Candela Reports 31% Increase in Sales and Continued Solid Profitability.Business Editors/Health/Medical Writers WAYLAND, Mass.--(BUSINESS WIRE)--Jan. 28, 2003 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 revenues for the quarter ended December 28, 2002 were $18.6 million versus $14.2 million for the same quarter one year earlier, a 31% increase. The Company said that its operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $1,369,000 versus a loss of $1,938,000 for the same quarter a year earlier. During the quarter, the Company retired all of its long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and incurred a related one-time charge of $677,000, which includes $440,500 in non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) . Net income was $470,000 versus a loss of $1,161,000 for the same period a year earlier. Gerard E. Puorro, Candela's President and Chief Executive Officer, commented: "We continue to grow in a meaningful way at both the top and bottom lines. Our fundamentals are solid. In the past twelve months, we have expanded our product applications with no less than six (6) FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approvals, and we have greatly strengthened our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distribution channels." Puorro continued: "The combination of solid fundamentals, state of the art products, large and growing markets, and strong distribution channels makes us very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op going forward." 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 advanced technologies. Founded near Boston in 1970, the company markets and services its products in over 60 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, Japan and other Asian locations. Candela established the aesthetic laser market 14 years ago, and currently has an installed base of over 5,000 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, M/F/H/V M/F/H/V Male/Female/Handicapped/Veteran (employment) . 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. Candela's actual results could differ materially from those anticipated in Candela's forward-looking statements based on various factors, including without limitation: the cancellation or deferral deferral - Waiting for quiet on the Ethernet. of customer orders, dependence on a small number of strategic distribution relationships, difficulties in the timely development and market acceptance of new products, market developments that vary from the current public expectations concerning the growth of the laser industry, increased competitive pressures, or changes in economic conditions. 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 June 29, 2002, 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.
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:
Dec. 28, Dec. 29, Dec. 28, Dec. 29,
2002 2001 2002 2001
Revenue $18,566 $14,156 $32,369 $24,536
Cost of sales 9,454 8,044 16,479 13,675
Gross profit 9,112 6,112 15,890 10,861
Operating expenses:
Research and development 1,086 1,236 1,952 2,248
Selling, general and
administrative 6,657 6,814 11,732 12,518
Total operating expenses 7,743 8,050 13,684 14,766
Income (loss) from operations 1,369 (1,938) 2,206 (3,905)
Other income (expense):
Interest income 60 131 135 366
Interest expense (73) (120) (179) (239)
Other income (expense) (622) 412 (281) 364
Total other income (expense) (635) 423 (325) 491
Income (loss) before income taxes 734 (1,515) 1,881 (3,414)
Provision for (benefit from)
income taxes 264 (354) 677 (1,022)
Net income (loss) $470 $(1,161) $1,204 $(2,392)
Basic earnings (loss) per share $0.05 $(0.11) $0.12 $(0.24)
Diluted earnings (loss) per share $0.05 $(0.11) $0.12 $(0.24)
Weighted average shares
outstanding 9,877 10,176 9,760 10,151
Adjusted weighted average shares
outstanding 10,004 10,176 9,859 10,151
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
Dec. 28, June 29,
2002 2002
Assets
Current assets:
Cash and cash equivalents $19,270 $19,628
Accounts receivable, net 21,943 23,827
Notes receivable 569 1,262
Inventories 12,213 12,118
Other current assets 1,255 870
Total current assets 55,250 57,705
Property and equipment, net 2,801 3,156
Deferred tax assets 5,212 5,442
Prepaid licenses 1,317 1,405
Other assets 175 183
Total assets $64,755 $67,891
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $2,842 $5,133
Accrued payroll and related expenses 2,209 3,003
Accrued warranty 4,411 4,452
Income taxes payable 2,147 1,604
Restructuring reserve 455 559
Other accrued liabilities 2,898 2,723
Current portion of long-term debt - 740
Deferred income 3,771 4,357
Total current liabilities 18,733 22,571
Long-term liabilities
Long-term portion of deferred revenue 2,414 2,352
Long-term debt - 2,115
Total long-term liabilities 2,414 4,467
Stockholders' equity
Common stock 124 119
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 45,232 43,869
Accumulated earnings 12,289 11,085
Cumulative translation adjustment (1,040) (1,223)
Total stockholders' equity 43,608 40,853
Total liabilities and stockholders' equity $64,755 $67,891
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