Cantel Medical Reports Record Results Income From Continuing Operations Increases 20% for Quarter and 47% for Year Ended July 31, 2001.Business Editors 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. - $0.27 VS. $0.25 QUARTER $0.85 VS. $0.63 YEAR CANTEL MEDICAL CORP. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM:CNTL CNTL Control ) 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 $1,378,000, an increase of 20%, or $0.27 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 $14,649,000, an increase of 21%, for the fiscal 2001 fourth quarter ended July 31, 2001, as compared with income from continuing operations of $1,144,000, or $0.25 per diluted share, on sales of $12,095,000 for the quarter ended July 31, 2000. For the year ended July 31, 2001, the Company reported income from continuing operations of $4,156,000, an increase of 47%, or $0.85 per diluted share, on sales of $48,995,000, an increase of 19%, as compared with income from continuing operations of $2,831,000, or $0.63 per diluted share, on sales of $41,297,000 for the year ended July 31, 2000. During fiscal 2001, the Company reported income from the 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 $0.04 per diluted share, as compared with a loss of $147,000, or $0.03 per diluted share for the year ended July 31, 2000. Mr. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "Strong operating performance of both Carsen and MediVators contributed to the outstanding results for the year ended July 31, 2001." Reilly added, "With the excellent results of fiscal 2001 as a base and the recent acquisition of Minntech Corporation, which we expect to be accretive to earnings, fiscal 2002 should be another year of improved operating results." Cantel Medical Corp. is a healthcare company concentrating primarily in infection prevention and control products and diagnostic and therapeutic medical equipment. Through its United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. subsidiary, MediVators, Inc., Cantel serves customers worldwide by designing, developing, manufacturing, marketing and distributing innovative products for the infection prevention and control industry. Through its Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. subsidiary, Carsen Group Inc., Cantel markets and distributes medical equipment (including flexible and rigid endoscopes), precision instruments (including microscopes and high performance image analysis hardware and software) and industrial equipment (including remote visual inspection devices). Cantel's subsidiaries also provide technical maintenance services for their own products, as well as for certain competitors' products. Minntech Corporation, acquired by Cantel during September 2001, utilizing its proprietary core technologies in chemicals, hollow hollow 1. a depression. 2. contains a cavity. hollow back backbone has a downward curvature in the center. hollow horn a mythical disease of cattle in primitive communities; treated by removal of the horns. fibers, and electronics, has developed and currently markets a wide variety of medical device reprocessing Reprocessing may refer to:
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 products 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. 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. , medical device disinfection disinfection, n the process of destroying pathogenic organisms or rendering them inert. disinfection, full oral cavity, n a procedure used to reduce active periodontal disease, usually completed within a certain short time frame. , cardiosurgery, pharmaceutical, biotechnology and semiconductor industries. Minntech is a world leader in renal dialyzer dialyzer /di·a·lyz·er/ (di´ah-liz?er) hemodialyzer. di·a·lyz·er n. 1. A machine equipped with a semipermeable membrane and used for performing dialysis. 2. reprocessing, providing a broad product line that includes a reprocessing system and a sterilant sterilant a sterilizing agent, i.e. an agent that destroys microorganisms. that each command the largest market share in the U.S. in their respective categories. The Company will hold a conference call to discuss the results for the fourth quarter and fiscal year ended July 31, 2001 on Wednesday, September 26, 2001 at 12:00 PM Eastern time. To participate in the conference call, dial 1-877-232-1251 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, September 26 at 4:00 PM through midnight on October 3, by dialing 1-800-642-1687 and using passcode 1929703. 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/NASApp/Vcall/EventPage?ID=78367. 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,
------------------ ------------------
2001 2000(1) 2001 2000(1)
-------- -------- -------- --------
Net sales $ 14,649 $ 12,095 $ 48,995 $ 41,297
Cost of sales 9,060 7,144 29,468 25,117
-------- -------- -------- --------
Gross profit 5,589 4,951 19,527 16,180
Operating expenses 3,358 3,111 12,562 11,039
-------- -------- -------- --------
Income from continuing
operations before interest
and income taxes 2,231 1,840 6,965 5,141
Interest (income) expense (28) 31 (42) 225
-------- -------- -------- --------
Income from continuing
operations before income taxes 2,259 1,809 7,007 4,916
Income taxes 881 665 2,851 2,085
-------- -------- -------- --------
Income from continuing
operations 1,378 1,144 4,156 2,831
Income (loss) from
discontinued operations - (114) 225 (147)
-------- -------- -------- --------
Net income $ 1,378 $ 1,030 $ 4,381 $ 2,684
======== ======== ======== ========
Diluted earnings per common
share:
Continuing operations $ 0.27 $ 0.25 $ 0.85 $ 0.63
Discontinued operations - (0.02) 0.04 (0.03)
-------- -------- -------- --------
Net income $ 0.27 $ 0.23 $ 0.89 $ 0.60
======== ======== ======== ========
Weighted average shares
- diluted 5,079 4,517 4,910 4,479
(1) Fiscal 2000 amounts have been reclassified to reflect shipping
expenses in cost of sales and related amounts billed to customers
in net sales. Such reclassifications are consistent with the
fiscal 2001 presentation and had no impact upon earnings.
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 31, July 31,
2001 2000
--------- ---------
Assets
Current assets $ 26,494 $ 21,701
Property and equipment, net 844 901
Intangible assets 1,207 1,345
Other assets 3,384 1,008
-------- ---------
$ 31,929 $ 24,955
======== =========
Liabilities and stockholders' equity
Current liabilities $ 9,825 $ 7,570
Long-term debt and other liabilities 77 222
Stockholders' equity 22,027 17,163
-------- ---------
$ 31,929 $ 24,955
======== =========
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