Candela Reports 33% Revenue Growth Generates 203% Growth in Income from Continuing Operations; Company Announces Stock Split.Business Editors 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.--(BUSINESS WIRE)--Jan. 27, 2004 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 results for its second fiscal quarter ended December December: see month. 27, 2003. The Company said that revenues for the quarter were $23.9 million, a 33% growth compared to $18.0 million for the same quarter a year earlier. For the first six months of the fiscal year, the Company reported revenues of $42.6 million, a 36% growth, compared to $31.3 million for the same period last year. Income for the quarter from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $2.4 million or $ .22 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. compared to $ .8 million or $ .08 EPS, increases of 203% and 175% respectively over the same quarter a year earlier. For the six-month period, income from continuing operations was $4.2 million or $ .38 EPS versus $1.8 million or $ .18 EPS, increases of 140% and 111% respectively over the same period last year. 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, Candela's President and Chief Executive Officer, commented: "Our best in class products coupled with our ever strengthening worldwide distribution channels continue to drive the significant revenue and profit growth we have been enjoying. We continue to add new products, and expanded regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals as we head into next month's 62nd Annual Meeting of the American Academy of Dermatology The American Academy of Dermatology (AAD) is the largest organization of dermatologists in the world. The Academy grants Fellowships and Associate Memberships, as well as Fellowships for Nonresidents (of the United States of America or Canada). ." Puorro added: "We remain quite optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op as we move into the second half of our fiscal year." Simultaneous with its earning announcement, the Company also announced that its Board of Directors has approved a two-for-one stock split, payable in the form of a 100% stock dividend. All shareholders of record at the close of business on February February: see month. 16, 2004 will receive one additional share for each share of common stock owned. The additional shares will be distributed to shareholders on or about March 16, 2004. Upon completion of this split, Candela will have approximately 22 million shares of common stock outstanding. Regarding the Company's stock split, Puorro said: "We believe the increase in shares outstanding from this split could enhance the liquidity of Candela shares, and is beneficial to our shareholders over term." The Company's management team will host a live conference call at 10:00 a.m. (Eastern time) on Wednesday Wednesday: see week. , January January: see month. 28, 2004 to discuss the Company's results for its second fiscal quarter ended December 27, 2003. A replay of the conference call, along with a copy of this earnings press release and accompanying financial and other statistical information, will be accessible from the Company's website at www.candelalaser.com - About Candela - Investor Relations Investor relations The process by which the corporation communicates with its investors. - News Releases. 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 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, 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 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). , Japan and other Asian locations. Candela established the
aesthetic laser market 15 years ago, and currently has an installed base
of over 7,000 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 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, 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, 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 June June: see month. 28, 2003 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 months For the six months
ended: ended:
-------------------- ------------------
Dec. 27, Dec. 28, Dec. 27, Dec. 28,
2003 2002 2003 2002
---------- --------- -------- ---------
Revenue $23,898 $18,028 $42,584 $31,272
Cost of sales 11,651 9,063 21,025 15,663
---------- --------- -------- ---------
Gross profit 12,247 8,965 21,559 15,609
Operating expenses:
Research and development 1,415 1,086 2,491 1,952
Selling, general and
administrative 7,818 6,014 13,221 10,624
---------- --------- -------- ---------
Total operating expenses 9,233 7,100 15,712 12,576
---------- --------- -------- ---------
Income from operations 3,014 1,865 5,847 3,033
Other income (expense):
Interest income 76 60 155 134
Interest expense (4) (73) (8) (179)
Other income 379 (623) 412 (281)
---------- --------- -------- ---------
Total other income 451 (636) 559 (326)
---------- --------- -------- ---------
Income from continuing
operations before income
taxes 3,465 1,229 6,406 2,707
Provision for income taxes 1,024 423 2,176 941
---------- --------- -------- ---------
Net income from continuing
operations 2,441 806 4,230 1,766
========== ========= ======== =========
Discontinued operations:
Loss from discontinued skin
care center operations - (336) (298) (562)
========== ========= ======== =========
Loss on disposal of Skin
Care Center, including
provision of 3,348 for
operating losses less
income tax benefit of
1,253. - - (2,095) -
========== ========= ======== =========
Net income $2,441 $470 $1,837 $1,204
========== ========= ======== =========
Net income (loss) per share of
common stock:
Basic:
Income from continuing
operations $0.22 $0.08 $0.39 $0.18
Loss from discontinued
operations - (0.03) (0.22) (0.06)
---------- --------- -------- ---------
Basic earnings per share 0.22 0.05 0.17 0.12
========== ========= ======== =========
Diluted:
Income from continuing
operations 0.22 0.08 0.38 0.18
Loss from discontinued
operations - (0.03) (0.22) (0.06)
---------- --------- -------- ---------
Diluted earnings per share $0.22 $0.05 $0.16 $0.12
========== ========= ======== =========
Weighted average shares
outstanding 10,869 9,877 10,782 9,760
========== ========= ======== =========
Diluted weighted average
shares outstanding 11,288 10,004 11,190 9,859
========== ========= ======== =========
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
December 27, June 28,
2003 2003
------------- ------------
Assets
Current assets:
Cash and cash equivalents $32,397 $31,870
Accounts receivable, net 29,299 26,572
Notes receivable 876 1,086
Inventories, net 14,012 10,834
Other current assets 1,329 658
------------- ------------
Total current assets 77,913 71,020
Property and equipment, net 3,082 3,327
Other assets 6,650 6,154
------------- ------------
Total assets $87,645 $80,501
============= ============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $6,162 $5,271
Accrued payroll and related expenses 3,129 4,656
Accrued warranty 4,486 3,628
Income taxes payable 2,106 3,528
Other accrued liabilities 3,897 2,755
Deferred revenue 2,939 2,779
------------- ------------
Total current liabilities 22,719 22,617
Long-term liabilities 2,650 3,393
Net liabilities of discontinued operations 3,959 1,143
Stockholders' equity
Common stock 133 129
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 50,909 48,479
Accumulated earnings 19,741 17,904
Cumulative translation adjustment 531 (167)
------------- ------------
Total stockholders' equity 58,317 53,348
------------- ------------
Total liabilities and stockholders' equity $87,645 $80,501
============= ============
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