Candela Reports Record Revenues and Solid Profits for First Fiscal Quarter; Company to Initiate Open Market Share Buyback.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 its first fiscal quarter revenues grew 25% over the same quarter a year earlier. The Company reported revenues of $28.1M for the quarter versus $22.4M last year. Net income for the quarter was $3,017,000 or $0.13 per share versus $2,846,000 or $0.12 per share a year earlier. Candela also announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program of up to 10% of the Company's outstanding shares over the next 24 months. 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 are pleased with the results in what is traditionally our slowest quarter. During the quarter, we received new SFDA SFDA State Food and Drug Administration (China) SFDA Saudi Food & Drug Authority (State Food and Drug Administration The State Food and Drug Administration (SFDA Simplified Chinese: 国家食品药品监督管理局) is founded on the basis of the State Drug Administration. ) approvals in China, and last week at the opening of the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Society of Dermatologic dermatological, dermatologic pertaining to dermatology; of or affecting the skin. Surgery (ASDS ASDS Advanced SEAL Delivery System ASDS American Society of Dermatologic Surgery ASDS Accunet Spectrum of Digital Services (AT&T) ASDS Advanced Sensor Distribution System ASDS Air Situation Display System ASDS Airborne Serial Data System ) Annual Meeting in Atlanta, we launched a news pulsed dye platform that was well received." Puorro added: "The year is off to a good start and we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op with our opportunities in these markets." 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 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, China and other Asian locations. Candela established the aesthetic laser market 17 years ago, and currently has an installed base of 8,500 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, 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 2, 2005. 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 ended:
-------------------------------
October 1, October 2,
2005 2004
--------------- ---------------
Revenue $28,087 $22,391
Cost of sales 13,535 10,350
--------------- ---------------
Gross profit 14,552 12,041
Operating expenses:
Research and development 1,642 1,335
Selling, general and administrative 8,717 6,660
--------------- ---------------
Total operating expenses 10,359 7,995
--------------- ---------------
Income from operations 4,193 4,046
Other income (expense):
Interest income 248 96
Interest expense - -
Other income 62 43
--------------- ---------------
Total other income 310 139
--------------- ---------------
Income from continuing operations
before income taxes 4,503 4,185
Provision for income taxes 1,486 1,339
--------------- ---------------
Net income from continuing operations 3,017 2,846
=============== ===============
Net income $3,017 $2,846
=============== ===============
Net income (loss) per share of common
stock:
Basic:
Income from continuing operations $0.13 $0.13
Loss from discontinued operations - -
--------------- ---------------
Basic earnings per share 0.13 0.13
=============== ===============
Diluted:
Income from continuing operations 0.13 0.12
Loss from discontinued operations - -
--------------- ---------------
Diluted earnings per share $0.13 $0.12
=============== ===============
Weighted average shares outstanding 22,515 22,326
=============== ===============
Diluted weighted average shares
outstanding 23,229 23,031
=============== ===============
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
October 1, July 2,
2005 2005
--------------- ---------------
Assets
Current assets:
Cash and cash equivalents $54,158 $56,582
Accounts receivable, net 28,656 34,866
Notes receivable 1,114 805
Inventories, net 13,890 12,676
Other current assets 2,082 1,821
--------------- ---------------
Total current assets 99,900 106,750
Property and equipment, net 3,117 3,240
Other assets 9,825 6,826
--------------- ---------------
Total assets $112,842 $116,816
=============== ===============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $7,795 $11,674
Accrued payroll and related
expenses 3,320 4,830
Accrued warranty 5,264 5,291
Income taxes payable 1,603 2,073
Other accrued liabilities 4,506 5,165
Current liabilities of
discontinued operations 1,302 1,302
Deferred income 6,017 6,037
--------------- ---------------
Total current liabilities 29,807 36,372
Other long-term liabilities 5,257 5,668
Long-term liabilities of discontinued
operations 326 437
--------------- ---------------
Total long-term liabilities 5,583 6,105
Stockholders' equity
Common stock 248 248
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 54,139 54,027
Accumulated earnings 36,363 33,346
Cumulative translation adjustment (301) (285)
--------------- ---------------
Total stockholders' equity 77,452 74,339
--------------- ---------------
Total liabilities and stockholders'
equity $112,842 $116,816
=============== ===============
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