The Cooper Companies Reports Fiscal Fourth Quarter and 1998 Results; Yearly Revenue from Continuing Operations Rises 66%, Pretax Up 36%; Operating Income at 20% of Sales.IRVINE, Calif.--(BW HealthWire)--Dec. 14, 1998-- NOTE TO EDITORS: During the fourth quarter of 1998, Cooper's Hospital Group of America unit (HGA HGA High-Gain Antenna HGA Handweavers Guild of America HGA Hammel Green and Abrahamson HGA Hercules Graphics Adapter HGA Homogentisic Acid HGA Honor Guard Academy HGA Holy Guardian Angels (Reading, PA catholic church) ) was declared a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . Divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of this business is in progress. Historical and current financial information has been restated and includes, as 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 , only Cooper's two medical device businesses, CooperVision (CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute ) and CooperSurgical (CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International ). The Cooper Companies, Inc. (NYSE/PCX: COO) today reported results for its 1998 fourth quarter and fiscal year ended Oct. 31, 1998. In its news release dated Oct. 2, 1998, Cooper announced that it expected certain events in its 1998 fiscal fourth quarter that would cause results to differ from analysts' consensus pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings estimates. These events are described and quantified in the paragraphs that follow, along with discussions of the fourth quarter and full year 1998 results. Revenue Revenue in the fourth quarter of 1998 was $40.6 million, 55% above the fourth quarter of 1997. For the 1998 fiscal year, revenue increased 66% to $147.2 million.
Summary of Fiscal Fourth Quarter and Year End 1998
(In millions except per share) Q4 1998 Year 1998
Pretax Income $3.9 $23.1
Per share $0.26 $1.51
Per share taxed at 40% $0.16 $0.91
Per share pretax from discontinued
operation $0.05 $0.29
Per share fourth quarter operating
events (see table below) $0.36 $0.36
Per share before operating events and
after profit in discontinued
operations $0.67 $2.16
Tax Benefit ($32.9) ($34.7)
Per share $2.19 $2.28
Discontinued Operations, Net ($21.6) ($18.0)
Per share ($1.44) ($1.18)
Net Income $15.2 $39.8
Diluted earnings per share $1.01 $2.61
Diluted shares outstanding 15.0 15.3
Pretax Income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. A number of operating events impacted Cooper's fourth quarter earnings. These included temporary contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. manufacturing inefficiencies, new product revenue delays coupled with marketing start-up costs spent in support of product launches, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. reserves and operating costs operating costs npl → gastos mpl operacionales within discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. related to selling HGA. The impact of these events totaled $5.4 million, or $.36 per share, in the fourth quarter. The section below headed "Fourth Quarter Operating Results Analysis" specifies the impact of each of these events. As a result, 1998 fourth quarter pretax income from continuing operations was $3.9 million, or $.26 per share, 34% below the $5.9 million, or $.39 per share, reported in the fourth quarter of 1997. Adjusting for these items, 1998 fourth quarter pretax income was $9.3 million, or $.62 per share. HGA's profit in discontinued operations before taxes was $.05 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . With this included, fourth quarter pretax profits would have been $.67 per share. Year over year, pretax income from continuing operations grew 36% to $23.1 million, or $1.51 per share. Excluding the impact of the operating events noted above, 1998 pretax earnings per share would have been $2.16.
