EX-99.1 3 c78501exv99w1.txt PRESS RELEASE [ROCHESTER MEDICAL LOGO] FOR IMMEDIATE RELEASE JULY 22, 2003 -------------------------------------------------------------------------------- ROCHESTER MEDICAL CORPORATION REPORTS FIFTH CONSECUTIVE QUARTER OF RECORD SALES Stewartville, July 22, 2003-Rochester Medical Corporation (NASDAQ: ROCM) today announced operating results for its third quarter ending June 30, 2003. The Company reported record sales of $3,777,000 for the third quarter compared to $3,033,000 for the third quarter of last year. It also reported net income of $86,000 or $.02 per share compared to a net loss of $310,000 or ($.06) per share for the third quarter of last year. The 25% overall increase in revenues resulted from increased sales of Rochester Medical(R) Brand products and increased sales to private label customers. The increase in net income was due primarily to increased contribution from higher sales. "We had a good quarter," said Company CEO and President Anthony J. Conway. "We are experiencing growing interest in our products throughout the world. Our antibacterial and hydrophilic intermittent catheters are being very well received, and sales of our base products continue to grow. The Company has now achieved 11 consecutive quarters of revenue growth. "We were very pleased to have earned Frost & Sullivan's Product Innovation Award for the U.S. Antimicrobial Catheter Market for 2003. This award is presented each year to the Company that has demonstrated excellence in launching innovative products and technologies within its industry. I am very proud of Rochester Medical's product development capabilities. I believe they are second to none. We plan to introduce more advanced products in the coming months. "Looking ahead, we expect that our sales will continue to grow through our established Rochester Medical Brand distribution structure and through our current private label arrangements. We also expect to establish new business and marketing relationships that will help spur future growth. "In summary, I am pleased with the Company's recent performance, and I am confident in our plans for the future." The immediately preceding statement contains forward-looking statements that involve risks and uncertainties, including the uncertainty of gaining acceptance of the anti-infection catheters and hydrophilic catheters and the FemSoft insert in the marketplace, the uncertainty of new product introductions, the uncertainty of gaining new strategic relationships, the uncertainty of timing of private label sales revenues (particularly international customers), FDA and other regulatory review and response times, as well as other risk factors listed from time to time in the Company's SEC reports and filings, including, without limitation, the section entitled "Risk Factors" in the Company's Annual report on Form 10-K (Part II, Item 6) for the year ended September 30, 2002. Rochester Medical Corporation develops, manufactures, and markets latex-free disposable medical catheters and devices for urological and continence care applications. The Company markets under its own Rochester Medical brand and under private label arrangements. For further information, please contact Anthony J. Conway, President and Chief Executive Officer of Rochester Medical Corporation at (507) 533-9600. For product information on the FemSoft Insert call 1-800-FEMSOFT. More information about Rochester Medical is available on its website at http://www.rocm.com Rochester Medical Corporation Press Release - F03 Third Quarter page 3 of 4 CONDENSED BALANCE SHEETS
June 30, September 30, 2003 2002 ------------- ------------- Assets Current Assets Cash and equivalents $ 1,058,418 $ 411,618 Marketable securities 4,166,141 4,052,389 Accounts receivable 2,456,887 1,905,442 Inventories 3,561,699 3,577,931 Prepaid expenses and other assets 511,577 218,183 ------------ ------------- Total current assets 11,754,722 10,165,563 Property and equipment 8,564,347 9,261,525 Intangible assets 212,185 209,078 ------------- ------------- $ 20,531,254 $ 19,636,166 ============= ============= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 641,948 $ 633,934 Accrued expenses 733,274 908,301 Short-term debt - - Deferred Revenue 100,000 100,000 Current Maturities of Capital Leases 41,439 - ------------- ------------- Total current liabilities 1,516,661 1,642,235 Long-term debt Deferred Revenue 775,000 850,000 Long-term portion of Capital Leases 184,752 Stockholders' equity 18,054,841 17,143,931 ------------- ------------- $ 20,531,254 $ 19,636,166 ============= =============
Rochester Medical Corporation Press Release - F03 Third Quarter page 4 of 4 SUMMARY STATEMENTS OF OPERATIONS
Three months ended Nine months ended June 30, June 30, ------------------------------- ---------------------------------- 2003 2002 2003 2002 ----------- ----------- ------------- ----------- Sales $ 3,777,490 $ 3,033,258 $ 11,034,349 $ 7,913,121 Cost of sales 2,525,110 2,130,274 7,239,540 5,782,257 ------------ ------------ ------------- ------------- Gross profit 1,252,380 902,984 3,794,809 2,130,864 Gross profit % 33% 30% 34% 27% Costs and expense: Marketing and selling 550,279 639,153 1,628,206 1,656,816 Research and development 215,221 193,790 635,193 627,349 General and administrative 437,523 429,774 1,364,207 1,383,027 ------------ ------------ ------------- ------------- Total operating expenses 1,203,023 1,262,717 3,627,606 3,667,192 ------------ ------------ ------------- ------------- Income/(Loss) from operations 49,357 (359,733) 167,203 (1,536,328) Other income (expense) Interest income - Net 36,879 49,540 121,759 158,946 ------------ ------------ ------------- ------------- Net Income/(Loss) $ 86,236 $ (310,193) $ 288,962 $ (1,377,382) ============ ============ ============= ============= Earnings per common share - Basic & Diluted $ 0.02 $ (0.06) $ 0.05 $ (0.26) ============ ============ ============= ============= Shares in per share computation Basic 5,406,529 5,328,500 5,366,060 5,328,500 ============ ============ ============= ============= Shares in per share computation Diluted 5,729,616 5,328,500 5,626,475 5,328,500 ============ ============ ============= ================