Candela Reports Revenue Growth of 34% and a 158% Growth on Income from Continuing Operations.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 revenues for its second fiscal quarter ending December December: see month. 31, 2005 were $37.7M versus $28.2M for the same quarter a year earlier, a 34% increase. Income 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 for the quarter was $4,510,000 or $0.19 per share, versus $1,750,000 and $0.07 per share one year earlier, increases of 158% and 171% respectively. For the first six months of the fiscal year, the Company reported sales of $65,800,000 versus $50,600,000 for the same period last year, a 30% increase. Income from continuing operations for the first six months was $7,527,000 or $0.32 per share, versus $4,596,000 and $0.20 per share a year earlier, increases of 64% and 60% 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 are obviously delighted with these results, especially given that the December quarter is traditionally our second slowest." Puorro added: "As we head into the second half of our fiscal year, we remain confident of our ability to execute our business plan and continue to be the leader in this space." 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 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 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 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 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. TABLES FOLLOW
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
December 31, July 2,
2005 2005
------------ -----------
Assets
Current assets:
Cash and cash equivalents $49,762 $56,582
Marketable securities 2,999 -
Accounts receivable, net 32,762 34,866
Notes receivable 516 805
Inventories, net 13,860 12,676
Other current assets 2,141 1,821
------------ -----------
Total current assets 102,040 106,750
Property and equipment, net 3,086 3,240
Long-term investments 6,995 -
Other assets 9,921 6,826
------------ -----------
Total assets $122,042 $116,816
============ ===========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $7,974 $11,674
Accrued payroll and related expenses 3,234 4,830
Accrued warranty 5,527 5,291
Income taxes payable 1,429 2,073
Other accrued liabilities 5,554 5,165
Current liabilities of discontinued
operations 1,190 1,302
Deferred income 7,384 6,037
------------ -----------
Total current liabilities 32,292 36,372
Other long-term liabilities 5,304 5,668
Long-term liabilities of discontinued
operations 324 437
------------ -----------
Total long-term liabilities 5,628 6,105
Stockholders' equity
Common stock 252 248
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 56,649 54,027
Accumulated earnings 40,877 33,346
Cumulative translation adjustment (659) (285)
------------ -----------
Total stockholders' equity 84,122 74,339
------------ -----------
Total liabilities and stockholders' equity $122,042 $116,816
============ ===========
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:
----------------- -----------------
December January December January
31, 1, 31, 1,
2005 2005 2005 2005
-------- -------- -------- --------
Revenue $37,720 $28,204 $65,807 $50,595
Cost of sales 18,745 14,228 32,279 24,578
-------- -------- -------- --------
Gross profit 18,975 13,976 33,528 26,017
Operating expenses:
Research and development 1,800 1,621 3,442 2,956
Selling, general and
administrative 10,537 9,997 19,255 16,657
-------- -------- -------- --------
Total operating expenses 12,337 11,618 22,697 19,613
-------- -------- -------- --------
Income from operations 6,638 2,358 10,831 6,404
Other income (expense):
Interest income 262 141 510 237
Other income (expense) (65) 75 (3) 118
-------- -------- -------- --------
Total other income 197 216 507 355
-------- -------- -------- --------
Income from continuing operations
before income taxes 6,835 2,574 11,338 6,759
Provision for income taxes 2,325 824 3,811 2,163
-------- -------- -------- --------
Income from continuing operations 4,510 1,750 7,527 4,596
======== ======== ======== ========
Discontinued operations:
Gain on disposal of Skin Care
Center, includes a revision of
leasehold obligations of $1,374
less income tax expense of
$515. - 859 - 859
======== ======== ======== ========
Net income $4,510 $2,609 $7,527 $5,455
======== ======== ======== ========
Net income per share of common
stock:
Basic:
Income from continuing
operations $0.20 $0.08 $0.33 $0.20
Income from discontinued
operations - 0.04 - 0.04
-------- -------- -------- --------
Basic earnings per share 0.20 0.12 0.33 0.24
======== ======== ======== ========
Diluted:
Income from continuing
operations 0.19 0.07 0.32 0.20
Income from discontinued
operations - 0.04 - 0.04
-------- -------- -------- --------
Diluted earnings per share $0.19 $0.11 $0.32 $0.24
======== ======== ======== ========
Weighted average shares outstanding 22,680 22,363 22,598 22,356
======== ======== ======== ========
Diluted weighted average shares
outstanding 23,498 23,063 23,366 23,058
======== ======== ======== ========
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