EX-99.1 2 a05-4600_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

 $O.24 VS. $0.17

ON 21% INCREASE IN NET SALES

FOR QUARTER ENDED JANUARY 31, 2005

 

 

                LITTLE FALLS, New Jersey (March 2, 2005) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported net income of $3,875,000, an increase of 51%, or $0.24 per diluted share, for its second quarter ended January 31, 2005, on sales of $49,536,000, an increase of 21%, as compared with net income of $2,573,000, or $0.17 per diluted share, on sales of $41,096,000 for the quarter ended January 31, 2004.  Of the 21% increase in net sales, 18% was from the Company’s core businesses and 3% was from the Saf-T-Pak acquisition in June 2004.

 

                For the six months ended January 31, 2005, the Company reported net income of $6,982,000, an increase of 60%, or $0.44 per diluted share, on sales of $94,878,000, an increase of 22%, as compared with net income of $4,368,000, or $0.29 per diluted share, on sales of $77,945,000 for the six months ended January 31, 2004.

 

                The Company further reported that its balance sheet at January 31, 2005 showed current assets of $78,915,000, including cash of $21,601,000, a current ratio of 3.1:1, a ratio of funded debt to equity of .19:1 and stockholders’ equity of $99,404,000.

 

                James P. Reilly, President and Chief Executive Officer of CANTEL, commented, “Continued strong demand for our products and services and overall improvement in gross margins contributed to the outstanding operating results for our second quarter ended January 31, 2005.”  Reilly added, “We will continue to focus on our core businesses, including our restructured water treatment and filtration group and our specialty packaging business, while aggressively seeking acquisitions of companies specializing in infection prevention and control products and services for the medical and dental 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 second quarter ended January 31, 2005 on Wednesday, March 2, 2005 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 Wednesday, March 2 at 2:00 PM through midnight on March 3, by dialing 1-877-660-6853 and using passcode #286 and conference ID #141201.  The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/CEPage.asp?ID=90874.  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

 

Six Months Ended

 

 

 

January 31,

 

January 31,

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

49,536

 

$

41,096

 

$

94,878

 

$

77,945

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

30,715

 

25,977

 

58,842

 

49,653

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

18,821

 

15,119

 

36,036

 

28,292

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling

 

5,814

 

5,001

 

11,222

 

9,701

 

General and administrative

 

5,367

 

4,400

 

10,817

 

8,574

 

Research and development

 

1,022

 

1,103

 

2,006

 

2,173

 

Total operating expenses

 

12,203

 

10,504

 

24,045

 

20,448

 

 

 

 

 

 

 

 

 

 

 

Income before interest and income taxes

 

6,618

 

4,615

 

11,991

 

7,844

 

 

 

 

 

 

 

 

 

 

 

Interest expense - net

 

313

 

416

 

664

 

831

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

6,305

 

4,199

 

11,327

 

7,013

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

2,430

 

1,626

 

4,345

 

2,645

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,875

 

$

2,573

 

$

6,982

 

$

4,368

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted

 

$

0.24

 

$

0.17

 

$

0.44

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares - diluted

 

16,182

 

15,090

 

16,044

 

14,958

 

 

 

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CANTEL MEDICAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

January 31,

 

July 31,

 

 

 

2005

 

2004

 

Assets

 

 

 

 

 

Current assets

 

$

78,915

 

$

73,863

 

Property and equipment, net

 

23,209

 

22,715

 

Intangible assets

 

13,773

 

13,897

 

Goodwill

 

33,878

 

33,330

 

Other assets

 

3,104

 

2,562

 

 

 

$

152,879

 

$

146,367

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

 

$

25,504

 

$

27,128

 

Long-term liabilities

 

27,971

 

32,728

 

Stockholders’ equity

 

99,404

 

86,511

 

 

 

$

152,879

 

$

146,367

 

 

 

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