Fourth Quarter Operating Results Analysis
Item EPS Impact
Continuing operations before taxes $0.26
To compute EPS without the impact
of the operating events,
add back the following:
HGA profit in discontinued operations $0.05
Rationalizing contact lens manufacturing,
filling backorders and new product startup $0.11
Inefficiencies
Operating income impact of product launch
delays at CVI U.S. and CSI $0.07
Litigation and settlement of disputes-GT Labs suit $0.07
Marketing costs spent ahead of new product
launches at CVI and CSI $0.09
HGA business disruption costs during divestiture $0.02
Total fourth quarter unusual operating items $0.36
Fourth quarter pretax earnings per share
without the impact of operating events $0.67
Net Income The second event, which affects net income, relates to the tax benefits of Cooper's NOLs (net operating tax loss carryforwards tax loss carryforward See carryforward. ). The 1998 tax benefits recorded in 1998 reflect the remaining tax savings that Cooper expects to get from its existing NOLs as, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , companies with NOLs that also expect sustainable profit going forward, must account for their remaining tax benefits when the profitability determination is made. In the future, Cooper will record expenses for income taxes using, initially, a tax rate of approximately 40%. From a cash standpoint, however, it will pay only state and foreign taxes. For federal tax purposes, the NOLs, now about $180 million, will continue to shelter Cooper's federal tax liability. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations for the fourth quarter of 1998 were $2.45 including a net tax benefit of $2.19 per share, versus $2.02 in the fourth quarter of 1997, including a net tax benefit of $1.63 per share. For the fiscal year, diluted earnings per share from continuing operations were $3.79 including a net tax benefit of $2.28 versus, in 1997, $3.33 diluted earnings per share including a $2.04 per share net tax benefit. The third event reflects Cooper's estimated loss on the sale of HGA's assets. In October, Cooper declared HGA a discontinued operation and recorded a charge reflecting its estimate of the ultimate loss when HGA is divested. In the fourth quarter, this charge was $22.3 million, or $1.49 per share. For the full year, the charge was $18 million, or $1.18 per share, net of $4.3 million of HGA profit. Cooper has signed nonbinding letters of intent to sell HGA in two separate transactions. Under the first, Universal Health Services Universal Health Services, Inc. NYSE: UHS is a Fortune 500 company based in King of Prussia, Pennsylvania. This company is one of the nation's largest health care management companies, operating acute care hospitals, behavioral health facilities and ambulatory centers , Inc. will pay Cooper $27 million in cash for three of its facilities when the transaction closes plus up to $3 million if certain contingent events occur. Under the second transaction with Focus Healthcare, Cooper will realize a total of $4.5 to $5.0 million in cash and the collection of receivables for the remaining HGA property. Commenting on Cooper's 1998 results, A. Thomas Bender, chief executive officer said, "This was a year of transition for Cooper. With our expected exit from the psychiatric services business, Cooper will become a pure medical device company. At the same time, our two remaining businesses, CooperVision and CooperSurgical, each made important transitions of their own: at CVI, we became a strong competitor in the contact lens market outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. as we integrated Aspect Vision into our organization; at CSI, we began the second phase of our growth strategy by launching our own proprietary new products. Overall, I'm pleased with the 66% increase in total revenue and the 20% operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: we achieved, even with the temporary inefficiencies we experienced in the fourth quarter." CooperVision
Fourth Quarter and 1998 Results
CooperVision Revenue Highlights ($'s in millions)
4Q % Total %
1998 Change 1998 Change
vs 1997 vs 1997
Total revenue $33.4 75% $119.2 86%
U.S. $20.6 26% $ 74.2 35%
Aspect (outside North America) $10.1 n/m $35.0 n/m
Disposable-planned replacement
torics-U.S. $ 8.0 53% $27.3 77%
Disposable-planned replacement
spheres-U.S. $3.9 75% $12.4 71%
Total U.S. planned replacement $11.9 59% $39.7 75%
"In 1998," said Bender, "CVI revenue growth continued strong in all the markets we compete in around the world. We are gaining share in every product segment and geographic area where we actively participate. In the U.S., we significantly outpaced market growth in the two most important markets. In disposable planned replacement torics, the fastest growing U.S. segment, CVI's 1998 U.S. revenue grew 77%, while the market grew 42% through the first nine months. In disposable-planned replacement spheres -- about two-thirds of the U.S. market -- CVI grew 71% in an essentially flat market. In Europe, we estimate that the market is growing less than 10% and that CVI sales grew approximately 20%. "Aspect Vision total revenue is meeting our original acquisition plan and, even with its fourth quarter inefficiencies, is slightly accretive to 1998 operating results. "Regarding the operating events in the fourth quarter," Bender continued, "strong demand for our new products, particularly the Frequency 55 spherical lens spherical lens n. Abbr. sph A lens in which all refracting surfaces are spherical. , which is manufactured at Aspect and was introduced in the U.S. in May, and the inventory build up in advance of the full national launch of Frequency 55 Toric tor·ic adj. Of, relating to, or shaped like a torus or part of a torus. in November, strained the capacity of our manufacturing units in both the U.S. and the U.K. To take advantage of the sales opportunity, however, we decided to incur the extra costs to fill the spherical lens orders at Aspect by hiring and training new workers who were paid third shift and Sunday premiums. In