Candela Reports First Fiscal Quarter; CFO Broyer Returns After Brief Departure; Company Likely to Resume Stock Repurchase Activities.Business/Technology 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)--Oct. 24, 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 today reported results for the quarter ending September September: see month. 30, 2000. The company said revenues for the quarter were $13.1 million compared to $16.0 million for the same quarter one year earlier. Net income for the quarter was $169,000 compared to net income of $2,714,000 for the same quarter last 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, Candela's President and Chief Executive Officer said: "While the September quarter is traditionally and seasonally the slowest quarter for Candela and for the industry as a whole, overall we were disappointed with our results for the period. We have carefully reviewed the results and are confident we will return to our growth path in the December December: see month. quarter and the second half of fiscal 2001, rounding out another solid fiscal year for Candela." Puorro further commented: "Because we believe our shares are presently undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. in the market place, we expect that we may soon resume Company repurchases of our stock." Puorro added: "I am happy to report that Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Broyer has returned to Candela in his role as CFO See Chief Financial Officer. . Paul, who had been a significant contributor in Candela's recent success, will again be called upon to help in the return to growth." 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 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 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.TABLES FOLLOW 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 Safe Harbor 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: cancellation or deferral deferral - Waiting for quiet on the Ethernet. of customer orders, total 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 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. (or any amendment thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. ) for the year ended July July: see month. 1, 2000, and subsequent Forms 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 circumstance Circumstance or circumstances can refer to:
CANDELA CORPORATION (Nasdaq: CLZR)
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share amounts)
For the three months ended:
Sept. 30, 2000 Oct. 2, 1999
-------------- ------------
Revenue $ 13,111 $ 16,040
Cost of sales 6,487 6,899
-------- --------
Gross profit 6,624 9,141
Operating expenses:
Research and development 1,415 981
Selling, general and administrative 5,035 5,001
-------- --------
Total operating expenses 6,450 5,982
-------- --------
Income from operations 174 3,159
Other income (expense):
Interest income 365 219
Interest expense (130) (127)
Other income (expense) (128) 141
-------- --------
Total other income (expense) 107 233
-------- --------
Income before income taxes 281 3,392
Provision for income taxes 112 678
-------- --------
Net income $ 169 $ 2,714
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Basic earnings per share $ 0.02 $ 0.40
Diluted earnings per share $ 0.01 $ 0.35
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Weighted average shares outstanding 11,192 6,853
Adjusted weighted average shares outstanding 12,050 7,751
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CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
Sept. 30, July 1,
2000 2000
---- ----
Assets
Current assets:
Cash and cash equivalents $ 36,535 $ 34,863
Accounts receivable, net 13,928 19,875
Notes receivable 1,794 1,813
Inventories 9,939 8,386
Other current assets 859 885
-------- --------
Total current assets 63,055 65,822
Property and equipment, net 2,328 2,462
Other assets 4,880 4,880
-------- --------
Total assets $ 70,263 $ 73,164
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,541 $ 4,654
Accrued payroll and related expenses 1,554 2,351
Accrued warranty 2,937 3,295
Income taxes payable 2,284 3,332
Restructuring reserve 951 1,043
Other accrued liabilities 1,701 1,467
Current portion of long-term debt 11 15
Deferred income 5,597 5,410
-------- --------
Total current liabilities 18,576 21,567
Long-term debt 3,059 3,034
Stockholders' equity
Common stock 115 114
Less: Treasury stock (3,046) (3,046)
Additional paid-in capital 42,230 41,925
Accumulated earnings (deficit) 10,884 10,717
Cumulative translation adjustment (1,555) (1,147)
-------- --------
Total stockholders' equity 48,628 48,563
-------- --------
Total liabilities and stockholders' equity $ 70,263 $ 73,164
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