PolyMedica Reports Record Quarterly Revenues & Earnings Per Share in Third Quarter; Third Quarter Operating Cash Flow Rises 60% to $6.1 Million
BusinessWire, Monday, January 28, 2002 at 08:11
WOBURN, Mass.--(BUSINESS WIRE)--Jan. 28, 2002--PolyMedica Corporation (NNM: PLMD) today reported record financial results for its fiscal third quarter ended December 31, 2001.
For the fiscal 2002 third quarter, revenues rose 29% to an all time quarterly record of $72.7 million from $56.4 million in the year-earlier quarter, reflecting continuing robust demand in the Company's chronic care and professional products segments. This is the 22nd consecutive quarter of revenue growth over comparable periods.
Excluding unusual legal and related expenses, earnings per share in the fiscal 2002 third quarter were $0.76 per share (diluted), compared to $0.59 per share (diluted) in the year-earlier quarter. Including the effect of these items, earnings per share in the fiscal 2002 third quarter were $0.68 per share (diluted). These unusual legal and related expenses in the third quarter were primarily attributable to previously reported ongoing investigations of the Company and its Liberty Medical Supply and Liberty Home Pharmacy subsidiaries. For the three months ended December 31, 2001, positive operating cash flow increased 60% to $6.1 million from $3.8 million in the third quarter of fiscal 2001 representing the 12th consecutive quarter of positive operating cash flow.
Commenting on the fiscal third quarter, Chairman and CEO Steven J. Lee said, "We are very pleased with PolyMedica's third quarter earnings performance, which reflected net revenues at the high end of recently revised guidance. Our core diabetes testing supplies and respiratory pharmacy businesses continued to move forward on all cylinders. During the quarter, we invested in and pursued non-Medicare business initiatives, including the sale of oral prescription drugs, which leverage our customer base and represent growth opportunities.
"For the nine months ended December 31, 2001, positive operating cash flow increased 67% to $17.4 million from $10.4 million in the year-earlier period. The steady and reliable generation of working capital has given the Company the strength to simultaneously invest in common stock repurchases, television advertising, new state-of-the-art facilities and business start-up initiatives.
"Over the last several quarters, we have benefited from favorable television and radio advertising rates that allowed us to reach a national audience of seniors suffering from diabetes and chronic obstructive pulmonary disease. Our new facilities under construction in Florida will enable the PolyMedica and Liberty teams to continue delivering the highest level of service to a growing and very loyal customer base," Mr. Lee concluded.
January 28 Teleconference Information
The Company has scheduled a teleconference on its third quarter results today at 2:00 p.m. Eastern time. A live and on-demand webcast of the conference call will be posted at www.polymedica.com and www.companyboardroom.com.
A replay of the teleconference will be available for 30 days by calling 888-843-8996 or 630-652-3044 (international) and entering the pass code 5241145. The replay will be posted at www.polymedica.com and www.companyboardroom.com. |
