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THE COOPER COMPANIES REPORTS THIRD QUARTER RESULTS

 FORT LEE, N.J., Sept. 13 /PRNewswire/ -- The Cooper Companies, Inc. (NYSE: COO) today reported financial results for its third quarter.
 For the three months ended July 31, 1993, the company reported a net loss applicable to common stock of $13.7 million, or $0.46 per share, on net revenues of $24.5 million, compared to a net loss applicable to common stock of $9.8 million, or $0.34 per share, on net revenues of $19.3 million in last fiscal year's third quarter.
 For the nine months year-to-date, net revenues were $70.5 million compared to $41.4 million for the first three quarters of fiscal 1992. The company reported a net loss applicable to common stock of $35.6 million, or $1.19 per share, compared to a net loss applicable to common stock of $9.5 million, or $0.35 per share, in the same period a year ago.
 Losses from continuing operations for the third quarter of fiscal 1993 and 1992 include $4.8 million and $4.5 million, respectively, for costs associated with the settlement of disputes; a substantial portion of the remaining losses are due to legal expenditures. The company and Cooper Life Sciences, Inc. ("CLS") entered into a settlement agreement, dated June 14, 1993, pursuant to which CLS delivered a general release of claims against the company, subject to exceptions for specified ongoing contractual obligations, and agreed to certain restrictions on its acquisition, voting and transfer of securities of the company, in exchange for the company's payment of $4 million in cash and delivery of 200,000 shares of common stock of CLS owned by the company and a general release of claims against CLS, subject to similar exceptions. The cash paid and fair market value of the CLS shares returned to CLS were charged to the company's statement of operations as a settlement of disputes. Also on June 14, 1993, the company acquired from CLS all of the remaining outstanding shares of the company's senior exchangeable redeemable restricted voting preferred stock having an aggregate liquidation preference of $16.1 million in exchange for a newly created series B preferred stock having a par value of $0.10 per share and an aggregate liquidation preference of $3.4 million. Included in the third quarter of fiscal 1992 is a charge for the settlement of disputes which includes: 1) a $650,000 charge related to a previous transaction with CLS; 2) a $345,000 charge for reimbursement to a former director of the company for fees incurred by the director in connection with a proxy solicitation and subsequent negotiation of a settlement agreement; and, 3) provisions for several ongoing litigations and disputes.
 The extraordinary item for the nine months ended July 31, 1993, reflects an extraordinary gain of $924,000, or $0.03 per common share, on the purchase by the company of $4,846,000 principal amount of its 10-5/8 percent convertible subordinated reset debentures in November 1992. The extraordinary item for the three months ended July 31, 1992, represents the reversal of tax benefits recorded in the first two quarters of fiscal 1992 resulting from the utilization of net operating loss carryovers.
 In the second quarter of 1993, the company recorded a net charge against discontinued operations of $13.7 million, virtually all of which was to increase to $20.9 million the company's accrual for breast implant litigation, exclusive of current defense costs which are being treated as costs of continuing operations. Such accrual represents the company's current estimate of its minimum probable expected loss (exclusive of defense costs) resulting from the implant litigation, assuming, among other things, that insurance will be available with respect to occurrences during certain years prior to 1986. At present, the company cannot estimate with any precision the amount of its ultimate liability with respect to the breast implant lawsuits. However, it is the company's current belief that such lawsuits have had, and, absent a resolution that abates all or a substantial part of the costs relating to such lawsuits, will continue to have a material adverse effect on the company's financial condition.
