EX-99.1 3 a04-3117_1ex99d1.htm EX-99.1

EXHIBIT 99(1)

 

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 RESULTS

FOR QUARTER ENDED JANUARY 31, 2004

 

SALES - $41,096,000 VS. $34,427,000 - INCREASE OF 19%

 

 

EPS - $0.26 VS. $0.24 FOR QUARTER

 

$0.44 VS. $0.37 FOR SIX MONTHS

 

LITTLE FALLS, New Jersey (March 2, 2004) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported net income of $2,573,000, or $0.26 per diluted share, for its second quarter ended January 31, 2004, on sales of $41,096,000, as compared with net income of $2,380,000, or $0.24 per diluted share, on sales of $34,427,000 for the quarter ended January 31, 2003.

 

For the six months ended January 31, 2004, the Company reported net income of $4,368,000, or $0.44 per diluted share, on sales of $77,945,000, as compared with net income of $3,649,000, or $0.37 per diluted share, on sales of $62,800,000 for the six months ended January 31, 2003.

 

The Company further reported that its balance sheet at January 31, 2004 showed current assets of $65,146,000, including cash of $10,076,000, a current ratio of 3.1:1, a ratio of funded debt to equity of .33:1 and stockholders’ equity of $77,194,000.

 

James P. Reilly, President and Chief Executive Officer of CANTEL, commented, “We are very pleased with the overall performance in the second quarter, and we expect continued improvement in the operating results for the balance of 2004.”  Reilly added, “We continue to focus, not only on the organic growth of our existing core businesses, but also on acquisition opportunities which would enhance our position as a leading provider of products and services for the infection prevention and control markets.”

 

 

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 second quarter ended January 31, 2004 on Tuesday, March 2, 2004 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, March 2 at 2:00 PM through midnight on March 3, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #96574.  The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/CEPage.asp?ID=86181.  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.

 

2

 

CANTEL MEDICAL CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

 

 

 

Three Months Ended
January 31,

 

Six Months Ended
January 31,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

41,096

 

$

34,427

 

$

77,945

 

$

62,800

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

25,977

 

21,883

 

49,653

 

39,486

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

15,119

 

12,544

 

28,292

 

23,314

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling

 

5,001

 

4,367

 

9,701

 

8,256

 

General and administrative

 

4,400

 

2,871

 

8,574

 

6,297

 

Research and development

 

1,103

 

1,141

 

2,173

 

2,270

 

Total operating expenses

 

10,504

 

8,379

 

20,448

 

16,823

 

 

 

 

 

 

 

 

 

 

 

Income before interest and income taxes

 

4,615

 

4,165

 

7,844

 

6,491

 

 

 

 

 

 

 

 

 

 

 

Interest expense - net

 

416

 

352

 

831

 

763

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

4,199

 

3,813

 

7,013

 

5,728

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

1,626

 

1,433

 

2,645

 

2,079

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,573

 

$

2,380

 

$

4,368

 

$

3,649

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted

 

$

0.26

 

$

0.24

 

$

0.44

 

$

0.37

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares - diluted

 

10,060

 

9,837

 

9,972

 

9,834

 

 

 

 

 

CANTEL MEDICAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

January 31,

 

July 31,

 

 

 

2004

 

2003

 

Assets

 

 

 

 

 

Current assets

 

$

65,146

 

$

61,930

 

Property and equipment, net

 

23,242

 

22,161

 

Intangible assets

 

10,590

 

6,998

 

Goodwill

 

28,181

 

16,398

 

Other assets

 

2,418

 

2,323

 

 

 

$

129,577

 

$

109,810

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

Current liabilities

 

$

21,312

 

$

18,287

 

Long-term liabilities

 

31,071

 

21,341

 

Stockholders' equity

 

77,194

 

70,182

 

 

 

$

129,577

 

$

109,810