Cantel Industries reports increased sales and earnings for the quarter and nine months ended April 30, 1997.CLIFTON, N.J.--(BUSINESS WIRE)--May 29, 1997--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 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 $7,921,000, an increase of 6%, and net income of $164,000 or $0.04 per share for the third fiscal quarter ended April 30, 1997, as compared with net sales of $7,486,000 and net loss of $71,000 or $0.02 per share for the quarter ended April 30, 1996. For the nine months ended April 30, 1997, the company reported net sales of $24,947,000, an increase of approximately 16%, and net income of $828,000 or $0.19 per share, as compared with net sales of $21,439,000 and net income of $10,000 for the nine months ended April 30, 1996. James P. Reilly, president and chief executive officer of Cantel Industries Inc., stated, "Though we are pleased with the continued increase in sales and earnings for our third quarter and the nine month period ended April 30, 1997, the company is revising its prior estimates of sales to $34 million and earnings to a range of $0.23 to $0.27 per share for fiscal 1997." Reilly continued, "The lower than expected sales volume in the third quarter was due to delays in funding in certain Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. medical and scientific markets and a more gradual buildup build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of our MediVators worldwide distribution network. We have addressed the MediVators distribution issue, continue to take corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or , and expect significant improvement during fiscal 1998." Cantel, through its U.S. subsidiary, MediVators Inc., designs, manufactures and markets 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 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). Carsen also offers a range of photographic equipment and business products. This press 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. . All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the company's filings and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events or results may differ materially from those projected. -0-
Cantel Industries Inc.
Summary of Results
Three Months Ended
April 30
1997 1996
Net Sales $7,921,000 $7,486,000
Net income (loss) 164,000 (71,000)
Earnings (loss) per common share $0.04 ($0.02)
Average number of shares 4,401,000 3,771,000
Nine Months Ended
April 30
1997 1996
Net Sales $24,947,000 $21,439,000
Net Income(a) 828,000 10,000
Earnings per common share $0.19 --
Average number of shares 4,360,000 4,271,000
(a) After deducting charges of $382,000 and $450,000 in the quarter and nine months ended April 30, 1996, respectively, associated with the MediVators merger, which was 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. . CONTACT: Cantel Industries James P. Reilly, 201/470-8700 or Martin E. Janis & Co., Inc. Elliott Jacobson, 312/943-1100 |
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