The Cooper Companies reports second quarter 1995 results.FORT LEE, N.J.--(BUSINESS WIRE)--May 31, 1995--The Cooper Companies, Inc. (NYSE NYSE See: New York Stock Exchange :COO) today reported financial results for the second quarter of fiscal 1995. For the three months ended April 30, 1995, the company reported net income of $0.6 million or 2 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. on net revenue of $23.8 million, compared to a net loss of $3.8 million or 13 cents per share on net revenue of $24.5 million in last year's second quarter. For the first half of fiscal 1995, net revenue was $47.0 million compared to $47.4 million in the first half of fiscal 1994. The company reported net income of $0.9 million, or 3 cents per share, compared to a net loss of $9.0 million, or 30 cents per share, in the same period a year ago. Results for the 1995 six-month period include a net credit to income of $0.5 million resulting from the resolution of certain disputes. Results for the first six months of fiscal 1994 include a net charge of $3.9 million associated with the settlement of certain disputes. Results for both 1994 periods were also adversely impacted by legal fees, the level of which has been significantly reduced. As previously reported, A. Thomas Bender, formerly executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , was elected president and chief executive officer earlier this month. In commenting on the results and events of the second quarter, Bender said, "The first half of fiscal 1995 has been a successful and exciting period for The Cooper Companies, Inc. Our turnaround continues to gain momentum, as we have now reported net income for the fourth consecutive quarter, while concurrently honing Honing could refer to
CooperVision, our 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. business, has continued to excel on many fronts, and is exceeding our expectations. I am particularly pleased with the ongoing success of our toric tor·ic adj. Of, relating to, or shaped like a torus or part of a torus. lenses, which are used for the correction of astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. . Sales of toric lenses have grown by more than 40% year to year. This demonstrated success in implementing our strategy of penetrating 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. niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. triggered our recent decision to double the capacity of our manufacturing facility in Scottsville, N.Y., which will allow us to maximize the growth potential of these highly successful products. With expanded manufacturing capacity coming on-line in September, and new product introductions scheduled to occur within the next year, I am confident that CooperVision is positioned to continue to generate solid sales growth well into the future. At CooperVision Pharmaceuticals, exploratory discussions continue with prospective partners regarding ways to maximize the value of CalOptic(TM), our glacoma compound. At CooperSurgical, our gynecological gynecological /gy·ne·co·log·i·cal/ (-kah-loj´i-k'l) gynecologic. products are the strategic focus of our business. Our recent decision to extricate the Company from a commitment to spend potentially $7 to $10 million on InnerDyne's thermal endometrial ablation Endometrial ablation is a medical procedure that is used to remove (ablate) or destroy the endometrial lining of a woman's uterus. This technique is most often employed for women who suffer from excessive or prolonged bleeding during their menstrual cycle but can not or do not wish project in no way signals our lack of enthusiasm for the potential of a substantial market developing in this area. Currently, several venture capital funded development companies are vying vy·ing v. Present participle of vie. vying vie to be first to the market with a competitive thermal endometrial ablation product line. We are monitoring developments in this area with a view towards leveraging our significant market presence and distribution capability with one of the winners in the race to the market. This exemplifies a recent shift in our primary corporate focus to favor acquiring products ready for markets and/or already in the market rather than funding large dollar, high risk research and development projects. This will result in improved profitability and greater availability of cash to fund strategic acquisitions. We are currently evaluating several product line acquisitions which would strengthen our strategic position in the gynecological market. As for our hospital business, I am pleased to report that Hospital Group of America recently settled its dispute with the successor to its former owner. Two of