ZOLL Medical Corporation Announces Second Quarter Results.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 revenues of $56,833,000 for the second quarter of fiscal 2006, an increase of 8% compared to revenues of $52,491,000 in the second quarter of last year. Net income for the quarter was $2,082,000, compared to $159,000 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 $0.21 compared to $0.02 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 million. Second 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 11% to $44.2 million, compared to $39.8 million for the comparable prior-year quarter. Sales to the North American hospital market increased 7% to $18.2 million, compared to $17.0 million in the second quarter of last year. Sales to the North American pre-hospital market increased 19% to $21.1 million, compared to $17.8 million in the same period last year. International sales remained at the same level as the prior-year quarter at approximately $12.6 million. AED AED - Automated Engineering Design sales to all markets increased 8% to $9.1 million, compared to $8.4 million in the prior-year quarter. Total AutoPulse(R) shipments were $2.4 million in the quarter, compared to $1.6 million in the second quarter of the prior year. 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 second quarter we experienced another successful quarter, with modest sales growth, lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and earnings that exceeded expectations. We are executing the plan we established at the beginning of the year, and believe that second quarter results reflect our effort." "North American hospital and pre-hospital sales improved over the prior-year period on the strength of new products," Mr. Packer observed. "AED Pro(R), E Series(TM) and AutoPulse sales all showed good growth as the market acceptance of these products accelerated. In the International market, while there were a number of strong performances, we did not achieve the sales growth we expected in this quarter. However, we see stronger performance in the second half of the year, again driven by an acceleration of the acceptance of our new products." Mr. Packer added, "Overall AED revenue growth continued this quarter, although at a more modest rate than recent quarters. AED sales in the International market were particularly strong, while 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. we experienced weakness in some areas, particularly those affected by government funding and grants." Highlighting progress with the AutoPulse, Mr. Packer noted, "Shipments in the second quarter were the highest to date, reflecting significant growth in both the North American and International markets. In North America, we are seeing significant increased activity in numerous regions around the country, as highlighted in recent announcements of strong customer acceptance in states such as Florida and Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. . Internationally, we experienced
significant growth in AutoPulse sales through both direct and
distributor channels as we have built significant interest and customer
funding is starting to become available. We believe we are gaining
momentum with the AutoPulse and remain convinced that this product will
be a significant driver of ZOLL's growth for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." Mr. Packer concluded, "Overall, the second quarter was another strong step forward. We believe we have made good progress and are on track for the year. We are pleased with our progress as we enter the latter half of the fiscal year and our outlook remains unchanged." ZOLL will host a conference call on Friday, April 28, 2006 at 10:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy to discuss its second quarter financial results. This conference call will be accessible on the Company's home page at www.zoll.com. Recorded replays of the financial results 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 revenues related to AutoPulse sales, 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 February 10, 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.
ZOLL MEDICAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
April 2, October 2,
2006 2005
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 35,432 $ 36,270
Short-term investments 23,455 14,553
Accounts receivable, net 45,576 47,733
Inventory 36,280 38,637
Prepaid expenses and other current
assets 8,227 8,055
----------- -----------
Total current assets 148,970 145,248
Property and equipment, net 25,053 23,492
Other assets, net 51,698 50,796
----------- -----------
$ 225,721 $ 219,536
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,119 $ 9,020
Accrued expenses and other liabilities 31,063 29,088
----------- -----------
Total current liabilities 41,182 38,108
Total stockholders' equity 184,539 181,428
----------- -----------
$ 225,721 $ 219,536
=========== ===========
ZOLL MEDICAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share)
Three Months Ended Six Months Ended
April 2, April 3, April 2, April 3,
2006 2005 2006 2005
--------------------- ---------------------
Net sales $ 56,833 $ 52,491 $ 112,293 $ 103,120
Cost of goods sold 25,190 22,820 49,671 45,020
---------- ---------- ---------- ----------
Gross profit 31,643 29,671 62,622 58,100
Expenses:
Selling and
marketing 18,502 18,980 37,851 38,647
General and
administrative 4,654 4,624 9,602 8,897
Research and
development 5,712 5,820 11,012 11,648
---------- ---------- ---------- ----------
Total expenses 28,868 29,424 58,465 59,192
Income (loss) from
operations 2,775 247 4,157 (1,092)
Other income (expense) 430 (12) 713 332
---------- ---------- ---------- ----------
Income (loss) before
taxes 3,205 235 4,870 (760)
Taxes (benefit) 1,123 76 1,656 (353)
---------- ---------- ---------- ----------
Net income (loss) $ 2,082 $ 159 $ 3,214 $ (407)
========== ========== ========== ==========
Earnings (loss) per
share:
Basic $ 0.22 $ 0.02 $ 0.33 $ (0.04)
========== ========== ========== ==========
Diluted $ 0.21 $ 0.02 $ 0.33 $ (0.04)
========== ========== ========== ==========
Weighted average common
shares:
Basic 9,625 9,574 9,624 9,428
Diluted 9,702 9,651 9,698 9,428
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