Cantel Medical Reports EPS Of $0.29 vs. $0.20 on 15% Increase in Net Sales for Fourth Quarter and $0.96 vs. $0.70 on 16% Increase in Net Sales for Year Ended July 31, 2005.LITTLE FALLS Little Falls is the name of some places in the United States of America:
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 $4,714,000, an increase of 48%, or $0.29 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 $51,990,000, an increase of 15%, for the quarter ended July 31, 2005, as compared with net income of $3,192,000, or $0.20 per diluted share, on sales of $45,150,000 for the quarter ended July 31, 2004. Of the 15% increase in 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 , 14% was from the Company's core businesses and 1% was from the acquisition of Saf-T-Pak during fiscal 2004. For the year ended July 31, 2005, the Company reported net income of $15,505,000, an increase of 46%, or $0.96 per diluted share, on sales of $197,402,000, an increase of 16%, as compared with net income of $10,654,000, or $0.70 per diluted share, on sales of $169,993,000 for the year ended July 31, 2004. Of the 16% increase in net sales, 14% was from the Company's core businesses and 2% was from the acquisition of Saf-T-Pak during fiscal 2004. The Company further reported that its balance sheet at July 31, 2005 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 $93,666,000, including cash of $33,335,000, a current ratio of 2.94:1, 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 .15:1 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 $108,626,000. Mr. James P. Reilly, President and Chief Executive Officer of Cantel, commented, "We are very pleased with the outstanding results for the quarter and the year ended July 31, 2005. These results, combined with the acquisition of Crosstex International in August 2005, provide significant momentum and position us well for fiscal 2006 and 2007." Reilly further commented, "Although we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Cantel's results during these periods, we face several challenges going forward. One such challenge arises from the non-renewal of the Carsen distribution of Olympus products It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. The following is a partial, alphabetically-sorted list of products manufactured under the in Canada at July 31, 2006 and the related wind down costs, some of which will be accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. throughout fiscal 2006. In addition, we will likely be affected by the continuing consolidation in the dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. industry, which could result in a reduction of reuse reuse - Using code developed for one application program in another application. Traditionally achieved using program libraries. Object-oriented programming offers reusability of code via its techniques of inheritance and genericity. dialysis clinics as well as increased pricing pressures on some of our dialysis products." Reilly added, "While Crosstex represents an outstanding growth opportunity, the Company's results will be impacted during the first quarter of fiscal 2006 by the one-time expenses related to the Crosstex acquisition and throughout the year by the effect of the purchase accounting adjustments." Reilly added, "During fiscal 2006, we will continue to concentrate on the growth of our existing businesses while searching for quality acquisition opportunities. We will continue to enhance our position as a leading provider of infection prevention and control products and services, while working to replace the Carsen distribution business in fiscal 2007." Cantel Medical Corp., a healthcare company, is a leading provider of infection prevention and control products, which include 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:
re·nal adj. Of or in the region of the kidneys. Renal Relating to the kidney. dialysis and endoscopy endoscopy 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 , disposable infection control products primarily for the dental industry, water treatment systems, sterilants, diagnostic imaging and therapeutic medical equipment primarily focused on endoscopy, hollow fiber membrane 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 specialized packaging for infectious and biological specimens. The Company also sells scientific instrumentation products and provides technical maintenance services for its products. The Company will hold a conference call to discuss the results for the quarter and year ended July 31, 2005 on Thursday, September 29, 2005 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 Thursday, September 29 at 2:00 PM through midnight on September 30, by dialing 1-877-660-6853 and using passcode #286 and conference ID #170903. The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/CEPage.asp?ID= 95582. 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 Year Ended
July 31, July 31,
--------------- -----------------
2005 2004 2005 2004
------- ------- -------- --------
Net sales $51,990 $45,150 $197,402 $169,993
Cost of sales 31,309 28,238 121,162 107,537
------- ------- -------- --------
Gross profit 20,681 16,912 76,240 62,456
Operating expenses:
Selling 5,787 5,732 23,016 20,749
General and administrative 6,444 4,623 22,935 18,599
Research and development 990 939 4,099 4,212
------- ------- -------- --------
Total operating expenses 13,221 11,294 50,050 43,560
------- ------- -------- --------
Income before interest and
income taxes 7,460 5,618 26,190 18,896
Interest expense - net 175 377 1,058 1,582
------- ------- -------- --------
Income before income taxes 7,285 5,241 25,132 17,314
Income taxes 2,571 2,049 9,627 6,660
------- ------- -------- --------
Net income $ 4,714 $ 3,192 $ 15,505 $ 10,654
======= ======= ======== ========
Earnings per common share -
diluted $ 0.29 $ 0.20 $ 0.96 $ 0.70
======= ======= ======== ========
Weighted average
shares - diluted 16,248 15,659 16,208 15,244
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
July 31, July 31,
2005 2004
----------- ------------
Assets
Current assets $ 93,666 $ 73,863
Property and equipment, net 22,661 22,715
Intangible assets 13,317 13,897
Goodwill 33,343 33,330
Other assets 1,353 2,562
----------- ------------
$ 164,340 $ 146,367
=========== ============
Liabilities and stockholders' equity
Current liabilities $ 31,901 $ 27,128
Long-term liabilities 23,813 32,728
Stockholders' equity 108,626 86,511
----------- ------------
$ 164,340 $ 146,367
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