EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

Exhibit 99.1

Rochester Medical Reports First Quarter Results

Stewartville, MN January 18, 2005.

Rochester Medical Corporation (NASDAQ: ROCM) today announced operating results for its first quarter ended December 31, 2004.

The Company reported sales of $3,665,000 for the quarter compared to $3,348,000 for the first quarter of last year. It also reported a net income of $122,000 or $.02 per share for the quarter compared to $64,000 or $.01 per share for the first quarter of last year. The 9% increase in revenues resulted from increased sales of Rochester Medical® branded products and increased sales of Private Label products. The 91% increase in earnings resulted from higher contribution from increased sales partially offset by increased operational expenses primarily related to Marketing and Selling and General Administrative activities.

Commenting on the quarter, Company CEO and President Anthony J. Conway said, “The first quarter was in line with our expectations. I am pleased with the overall growth in sales of our Rochester Medical branded products which increased 16% over the same period last year. Private Label sales increased a modest 4%.

“We remain very pleased with the market acceptance of our advanced products, and we expect further growth as we introduce important new products this quarter and throughout the year.”

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 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, 2004.

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. More information about Rochester Medical is available on its website at http://www.rocm.com.

Rochester Medical has scheduled a conference call today at 4:00 p.m., C.S.T. regarding this announcement. The call is being webcast by Thompson/CCBN and can be accessed at Rochester Medical’s website www.rocm.com. To listen live to the conference call via telephone, call:

1-800-510-9836, password 32605384

Replay will be available for seven days at:

www.rocm.com or via telephone at 1-888-286-8010, password 42908245.

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Rochester Medical Corporation    
Press Release - F05 First Quarter    
            Condensed Balance Sheets    
                            December 31,   September 30,
                            2004   2004
 
           Assets                        
   Current Assets
                                
      Cash and equivalents
           $ 367,168     $ 620,441  
      Marketable securities
             5,263,049       5,251,763  
      Accounts receivable
             2,380,077       2,631,188  
      Inventories
             4,400,576       3,945,313  
      Prepaid expenses and other assets
     385,377       273,229  
 
                                        
         Total current assets
     12,796,247       12,721,934  
   Property and equipment
             8,316,969       8,442,427  
   Intangible assets
                     229,607       219,296  
 
                                        
 
                           $ 21,342,823     $ 21,383,657  
 
                                        
   Liabilities and Stockholders’ Equity
                        
   Current liabilities:
                                
      Accounts payable
           $ 655,263     $ 778,766  
      Accrued expenses
             564,661       595,145  
      Short-term debt
             34,000       34,000  
      Current Maturities of Capital Leases
     38,143       37,611  
      Deferred revenue
             157,143       157,143  
 
                                        
         Total current liabilities
     1,449,210       1,602,665  
   Long-term debt
                                
      Long term debt
             68,000       68,000  
      Capital leases, less current portion
     94,077       103,814  
      Deferred revenue
             682,143       721,429  
 
                                        
         Total long term debt
     844,220       893,243  
   Stockholders' equity
                     19,049,393       18,887,749  
 
                                        
 
                           $ 21,342,823     $ 21,383,657  
 
                                        

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Rochester Medical Corporation
Press Release - F05 First Quarter
    Summary Statements Of Operations
            Three months ended
            December 31,
            2004   2003
Sales
           $ 3,665,272     $ 3,348,474  
Cost of sales
             2,267,278       2,153,705  
 
                        
Gross profit
             1,397,994       1,194,769  
   Gross profit %
     38 %     36 %
Costs and expense:
                        
   Marketing and selling
     570,538       510,665  
   Research and development
     196,730       176,771  
   General and administrative
     537,028       456,581  
 
                        
Total operating expenses
             1,304,296       1,144,017  
 
                        
Income from operations
             93,698       50,752  
Other income
                        
   Interest income
     28,298       12,836  
 
                        
Net Income
           $ 121,996     $ 63,588  
 
                        
Earnings per common share — Basic
   $ 0.02     $ 0.01  
 
                        
Earnings per common share — Diluted
   $ 0.02     $ 0.01  
 
                        
Shares in per share
                        
   computation Basic
     5,448,287       5,427,709  
 
                        
Shares in per share
                        
   computation Diluted
     5,683,360       5,725,215  
 
                        

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