Cantel Medical Reports 41% Increase in Net Income on 30% Increase in Net Sales for Quarter Ended October 31, 2003; EPS - $0.18 VS. $0.13.Business Editors LITTLE FALLS Little Falls is the name of some places in the United States of America:
CANTEL MEDICAL CORP. (NYSE NYSE See: New York Stock Exchange :CMN CMN Common CMN Children's Miracle Network (since 1983; Salt Lake City, Utah) CMN Certificate of Medical Necessity CMN Canadian Museum of Nature CMN Community Mapping Network CMN Common Information ) reported net income of $1,795,000, an increase of 41%, or $0.18 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, on sales of $36,849,000, an increase of 30%, for its first quarter ended October 31, 2003, as compared with net income of $1,269,000, or $0.13 per diluted share, on sales of $28,373,000 for the quarter ended October 31, 2002. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "Strong performances of our core business segments contributed to the outstanding operating results for our first quarter ended October 31, 2003." Reilly added, " With the excellent results of the first quarter as a base and the recently implemented acquisitions of Mar Cor and Biolab, which we expect to be accretive by year-end, fiscal 2004 should be another year of improved operating results." The Company further reported that its balance sheet at October 31, 2003 included 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. of $63,644,000, a current ratio of 2.9:1, a ratio of funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. to equity of .4:1 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 $72,961,000. Cantel Medical Corp., a healthcare company, is a leading provider of infection prevention and control products, specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. medical device reprocessing Reprocessing may refer to:
Examination of the body's interior through an instrument inserted into a natural opening or an incision, usually as an outpatient procedure. Endoscopes include the upper gastrointestinal endoscope (for the esophagus, stomach, and duodenum), the colonoscope (for the , hollow fiber membrane membrane, structure composed mostly of lipid and protein that forms the external boundary of cells and of major structures within cells. Membrane organization is based on a sheet two molecules thick—a double layer of lipids aligned with their long hydrocarbon filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids and separation technologies for medical and non-medical applications, and scientific instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. . The Company also provides technical maintenance services for its products. The Company will hold a conference call to discuss the results for the first quarter ended October 31, 2003 on Tuesday, December 9, 2003 at 11:00 AM Eastern time. To participate in the conference call, dial 1-877-407-8035 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 Tuesday, December 9 at 2:00 PM through midnight on December 11, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #84640. 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/CEPage.asp?ID=85343. A replay of the webcast will be available on Vcall for 30 days. 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
October 31,
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2003 2002
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Net sales $36,849 $28,373
Cost of sales 23,676 17,603
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Gross profit 13,173 10,770
Operating expenses:
Selling 4,700 3,889
General and administrative 4,174 3,426
Research and development 1,070 1,129
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Total operating expenses 9,944 8,444
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Income before interest and income taxes 3,229 2,326
Interest expense - net 415 411
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Income before income taxes 2,814 1,915
Income taxes 1,019 646
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Net income $ 1,795 $ 1,269
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Earnings per common share - diluted $ 0.18 $ 0.13
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Weighted average shares - diluted 9,889 9,830
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
October 31, July 31,
2003 2003
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Assets
Current assets $ 63,644 $ 61,930
Property and equipment, net 23,545 22,161
Intangible assets 10,802 6,998
Goodwill 28,093 16,398
Other assets 2,242 2,323
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$ 128,326 $109,810
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Liabilities and stockholders' equity
Current liabilities $ 21,631 $ 18,287
Long-term liabilities 33,734 21,341
Stockholders' equity 72,961 70,182
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$ 128,326 $109,810
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