more than 500,000 aesthetic laser procedures are performed annually with Candela laser systems. For more information about Candela, visit the company's web site at http://www.clzr.com. This press release includes certain 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. . Any such statements are subject to risks that could cause the actual results to vary materially, including negative developments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc unforeseen order cancellations or push-outs, Candela's strategic relationships, the impact of intense competition, and changes in the laser industry. -0-
CANDELA CORPORATION (Nasdaq: CLZR)
Consolidated Statements of Operations (UNAUDITED)
(amounts in thousands, except per share amounts)
For the For the
three months ended: six months ended:
Dec. 26, Dec. 27, Dec. 26, Dec. 27,
1998 1997 1998 1997
-------- -------- -------- --------
Revenue $ 13,299 $ 8,522 $ 24,037 $ 16,345
Cost of sales 6,499 4,824 12,172 9,326
------ ------ ------- -----
Gross profit 6,800 3,698 11,865 7,019
Operating expenses:
Research and development 760 742 1,448 1,320
Selling, general and
administrative 4,213 4,695 7,546 8,090
Restructuring costs - 2,609 - 2,609
-- ------ -- -----
Total operating expenses 4,973 8,046 8,994 12,019
------ ------ ------ ------
Income (loss) from operations 1,827 (4,348) 2,871 (5,000)
Other income (expense):
Interest income 20 9 31 17
Interest expense (163) (69) (241) (135)
Other income (expense) 79 (33) 112 (96)
--- ---- ---- ----
Total other income (expense) (64) (93) (98) (214)
---- ---- ---- -----
Income (loss) before income taxes 1,763 (4,441) 2,773 (5,214)
Provision for income taxes 370 - 470 78
---- -- ---- --
Net income (loss) $ 1,393 $ (4,441) $ 2,303 $ (5,292)
======== ======== ======== ========
Basic earnings (loss)
per share $ 0.25 $ (0.82) $ 0.42 $ (0.97)
Diluted earnings (loss)
per share $ 0.24 $ (0.82) $ 0.41 $ (0.97)
======= ======== ======= ========
Weighted average shares
outstanding 5,482 5,443 5,480 5,443
Adjusted weighted average
shares outstanding 5,739 5,443 5,650 5,443
======= ======= ======= =======
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
December 26, June 28,
1998 1998
---- ----
Assets
Current assets:
Cash and cash equivalents $ 4,849 $ 1,615
Accounts receivable, net 10,349 8,419
Notes receivable 1,079 1,486
Inventories 6,610 7,241
Other current assets 795 200
------- -------
Total current assets 23,682 18,961
Property and equipment, net 2,710 3,120
Other assets 451 523
------- -------
Total assets $26,843 $22,604
======= =======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 4,133 $ 4,292
Accrued payroll and related expenses 1,338 1,319
Accrued warranty 2,357 2,012
Income taxes payable 776 335
Restructuring reserve 1,770 1,995
Other accrued liabilities 1,616 957
Current portion of long-term debt 574 3,649
Deferred income 2,031 1,763
-------- --------
Total current liabilities 14,595 16,322
Long-term debt 3,046 887
Stockholders' equity
Common stock 55 55
Additional paid-in capital 18,525 17,407
Accumulated deficit (9,035) (11,337)
Cumulative translation adjustment (343) (730)
-------- --------
Total stockholders' equity 9,202 5,395
-------- --------
Total liabilities and stockholders' equity $ 26,843 $ 22,604
======== ========
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