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

Exhibit 99.1

Rochester Medical Reports Second Quarter Results

Stewartville, April 26, 2005-Rochester Medical Corporation (NASDAQ:ROCM) today announced operating results for its second quarter ending March 31, 2005.

The Company reported sales of $4,147,173 for the quarter compared to $3,811,179 for the second quarter of last year. It also reported net income of $141,000 or $.03 per share compared to a net income of $139,000 or $.03 per share for the second quarter of last year. The approximately 9% overall increase in revenues resulted from a 10% increase in sales of Rochester Medical Brand Products and an 8% increase in Private Label Sales. Net income for the quarter was relatively flat due to increased spending on product launches, legal services, and Sarbanes Oxley compliance.

“It was another solid quarter,” said Anthony J. Conway, Company CEO and President. “We introduced our new Closed System Intermittent Catheters a few weeks ago and the early response is very positive. Rochester Medical is now the only company that offers silicone hydrophilic intermittent catheter systems. We’re also the only company providing an option for hydrophilic closed systems which deliver an antibacterial agent directly to the urethral tract during catheterization. These advanced product offerings again demonstrate Rochester Medical’s technological leadership in the field of continence care and bladder drainage devices.

“I look forward to continued growth as we build sales of our current products, introduce new developments, and explore potential strategic options.”

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

1-800-901-5217, password 97499241

Replay will be available for seven days at:

www.rocm.com or via telephone at 1-888-286-8010, password 70650025.

The immediately preceding statement contains forward-looking statements that involve risks and uncertainties, including the uncertainty of gaining private label distributors for the hydrophilic intermittent catheters in the marketplace, the uncertainty of market acceptance 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, I tem 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 existing 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.

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Rochester Medical Corporation    
Press Release - F05 Second Quarter    
            Condensed Balance Sheets    
                            March 31,   September 30,
                            2005   2004
 
           Assets                        
   Current Assets
                                
      Cash and equivalents
           $ 280,846     $ 620,441  
      Marketable securities
             5,191,142       5,251,763  
      Accounts receivable
             3,056,246       2,631,188  
      Inventories
             4,297,980       3,945,313  
      Prepaid expenses and other assets
     549,779       273,229  
 
                                        
         Total current assets
     13,375,993       12,721,934  
   Property and equipment
             8,045,669       8,442,427  
   Intangible assets
                     253,066       219,296  
 
                                        
 
                           $ 21,674,728     $ 21,383,657  
 
                                        
   Liabilities and Stockholders’ Equity
                        
   Current liabilities:
                                
      Accounts payable
           $ 788,394     $ 778,766  
      Accrued expenses
             613,145       595,145  
      Short-term debt
             34,000       34,000  
      Current Maturities of Capital Leases
     38,683       37,611  
      Deferred revenue
             157,143       157,143  
 
                                        
         Total current liabilities
     1,631,365       1,602,665  
   Long-term debt
                                
      Long term debt
             68,000       68,000  
      Capital leases, less current portion
     84,202       103,814  
      Deferred revenue
             642,857       721,429  
 
                                        
         Total long term debt
     795,059       893,243  
   Stockholders' equity
                     19,248,304       18,887,749  
 
                                        
 
                           $ 21,674,728     $ 21,383,657  
 
                                        

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Rochester Medical Corporation    
Press Release - F05 Second Quarter    
    Summary Statements Of Operations    
            Three months ended   Six months ended
            March 31,   March 31,
            2005   2004   2005   2004
Sales
           $ 4,147,173     $ 3,811,179     $ 7,812,445     $ 7,159,653  
Cost of sales
             2,633,061       2,466,368       4,900,339       4,620,073  
 
                                        
Gross profit
             1,514,112       1,344,811       2,912,106       2,539,580  
   Gross profit %
     37 %     35 %     37 %     35 %
Costs and expense:
                                        
   Marketing and selling
     566,452       496,860       1,136,990       1,007,525  
   Research and development
     181,309       192,135       378,039       368,906  
   General and administrative
     652,896       537,065       1,189,924       993,646  
 
                                        
Total operating expenses
             1,400,657       1,226,060       2,704,953       2,370,077  
 
                                        
Income from operations
             113,455       118,751       207,153       169,503  
Other income (expense)
                                        
   Interest income - Net
     27,758       20,614       56,056       33,450  
 
                                        
Net Income
           $ 141,213     $ 139,365     $ 263,209     $ 202,953  
 
                                        
Earnings per common share — Basic
   $ 0.03     $ 0.03     $ 0.05     $ 0.04  
 
                                        
Earnings per common share — Diluted
   $ 0.02     $ 0.02     $ 0.05     $ 0.04  
 
                                        
Shares in per share
                                        
   computation Basic
     5,457,777       5,432,905       5,452,980       5,430,292  
 
                                        
Shares in per share
                                        
   computation Diluted
     5,768,546       5,690,661       5,721,881       5,709,594  
 
                                        

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