the U.S., the capacity freed by moving spherical lens manufacturing to the U.K. was immediately shifted to toric manufacturing, but again at higher costs and some deferred revenue, as the new lines scaled up. "As a result of these activities, CVI's gross margin fell from 65% in the first nine months to 60% this quarter. Both manufacturing facilities have since lowered their costs through increased automation. Lens output per employee is improving and shift premiums are declining. Gross margins are expected to return to their previously higher levels during the second quarter of fiscal 1999, and we believe that we have resolved our plant capacity issues. Regarding recent market trends, Bender noted that, "The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. disposable spherical lens market has been disappointing throughout the year, and although we have only a small stake in here, it's important to note this. We do not, however, see the same thing happening in the toric lens market -- it's up over 15%. Nevertheless, we're watching these trends very closely and developing contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. to protect our bottom line growth." Cooper Surgical Fourth Quarter and 1998 Results and Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Charges Over the past few years, CSI has been a successful consolidator of the in-office gynecological gynecological /gy·ne·co·log·i·cal/ (-kah-loj´i-k'l) gynecologic. products market, acquiring nine companies or product lines since 1990. CSI's revenue in 1998, $28.0 million, was up 13% from 1997 primarily reflecting these earlier acquisitions. Gross margin improved from 52% in 1997 to 55% in 1998 as the efficiencies of CSI's in-house manufacturing continued to generate cost improvements. Operating income declined 14% from 1997's level due primarily to the combination of new product revenue delays and marketing expenses spent in support of the new product launches. Excluding these costs, CSI's operating income would have been $4.4 million or 78% over 1997. CSI continues to believe that its dual approach to business growth -- acquisition and investment in its own proprietary new product development -- while more costly in the short-term, will maximize long-term value and that this will begin to be realized in 1999. The first new product CSI introduced in 1998 was the Cerveillance Scope, the first in a planned series of products in this innovative digital colposcopy Colposcopy Definition Colposcopy is a procedure that allows a physician to take a closer look at a woman's cervix and vagina using a special instrument called a colposcope. It is used to check for precancerous or abnormal areas. system. This product allows physicians to store, recall and document digital images of their findings from examinations of the cervix cervix /cer·vix/ (ser´viks) pl. cer´vices [L.] 1. neck. 2. the front portion of the neck. 3. cervix uteri. . The manufacturing transition from pilot operations in Kansas to scale up at our Shelton, Conn., facility during the fourth quarter caused shipping delays which deferred revenue into fiscal 1999. Cerveillance instruments are now shipping on schedule and sales are meeting expectations. CSI also introduced the CooperSurgical InfraRed Coagulator coagulator /co·ag·u·la·tor/ (ko-ag´u-la?ter) a surgical device that utilizes electrical current or light to stop bleeding. argon beam coagulator (IRC (Internet Relay Chat) Computer conferencing on the Internet. There are hundreds of IRC channels on numerous subjects that are hosted on IRC servers around the world. After joining a channel, your messages are broadcast to everyone listening to that channel. ) this year, a device that creates infrared energy for contact coagulation coagulation (kōăg'y  lā`shən), the collecting into a mass of minute particles of a solid dispersed throughout a liquid (a sol), usually followed by the precipitation or of condylomas (genital genital /gen·i·tal/ (jen´i-t'l)1. pertaining to reproduction, or to the reproductive organs. 2. (in the plural) the reproductive organs. gen·i·tal adj. 1. lesions). Infrared coagulation is a simple, safe, rapid and precise technique used primarily for outpatients, and it does not require special training for physicians. The product will begin to ship this month, and orders in hand are meeting expectations. "While CSI experienced major delays in the ramp-up of these products in 1998," said Bender, "I'm still confident that Cerveillance and the IRC, with their manufacturing issues now resolved, will begin to perform to their potential in 1999." The third product that CSI introduced in 1998 is the FemExam pH and Amines amines (  mēnz´),n.pl organic compounds that contain nitrogen. TestCard, the first in a planned series of point-of-use diagnostic products in its FemExam Test Card System. This product can provide practitioners with improved information to help them diagnose vaginitis vaginitis Inflammation of the vagina. The chief symptom is a whitish or yellowish vaginal discharge. Treatment depends on the cause: appropriate drugs for sexually transmitted diseases (often from Gardnerella bacteria or trichomonads) or yeast infections; estrogen cream for , the most common gynecological condition presenting in the physician's office and bacterial vaginosis Bacterial Vaginosis Definition Bacterial vaginosis (BV) is a type of vaginal infection in which the normal balance of bacteria in the vagina is disrupted, allowing the overgrowth of harmful anaerobic bacteria at the expense of protective bacteria. (BV), the most prevalent form of vaginitis. If not treated, BV has been associated with amniotic fluid amniotic fluid n. The fluid within the amnion that surrounds the fetus and protects it from injury. Amniotic fluid The liquid that surrounds the baby within the amniotic sac. infections, premature rupture rupture, in medicine: see hernia. of the amniotic sac amniotic sac n. See amnion. Amniotic sac The membranous sac that surrounds the embryo and fills with watery fluid as pregnancy advances. , pre-term and low