ZOLL Medical Corporation Announces Record Third Quarter Revenues.CHELMSFORD Chelmsford, city, England Chelmsford, city (1991 pop. 91,109), county seat of Essex, SE England. It is a market center (especially for cattle) for the surrounding agricultural district. , Mass. -- ZOLL Medical Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ZOLL), a manufacturer of resuscitation resuscitation /re·sus·ci·ta·tion/ (-sus?i-ta´shun) restoration to life of one apparently dead. cardiopulmonary resuscitation devices and software solutions, today announced record revenues of $64,267,000 for the third quarter of fiscal 2006, an increase of 26% compared to revenues of $51,093,000 for the third quarter of last year. Net income for the quarter was $2,530,000, compared to $132,000 in the prior-year quarter. 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 were $0.26 compared to $0.01 in the prior-year quarter. Ending backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was approximately $8.5 million. Third quarter sales to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market increased 23% to $48.7 million, compared to $39.4 million for the comparable prior-year quarter. Sales to the North American hospital market increased 19% to $20.7 million, including an increase in U.S. military shipments of approximately $3.7 million. Sales to the North American pre-hospital market increased 35% to $23.0 million, compared to $17.0 million in the same period last year. North American pre-hospital results include the results of Lifecor, whose assets were acquired during the quarter. International sales grew by 34% to $15.6 million, as compared to $11.7 million in the same quarter last year. Shipments of AEDs to all markets increased 38% to $9.5 million, compared to $6.9 million in the prior-year quarter. Total AutoPulse shipments were $2.7 million in the quarter, compared to $1.7 million in the third quarter of the prior year, an increase of 59%. Richard A. Packer packer /pack·er/ (pak´er) an instrument for introducing a dressing into a cavity or a wound. pack·er n. 1. An instrument for tamponing. 2. See plugger. , President and Chief Executive Officer of ZOLL, commented, "During the third quarter we experienced very good sales growth, demonstrating the strengthening of the business as our new products continue to gain momentum. 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. continues to improve as we leverage expenses and continue to focus on profitability. " Commenting further, Mr. Packer stated, "We are pleased with our progress in 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 a whole and the EMS market in particular. The E Series and the AutoPulse, two new products, continue to gain strength. North American Hospital sales benefited from a $5 million military order received during the quarter. Our military sales have exceeded our expectations for this year. Without military, the North American Hospital sales declined about 3% for the quarter and have grown only about 3% for the year. We continue to work to gain share in that market. International sales were particularly strong this quarter, as we experienced broad penetration across our International markets, highlighted by very good performance in the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. continent and the United Kingdom." Commenting on specific products, Mr. Packer added, "The AED AED - Automated Engineering Design business continues to grow slowly. Our year-over-year comparison benefited from a poor shipping quarter last year. We are executing our plan to ensure profitability in this market rather than simply chasing sales growth. With regards to the AutoPulse, we made consistent progress during the quarter and achieved good year over year growth. We look for this progress to continue." Mr. Packer concluded, "Overall, the third quarter was another step forward for ZOLL. We are tracking well to the plan we outlined at the start of the year. We look forward to a successful fourth quarter and the completion of a year that will reestablish our growth and profitability. Looking to FY2007, we continue to plan on modest top-line growth, combined with slow expense growth to yield substantial leverage at the bottom line." ZOLL will host a conference call on Thursday, July 27, 2006 at 10:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss its third quarter financial results. This conference call will be accessible on the Company's home page at www.zoll.com. Recorded replays of this conference call will be available on the web page beginning later that day. About ZOLL Medical Corporation ZOLL Medical Corporation is committed to developing technologies that help advance the practice of resuscitation. With products for pacing, defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. , circulation, ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and , and fluid resuscitation fluid resuscitation Critical care medicine The infusion of isotonic IV fluids to a hypotensive Pt with trauma; aggressive FR may disrupt thrombi, ↑ bleeding, and ↓ survival , ZOLL provides a comprehensive set of technologies that help clinicians, EMS professionals, and lay rescuers resuscitate re·sus·ci·tate v. To restore consciousness, vigor, or life to. sudden cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. or trauma victims. ZOLL also designs and markets software that automates the documentation and management of both clinical and non-clinical information. ZOLL markets and sells its products in more than 140 countries. The company has direct operations, distributor networks, and business partners throughout the U.S., Canada, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Europe, the Middle East, Asia, and Australia. For more information, visit www.zoll.com or call +1 978-421-9655. Certain statements contained in this press release, including statements regarding the anticipated development of the Company's business, our belief regarding business growth and future performance, and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements (as defined in 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). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such 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. . Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those factors discussed in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the SEC on May 12, 2006. You should not place undue reliance on the forward-looking statements in this press release, and the Company disavows any obligation to update or supplement those statements in the event of any changes in the facts, circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , or expectations that underlie those statements. Copyright (C) 2006 ZOLL Medical Corporation. All rights reserved. 269 Mill Road, Chelmsford, MA 01824-4105. E Series is a trademark of ZOLL Medical Corporation. AED Pro, AutoPulse, and ZOLL are registered trademarks of ZOLL Medical Corporation. (Financial Results to Follow)
ZOLL MEDICAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 2, October 2,
2006 2005
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $39,129 $36,270
Short-term investments 18,222 14,553
Accounts receivable, net 50,043 47,733
Inventory 37,078 38,637
Prepaid expenses and other current assets 7,895 8,055
----------- -----------
Total current assets 152,367 145,248
Property and equipment, net 27,020 23,492
Other assets, net 54,300 50,796
----------- -----------
$233,687 $219,536
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $12,550 $9,020
Accrued expenses and other liabilities 33,409 29,088
----------- -----------
Total current liabilities 45,959 38,108
Total stockholders' equity 187,728 181,428
----------- -----------
$233,687 $219,536
=========== ===========
ZOLL MEDICAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share)
Three Months Nine Months
Ended Ended
July 2, July 3, July 2, July 3,
2006 2005 2006 2005
-------- -------- ---------- ---------
Net sales $64,267 $51,093 $176,560 $154,213
Cost of goods sold 27,978 21,660 77,649 66,680
-------- -------- ---------- ---------
Gross profit 36,289 29,433 98,911 87,533
Expenses:
Selling and marketing 20,523 18,826 58,374 57,473
General and administrative 6,383 4,612 16,252 13,509
Research and development 6,050 5,824 16,795 17,472
-------- -------- ---------- ---------
Total expenses 32,956 29,262 91,421 88,454
Income (loss) from operations 3,333 171 7,490 (921)
Other income 634 79 1,347 411
-------- -------- ---------- ---------
Income (loss) before taxes 3,967 250 8,837 (510)
Taxes (benefit) 1,437 118 3,093 (235)
-------- -------- ---------- ---------
Net income (loss) $2,530 $132 $5,744 $(275)
======== ======== ========== =========
Earnings (loss) per share:
Basic $0.26 $0.01 $0.60 $(0.03)
======== ======== ========== =========
Diluted $0.26 $0.01 $0.59 $(0.03)
======== ======== ========== =========
Weighted average common shares:
Basic 9,632 9,576 9,626 9,557
Diluted 9,719 9,632 9,704 9,557
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion