E-Z-EM, Inc., Announces Results for Fiscal Year and Fourth Quarter 2001.Health/Medical Writers WESTBURY, N.Y.--(BW HealthWire)--Aug. 10, 2001 E-Z-EM, Inc., (AMEX AMEX See: American Stock Exchange - EZM.A and EZM.B) today announced results for the fourth quarter and fiscal year ended June 2, 2001. For the quarter, the Company reported net earnings of $477,000, $.05 per share, on 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 of $31,086,000. In the fourth quarter of fiscal 2000, E-Z-EM had net earnings of $1,834,000, $.18 per share, on net sales of $31,646,000. This year's quarter was impacted by lower sales, a $566,000 impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's investment in Cedara Software Corporation, and charges totaling $349,000 for relocation of the Company's subsidiary in the United Kingdom and related severance expenses. For FY 2001, the Company posted net earnings of $3,286,000, $.33 and $.32 per share on a basic and diluted basis, respectively, on net sales of $113,286,000. This compares to net earnings of $5,965,000, $.60 and $.58 per share on a basic and diluted basis, respectively, on net sales of $113,868,000 last year. Several events, totaling a pre-tax charge of $2,774,000, affected this year's results. These consisted of: 1) a write-down of $450,000 for acquired patent rights to an oral MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. contrast agent; 2) an impairment charge of $566,000 against our Cedara Software investment; 3) a reorganization of operations which resulted in severance and facility relocation expenses of $886,000; and 4) the sale of our Irish manufacturing subsidiary which resulted in a loss of $872,000. Partially offsetting these events was the reversal of a tax valuation allowance of $1,344,000 which contributed to the Company's 10% effective tax rate in fiscal 2001. Commenting on the Company's results for the year, Anthony A. Lombardo, E-Z-EM's President and Chief Executive Officer, said, "During fiscal 2001, our AngioDynamics subsidiary continued its strong sales growth - mainly from new product introductions - and improvement in operating results. Exclusive of the $872,000 loss on the sale of its Irish operations, AngioDynamics' operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. improved by $1,321,000 due to higher sales and improved gross margins. "In our Diagnostic segment, sales of products in our important CT marketplace increased strongly for the year. This included contrast media products as well as our PercuPump(R) line of CT contrast injectors with patented extravasation extravasation /ex·trav·a·sa·tion/ (ek-strav?ah-za´shun) 1. a discharge or escape, as of blood, from a vessel into the tissues; blood or other substance so discharged. 2. the process of being extravasated. detection technology. During the year we hired a dedicated team of specialists to sell these products. A sharp increase in sales validated our decision to make this significant investment for future growth. In the fourth quarter we launched Varibar(TM), a line of videofluoroscopy contrast products aimed at the rapidly growing market segment for diagnosing and treating dysphagia dysphagia /dys·pha·gia/ (-fa´jah) difficulty in swallowing. dys·pha·gia or dys·pha·gy n. Difficulty in swallowing or inability to swallow. , or swallowing disorders Swallowing Disorders Definition Swallowing disorders include a number of diseases and conditions that cause difficulty in passing food or liquid from the mouth to the stomach. . "Overall, the Diagnostic segment had lower sales in non-CT product groups and a softening of sales in international markets which were partially impacted by the strength of the U.S. dollar versus the Euro and increased competitive pressures in Japan. Results for the year were also impacted by investments made to move the Company into new, strategic areas of growth such as virtual colonoscopy virtual colonoscopy n. A screening examination of the colon in which x-rays obtained by CAT scan are used to generate computerized three-dimensional images of the colonic mucosa. , and by costs associated with reorganizing and streamlining departments and product lines. All aspects of our world-wide operations were reviewed and significant changes were made when facts and circumstances warranted such changes. "As part of our strategic plan to build further assets in the Gastrointestinal marketplace, E-Z-EM announced in the first quarter of fiscal 2002 that it has taken an equity position in PointDx, Inc., an emerging medical technology company focused on the development of virtual colonoscopy software and structured reporting solutions for radiology radiology, branch of medicine specializing in the use of X rays, gamma rays, radioactive isotopes, and other forms of radiation in the diagnosis and treatment of disease. . This investment aligns us with a key intellectual property holder - including a wide range of patents - in the virtual colonoscopy software arena, which we believe will become a significant part of the future of gastrointestinal imaging." E-Z-EM, the world's largest manufacturer of contrast agents for gastrointestinal radiology, has developed the only CT injector on the market that can help detect contrast extravasation, the PercuPump(R) with patented EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. (TM) technology. The Company's wholly-owned subsidiary, AngioDynamics, manufactures a wide range of products, including angiographic, thrombolytic thrombolytic /throm·bo·lyt·ic/ (throm?bo-lit´ik) dissolving or splitting up a thrombus, or an agent that so acts. thrombolytic 1. dissolving or splitting up a thrombus. 2. an agent that dissolves or splits up a thrombus. , vascular access vascular access Clinical medicine The ability to enter the vascular system; the ease with which the vascular system can be entered for administering therapy or obtaining blood for testing , and drainage products, as well as stents and medical devices for angioplasty angioplasty (ăn`jēōplăs'tē), any surgical repair of a blood vessel, especially balloon angioplasty or percutaneous transluminal coronary angioplasty, a treatment of coronary artery disease. . Enteric enteric /en·ter·ic/ (en-ter´ik) within or pertaining to the small intestine. en·ter·ic adj. 1. Of, relating to, or within the intestine. 2. Products, Inc., another subsidiary, develops, manufactures and markets tests for detection of the ulcer-causing bacterium bacterium /bac·te·ri·um/ (bak-ter´e-um) pl. bacte´ria [L.] in general, any of the unicellular prokaryotic microorganisms that commonly multiply by cell division, lack a nucleus or membrane-bound organelles, and possess a cell Helicobacter pylori Helicobacter pylori A gramnegative rod-shaped bacterium that lives in the tissues of the stomach and causes inflammation of the stomach lining. Mentioned in: Indigestion, Ulcers Helicobacter pylori . For additional information, please contact Frank Kerrigon at 1-800-544-4624, ext. 325, (E-mail: fkerrigon@ezem.com) or visit our corporate web site at www.ezem.com. The statements made in this document contain certain 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. that involve a number of risks and uncertainties. Words such as "expects", "intends", "anticipates", "plans", "believes", "seeks", "estimates," or variations of such words and similar expressions, are intended to identify such forward-looking statements. Investors are cautioned that actual events or results may differ from the Company's expectations. In addition to the matters described above, the ability of the Company to develop its products, future actions by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. or other regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. , results of pending or future clinical trials, general market conditions, competition and pricing, as well as the risk factors listed from time to time in the SEC filings of E-Z-EM, Inc., including but not limited to its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 2, 2001, may affect the actual results achieved by the Company.
FINANCIAL RESULTS OF FOURTH QUARTER FOR E-Z-EM, INC.
(AMEX-EZM.A AND EZM.B)
FOURTH QUARTER ENDED
JUNE 2, 2001 JUNE 3, 2000 INCREASE (DEC.)
2001 VS. 2000
INCOME STATEMENT
DATA:
NET SALES
DIAGNOSTIC $24,913,000 $25,225,000 (1%)
ANGIODYNAMICS $ 6,346,000 $ 6,665,000 (5%)
ELIMINATIONS ($173,000) ($244,000) -
----------- -----------
$31,086,000 $31,646,000 (2%)
GROSS PROFIT
(LOSS)
DIAGNOSTIC $ 9,900,000 $10,077,000 (2%)
ANGIODYNAMICS $ 2,910,000 $ 3,190,000 (9%)
ELIMINATIONS $ 4,000 $ 10,000 -
----------- -----------
$12,814,000 $13,277,000 (3%)
GROSS PROFIT AS
A PERCENT OF
SALES 41.2 42.0 -
OPERATING
EXPENSES
DIAGNOSTIC $ 8,092,000 $ 7,807,000 4%
ANGIODYNAMICS $ 2,983,000 $ 3,091,000 (3%)
ELIMINATIONS -
----------- -----------
$11,075,000 $10,898,000 2%
OPERATING
PROFIT (LOSS)
DIAGNOSTIC $ 1,808,000 $ 2,270,000 (20%)
ANGIODYNAMICS ($73,000) $ 99,000 -
ELIMINATIONS $ 4,000 $ 10,000 -
----------- -----------
$ 1,739,000 $ 2,379,000 (27%)
NET EARNINGS $ 477,000 $ 1,834,000 (74%)
EARNINGS PER
COMMON SHARE
BASIC $ .05 $ .18 (72%)
DILUTED $ .05 $ .18 (72%)
WEIGHTED AVERAGE
COMMON SHARES
BASIC 9,857,382 9,923,858 -
DILUTED 10,026,783 10,408,457 -
YEAR ENDED
JUNE 2, 2001 JUNE 3, 2000 INCREASE (DEC.)
2001 VS. 2000
INCOME STATEMENT
DATA:
NET SALES
DIAGNOSTIC $ 90,611,000 $ 93,164,000 (3%)
ANGIODYNAMICS $ 23,390,000 $ 21,769,000 7%
ELIMINATIONS ($715,000) ($1,065,000) -
----------- ------------
$113,286,000 $113,868,000 (1%)
GROSS PROFIT
(LOSS)
DIAGNOSTIC $ 34,770,000 $ 37,896,000 (8%)
ANGIODYNAMICS $ 10,972,000 $ 9,858,000 11%
ELIMINATIONS ($50,000) $ 51,000 -
------------ ------------
$ 45,692,000 $ 47,805,000 (4%)
GROSS PROFIT AS A
PERCENT OF SALES 40.3 42.0 -
OPERATING EXPENSES
DIAGNOSTIC (a) $ 30,905,000 $ 28,611,000 8%
ANGIODYNAMICS (b) $ 11,262,000 $ 10,597,000 6%
ELIMINATIONS ($2,000) -
------------ ------------
$ 42,167,000 $ 39,206,000 8%
OPERATING PROFIT
(LOSS)
DIAGNOSTIC (a) $ 3,865,000 $ 9,285,000 (58%)
ANGIODYNAMICS (b) ($290,000) ($739,000) 61%
ELIMINATIONS ($50,000) $53,000 -
------------ ------------
$ 3,525,000 $ 8,599,000 (59%)
NET EARNINGS $ 3,286,000 $ 5,965,000 (45%)
EARNINGS PER
COMMON SHARE
BASIC $ .33 $ .60 (45%)
DILUTED $ .32 $ .58 (45%)
WEIGHTED AVERAGE
COMMON SHARES
BASIC 9,881,299 10,012,973 -
DILUTED 10,145,404 10,314,171 -
(a) - includes impairment charge of $450,000
(b) - includes loss from sale of AngioDynamics Ltd. of $872,000
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