Candela Sales Rebound in December Quarter.Business Editors and Health/Medical Writers 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.--(BW HealthWire)--Jan. 23, 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 sales for its second quarter, ended December December: see month. 29, 2001, had grown 36.4% over the immediately preceding quarter ended September September: see month. 29, 2001. The Company reported sales of $14.2 million versus $14.7 million a year earlier. For the quarter, the Company posted a loss of $1,161,000 or ($0.11) per share versus a profit of $848,000 or $0.07 per share one year earlier. Gerard E. Puorro, Candela's President and Chief Executive Officer, commented: "Last quarter we said we were optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the actions we had taken to strengthen our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distribution channels would have a positive impact in the short term. The increase in sales this quarter is the beginning of that impact." Puorro added: "The continuation of distribution channel strengthening and the introduction of new products make us increasingly confident that we have begun to return to a sustainable pattern of growth." 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 55 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 12 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.clzr.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. (or any amendment thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. ) for the year ended June 30, 2001. 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
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
December 29, June 30,
2001 2001
Assets
Current assets:
Cash and cash equivalents $ 23,718 $ 32,318
Accounts receivable, net 17,989 19,648
Notes receivable 572 1,205
Inventories 10,288 10,071
Other current assets 946 980
Total current assets 53,513 64,222
Property and equipment, net 3,188 2,678
Deferred tax assets 5,306 5,327
Prepaid licenses 1,493 1,595
Other assets 198 196
Total assets $ 63,698 $ 74,018
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 4,227 $ 5,781
Accrued payroll and related expenses 1,494 1,832
Accrued warranty 3,785 3,629
Income taxes payable 802 2,549
Restructuring reserve 1,450 1,689
Other accrued liabilities 2,130 1,909
Current portion of long-term debt 618 318
Deferred income 4,448 4,205
Total current liabilities 18,954 21,912
Long-term portion of deferred revenue 1,968 2,317
Long-term debt 2,557 2,815
Stockholders' equity
Common stock 119 118
Less: Treasury stock (12,631) (7,782)
Additional paid-in capital 43,793 43,475
Accumulated earnings 10,850 13,244
Cumulative translation adjustment (1,912) (2,081)
Total stockholders' equity 40,219 46,974
Total liabilities and stockholders' equity $ 63,698 $ 74,018
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:
Dec. 29, Dec. 30, Dec. 29, Dec. 30,
2001 2000 2001 2000
Revenue $ 14,156 $ 14,689 $ 24,536 $ 27,799
Cost of sales 8,044 6,927 13,675 13,413
Gross profit 6,112 7,762 10,861 14,386
Operating expenses:
Research and development 1,236 1,522 2,248 2,937
Selling, general and
administrative 6,814 5,681 12,518 10,716
Total operating expenses 8,050 7,203 14,766 13,653
Income (loss) from operations (1,938) 559 (3,905) 733
Other income (expense):
Interest income 131 620 366 986
Interest expense (120) (118) (239) (249)
Other income (expense) 412 247 364 118
Total other
income (expense) 423 749 491 855
Income (loss) before
income taxes (1,515) 1,308 (3,414) 1,588
Provision for (benefit from)
income taxes (354) 460 (1,022) 572
Net income (loss) $ (1,161) $ 848 $ (2,392) $ 1,016
Basic earnings (loss)
per share $ (0.11) $ 0.08 $ (0.24) $ 0.09
Diluted earnings (loss)
per share $ (0.11) $ 0.07 $ (0.24) $ 0.09
Weighted average
shares outstanding 10,176 11,036 10,151 11,114
Adjusted weighted average
shares outstanding 10,176 11,527 10,151 11,773
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