Candela Reports Strong Third Quarter Results
Company Says Solidifying Distributor Relationship And New Product Introductions Aiding Renewed Momentum
WAYLAND, Mass., Apr 23, 2001 (BW HealthWire) -- Candela Corporation (NASDAQ: CLZR chart, msgs) today reported results for the quarter ending March 31, 2001.
The Company reported that revenues increased over its most recent quarter ended December 31, 2000 by 28%. Revenues for the quarter were $18.8 million vs. $19.2 million for the same quarter last year. Revenues for the nine-month period ending March 31, 2001 were $46.6 million versus $53.0 million one year ago. Net income for the quarter was $1,554,000 or $0.14 per fully diluted share. For the same period last year, the Company had net income of $3,657,000 or $0.30 per fully diluted share.
Commenting on the quarter, Gerard E. Puorro, Candela's President and Chief Executive Officer said: "Our third fiscal quarter represented a favorable change in momentum from the first half of our fiscal year. During the quarter we reinforced our relationship with Physician Sales & Service, Inc. ("PSS"), our largest distributor into our opportunity markets of expansion." Puorro continued: "We also introduced two new products: TheSmoothbeam(TM), our diode based device which is getting lots of attention in both the non-ablative and rejuvenation markets; and the GentleYAG(TM), a long pulse entry for darker skin types that rounds out our hair removal offerings, and which has also been cleared for a number of vascular treatments." Puorro concluded: "We are pleased about this renewed momentum and remain confident as we go forward."
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 nine
months ended: months ended:
March 31, April 1, March 31, April 1,
2001 2000 2001 2000
Revenue $ 18,796 $ 19,207 $ 46,596 $ 53,026
Cost of sales 9,364 7,785 22,778 22,356
Gross profit 9,432 11,422 23,818 30,670
Operating expenses:
Research and
development 1,392 1,432 4,329 3,616
Selling,
general and
administrative 5,917 5,681 16,634 15,809
Total operating
expenses 7,309 7,113 20,963 19,425
Income from
operations 2,123 4,309 2,855 11,245
Other income
(expense):
Interest
income 321 398 1,307 1,034
Interest
expense (101) (120) (349) (364)
Other income
(expense) 72 42 190 163
Total other
income
(expense) 292 320 1,148 833
Income before
income taxes 2,415 4,629 4,003 12,078
Provision for
income taxes 861 972 1,432 2,460
Net income $ 1,554 $ 3,657 $ 2,571 $ 9,618
Basic earnings
per share $ 0.14 $ 0.33 $ 0.23 $ 0.90
Diluted earnings
per share $ 0.14 $ 0.30 $ 0.22 $ 0.82
Weighted average
shares outstanding 10,732 11,179 10,987 10,648
Adjusted weighted
average shares
outstanding 11,211 12,280 11,621 11,738
CANDELA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (dollars in thousands)
March 31, July 1,
2001 2000
Assets
Current assets:
Cash and cash equivalents $ 32,830 $ 34,863
Accounts receivable, net 20,301 19,875
Notes receivable 1,047 1,813
Inventories 9,888 8,386
Other current assets 7,125 885
Total current assets 71,191 65,822
Property and equipment, net 2,016 2,462
Other assets 5,560 4,880
Total assets $ 78,767 $ 73,164
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,964 $ 4,654
Accrued payroll and related expenses 2,033 2,351
Accrued warranty 2,838 3,295
Income taxes payable 2,886 3,332
Restructuring reserve 698 1,043
Other accrued liabilities 8,903 1,467
Current portion of long-term debt 4 15
Deferred income 7,439 5,410
Total current liabilities 28,765 21,567
Long-term debt 3,108 3,034
Stockholders' equity
Common stock 117 114
Less: Treasury stock (7,782) (3,046)
Additional paid-in capital 43,290 41,925
Accumulated earnings 13,287 10,717
Cumulative translation adjustment (2,018) (1,147)
Total stockholders' equity 46,894 48,563
Total liabilities and stockholders' equity $ 78,767 $ 73,164
Contact:
Candela Corporation
Paul Broyer
508-358-7400 x435 |