birth weight infants, endometritis endometritis /en·do·me·tri·tis/ (-me-tri´tis) inflammation of the endometrium. puerperal endometritis that following childbirth. , and post-surgical infections. Reporting on FemExam's performance to date, Bender noted that, "While early acceptance of the product has been below our expectations due to yet unanswered questions that practitioners raise about its medical economic benefit, we continue to believe that FemExam is a breakthrough technology. A study sponsored by The Centers for Disease Control and Prevention Centers for Disease Control and Prevention (CDC), agency of the U.S. Public Health Service since 1973, with headquarters in Atlanta; it was established in 1946 as the Communicable Disease Center. found FemExam at least equivalent to the more rigorous diagnostic criteria now used. It is easy to use and can save practitioners time, thus adding to their practice income. We have recently begun formal cost benefit studies and are working to improve the level of third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for the product. Until this data is ready to be presented to physicians, a co-marketing affiliation with a pharmaceutical partner has been delayed. "Revenue expectations for FemExam in 1999 are approximately $1 million. This slower acceptance will not impact operating income, as next year's planned marketing expenses have been adjusted downward to match the expected revenue." GT Labs Settlement In January 1998, GT Estates, on behalf of GT Laboratories, Inc. (GT Labs) was awarded a judgment of $1.7 million in federal court against Cooper in a lawsuit originated in 1992. The court found that Cooper had violated the terms of a 1989-supply agreement with GT Labs for rigid gas permeable gas permeable gas adj (lenses) → luftdurchlässig contact lens raw materials. The parties have now agreed to a settlement payment of $1.3 million, which is expected to be concluded this month. Seven cents per share was accrued in fiscal 1998 for this payment. Outlook "We expect to maintain 20-25% top and bottom line growth over the next several years, excluding the possibility of major acquisitions," said Bender. "CVI growth will come from increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" with our new products and continued global expansion. At CSI, we expect that the new products we introduced in 1998 will continue to grow, and we anticipate acquiring additional products or small companies in the in-office gynecology market."
Business Unit P&L Highlights ($'s in millions)
Three Months Ended October 31,
Revenue Operating Income
% % %Revenue %Revenue
1998 1997 Inc. 1998 1997 Inc. 1998 1997
CVI $33.4 $19.1 75% $8.4 $6.9 22% 25% 36%
CSI 7.2 7.1 2% 0.2 0.7 (61%) 4% 10%
Subtotal 40.6 26.2 55% 8.6 7.6 14% 21% 29%
HQ expense -- -- (2.0) (1.5) n/a n/a n/a
TOTAL $40.6 $26.2 55% $6.6 $6.1 8% 16% 23%
12 Months Ended October 31,
Revenue Operating Income
% % %Revenue %Revenue
1998 1997 Inc. 1998 1997 Inc. 1998 1997
CVI $119.2 $64.0 86% $34.6 $23.1 50% 29% 36%
CSI 28.0 24.8 13% 2.1 2.5 (14%) 8% 10%
Subtotal 147.2 88.8 66% 36.7 25.6 44% 25% 29%
HQ expense -- -- (7.0) (5.8) n/a n/a n/a
TOTAL $147.2 $88.8 66% $29.7 $19.8 50% 20% 22%
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. Statements in this report not based on historical fact may be "forward-looking statements" as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. They include words like "may," "will," "expect," "estimate," "anticipate," "continue" or similar terms and reflect Cooper's current analysis of existing trends. Actual results could differ materially from those indicated due to: major changes in business conditions and the economy, loss of key senior management, major disruptions in the operations of Cooper's manufacturing facilities or hospitals, new competitors or technologies, significant disruptions caused by the failure of third parties to address the Year 2000 issue or by unforeseen delays in completing Cooper's Year 2000 compliance program, acquisition integration costs, foreign currency exchange exposure including the potential impact of the Euro, investments in research and development and other start-up projects, dilution to earnings per share from acquisitions or issuing stock, regulatory issues, significant environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. costs above those currently accrued, costs of litigation and business divestitures, and items listed in Cooper's SEC reports, including the section titled "Business" in 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 Oct. 31, 1997. The Cooper Companies, Inc. and its subsidiaries develop, manufacture and market specialty healthcare products. Corporate offices are located in Irvine and Pleasanton, Calif. CooperVision, Inc., with headquarters in Irvine, and manufacturing facilities in Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif.; Rochester, N.Y.; Toronto, Canada; and Southampton, England, markets a broad range of contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl for the vision care market. CooperSurgical, Inc., with headquarters in Shelton, Conn., markets diagnostic and surgical instruments A surgical instrument is a specially designed tool or device for performing specific actions of carrying out desired effects during a surgery or operation, such as modifying biological tissue, or to provide access or viewing it. , equipment and accessories for the gynecological market. Hospital Group of America, Cooper's mental health services health services Managed care The benefits covered under a health contract division was declared a discontinued operation in October 1998. NOTE: A toll free interactive telephone system at 800/334-1986 provides stock quotes, recent press releases and financial data. Cooper's Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is www.coopercos.com. Frequency(TM) 55, Frequency(TM), Cerveillance(TM) System, FemExam TestCard System(TM), FemExam(r) pH and Amines TestCard(TM) and Preference(r) Toric, are trademarks of The Cooper Companies, Inc., its subsidiaries or affiliates.
