Candela Profits Soar 51% On 20% Revenue Increase.Business Editors and Health/Medical Writers 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)--Aug. 16, 2000 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 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 :CLZR) announced today that its fourth quarter ending July July: see month. 1, 2000 set all time company records for both revenues and profit. For the quarter, the Company reported revenues of $22,364,000 compared to $18,707,000 one year ago, an increase of 20%. For the full fiscal year, the Company posted revenues of $75,390,000 versus $58,588,000 a year earlier, an increase of 29%. Net income for the quarter was $4,946,000 or $0.40 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. A year earlier, the Company posted a quarterly profit of $3,281,000 or $0.33 per share. Net income for the full fiscal year was $14,563,000 or $1.19 per diluted share. In the previous fiscal year the Company had profits of $7,491,000 or $0.82 per share. Income before tax increased 65% over the comparable quarter one year earlier and 85% for the full fiscal year. Commenting on the quarter, 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, stated: "Thanks to the continued strength of the GentleLASE(TM), our superior hair removal device, and substantial orders for the Vbeam(TM), our new solid entry for vascular vascular /vas·cu·lar/ (vas´ku-ler) 1. pertaining to vessels, particularly blood vessels. 2. indicative of a copious blood supply. vas·cu·lar adj. treatments, we booked in excess of 350 units for the quarter." Puorro added: "As announced two days ago, we settled all outstanding litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. our Dynamic Cooling(TM) Technology." In conclusion, Puorro said: "We have now strung together ten consecutive quarters of top and bottom line growth. We expect to launch additional new products in the coming months that will extend this growth pattern to further 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 cosmetic /cos·met·ic/ (koz-met´ik) 1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. and medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. using lasers, aesthetic laser systems and other proven technologies. Founded near Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. in 1970, Candela markets and services its products in over 50 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 4,000 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.
CANDELA CORPORATION (Nasdaq: CLZR)
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share amounts)
For the three months For the year
ended: ended:
July 1, July 3, July 1, July 3,
2000 1999 2000 1999
Revenue $22,364 $18,707 $75,390 $58,588
Cost of sales 9,527 7,470 31,882 26,463
Gross profit 12,837 11,237 43,508 32,125
Operating expenses:
Research and development 1,207 1,618 4,822 3,998
Selling, general
and administrative 5,859 5,759 21,669 17,891
Total operating expenses 7,066 7,377 26,491 21,889
Income from operations 5,771 3,860 17,017 10,236
Other income (expense):
Interest income 394 55 1,427 115
Interest expense (118) (114) (482) (492)
Other income (expense) 78 (95) 242 (3)
Total other
income (expense) 354 (154) 1,187 (380)
Income before income taxes 6,125 3,706 18,204 9,856
Provision for income taxes 1,179 425 3,641 2,365
Net income $4,946 $3,281 $14,563 $7,491
Basic earnings per share $0.44 $0.39 $1.33 $0.91
Diluted earnings per share $0.40 $0.33 $1.19 $0.82
Weighted average
shares outstanding 11,329 8,307 10,932 8,250
Adjusted weighted average
shares outstanding 12,225 9,903 12,190 9,179
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
01-Jul July 3,
2000 1999
Assets
Current assets:
Cash and cash equivalents $ 34,863 $ 10,055
Accounts receivable, net 19,875 12,337
Notes receivable 1,813 2,186
Inventories 8,386 6,927
Other current assets 885 928
Total current assets 65,822 32,433
Property and equipment, net 2,462 2,626
Other assets 4,880 1,392
Total assets $ 73,164 $ 36,451
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 4,654 $ 4,846
Accrued payroll and related expenses 2,351 3,735
Accrued warranty 3,295 2,502
Income taxes payable 3,332 3,185
Restructuring reserve 1,043 1,519
Other accrued liabilities 1,467 1,132
Current portion of long-term debt 15 415
Deferred income 5,410 1,913
Total current liabilities 21,567 19,247
Long-term debt 3,034 3,181
Stockholders' equity
Common stock 114 56
Less: Treasury stock (3,046) -0-
Additional paid-in capital 41,925 18,562
Accumulated earnings (deficit) 10,717 (3,846)
Cumulative translation adjustment (1,147) (749)
Total stockholders' equity 48,563 14,023
Total liabilities and stockholders' equity $ 73,164 $ 36,451
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