Candela Reports Second Fiscal Quarter
WAYLAND, Mass., Jan 23, 2001 (BW HealthWire) -- Candela Corporation (NASDAQ: CLZR chart, msgs) today reported results for the quarter ending December 30, 2000.
The company said revenues for the quarter were $14.7 million compared to $17.8 million for the same quarter one year earlier. Net income for the quarter was $848,000 compared to net income of $3,246,000 for the same quarter last year.
Commenting on the quarter, Gerard E. Puorro, Candela's President and Chief Executive Officer commented: "All of our geographic areas returned to their expected growth rate except for those markets served by our distribution partner Physician Sales & Service, Inc. (PS&S), where we saw a cessation of orders."
Puorro added: "PS&S is rebounding from some significant internal disruption. Over the last several days and weeks we have had several positive discussions and are hopeful that together we will see this portion of our business rebound."
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 advanced technologies. Founded near Boston in 1970, the company markets and services its products in over 50 countries from offices in the United States, Europe, Japan and Asia. Candela established the aesthetic laser market 12 years ago, and currently has an installed base of over 4,000 lasers worldwide. Candela is an Equal Opportunity and Affirmative Action Employer, M/F/H/V. Visit Candela on the Web at www.clzr.com.
Safe Harbor Statement: Except for the historical information contained herein, this news release contains forward-looking statements that constitute Candela's current intentions, hopes, beliefs, expectations or predictions of the future which are, therefore, inherently subject to risks and uncertainties. Candela's actual results could differ materially from those anticipated in Candela's forward-looking statements based on various factors, including without limitation: cancellation or deferral of customer orders, total dependence on a small number of strategic distribution relationships, difficulties in the timely development and market acceptance of new products, market developments that vary from the current public expectations concerning the growth of the laser industry, increased competitive pressures, or changes in economic conditions. Further information on factors that could affect Candela's performance is included in Candela's periodic reports filed with the SEC, including but not limited to, Candela's Form 10-K (or any amendment thereto) for the year ended July 1, 2000, and subsequent Forms 10-Q. Candela cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Candela expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Candela's expectations or any change in events, conditions or circumstance on which any such statement is based.
CANDELA CORPORATION (Nasdaq: CLZR chart, msgs) Condensed Consolidated Statements of Operations (unaudited) (amounts in thousands, except per share amounts)
For the three For the six
months ended: months ended:
Dec. 30, Jan. 1, Dec. 30, Jan. 1,
2000 2000 2000 2000
Revenue $14,689 $17,779 $27,799 $33,819
Cost of sales 6,927 7,672 13,413 14,571
Gross profit 7,762 10,107 14,386 19,248
Operating expenses:
Research and development 1,522 1,202 2,937 2,183
Selling, general
and administrative 5,681 5,128 10,716 10,129
Total operating expenses 7,203 6,330 13,653 12,312
Income from operations 559 3,777 733 6,936
Other income (expense):
Interest income 620 417 986 635
Interest expense (118) (117) (249) (244)
Other income (expense) 247 (20) 118 121
Total other
income (expense) 749 280 855 512
Income before income taxes 1,308 4,057 1,588 7,448
Provision for income taxes 460 811 572 1,489
Net income $848 $3,246 $1,016 $5,959
Basic earnings per share $0.08 $0.30 $0.09 $0.56
Diluted earnings per share $0.07 $0.27 $0.09 $0.50
Weighted average
shares outstanding 11,036 10,935 11,114 10,609
Adjusted weighted
average shares outstanding 11,527 12,226 11,822 11,896
CANDELA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (dollars in thousands)
December 30, July 1,
2000 2000
Assets
Current assets:
Cash and cash equivalents $ 34,927 $ 34,863
Accounts receivable, net 14,771 19,875
Notes receivable 1,147 1,813
Inventories 11,075 8,386
Other current assets 1,585 885
Total current assets 63,505 65,822
Property and equipment, net 2,191 2,462
Other assets 5,258 4,880
Total assets $ 70,954 $ 73,164
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 4,031 $ 4,654
Accrued payroll and related expenses 1,479 2,351
Accrued warranty 2,650 3,295
Income taxes payable 2,265 3,332
Restructuring reserve 836 1,043
Other accrued liabilities 3,230 1,467
Current portion of long-term debt 8 15
Deferred income 6,303 5,410
Total current liabilities 20,802 21,567
Long-term debt 3,083 3,034
Stockholders' equity
Common stock 117 114
Less: Treasury stock (6,787) (3,046)
Additional paid-in capital 43,272 41,925
Accumulated earnings 11,731 10,717
Cumulative translation adjustment (1,264) (1,147)
Total stockholders' equity 47,069 48,563
Total liabilities and stockholders' equity $ 70,954 $ 73,164
Contact:
Candela Corporation
Paul Broyer, 508-358-7400 x435 |
