Cantel Medical Reports 53% Increase in Earnings Per Share From Continuing Operations On 156% Increase in Net Sales for Quarter Ended April 30, 2002.Business Editors/Medical Writers 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. - Reflecting 3 for 2 Stock Split $0.23 VS. $0.15 FOR QUARTER $0.54 VS. $0.39 FOR NINE MONTHS 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 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 $2,314,000 or $0.23 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, an increase of 53% per share, on sales of $33,196,000 for its third quarter ended April 30, 2002, as compared with income from continuing operations of $1,141,000, or $0.15 per diluted share, on sales of $12,976,000 for the quarter ended April 30, 2001. For the nine months ended April 30, 2002, the Company reported income from continuing operations of $5,177,000, or $0.54 per diluted share, an increase of 38% per share, on sales of $87,261,000, as compared with income from continuing operations of $2,778,000, or $0.39 per diluted share, on sales of $34,346,000 for the nine months ended April 30, 2001. The results presented reflect a 3 for 2 stock split effected as a stock dividend of three shares for each two shares issued and outstanding, paid May 14, 2002 to the holders of Cantel's common stock as of the close of business on May 7, 2002. For the quarter and the nine months ended April 30, 2001, the Company also reported income 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 $225,000, or $0.03 per diluted share. The Company further reported that its balance sheet at April 30, 2002 showed continued improvement with 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 $55,818,000, including cash of $8,909,000, a current ratio of 3.1:1, 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 .57 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 $54,771,000. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "The Company's strong financial performance reflects the continuing successful integration of the Minntech acquisition and the related synergies being realized." Reilly continued, "The recent addition of two senior executives responsible for the Renal renal /re·nal/ (re´n'l) pertaining to the kidney. re·nal adj. Of or in the region of the kidneys. Renal Relating to the kidney. and 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 Divisions of Minntech will enable us to further enhance the results of Minntech." In addition, he stated, "The recent 3 for 2 stock split and the listing of the Company's shares on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. should improve liquidity and stability of the Company's common stock." 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 filtration 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 their own products, as well as for certain competitors' products. The Company will hold a conference call to discuss the results for the third quarter ended April 30, 2002 on Thursday, May 30, 2002 at 11:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . 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 Thursday, May 30 at 1:00 PM through midnight on May 31, by dialing 1-877-660-6853 and using passcode #1618 and conference ID #36381. 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/EventPage.asp?ID=81724. 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 Nine Months Ended
April 30, April 30,
------------------ -----------------
2002 2001(1) 2002 2001(1)
---- ------- ---- ------
Net sales $ 33,196 $ 12,976 $ 87,261 $ 34,346
Cost of sales 20,046 8,144 53,471 20,833
-------- -------- -------- --------
Gross profit 13,150 4,832 33,790 13,513
Operating expenses:
Selling 3,991 1,410 10,395 4,128
General and administrative 3,856 1,340 10,709 3,948
Research and development 1,073 248 2,739 703
-------- -------- -------- -------
Total operating expenses 8,920 2,998 23,843 8,779
-------- -------- -------- -------
Income before interest and
income taxes 4,230 1,834 9,947 4,734
Interest expense (income) -
net 560 (1) 1,648 (14)
-------- -------- -------- -------
Income before income taxes 3,670 1,835 8,299 4,748
Income taxes 1,356 694 3,122 1,970
-------- -------- -------- -------
Income from continuing
operations 2,314 1,141 5,177 2,778
Income from discontinued
operations - 225 - 225
-------- -------- -------- -------
Net income $ 2,314 $ 1,366 $ 5,177 $ 3,003
======== ======== ======== =======
Diluted earnings per
common share (2):
Continuing operations $ 0.23 $ 0.15 $ 0.54 $ 0.39
Discontinued operations - 0.03 - 0.03
-------- -------- -------- -------
Net income $ 0.23 $ 0.18 $ 0.54 $ 0.42
======== ======== ======== =======
Weighted average shares -
diluted (2) 9,963 7,415 9,585 7,203
(1) Restated from amounts previously reported to reflect warehouse
and shipping expenses in cost of sales and related amounts
billed to customers in net sales. These reclassifications had no
effect on income.
(2) Reflects a 3-for-2 stock split paid on May 14, 2002.
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
April 30, July 31,
2002 2001
--------- ---------
Assets
Current assets $ 55,818 $ 26,494
Property and equipment, net 22,987 844
Intangible assets 7,994 622
Goodwill 15,357 585
Other assets 7,536 3,384
--------- --------
$ 109,692 $ 31,929
========= ========
Liabilities and stockholders' equity
Current liabilities $ 17,764 $ 9,825
Long-term debt 28,500 -
Other long-term liabilities 8,657 77
Stockholders' equity 54,771 22,027
--------- --------
$ 109,692 $ 31,929
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