THE COOPER COMPANIES REPORTS THIRD QUARTER RESULTS
THE COOPER COMPANIES REPORTS THIRD QUARTER RESULTS NEW YORK, Sept. 14 /PRNewswire/ -- The Cooper Companies, Inc.
(NYSE: COO) today reported financial results for the third quarter and nine months ended July 31, 1992.
For the three months ended July 31, 1992, the company reported a net loss applicable to common stock of $9.8 million or $.34 per share on net revenues of $19.3 million, compared with a net loss applicable to common stock of $4.2 million or $.16 per share on net revenues of $9.0 million in the third quarter of fiscal 1991. For the nine months fiscal year-to-date, net revenues were $41.4 million compared to $25.3 million for fiscal 1991. The company reported for the current nine-month period a net loss applicable to common stock of $9.5 million or $.35 per share, compared with a net loss applicable to common stock of $14.9 million or $.57 per share in the same period a year ago. "This quarter's results were seriously impacted by high legal costs related to certain of our divested businesses, the pending SEC and U.S. Attorney investigations, and a threatened proxy contest," said Arthur C. Bass, the company's acting chairman. "In addition, nearly half of the quarter's loss relates to reserves established for various lawsuits, primarily related to the divested businesses. While we are not pleased with these results, we are heartened that our ongoing operating businesses continue to demonstrate the recovery and growth evidenced by the first two quarters of this year. "Our newly acquired psychiatric hospital business, Hospital Group of America, is generating operating profits despite a very difficult environment; CooperSurgical's net sales of $4.1 million for the 1992 third quarter were more than twice those for the comparable 1991 period, although the business has yet to achieve profitability. For the nine months ended July 31, 1992, CooperSurgical reported net sales of $12.3 million compared to $4.7 million in the corresponding 1991 period. Although CooperVision's net sales were essentially flat for the fiscal year-to-date, its operating income dramatically improved to $1.1 million and $2.6 million for the third quarter and nine-month period, versus losses of $1.1 million and $3.5 million for the comparable periods in the prior year, respectively. This improvement reflects benefits of staff reductions and the success of our new frequent replacement lens, Preference(TM). CooperVision Pharmaceuticals, a development stage business, is performing on schedule as it continues the process of seeking Food and Drug Administration clearance to market Verapamil, a compound patented for use in the treatment of glaucoma, Phenyltrope, a proprietary pupillary dilating agent, and three other ophthalmic therapeutic products. In addition, CooperVision Pharmaceuticals is preparing to launch a line of branded generic ophthalmic pharmaceuticals in January 1993." As a result of the overall increase in revenues due to the psychiatric hospital acquisition and the growth of CooperSurgical, CooperVision's net sales for the quarter were only 36 percent of the company's consolidated net revenue, compared to 82 percent in the 1991 third quarter. In commenting on these results and noting the company's decreased dependence on its contact lens business, Bass added, "We are pleased that our efforts at restructuring and diversifying operations are proving to be successful. We hope that, in the long-term, the strength of our operating results will offset the high legal costs we are incurring to resolve litigation. If we are successful in those efforts, we are confident that shareholder value will increase." THE COOPER COMPANIES, INC. AND SUBSIDIARIES Statement of Consolidated Operations (In thousands, except per share figures) (Unaudited) Periods Ended Three Months Nine Months July 31 1992 1991 1992 1991 Net service revenue $ 8,267 $ -- $ 8,267 $ -- Net sales of product 11,068 8,970 33,129 25,314 Net operating revenue 19,335 8,970 41,396 25,314 Cost of products sold 4,499 4,066 13,989 11,049 Operating expenses 22,807 12,629 42,105 36,378 Settlement of disputes 4,495 -- 4,495 -- Amortization of intangibles 168 257 558 689 Investment income, net 6,066 4,423 18,652 9,386 Gain on sales of assets and businesses, net -- -- 1,030 -- Other income (expense), net (812) 164 (757) 711 Interest expense 1,977 1,672 4,822 5,741 Loss from cont. opers. bef. income taxes (9,357) (5,067) (5,648) (18,446) Provision for (benefit of) income taxes (1,245) 42 (112) 130 Loss from cont. opers. bef. extraordinary items (8,112) (5,109) (5,536) (18,576) Loss on sale of discontinued operations, net of taxes (934) -- (2,300) -- Loss before extraordinary items (9,046) (5,109) (7,836) (18,576) Extraordinary items (318) 1,553 -- 5,428 Net loss (9,364) (3,556) (7,836) (13,148) Loss, dividend requirements on senior exchangeable redeemable restricted voting preferred stock 386 594 1,649 1,713 Net loss applicable to com. stock (9,750) (4,150) (9,485) (14,861) Net inc. (loss) per com. shr.: Continuing operations $(.30) $(.22) $(.26) $(.78) Discontinued operations (.03) -- (.09) -- Loss before extraordinary items (.33) (.22) (.35) (.78) Extraordinary items (.01) .06 -- .21 Net loss per common share (.34) (.16) (.35) (.57) Avg. no. of com. shrs. outstdg. 28,279 25,923 26,747 25,860 THE COOPER COMPANIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheet (In thousands) 7/31/92 10/31/91 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 40,128 $ 76,652 Restricted cash 8,787 9,585 Temporary investments 46,855 58,028 Trade and other receivables, net 27,669 17,313 Inventories 15,130 10,906 Other current assets 3,663 1,373 Total current assets 142,232 173,857 Property, plant and equipment, net 36,286 3,593 Intangibles, net 12,108 8,843 Other assets 3,310 1,340 Total $193,936 $187,633 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt $ 3,846 $ 1,131 Other current liabilities 47,119 50,542 Total current liabilities 50,965 51,673 Long-term debt: 10-5/8 percent convertible subordinated reset debentures due 2005 48,494 48,012 Other, less current installments 16,834 645 Total 65,328 48,657 Other non-current liabilities 14,210 15,601 Total liabilities 130,503 115,931 Stockholders' equity: Senior exchangeable redeemable restricted voting preferred stock, $.10 par value 15 60 Preferred stock, $.10 par value -- -- Common stock, $.10 par value 3,033 2,569 Additional paid-in capital 181,108 182,567 Accumulated deficit (117,956) (110,120) Translation adjustments 54 202 Unamortized restricted stock award compensation (2,821) (3,576) Total stockholders' equity 63,433 71,702 Total $193,936 $187,633 -0- 9/14/92 /NOTE TO EDITORS: Principal healthcare subsidiaries of The Cooper Companies, Inc. are CooperSurgical, Inc., CooperVision, Inc., CooperVision Pharmaceuticals, Inc. and Hospital Group of America, Inc. Today, Cooper Companies also is filing with the Securities and Exchange Commission a Form 10-Q reporting on its three and nine month results in greater detail. Copies of the Form 10-Q can be obtained upon request to the company./ /CONTACT: Marisa A. Heine or Peter C. Harkins of D.F. King & Co., Inc., 212-269-5550, for the Cooper Companies/ (COO) CO: Cooper Companies, Inc. ST: New York IN: MTC SU: ERN
SM-PS -- NY079 -- 9356 09/14/92 18:08 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 14, 1992|
|Previous Article:||MICRODISK SERVICES TO ACQUIRE EXMARK|
|Next Article:||APPRAISER SENTENCED TO 37 MONTHS IN LAND FLIP SCHEME|