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Income
(In thousands, except per share figures)
(Unaudited)
Three Months
Ended Years Ended
October 31, October 31,
1998 1997(1) 1998 1997(1)
Net sales $ 40,649 26,161 $147,192 $88,769
Cost of sales 16,587 7,913 55,764 27,325
Selling, general and
administrative expense 16,008 11,124 56,226 38,337
Research and development expense 433 514 1,944 1,739
Amortization of intangibles 1,014 505 3,558 1,565
Income from operations 6,607 6,105 29,700 19,803
Interest expense 1,799 343 6,253 3,174
Settlement of disputes, net 1,050 -- 1,250 (104)
Other income, net 133 172 890 203
Income before income taxes 3,891 5,934 23,087 16,936
(Benefit of) income taxes (32,859) (24,795) (34,723) (26,735)
Income from continuing operations
before extraordinary items 36,750 30,729 57,810 43,671
Discontinued operations, net of taxes:
Income before extraordinary items 746 1,792 4,336 4,719
Loss on sales of operations (22,300) (18,000) (22,300) (18,000)
Extraordinary items -- (469) -- (469)
Loss from discontinued
operations (21,554) (16,677) (17,964) (13,750)
Income before extraordinary
items 15,196 14,052 39,846 29,921
Extraordinary items, net of taxes -- 1,461 -- 1,461
Net income $15,196 $15,513 $39,846 $31,382
Basic earnings per share:
Continuing operations $ 2.49 $ 2.08 $ 3.90 $ 3.42
Discontinued operations $ (1.46) $ (1.13) $(1.21) $ (1.07)
Extraordinary items $ -- $ 0.10 $ -- $ 0.11
Net income $ 1.03 $ 1.05 $ 2.69 $ 2.46
Diluted earnings per share:
Continuing operations $ 2.45 $ 2.02 $ 3.79 $ 3.33
Discontinued operations $ (1.44) $ (1.10) $(1.18) $ (1.05)
Extraordinary items $ -- $ 0.10 $ -- $ 0.11
Net income $ 1.01 $ 1.02 $ 2.61 $ 2.39
Number of shares used to
compute earnings per share:
Basic 14,736 14,764 14,828 12,759
Diluted 14,978 15,249 15,269 13,120
Memo diluted earnings per share
data:
Income before income taxes $ 0.26 $ 0.39 $ 1.51 $ 1.29
(1) Restated to reflect Hospital Group of America as a
discontinued operation.
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(In thousands)
(Unaudited)
October 31, October 31,
1998 1997 (1)
ASSETS
Current assets:
Cash and cash equivalents $ 7,333 $ 18,249
Trade receivables, net 24,426 13,150
Inventories 30,349 14,921
Net assets of discontinued
operations 29,206 --
Other current assets 24,763 7,412
Total current assets 116,077 53,732
Property, plant and equipment, net 34,234 7,634
Intangibles, net 84,308 32,274
Net assets of discontinued operations -- 46,842
Other assets 61,442 30,142
$296,041 $170,624
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 11,570 $ 438
Other current liabilities 35,131 28,680
Total current liabilities 46,701 29,118
Long-term debt 78,677 9,125
Other liabilities 25,410 20,848
Total liabilities 150,788 59,091
Stockholders' equity 145,253 111,533
$296,041 $170,624
(1) Restated to reflect Hospital Group of America as a
discontinued operation.
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