Candela Reports Record Revenues and Record Earnings.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) announced today that both revenues and profits for the quarter ended April 1, 2006 reached all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal Company highs. For the quarter, the Company reported revenues of $42.3 million compared to $34.7 million a year earlier - a 22% increase. Net income for the quarter was $5.0 million or $0.21 per share, versus a loss of ($1.4) million or ($0.06) per share a year earlier. Included in the quarter was a $470 thousand expense ($0.01 per share) related to FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 123 (R) for share-based payments. For the nine-month period ending April 1, 2006, the Company reported revenues of $108.1 million, versus $85.3 million a year earlier - an increase of 27%. Net income for the nine-month period ending April 1, 2006 was $12.5 million or $0.53 per share, versus $4.1 million or $0.18 per share for the nine-month period a year ago - increases of 205% and 194% respectively. 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: "We obviously are pleased with these record results. Our growth continues to be strong and we remain the market share leader. The introduction of our Vbeam platform has been well received and we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our opportunities going forward." About CANDELA: Candela Corporation manufactures, and distributes innovative clinical solutions that enable physicians, surgeons Below follows a list of surgeons:
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 aes·thet·ic or es·thet·ic adj. 1. Relating to the sensations. 2. Relating to esthetics. 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 70 countries from offices and distributors 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, China and other Asian locations.
Candela established the aesthetic laser market 17 years ago, and
currently has an installed base of 9,000 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 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 and the liquidity of our common stock. The risks and uncertainties that may affect forward-looking statements include, among others: the cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. 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, 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 July: see month. 2, 2005, 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 ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. 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
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
April 1, July 2,
2006 2005
------------- -----------
Assets
Current assets:
Cash and cash equivalents $ 35,363 $ 56,582
Marketable securities 25,467 -
Accounts receivable, net 35,411 34,866
Notes receivable 1,088 805
Inventories, net 15,257 12,676
Other current assets 3,635 1,821
------------- -----------
Total current assets 116,221 106,750
Property and equipment, net 3,123 3,240
Long-term investments 9,121 -
Other assets 10,294 6,826
------------- -----------
Total assets $ 138,759 $ 116,816
============= ===========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 13,631 $ 11,674
Accrued payroll and related expenses 4,271 4,830
Accrued warranty 5,779 5,291
Income taxes payable 1,595 2,073
Other accrued liabilities 5,005 5,165
Current liabilities of discontinued
operations 1,301 1,302
Deferred income 7,044 6,037
------------- -----------
Total current liabilities 38,626 36,372
Other long-term liabilities 5,198 5,668
Long-term liabilities of discontinued
operations 107 437
------------- -----------
Total long-term liabilities 5,305 6,105
Stockholders' equity:
Common stock 258 248
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 61,982 54,027
Accumulated earnings 45,877 33,346
Cumulative translation adjustment (292) (285)
------------- -----------
Total stockholders' equity 94,828 74,339
------------- -----------
Total liabilities and stockholders' equity $ 138,759 $ 116,816
============= ===========
CANDELA CORPORATION (Nasdaq: CLZR)
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share amounts)
For the three For the nine
months ended: months ended:
--------------------- ---------------------
April 1, April 2 April 1, April 2,
2006 2005 2006 2005
--------- --------- --------- ---------
Revenue $ 42,314 $ 34,682 $ 108,121 $ 85,277
Cost of sales 20,916 22,781 53,195 47,359
--------- --------- --------- ---------
Gross profit 21,398 11,901 54,926 37,918
Operating expenses:
Research and
development 2,432 1,910 5,873 4,866
Selling, general and
administrative 11,602 12,054 30,858 28,711
--------- --------- --------- ---------
Total operating expenses 14,034 13,964 36,731 33,577
--------- --------- --------- ---------
Income (loss) from
operations 7,364 (2,063) 18,195 4,341
Other income (expense):
Interest income 546 162 1,057 399
Other income (expense) (15) (93) (18) 25
--------- --------- --------- ---------
Total other income 531 69 1,039 424
--------- --------- --------- ---------
Income (loss) from
continuing operations
before income taxes 7,895 (1,994) 19,234 4,765
Benefit (Provision) for
income taxes (2,892) 638 (6,703) (1,525)
--------- --------- --------- ---------
Income (loss) from
continuing operations 5,003 (1,356) 12,531 3,240
========= ========= ========= =========
Discontinued operations:
Gain on disposal of
Skin Care Center,
including revision of
leasehold obligations
of $1,374 less income
tax expense of $515. - - - 859
========= ========= ========= =========
Net income (loss) $ 5,003 $ (1,356) $ 12,531 $ 4,099
========= ========= ========= =========
Net income (loss) per
share of common stock:
Basic:
Income (loss) from
continuing
operations $ 0.22 $ (0.06) $ 0.55 $ 0.14
Income from
discontinued
operations - - - 0.04
--------- --------- --------- ---------
Basic earnings (loss) per
share $ 0.22 $ (0.06) $ 0.55 $ 0.18
========= ========= ========= =========
Diluted:
Income (loss) from
continuing
operations $ 0.21 $ (0.06) $ 0.53 $ 0.14
Income from
discontinued
operations - - - 0.04
--------- --------- --------- ---------
Diluted earnings (loss)
per share $ 0.21 $ (0.06) $ 0.53 $ 0.18
========= ========= ========= =========
Weighted average shares
outstanding 23,255 22,408 22,817 22,366
========= ========= ========= =========
Diluted weighted average
shares outstanding 24,204 22,408 23,762 23,062
========= ========= ========= =========
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