Candela Releases Second Quarter Earnings and Announces Entry into Intense Pulsed Light Segment with Next Generation Technology.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. -- 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) today reported that revenues for the quarter ended January January: see month. 1, 2005 were $28.2 million versus $23.9 million for the same quarter a year earlier - an 18% increase. The Company reported earnings for the quarter of $2.6 million or $0.11 per share, compared to $2.4 million and $0.11 per share for the same quarter last year. Included in the quarter's earnings are $500,000 of expense consisting of legal fees related to the 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 proceeding commenced by Candela against The Regents of the University of California The Regents of the University of California make up the governing board of the University of California. The Board has 26 full (i.e., voting) members:
tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. Candela for those legal fees. Also included in the quarter's earnings is a credit, net of tax, of $860,000 related to a decrease in the Company's liability for lease payments at its former Boston spa This article is about the village in West Yorkshire, UK. See also Boston (disambiguation) , attributable to a new tenant taking over the premises. Candela also announced today that it will soon commence the distribution in the U.S. of the next generation light technology called I2PL through a partnership with Danish Dermatologic dermatological, dermatologic pertaining to dermatology; of or affecting the skin. Development (DDD DDD Direct Distance Dialing DDD Digital/Digital/Digital (audio CD format, recording/mixing/mastering) DDD Degenerative Disc Disease DDD Domain Driven Design DDD Data Display Debugger (GNU Project) ). Candela is expanding its product portfolio with the Ellipse ellipse, closed plane curve consisting of all points for which the sum of the distances between a point on the curve and two fixed points (foci) is the same. It is the conic section formed by a plane cutting all the elements of the cone in the same nappe. I2PL. Gerard E. Puorro, Candela's President and Chief Executive Officer, commented: "While our laser business continues to grow at a healthy pace, we felt we could enhance that growth by going into the intense pulsed light Intense Pulsed Light (IPL), as most commonly employed by non-specialist medical practitioners and beauticians, is a method of hair removal from the body involving the use of a specially constructed xenon flash lamp and focusing optics. segment. This technology, unlike earlier generations of intense pulsed light, requires no skin cooling. Further, the Ellipse I2PL features a lightweight hand piece that is user-friendly and is effective for skin rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. treatments on large or small body areas." Puorro continued: "The Ellipse is the only pulsed light system in the world to feature patented I2PL technology, which removes 'water absorbing' wavelengths from the output spectrum device." Puorro added: "Given our strong distribution channel 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. , we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the Ellipse I2PL will increase Candela's lead in our markets." Puorro concluded: "As for guidance for the quarter ending April 2, 2005, we presently believe that the Company is on track to generate a revenue range of $31 to $32 million, and an EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.12 to $0.14, without benefit of sales of the Ellipse I2PL, or factoring in any positive or negative results of the arbitration against the Regents. About Candela: Candela Corporation, an ISO- iso- or is- pref. 1. Equal; uniform: isobar. 2. Isomeric: isopropyl. 3. 9001 certified See certification. company, 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 advanced technologies. Founded near Boston in 1970, the company markets and services its products in over 64 countries from offices and distributors in the United States, Europe, Japan, China and other Asian locations. Candela established the aesthetic laser market 16 years ago, and currently has an installed base of 8,000 lasers worldwide. Candela is an Equal Opportunity and Affirmative Action affirmative action, in the United States, programs to overcome the effects of past societal discrimination by allocating jobs and resources to members of specific groups, such as minorities and women. Employer (Male/Female/Handicapped/Veteran). Visit Candela on the Web at http://www.candelalaser.