Cantel Industries announces earnings of $.10 per share for the quarter vs. prior year loss of $.23 per share.CLIFTON, N.J.--(BUSINESS WIRE)--Sept. 20, 1996--Cantel Industries Inc. (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 :CNTL CNTL Control ) reported net income of $412,000, or $0.10 per share, on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $8,353,000 for the quarter ended July 31, 1996 as compared with a net loss of $884,000, or $0.23 per share, on net sales of $10,727,000 for the quarter ended July 31, 1995. For the year ended July 31, 1996, the company reported net income before one-time costs associated with the MediVators merger of $908,000 or $0.21 per share, on net sales of $29,792,000, as compared with a net loss of $793,000 or $0.21 per share, on net sales of $34,125,000 for the year ended July 31, 1995. Net income for the year ended July 31, 1996, after the one-time costs was $422,000, or $0.10 per share, as compared with a net loss of $793,000, or $0.21 per share, for the year ended July 31, 1995. James P. Reilly, president and chief executive officer of Cantel Industries Inc., stated, "The results for fiscal 1996 and 1995 include the historical results of MediVators Inc. which was merged into Cantel during March 1996 and treated as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. ." Reilly added, "Although the strategic alliance with Olympus America Inc., which commenced on May 1, 1996, whereby Olympus has exclusive distribution rights for MediVators' endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. disinfection disinfection, n the process of destroying pathogenic organisms or rendering them inert. disinfection, full oral cavity, n a procedure used to reduce active periodontal disease, usually completed within a certain short time frame. equipment for 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. , Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , the Caribbean and the West Indies West Indies, archipelago, between North and South America, curving c.2,500 mi (4,020 km) from Florida to the coast of Venezuela and separating the Caribbean Sea and the Gulf of Mexico from the Atlantic Ocean. , had a limited effect on the results for the year ended July 31, 1996, we expect a very positive impact from this alliance in fiscal 1997." Reilly further stated, "We also expect improvement in fiscal 1997 in sales of medical and scientific equipment in Canada, where budgetary constraints in certain key Canadian provinces Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" , namely, Ontario and Quebec, affected sales during the past year." Cantel, through its subsidiary, MediVators Inc., designs manufactures and markets endoscope disinfection equipment and supplies and medical waste disposal systems, and through its Canadian subsidiary, Carsen Group Inc., markets and distributes medical equipment (including flexible and rigid endoscopes), precision instruments (including microscopes and image analysis systems) and industrial equipment (including remote visual inspection devices and laser distance measurement equipment). Carsen also offers a range of photographic equipment and business products. -0-
Cantel Industries, Inc.
Summary of Results
Three months ended
July 31,
1996 1995 (a)
Net Sales $8,353,000 $10,727,000 Net income (loss) 412,000 (884,000) Earnings (loss) per common share $0.10 $(0.23) Average number of shares 4,334,000 3,777,000 -0-
Year Ended
July 31,
1996 (a) 1995 (a)
Net Sales $29,792,000 $34,125,000 Net income (loss) before one-time costs associated with the merger (b) 908,000 (793,000) Net income (loss) 422,000 (793,000) Earnings (loss) per common share before one-time costs associated with the merger (b) $0.21 $(0.21) Earnings (loss) per common share $0.10 $(0.21) Average number of shares 4,309,000 3,739,000
(a) Restated for MediVators merger which was treated as a pooling of
interests
(b) Costs associated with MediVators merger which was treated as a
pooling of interests
CONTACT: Cantel Industries, Inc., Clifton James P. Reilly, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 201/470-8700 or Martin E. Janis & Co., Inc. Bev Jedynak, 312/943-1100 |
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