 The company is pursuing several possible avenues to resolve its liability with respect to the breast implant lawsuits. The company has made substantial progress in negotiating an agreement that would limit its liability from such lawsuits. No assurances can be given that any such agreement will be entered into or that a resolution that abates all or a substantial part of the company's costs will actually be achieved.
 THE COOPER COMPANIES, INC AND SUBSIDIARIES
 Consolidated Condensed Statement of Operations
 (Unaudited, in thousands, except per share figures)
 Three months Nine months
 Periods ended July 31 1993 1992 1993 1992
 Net service revenue $ 11,344 $ 8,267 $ 36,017 $ 8,267
 Net sales of products 13,151 11,068 34,497 33,129
 Net operating revenue 24,495 19,335 70,514 41,396
 Cost of services provided 10,654 7,304 32,732 7,304
 Cost of products sold 4,515 4,499 12,503 13,989
 Operating expenses 16,518 15,503 41,377 34,801
 Settlement of disputes 4,850 4,495 4,850 4,495
 Cost of restructuring operations -- -- 451 --
 Amortization of intangibles 214 168 577 558
 Investment income (loss), net (199) 6,066 3,229 18,652
 Gain on sales of assets
 and businesses, net -- -- 620 1,030
 Other income (expense), net 291 (812) 477 (757)
 Interest expense 1,430 1,977 4,600 4,822
 Loss from continuing operations
 before income taxes (13,594) (9,357) (22,250) (5,648)
 Provision for (benefit of)
 income taxes 111 1,245 322 (112)
 Loss from continuing operations
 before extraordinary items (13,705) (8,112) (22,572) (5,536)
 Loss on sale of discontinued
 operations, net of taxes -- (934) (13,657) (2,300)
 Loss before extraordinary
 items (13,705) (9,046) (36,229) (7,836)
 Extraordinary items -- (318) 924 --
 Net loss (13,705) (9,364) (35,305) (7,836)
 Dividend requirements on senior
 exchangeable redeemable
 restricted voting preferred
 stock -- (386) (320) (1,649)
 Net loss applicable to
 common stock (13,705) (9,750) (35,625) (9,485)
 Net income (loss) per common share:
 before extraordinary items (.46) (.30) (.77) (.26)
 Loss from discontinued operations -- (.03) (.45) (.09)
 Net loss before extraordinary
 items (.46) (.33) (1.22) (.35)
 Extraordinary items -- (.01) .03 --
 Net loss per common share (.46) (.34) (1.19) (.35)
 Average number of common
 shares outstanding 30,065 28,279 30,055 26,747
 THE COOPER COMPANIES, INC. AND SUBSIDIARIES
 Consolidated Condensed Balance Sheet
 (Unaudited, in thousands)
 Periods Ended 7/31/93 10/31/92
 ASSETS
 Current assets:
 Cash and cash equivalents $14,139 $38,078
 Restricted cash 339 747
 Temporary investments 16,379 36,492
 Trade and other receivables, net 19,096 27,590
 Inventories 15,775 14,892
 Other current assets 2,751 2,423
 Total current assets 68,479 120,222
 Property, plant and equipment, net 40,320 39,732
 Intangibles, net 16,869 10,083
 Other assets 2,042 3,910
 Total assets $127,710 $173,947
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current installments of long-term debt $ 31,162 $ 5,190
 Other current liabilities 48,060 48,738
 Total current liabilities 79,222 53,928
 Long-term debt:
 10-5/8 percent convertible subordinated
 reset debentures due 2005 9,279 43,581
 Other, less current installments 13,800 15,010
 23,079 58,591
 Deferred income taxes 14,444 15,131
 Total liabilities 116,745 127,650
 Stockholders' equity:
 Senior exchangeable redeemable
 restricted voting
 Preferred stock, 10 cents par value -- 15
 Preferred stock, 10 cents par value -- --
 Common stock, $.10 par value 3,014 3,018
 Additional paid-in capital 179,828 180,497
 Translation adjustments (148) (66)
 Accumulated deficit (170,243) (134,938)
 Unamortized restricted stock
 award compensation (1,486) (2,229)
 Total stockholders' equity 10,965 46,297
 Total $127,710 $173,947
 -0- 9/13/93
 /NOTE TO EDITOR: The principal subsidiaries of the Cooper Companies, Inc. are CooperVision, Inc., CooperVision Pharmaceuticals, Inc., CooperSurgical, Inc. and Hospital Group of America, Inc./
 /CONTACT: Marisa A. Heine or Peter C. Harkins of D. F. King & Co., Inc., 212-269-5550/
 (COO)


CO: The Cooper Companies, Inc. ST: New Jersey IN: MTC SU: ERN

LD-OB -- NY096 -- 1504 09/13/93 17:40 EDT
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Date:Sep 13, 1993
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