Cantel Medical Reports Net Income up 39% on 43% Increase in Net Sales for Quarter Ended April 30, 2004; EPS - $0.30 vs. $0.23 for Quarter; $0.74 vs. $0.60 for Nine Months.Business Editors/Health/Medical Writers 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 $3,094,000, an increase of 39%, or $0.30 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 $46,898,000, an increase of 43%, for its third quarter ended April 30, 2004, as compared with net income of $2,223,000, or $0.23 per diluted share, on sales of $32,848,000 for the quarter ended April 30, 2003. Of the 43% 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 , 24% of the increase was from the company's core businesses and 19% was from the water treatment acquisitions. For the nine months ended April 30, 2004, the Company reported net income of $7,462,000, an increase of 27%, or $0.74 per diluted share, on sales of $124,843,000, an increase of 31%, as compared with net income of $5,872,000, or $0.60 per diluted share, on sales of $95,648,000 for the nine months ended April 30, 2003. Of the 31% increase in net sales, 14% was from the company's core businesses and 17% was from the water treatment acquisitions. The Company further reported that its balance sheet at April 30, 2004 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 $70,334,000, including cash of $14,700,000, a current ratio of 2.85:1, 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 .28:1 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 $80,999,000. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "Increased revenues in all of our business segments contributed to the outstanding results in our third quarter." Reilly added, "Based upon the strong results for the first nine months and the contribution from the recently acquired water treatment and specialty packaging businesses we expect a strong finish to fiscal 2004 and improved operating results in fiscal 2005." 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:
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 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, specialized packaging for infectious and biological specimens, 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 third quarter ended April 30, 2004 and the recently completed acquisition of SAF-T-PAK, a niche company providing products and training services for the safe transportation of infectious and biological specimens such as human and animal blood, tissue samples, vaccines, etc., on Thursday, June 3, 2004 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, June 3 at 2:00 PM through midnight on June 4, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #107243. 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=88329. 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,
------------------ ------------------
2004 2003 2004 2003
--------- -------- --------- --------
Net sales $46,898 $32,848 $124,843 $95,648
Cost of sales 29,646 20,454 79,299 59,940
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Gross profit 17,252 12,394 45,544 35,708
Operating expenses:
Selling 5,316 4,392 15,017 12,648
General and administrative 5,402 3,259 13,976 9,556
Research and development 1,100 914 3,273 3,184
--------- -------- --------- --------
Total operating expenses 11,818 8,565 32,266 25,388
--------- -------- --------- --------
Income before interest and
income taxes 5,434 3,829 13,278 10,320
Interest expense - net 374 298 1,205 1,061
--------- -------- --------- --------
Income before income taxes 5,060 3,531 12,073 9,259
Income taxes 1,966 1,308 4,611 3,387
--------- -------- --------- --------
Net income $3,094 $2,223 $7,462 $5,872
========= ======== ========= ========
Earnings per common share -
diluted $0.30 $0.23 $0.74 $0.60
========= ======== ========= ========
Weighted average shares -
diluted 10,215 9,835 10,053 9,834
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
April 30, July 31,
2004 2003
--------- ---------
Assets
Current assets $70,334 $61,930
Property and equipment, net 22,854 22,161
Intangible assets 10,251 6,998
Goodwill 27,959 16,398
Other assets 2,441 2,323
--------- ---------
$133,839 $109,810
========= =========
Liabilities and stockholders' equity
Current liabilities $24,703 $18,287
Long-term liabilities 28,137 21,341
Stockholders' equity 80,999 70,182
--------- ---------
$133,839 $109,810
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