Candela Reports Significant Growth in Earnings on 36% Increase in Sales.Business Editors/Health/Medical Writers WAYLAND, Mass.--(BUSINESS WIRE)--April 29, 2003 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 the quarter ended March 29, 2003 were $21,987,000 versus $16,147,000 for the same quarter one year earlier, a 36% increase. The Company said that net income was $2,620,000 or $0.25 per share compared to a loss of $291,000 or ($0.03) per share a year earlier. Included in the profit for the quarter was $0.07 per share, resulting from a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. outcome of its arbitration proceeding against Physician Sales & Service, Inc., a division of PSS See EPSS. World Medical ("PSS"). For the nine-month period ending March 29, 2003, the Company reported revenues of $54,356,000 versus $40,683,000, a 34% increase over the same period a year earlier. Net income for the nine-month period was $3,824,000 or $0.38 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. versus a loss of $2,684,000 or ($0.26) per share for the same period last year. Gerard E. Puorro, Candela's President and Chief Executive Officer, commented: "Our growth in sales and profits continues. At 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). (AAD AAD American Academy of Dermatology. AAD American Association of Dermatology ) Annual Meeting held a few weeks ago, we saw continued enthusiasm for our product offerings. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this momentum will carry us into the future." 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 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, Japan and other Asian locations. Candela established the aesthetic laser market 14 years ago, and currently has an installed base of over 6,000 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, M/F/H/V M/F/H/V Male/Female/Handicapped/Veteran (employment) . 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. Candela's actual results could differ materially from those anticipated in Candela's forward-looking statements based on various factors, including without limitation: 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, 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 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 29, 2002, 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 For the nine
months ended: months ended:
March 29, March 30, March 29, March 30,
2003 2002 2003 2002
Revenue $21,987 $16,147 $54,356 $40,683
Cost of sales 10,802 8,798 27,281 22,474
Gross profit 11,185 7,349 27,075 18,209
Operating expenses:
Research and development 1,218 1,260 3,170 3,508
Selling, general and
administrative 6,762 7,006 18,494 19,524
Restructuring reserve - (693) - (693)
Total operating expenses 7,980 7,573 21,664 22,339
Income (loss) from operations 3,205 (224) 5,411 (4,130)
Other income (expense):
Interest income 428 169 563 534
Interest expense (35) (120) (214) (359)
Other income (expense) 255 113 (26) 478
Total other income (expense) 648 162 323 653
Income (loss) before income
taxes 3,853 (62) 5,734 (3,477)
Provision for (benefit from)
income taxes 1,233 229 1,910 (793)
Net income (loss) $2,620 $(291) $3,824 $(2,684)
Basic earnings (loss) per share $0.26 $(0.03) $0.39 $(0.26)
Diluted earnings (loss) per
share $0.25 $(0.03) $0.38 $(0.26)
Weighted average shares
outstanding 10,189 9,641 9,903 10,194
Adjusted weighted average
shares outstanding 10,437 9,641 10,028 10,194
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
Mar 29, June 29,
2003 2002
Assets
Current assets:
Cash and cash equivalents $21,315 $19,628
Accounts receivable, net 24,818 23,827
Notes receivable 801 1,262
Inventories 11,692 12,118
Other current assets 2,901 870
Total current assets 61,527 57,705
Property and equipment, net 3,425 3,156
Deferred tax assets 5,097 5,442
Prepaid licenses 1,273 1,405
Other assets 188 183
Total assets $71,510 $67,891
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $4,021 $5,133
Accrued payroll and related expenses 3,047 3,003
Accrued warranty 4,633 4,452
Income taxes payable 2,762 1,604
Restructuring reserve 409 559
Other accrued liabilities 3,225 2,723
Current portion of long-term debt - 740
Deferred income 4,127 4,357
Total current liabilities 22,224 22,571
Long-term portion of deferred
revenue 2,445 2,352
Long-term debt - 2,115
2,445 4,467
Stockholders' equity
Common stock 125 119
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 45,769 43,869
Accumulated earnings 14,909 11,085
Cumulative translation adjustment (965) (1,223)
Total stockholders' equity 46,841 40,853
Total liabilities and stockholders'
equity $71,510 $67,891
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