Candela Profits Soar 51% On 20% Revenue Increase
WAYLAND, Mass., Aug 16, 2000 (BW HealthWire) -- Candela Corporation
(NASDAQ:CLZR) announced today that its fourth quarter ending July 1, 2000 set
all time company records for both revenues and profit.
For the quarter, the Company reported revenues of $22,364,000 compared to
$18,707,000 one year ago, an increase of 20%. For the full fiscal year, the
Company posted revenues of $75,390,000 versus $58,588,000 a year earlier, an
increase of 29%.
Net income for the quarter was $4,946,000 or $0.40 per diluted share. A year
earlier, the Company posted a quarterly profit of $3,281,000 or $0.33 per share.
Net income for the full fiscal year was $14,563,000 or $1.19 per diluted share.
In the previous fiscal year the Company had profits of $7,491,000 or $0.82 per
share.
Income before tax increased 65% over the comparable quarter one year earlier and
85% for the full fiscal year.
Commenting on the quarter, Gerard E. Puorro, President and Chief Executive
Officer, stated: "Thanks to the continued strength of the GentleLASE(TM), our
superior hair removal device, and substantial orders for the Vbeam(TM), our new
solid entry for vascular treatments, we booked in excess of 350 units for the
quarter."
Puorro added: "As announced two days ago, we settled all outstanding litigation
and arbitration surrounding our Dynamic Cooling(TM) Technology."
In conclusion, Puorro said: "We have now strung together ten consecutive
quarters of top and bottom line growth. We expect to launch additional new
products in the coming months that will extend this growth pattern to further
enhance shareholder value."
About Candela
Candela Corporation develops, manufactures, and distributes innovative clinical
solutions that enable physicians, surgeons and personal care practitioners to
treat selected cosmetic and medical conditions using lasers, aesthetic laser
systems and other proven technologies. Founded near Boston in 1970, Candela
markets and services its products in over 50 countries from offices in the
United States, Europe and Asia. Candela established the aesthetic laser market
11 years ago. With an installed base of over 4,000 lasers worldwide, more than
500,000 aesthetic laser procedures are performed annually with Candela laser
systems. For more information about Candela, visit the company's web site at
clzr.com.
This press release includes certain forward-looking statements. Any such
statements are subject to risks that could cause the actual results to vary
materially, including negative developments relating to unforeseen order
cancellations or push-outs, Candela's strategic relationships, the impact of
intense competition, and changes in the laser industry.
CANDELA CORPORATION (Nasdaq: CLZR)
Condensed Consolidated Statements of Operations (unaudited)
(amounts in thousands, except per share amounts)
For the three months For the year
ended: ended:
July 1, July 3, July 1, July 3,
2000 1999 2000 1999
Revenue $22,364 $18,707 $75,390 $58,588
Cost of sales 9,527 7,470 31,882 26,463
Gross profit 12,837 11,237 43,508 32,125
Operating expenses:
Research and development 1,207 1,618 4,822 3,998
Selling, general
and administrative 5,859 5,759 21,669 17,891
Total operating expenses 7,066 7,377 26,491 21,889
Income from operations 5,771 3,860 17,017 10,236
Other income (expense):
Interest income 394 55 1,427 115
Interest expense (118) (114) (482) (492)
Other income (expense) 78 (95) 242 (3)
Total other
income (expense) 354 (154) 1,187 (380)
Income before income taxes 6,125 3,706 18,204 9,856
Provision for income taxes 1,179 425 3,641 2,365
Net income $4,946 $3,281 $14,563 $7,491
Basic earnings per share $0.44 $0.39 $1.33 $0.91
Diluted earnings per share $0.40 $0.33 $1.19 $0.82
Weighted average
shares outstanding 11,329 8,307 10,932 8,250
Adjusted weighted average
shares outstanding 12,225 9,903 12,190 9,179
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
01-Jul July 3,
2000 1999
Assets
Current assets:
Cash and cash equivalents $ 34,863 $ 10,055
Accounts receivable, net 19,875 12,337
Notes receivable 1,813 2,186
Inventories 8,386 6,927
Other current assets 885 928
Total current assets 65,822 32,433
Property and equipment, net 2,462 2,626
Other assets 4,880 1,392
Total assets $ 73,164 $ 36,451
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 4,654 $ 4,846
Accrued payroll and related expenses 2,351 3,735
Accrued warranty 3,295 2,502
Income taxes payable 3,332 3,185
Restructuring reserve 1,043 1,519
Other accrued liabilities 1,467 1,132
Current portion of long-term debt 15 415
Deferred income 5,410 1,913
Total current liabilities 21,567 19,247
Long-term debt 3,034 3,181
Stockholders' equity
Common stock 114 56
Less: Treasury stock (3,046)
Additional paid-in capital 41,925 18,562
Accumulated earnings (deficit) 10,717 (3,846)
Cumulative translation adjustment (1,147) (749)
Total stockholders' equity 48,563 14,023
Total liabilities and stockholders' equity $ 73,164 $ 36,451
CONTACT: Candela Corporation
F. Paul Broyer, 508-358-7400 x435
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KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: MEDICAL
BIOTECHNOLOGY
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