EX-99.1 3 a03-6200_1ex99d1.htm EX-99.1

EXHIBIT 99(l)

 

CANTEL MEDICAL CORP.

150 Clove Road

Little Falls, New Jersey  07424

 

FOR IMMEDIATE RELEASE

Contact:

 

James P. Reilly

 

Richard E. Moyer

 

 

President and CEO

 

Cameron Associates, Inc.

 

 

Cantel Medical Corp.

 

richard@cameronassoc.com

 

 

Phone: 973-890-7220

 

Phone: 212-554-5466

 

CANTEL MEDICAL REPORTS 41% INCREASE
IN NET INCOME ON 30% INCREASE IN NET SALES
FOR QUARTER ENDED OCTOBER 31, 2003

 

EPS -  $0.18 VS. $0.13

 

LITTLE FALLS, New Jersey (December 9, 2003) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported net income of $1,795,000, an increase of 41%, or $0.18 per diluted share, on sales of $36,849,000, an increase of 30%, for its first quarter ended October 31, 2003, as compared with net income of $1,269,000, or $0.13 per diluted share, on sales of $28,373,000 for the quarter ended October 31, 2002.

 

James P. Reilly, President and Chief Executive Officer of CANTEL, commented, “Strong performances of our core business segments contributed to the outstanding operating results for our first quarter ended October 31, 2003.”  Reilly added, “ With the excellent results of the first quarter as a base and the recently implemented acquisitions of Mar Cor and Biolab, which we expect to be accretive by year-end, fiscal 2004 should be another year of improved operating results.”

 

The Company further reported that its balance sheet at October 31, 2003 included current assets of $63,644,000, a current ratio of 2.9:1, a ratio of funded debt to equity of .4:1 and stockholders’ equity of $72,961,000.

 

Cantel Medical Corp., a healthcare company, is a leading provider of infection prevention and control products, specialized medical device reprocessing systems, water treatment systems, sterilants, diagnostic imaging and therapeutic medical equipment primarily focused on endoscopy, hollow fiber membrane filtration and separation technologies for medical and non-medical applications, and scientific instrumentation.  The Company also provides technical maintenance services for its products.

 



 

The Company will hold a conference call to discuss the results for the first quarter ended October 31, 2003 on Tuesday, December 9, 2003 at 11:00 AM Eastern time.  To participate in the conference call, dial 1-877-407-8035 approximately 5 to 10 minutes before the beginning of the call.  If you are unable to participate, a digital replay of the call will be available from Tuesday, December 9 at 2:00 PM through midnight on December 11, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #84640.  The call will be simultaneously broadcast live over the Internet on vcall.com at
http://www.vcall.com/CEPage.asp?ID=85343.  A replay of the webcast will be available on Vcall for 30 days.

 

For further information, visit the Cantel Web site at www.cantelmedical.com.

 

 

This press release contains forward-looking statements.  All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the Company’s filings and reports with the Securities and Exchange Commission.  Such statements are only predictions, and actual events or results may differ materially from those projected.

 

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CANTEL MEDICAL CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

 

 

 

Three Months Ended
October 31,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

Net sales

 

$

36,849

 

$

28,373

 

 

 

 

 

 

 

Cost of sales

 

23,676

 

17,603

 

 

 

 

 

 

 

Gross profit

 

13,173

 

10,770

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Selling

 

4,700

 

3,889

 

General and administrative

 

4,174

 

3,426

 

Research and development

 

1,070

 

1,129

 

Total operating expenses

 

9,944

 

8,444

 

 

 

 

 

 

 

Income before interest and income taxes

 

3,229

 

2,326

 

 

 

 

 

 

 

Interest expense - net

 

415

 

411

 

 

 

 

 

 

 

Income before income taxes

 

2,814

 

1,915

 

 

 

 

 

 

 

Income taxes

 

1,019

 

646

 

 

 

 

 

 

 

Net income

 

$

1,795

 

$

1,269

 

 

 

 

 

 

 

Earnings per common share - diluted

 

$

0.18

 

$

0.13

 

 

 

 

 

 

 

Weighted average shares - diluted

 

9,889

 

9,830

 

 

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CANTEL MEDICAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

October 31,
2003

 

July 31,
2003

 

Assets

 

 

 

 

 

Current assets

 

$

63,644

 

$

61,930

 

Property and equipment, net

 

23,545

 

22,161

 

Intangible assets

 

10,802

 

6,998

 

Goodwill

 

28,093

 

16,398

 

Other assets

 

2,242

 

2,323

 

 

 

$

128,326

 

$

109,810

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

 

$

21,631

 

$

18,287

 

Long-term liabilities

 

33,734

 

21,341

 

Stockholders’ equity

 

72,961

 

70,182

 

 

 

$

128,326

 

$

109,810

 

 

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