Cantel Medical Reports 24% Increase in Net Sales and 59% Increase in Income From Continuing Operations for Quarter Ended January 31, 2001.Business Editors LITTLE FALLS Little Falls is the name of some places in the United States of America:
EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. - $0.21 vs. $0.14 for Quarter $0.35 vs. $0.23 for Six Months CANTEL Can´tel n. 1. See Cantle. MEDICAL CORP. (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 NM: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 $12,577,000, an increase of 24%, and income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $988,000, an increase of 59%, or $0.21 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the fiscal 2001 second quarter ended January January: see month. 31, 2001, as compared with net sales of $10,125,000 and income from continuing operations of $623,000, or $0.14 per diluted share for the quarter ended January 31, 2000. For the six months ended January 31, 2001, the Company reported net sales of $21,198,000, an increase of 16%, and income from continuing operations of $1,637,000, an increase of 62%, or $0.35 per diluted share, as compared with net sales of $18,329,000 and income from continuing operations of $1,008,000, or $0.23 per diluted share for the six months ended January 31, 2000. The Company also reported a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of its consumer products business of $40,000, or $0.01 per diluted share for the quarter, and income of $70,000, or $0.01 per diluted share for the six months, ended January 31, 2000. Mr. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. P. Reilly, President and Chief Executive Officer of CANTEL, commented, "The Company's strong financial performance during the quarter and six month period ended January 31, 2001 resulted from improvement in all segments of our business." He continued, "We are very pleased with these results and expect continued strong performance for the balance of fiscal 2001." The Company further reported that its balance sheet at January 31, 2001 continued to be strong with $22.7 million in current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. , a current ratio of 3.1:1, no outstanding bank debt and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $18.9 million. The Company will hold a conference call to discuss the results for the quarter and the six month period ended January 31, 2001 on Thursday, February 22, 2001 at 11:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . To participate in the conference call, dial 1-800-406-5356 approximately 5 to 10 minutes before the beginning of the call. If you are unable to participate, a digital replay of the call will be available from Thursday, February 22 at 2:00 PM through midnight on Thursday, March 1, by dialing 1-888-203-1112 and using confirmation No. 707816. The call will be simultaneously broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the on vcall.com at http://www.vcall.com/NASApp/VCall/EventPage?ID=69040. A replay of the webcast will be available on Vcall for 7 days. Cantel Medical Corp. is a healthcare company concentrating primarily in infection prevention and control products and diagnostic and therapeutic medical equipment. Through its 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. subsidiary, MediVators, Inc., Cantel serves customers worldwide by designing, developing, manufacturing, marketing and distributing innovative products for the infection prevention and control industry. Through its 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. subsidiary, Carsen Group Inc., Cantel markets and distributes medical equipment (including flexible and rigid endoscopes), precision instruments (including microscopes and high performance image analysis hardware and software) and industrial equipment (including remote visual inspection devices). Cantel's subsidiaries also provide technical maintenance services for their own products, as well as for certain competitors' products. For further information, visit the Cantel Web site at www.cantelmedical.com 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.
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Six Months Ended
January 31, January 31,
--------------------- ---------------------
--------------------- ---------------------
2001 2000 (1) 2001 2000 (1)
--------------------- ---------------------
Net sales $12,577 $10,125 $21,198 $18,329
Cost of sales 7,389 6,204 12,216 11,297
--------------------- ---------------------
Gross profit 5,188 3,921 8,982 7,032
Operating expenses 3,395 2,684 6,082 5,117
--------------------- ---------------------
Income from continuing
operations before
interest and income
taxes 1,793 1,237 2,900 1,915
Interest (income)
expense (10) 75 (13) 131
--------------------- ---------------------
Income from continuing
operations before
income taxes 1,803 1,162 2,913 1,784
Income taxes 815 539 1,276 776
--------------------- ---------------------
Income from continuing
operations 988 623 1,637 1,008
Income (loss) from
discontinued
operations - (40) - 70
--------------------- ---------------------
Net income $ 988 $ 583 $ 1,637 $ 1,078
===================== =====================
Diluted earnings per
common share:
Continuing operations $ 0.21 $ 0.14 $ 0.35 $ 0.23
Discontinued operations - (0.01) - 0.01
--------------------- ---------------------
Net income $ 0.21 $ 0.13 $ 0.35 $ 0.24
===================== =====================
Weighted average
shares - diluted 4,733 4,469 4,700 4,476
(1) Restated from amounts previously reported to reflect the
Company's Consumer Products business as a discontinued
operation.
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
January 31, July 31,
2001 2000
------------ ------------
Assets
Current assets $22,672 $21,701
Property and equipment, net 914 901
Intangible assets 1,272 1,345
Other assets 1,349 1,008
------------ ------------
$26,207 $24,955
============ ============
Liabilities and stockholders' equity
Current liabilities $ 7,219 $ 7,570
Long-term debt and other liabilities 96 222
Stockholders' equity 18,892 17,163
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$26,207 $24,955
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