Cantel Medical Reports Results for Quarter Ended April 30, 2003; EPS - $0.23 Vs. $0.23 For Quarter; $0.60 Vs. $0.54 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 $2,223,000 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 on sales of $32,848,000 for the quarter ended April 30, 2003, as compared with net income of $2,314,000, or $0.23 per diluted share on sales of $33,196,000 for the quarter ended April 30, 2002. For the nine months ended April 30, 2003, the Company reported net income of $5,872,000, or $0.60 per diluted share on sales of $95,648,000, as compared with net income of $5,177,000, or $0.54 per diluted share, on sales of $87,261,000 for the nine months ended April 30, 2002. The Company further reported that its balance sheet at April 30, 2003 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 $61,909,000, including cash of $14,943,000, a current ratio of 3.2:1, 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 .34 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 $67,002,000. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, "The third quarter results were adversely affected by the outbreak of severe acute respiratory syndrome Severe Acute Respiratory Syndrome (SARS) Definition Severe acute respiratory syndrome (SARS) is the first emergent and highly transmissible viral disease to appear during the twenty-first century. (SARS) in the greater Toronto area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. , which prevented our medical and service sales personnel from visiting hospitals for the last two months of the quarter. As anticipated and previously discussed, sales of hemoconcentrators and hemofilters continued to decline. We also experienced sluggish sales of our 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. reprocessing Reprocessing may refer to:
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 systems and sterilants, diagnostic imaging and therapeutic medical equipment primarily focused on 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 , 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 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, 2003 on Tuesday, June 3, 2003 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 Tuesday, June 3 at 2:00 PM through midnight on June 4, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #68025. The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/ClientPage.asp?ID=84001. A replay of the webcast will be available on Vcall for 30 days. For further information, visit the Cantel Website 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 Nine Months
Ended Ended
April 30, April 30,
----------------- -----------------
2003 2002 2003 2002
-------- -------- -------- --------
Net sales $32,848 $33,196 $95,648 $87,261
Cost of sales 20,454 20,046 59,940 53,471
-------- -------- -------- --------
Gross profit 12,394 13,150 35,708 33,790
Operating expenses:
Selling 4,392 3,991 12,648 10,395
General and administrative 3,259 3,856 9,556 10,709
Research and development 914 1,073 3,184 2,739
-------- -------- -------- --------
Total operating expenses 8,565 8,920 25,388 23,843
-------- -------- -------- --------
Income before interest and income
taxes 3,829 4,230 10,320 9,947
Interest expense - net 298 560 1,061 1,648
-------- -------- -------- --------
Income before income taxes 3,531 3,670 9,259 8,299
Income taxes 1,308 1,356 3,387 3,122
-------- -------- -------- --------
Net income $ 2,223 $ 2,314 $ 5,872 $ 5,177
======== ======== ======== ========
Earnings per common share -
diluted (1) $ 0.23 $ 0.23 $ 0.60 $ 0.54
======== ======== ======== ========
Weighted average shares - diluted
(1) 9,835 9,963 9,834 9,585
(1) 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,
2003 2002
--------- ---------
Assets
Current assets $ 61,909 $ 58,138
Property and equipment, net 22,053 22,984
Intangible assets 7,224 7,788
Goodwill 16,395 16,376
Other assets 2,504 2,528
--------- ---------
$110,085 $107,814
========= =========
Liabilities and stockholders' equity
Current liabilities $ 19,318 $ 20,314
Long-term liabilities 23,765 29,589
Stockholders' equity 67,002 57,911
--------- ---------
$110,085 $107,814
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