EX-99.1 2 a04-14400_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 EPS OF

$0.29 VS.$0.18 ON 23% INCREASE IN

NET SALES FOR QUARTER ENDED

 OCTOBER 31, 2004

 

 

                LITTLE FALLS, New Jersey (December 2, 2004) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported net income of $3,107,000, an increase of 73%, or $0.29 per diluted share, on sales of $45,342,000, an increase of 23%, for its first quarter ended October 31, 2004, as compared with net income of $1,795,000, or $0.18 per diluted share, on sales of $36,849,000 for the quarter ended October 31, 2003.  Of the 23% increase in net sales, 20% was from the Company’s core businesses and 3% was from the Saf-T-Pak acquisition in June 2004.

 

                The Company further reported that its balance sheet at October 31, 2004 included current assets of $76,796,000, a current ratio of 2.76:1, a ratio of funded debt to equity of .23:1 and stockholders’ equity of $92,067,000.

 

                Mr. James P. Reilly, President and Chief Executive Officer of CANTEL, commented, “Increased sales and generally improved gross margins of our core business segments contributed to the outstanding operating results for our first quarter ended October 31, 2004.”   Reilly added, “With the first quarter results as a base and the anticipated improvement from our restructured water treatment and filtration group, we expect continued strong operating results for the balance of fiscal 2005.”  Reilly further added, “We are continuing to aggressively search for acquisitions of companies providing products and services in the infection prevention and control markets.”

 

 



 

Cantel Medical Corp., a healthcare company, is a leading provider of infection prevention and control products, which include specialized medical device reprocessing systems for renal dialysis and endoscopy, 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 specialized packaging for infectious and biological specimens.  The Company also sells scientific instrumentation products and 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, 2004 on Thursday, December 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 Thursday, December 2 at 2:00 PM through midnight on December 3, by dialing 1-877-660-6853 and using passcode #1628 and conference ID #126397.  The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/CEPage.asp?ID=90032. 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 BALANCE SHEETS

(in thousands)

 

 

 

October 31,

 

July 31,

 

 

 

2004

 

2004

 

Assets

 

 

 

 

 

Current assets

 

$

76,796

 

$

73,863

 

Property and equipment, net

 

22,930

 

22,715

 

Intangible assets

 

14,145

 

13,897

 

Goodwill

 

34,373

 

33,330

 

Other assets

 

2,470

 

2,562

 

 

 

$

150,714

 

$

146,367

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

 

$

27,794

 

$

27,128

 

Long-term liabilities

 

30,853

 

32,728

 

Stockholders’ equity

 

92,067

 

86,511

 

 

 

$

150,714

 

$

146,367

 

 

 

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CANTEL MEDICAL CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

October 31,

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Net sales

 

$

45,342

 

$

36,849

 

 

 

 

 

 

 

Cost of sales

 

28,127

 

23,676

 

 

 

 

 

 

 

Gross profit

 

17,215

 

13,173

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Selling

 

5,408

 

4,700

 

General and administrative

 

5,450

 

4,174

 

Research and development

 

984

 

1,070

 

Total operating expenses

 

11,842

 

9,944

 

 

 

 

 

 

 

Income before interest and income taxes

 

5,373

 

3,229

 

 

 

 

 

 

 

Interest expense - net

 

351

 

415

 

 

 

 

 

 

 

Income before income taxes

 

5,022

 

2,814

 

 

 

 

 

 

 

Income taxes

 

1,915

 

1,019

 

 

 

 

 

 

 

Net income

 

$

3,107

 

$

1,795

 

 

 

 

 

 

 

Earnings per common share - diluted

 

$

0.29

 

$

0.18

 

 

 

 

 

 

 

Weighted average shares - diluted

 

10,589

 

9,889

 

 

 

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