Candela Reports Solid Profits On 33% Revenue Increase; Company to Pay Off Long-Term Debt.Business/Technology Editors & Health/Medical Writers WAYLAND, Mass.--(BUSINESS WIRE)--Oct. 29, 2002 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 September 28, 2002 were $13.8 million versus $10.4 million for the same quarter one year earlier, a 33% increase. The Company also reported net income of $735,000 or $0.08 per share versus a loss of $1,231,000 or $0.11 per share for the same quarter one year earlier. Gerard E. Puorro, Candela's President and Chief Executive Officer, commented: "Given that the July to September period is typically this industry's slowest quarter, we are quite pleased with these results. This is our second consecutive profitable quarter. We believe that the recent FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance we received for the treatment of back acne acne, common inflammatory disease of the hair follicles and sebaceous glands characterized by blackheads, whiteheads, pustules, nodules and, in the more severe forms, by cysts and scarring. The lesions appear on the face, neck, back, chest, and arms. will add to our momentum as we continue our efforts to grow both our top and bottom lines." Puorro added: "On another matter, the Candela Board of Directors has approved the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. in full of our only long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. outstanding of approximately $3.4 million, including accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. and prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. . Given our return to profitability, our cash position, and the interest rate of 9 3/4% we are currently paying on this debt, we find that it makes sound economic sense to retire this long-term debt at this time." Puorro concluded: "Finally, we would like to announce that we will be in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on Thursday, November 7 to make a special presentation to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and analysts. The presentation will also be webcast live, and can be accessed on Candela's website at http://www.candelalaser.com." About Candela: Candela Corporation develops, manufactures, and distributes innovative clinical solutions that enable physicians, surgeons, and personal care practitioners to treat selected cosmetic 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 Asia. Candela established the aesthetic laser market 13 years ago, and currently has an installed base of over 5,000 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 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: 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 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. 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. 28, Sept. 29,
2002 2001
Revenue $ 13,803 $ 10,380
Cost of sales 7,025 5,631
Gross profit 6,778 4,749
Operating expenses:
Research and development 866 1,012
Selling, general and administrative 5,075 5,703
Total operating expenses 5,941 6,715
Income (loss) from operations 837 (1,966)
Other income (expense):
Interest income 75 240
Interest expense (106) (119)
Other income (expense) 342 (37)
Total other income 311 84
Income (loss) before income taxes 1,148 (1,882)
Provision (benefit) for income taxes 413 (651)
Net income (loss) $ 735 $ (1,231)
Basic earnings (loss) per share $ 0.08 $ (0.11)
Diluted earnings (loss) per share $ 0.08 $ (0.11)
Weighted average shares outstanding 9,644 10,766
Diluted weighted average shares outstanding 9,782 10,766
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
Sept. 28, June 29,
2002 2002
Assets
Current assets:
Cash and cash equivalents $ 18,449 $ 19,628
Accounts receivable, net 20,786 23,827
Notes receivable 655 1,262
Inventories, net 13,288 12,118
Other current assets 1,371 870
Total current assets 54,549 57,705
Property and equipment, net 3,021 3,156
Deferred tax assets 5,327 5,442
Prepaid licenses 1,361 1,405
Other assets 174 183
Total assets $ 64,432 $ 67,891
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 2,896 $ 5,133
Accrued payroll and related expenses 2,292 3,003
Accrued warranty 4,319 4,452
Income taxes payable 1,960 1,604
Restructuring reserve 513 559
Other accrued liabilities 2,162 2,723
Current portion of long-term debt 740 740
Deferred revenue 3,599 4,357
Total current liabilities 18,481 22,571
Long-term liabilities
Long-term portion of deferred revenue 2,349 2,352
Long-term debt 1,956 2,115
Total long-term liabilities 4,305 4,467
Stockholders' equity
Common stock 119 119
Less: Treasury stock (12,997) (12,997)
Additional paid-in capital 43,939 43,869
Accumulated earnings 11,820 11,085
Cumulative translation adjustment (1,235) (1,223)
Total stockholders' equity 41,646 40,853
Total liabilities and stockholders' equity $ 64,432 $ 67,891
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