Cantel Medical Reports Results for Quarter Ended January 31, 2003; EPS - $0.24 vs. $0.21 for Quarter $0.37 vs. $0.30 for Six Months.Business Editors 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 $2,380,000 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, an increase of 14% per share, for its second quarter ended January 31, 2003, on sales of $34,427,000, as compared with net income of $2,093,000, or $0.21 per diluted share, on sales of $32,900,000 for the quarter ended January 31, 2002. For the six months ended January 31, 2003, the Company reported net income of $3,649,000, or $0.37 per diluted share, an increase of 23% per share, on sales of $62,800,000, as compared with net income of $2,863,000, or $0.30 per diluted share, on sales of $54,065,000 for the six months ended January 31, 2002. The Company further reported that its balance sheet at January 31, 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 $59,799,000, including cash of $12,831,000, 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 .40 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 $63,499,000. James P. Reilly, President and Chief Executive Officer of Cantel, commented, "The improved second quarter results included charges for warranty and inventory reserves of approximately $900,000 related to the endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. 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 second quarter ended January 31, 2003 on Tuesday, March 4, 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, March 4 at 2:00 PM through midnight on March 5, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #59549. 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/EventPage.asp?ID=83369. 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 Six Months
Ended Ended
January 31, January 31,
----------------- -----------------
2003 2002 2003 2002
-------- -------- -------- --------
Net sales $34,427 $32,900 $62,800 $54,065
Cost of sales 21,883 20,259 39,486 33,425
-------- -------- -------- --------
Gross profit 12,544 12,641 23,314 20,640
Operating expenses:
Selling 4,367 3,774 8,256 6,404
General and administrative 2,871 3,826 6,297 6,853
Research and development 1,141 942 2,270 1,666
-------- -------- -------- --------
Total operating expenses 8,379 8,542 16,823 14,923
-------- -------- -------- --------
Income before interest
and income taxes 4,165 4,099 6,491 5,717
Interest expense - net 352 713 763 1,088
-------- -------- -------- --------
Income before income taxes 3,813 3,386 5,728 4,629
Income taxes 1,433 1,293 2,079 1,766
-------- -------- -------- --------
Net income $2,380 $2,093 $3,649 $2,863
======== ======== ======== ========
Earnings per common
share - diluted (1) $0.24 $0.21 $0.37 $0.30
======== ======== ======== ========
Weighted average
shares - diluted (1) 9,837 9,867 9,834 9,403
(1) Reflects a 3-for-2 stock split paid on May 14, 2002
CANTEL MEDICAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Jan. 31, July 31,
2003 2002
--------- ---------
Assets
Current assets $59,799 $58,138
Property and equipment, net 22,317 22,984
Intangible assets 7,417 7,788
Goodwill 16,383 16,376
Other assets 2,433 2,528
--------- ---------
$108,349 $107,814
========= =========
Liabilities and stockholders' equity
Current liabilities $18,758 $20,314
Long-term liabilities 26,092 29,589
Stockholders' equity 63,499 57,911
--------- ---------
$108,349 $107,814
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