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: Except for the historical information contained herein, this news 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. that constitute Candela's current intentions, hopes, beliefs, expectations or predictions of the future, which are therefore inherently subject to risks and uncertainties. Such statements may relate to, among other things, our future revenue, gross margin, expense levels and earnings, our growth prospects, market acceptance of our products, the strength of our distribution channels, our ability to add new products, our ability to expand regulatory approvals and the liquidity of our common stock. The risks and uncertainties that may affect forward-looking statements include, among others: the cancellation or deferral deferral - Waiting for quiet on the Ethernet. of customer orders, the risk of an adverse judgment in the arbitration proceeding initiated by Candela to determine the respective obligations of Candela on the one hand and the Regents of the University of California on the other hand under their existing license Agreement, dependence on a small number of strategic distribution relationships, difficulties in the timely development and market acceptance of new products, unanticipated increases in expenses, market developments that vary from the current public expectations concerning the growth of the laser industry, increased competitive pressures, changes in economic conditions, or difficulties in obtaining timely regulatory approvals. Further information on factors that could affect Candela's performance is included in Candela's periodic reports filed with the SEC, including but not limited to, Candela's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended July 3, 2004, and subsequent Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . Candela cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Candela expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Candela's expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statement is based. (TABLES FOLLOW)
CANDELA CORPORATION (Nasdaq: CLZR)
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share amounts)
For the three For the six
months ended: months ended:
----------------- -----------------
Jan. 1, Dec. 27, Jan. 1, Dec. 27,
2005 2003 2005 2003
-------- -------- -------- --------
Revenue $28,204 $23,898 $50,595 $42,584
Cost of sales 14,228 11,651 24,578 21,025
-------- -------- -------- --------
Gross profit 13,976 12,247 26,017 21,559
Operating expenses:
Research and development 1,621 1,415 2,956 2,491
Selling, general and
administrative 9,997 7,818 16,657 13,221
-------- -------- -------- --------
Total operating expenses 11,618 9,233 19,613 15,712
-------- -------- -------- --------
Income from operations 2,358 3,014 6,404 5,847
Other income (expense):
Interest income 141 76 237 155
Interest expense - (4) - (8)
Other income 75 379 118 412
-------- -------- -------- --------
Total other income 216 451 355 559
-------- -------- -------- --------
Income from continuing operations
before income taxes 2,574 3,465 6,759 6,406
Provision for income taxes 824 1,024 2,163 2,176
-------- -------- -------- --------
Income from continuing operations 1,750 2,441 4,596 4,230
======== ======== ======== ========
Discontinued operations:
Loss from discontinued skin care
center operations - - - (298)
======== ======== ======== ========
Gain (loss) on disposal of Skin
Care Center, including revision
of leasehold obligations of
$1,374 and provision for
operating losses of $(3,348)
less income tax expense of
$(515) and income tax benefit of
$1,253. 859 - 859 (2,095)
======== ======== ======== ========
Net income $2,609 $2,441 $5,455 $1,837
======== ======== ======== ========
Net income (loss) per share of
common stock:
Basic:
Income from continuing
operations $0.08 $0.11 $0.21 $0.20
Income (loss) from
discontinued operations 0.04 - 0.04 (0.11)
-------- -------- -------- --------
Basic earnings per share 0.12 0.11 0.25 0.09
======== ======== ======== ========
Diluted:
Income from continuing
operations 0.07 0.11 0.20 0.19
Income (loss) from
discontinued operations 0.04 - 0.04 (0.11)
-------- -------- -------- --------
Diluted earnings per share $0.11 $0.11 $0.24 $0.08
======== ======== ======== ========
Weighted average shares outstanding 22,363 21,739 22,233 21,563
======== ======== ======== ========
Diluted weighted average shares
outstanding 23,063 22,576 22,935 22,380
======== ======== ======== ========
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
January 1, July 3,
2005 2004
---------- ---------
Assets
Current assets:
Cash and cash equivalents $46,058 $37,396
Accounts receivable, net 30,291 34,302
Notes receivable 877 1,151
Inventories, net 13,679 13,571
Other current assets 5,161 2,184
---------- ---------
Total current assets 96,066 88,604
Property and equipment, net 3,504 3,406
Other assets 6,808 8,469
---------- ---------
Total assets $106,378 $100,479
========== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $6,474 $6,973
Accrued payroll and related expenses 3,314 5,428
Accrued warranty 4,779 4,946
Income taxes payable 3,468 1,844
Other accrued liabilities 3,542 3,586
Deferred revenue 4,465 3,421
---------- ---------
Total current liabilities 26,042 26,198
Long-term liabilities 4,773 3,945
Net liabilities of discontinued operations 1,898 3,567
Stockholders' equity
Common stock 246 246
Treasury stock (12,997) (12,997)
Additional paid-in capital 53,487 53,069
Accumulated earnings 31,478 26,023
Cumulative translation adjustment 1,451 428
---------- ---------
Total stockholders' equity 73,665 66,769
---------- ---------
Total liabilities and stockholders' equity $106,378 $100,479
========== =========
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