our three hospitals are performing profitability and have an aggregate occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of approximately 80%, complemented by our expanding outpatient and ancillary services. We continue to work on ways to improve results at our "problem" hospital, which is currently staffed exclusively by a group of doctors operating under a contract inherited inherited received by inheritance. inherited achondroplastic dwarfism see achondroplastic dwarfism. inherited combined immunodeficiency see combined immune deficiency syndrome (disease). from the previous owner." Bender concluded by congratulating his management team for its success in reducing corporate G&A expenses, including legal fees. Currently, Corporate Headquarters' G&A expenses are better than expected, at less than half the level reported for the first half of 1994. In commenting on the Company's financial position and outlook, Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Weiss, senior vice president and chief financial officer said "One dramatic example of the success of our turnaround program is that, barring material mishaps, the company is now in a position to generate sufficient cash to fund its internal operating needs. The consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of certain matters currently reaching resolution is expected to favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact the company's cash flow and near-term results. Furthermore, we continue to explore various means of raising capital for acquisitions." The Cooper Companies, Inc. through its subsidiaries develops, manufactures and markets specialty healthcare products and services. CooperVision, Inc., headquartered in Irvine, Calif., with 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., and Toronto and Montreal, Canada, markets a 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. CooperVision Pharmaceuticals, Inc., also headquartered in Irvine, Calif., develops ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. pharmaceuticals. CooperSurgical, Inc., located in Shelton, CT, manufacturers and 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. and accessories for the gynecological market. Hospital Group of America, Inc. provides psychiatric psy·chi·at·ric adj. Of or relating to psychiatry. psychiatric adjective Pertaining to psychiatry, mental disorders services through facilities located in Illinois, N.J. and Delaware. -0-
The Cooper Companies Inc. and Subsidiaries
Consolidated Condensed Statement of Operations
(In 000, except per share figures, Unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
1995 1994 1995 1994
Net service revenue $ 10,940 $ 11,783 $ 21,432 $ 22,814 Net sales of products 12,854 12,672 25,572 24,548 Net operating revenue 23,794 24,455 47,004 47,362 Cost of services provided 10,263 10,587 20,367 20,426 Cost of products sold 4,079 4,582 8,311 8,707 Research and development expense 808 1,172 1,875 2,328 Selling, general and administrative expense 6,916 8,428 13,531 17,192 Provision (credit) for settlement of disputes (140) 2,000 (468) 3,950 Debt restructuring costs - - - 429 Amortization of intangibles 210 212 422 422 Investment income (loss), net 76 (129) 200 (480) Gain on sales of assets and businesses, net - - - 214 Other income (expenses), net 99 (93) 100 (58) Interest expense 1,190 1,024 2,280 2,426 Income (loss) before income taxes 643 (3,772) 986 (8,842) Provision for income taxes 38 78 106 158 Net income (loss) 605 (3,850) 880 (9,000) Net income (loss) per common share .02 (.13) .03 (.30) Average number of common shares outstanding 34,742 30,500 34,750 30,461
Consolidated Condensed Balance Sheet
(In 000, Unaudited)
April 30, Oct. 31,
1995 1994
Assets
Current assets:
Cash and cash equivalents $ 4,502 $ 10,320
Trade and other receivables, net 21,564 18,252
Inventories 11,180 11,696
Other current assets 1,844 3,237
Total current assets 39,090 43,505
Property, plant and equipment,
net 34,094 34,787
Intangibles, net 14,698 15,327
Other assets 1,350 1,439
89,232 95,058
Liabilities and Stockholders' Deficit
Current liabilities:
Current installments of long-term
debt 2,528 1,453
Notes payable - current 1,395 -
Other current liabilities 34,553 40,803
Total current liabilities 38,476 42,256
Long-term debt 43,873 45,989
Other liabilities 9,040 10,467
Total liabilities 91,389 98,712
Common stock, 10 cents par value 3,413 3,388
Additional paid in capital 180,532 179,883
Translation adjustments (453) (396)
Accumulated deficit (185,649) (186,529)
Total stockholders' deficit (2,157) (3,654)
$89,232 $95,058
CONTACT: D.F. King & Co., Inc. Jeffrey D. Bogart Mark A. Wasserman 212/269-5550 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion