Cantel Medical Reports EPS of $O.24 VS. $0.17 on 21% Increase in Net Sales for Quarter Ended January 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 $3,875,000, an increase of 51%, or $0.24 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 its second quarter ended January 31, 2005, on sales of $49,536,000, an increase of 21%, as compared with net income of $2,573,000, or $0.17 per diluted share, on sales of $41,096,000 for the quarter ended January 31, 2004. Of the 21% 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 , 18% was from the Company's core businesses and 3% was from the Saf-T-Pak acquisition in June 2004. For the six months ended January 31, 2005, the Company reported net income of $6,982,000, an increase of 60%, or $0.44 per diluted share, on sales of $94,878,000, an increase of 22%, as compared with net income of $4,368,000, or $0.29 per diluted share, on sales of $77,945,000 for the six months ended January 31, 2004. The Company further reported that its balance sheet at January 31, 2005 showed 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 $78,915,000, including cash of $21,601,000, 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 19:1 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 $99,404,000. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "Continued strong demand for our products and services and overall improvement in gross margins contributed to the outstanding operating results for our second quarter ended January 31, 2005." Reilly added, "We will continue to focus on our core businesses, including our restructured water treatment 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 group and our specialty packaging business, while aggressively seeking acquisitions of companies specializing in infection prevention and control products and services for the medical and dental markets." 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 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. 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 , water treatment systems, sterilants, diagnostic imaging and therapeutic medical equipment primarily focused on endoscopy, hollow fiber membrane filtration and separation technologies for medical and non-medical applications, and specialized packaging for infectious and biological specimens. The Company also sells scientific instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. products and provides technical maintenance services for its products. The Company will hold a conference call to discuss the results for the second quarter ended January 31, 2005 on Wednesday, March 2, 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 Wednesday, March 2 at 2:00 PM through midnight on March 3, by dialing 1-877-660-6853 and using passcode #286 and conference ID #141201. 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=90874. 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 Six Months Ended
January 31, January 31,
-------------------- -------------------
2005 2004 2005 2004
--------- -------- -------- --------
Net sales $ 49,536 $ 41,096 $ 94,878 $ 77,945
Cost of sales 30,715 25,977 58,842 49,653
--------- -------- -------- --------
Gross profit 18,821 15,119 36,036 28,292
Operating expenses:
Selling 5,814 5,001 11,222 9,701
General and administrative 5,367 4,400 10,817 8,574
Research and development 1,022 1,103 2,006 2,173
--------- -------- -------- --------
Total operating expenses 12,203 10,504 24,045 20,448
--------- -------- -------- --------
Income before interest and
income taxes 6,618 4,615 11,991 7,844
Interest expense - net 313 416 664 831
--------- -------- -------- --------
Income before income taxes 6,305 4,199 11,327 7,013
Income taxes 2,430 1,626 4,345 2,645
--------- -------- -------- --------
Net income $ 3,875 $ 2,573 $ 6,982 $ 4,368
========= ======== ======== ========
Earnings per common share -
diluted $ 0.24 $ 0.17 $ 0.44 $ 0.29
========= ======== ======== ========
Weighted average shares -
diluted 16,182 15,090 16,044 14,958
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, July 31,
2005 2004
------------ -------------
Assets
Current assets $78,915 $73,863
Property and equipment, net 23,209 22,715
Intangible assets 13,773 13,897
Goodwill 33,878 33,330
Other assets 3,104 2,562
------------ -------------
$152,879 $146,367
============ =============
Liabilities and stockholders' equity
Current liabilities $ 25,504 $ 27,128
Long-term liabilities 27,971 32,728
Stockholders' equity 99,404 86,511
------------ -------------
$152,879 $146,367
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