Exhibit 99(1)
CANTEL MEDICAL CORP.
150 Clove Road
Little Falls, New Jersey 07424
FOR IMMEDIATE RELEASE
Contact: | | James P. Reilly | | Richard E. Moyer |
| | President and CEO | | Cameron Associates, Inc. |
| | Cantel Medical Corp. | | richard@cameronassoc.com |
| | Phone: 973-890-7220 | | Phone: 212-554-5466 |
CANTEL MEDICAL REPORTS RESULTS
FOR QUARTER ENDED OCTOBER 31, 2006
LITTLE FALLS, New Jersey (December 7, 2006) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported net income from continuing operations of $1,723,000, or $0.11 per diluted share, for the quarter ended October 31, 2006, as compared with net income from continuing operations of $2,218,000, or $0.13 per diluted share, for the quarter ended October 31, 2005. Sales for the quarter ended October 31, 2006 were $50,484,000, an increase of 6%, as compared with sales of $47,812,000 for the quarter ended October 31, 2005.
The Company reported net income from discontinued operations (the termination of our Carsen subsidiary’s distribution of medical and scientific products in Canada) of $245,000, or $0.01 per diluted share, for the quarter ended October 31, 2006, as compared with net income from discontinued operations of $1,660,000, or $0.10 per diluted share, for the quarter ended October 31, 2005. The Company also reported $132,000, net of tax, in wind down costs related to the disposal of the discontinued operations during the quarter ended October 31, 2005.
Mr. James P. Reilly, President and Chief Executive Officer of Cantel, commented, “As anticipated and previously discussed, during the first quarter we continued to transition from a company distributing other companies’ products to a company developing, manufacturing and distributing our own proprietary products.” Reilly further commented, “Based upon the strong results achieved by our dental segment, the anticipated performance of our new direct sales and service team in the endoscope reprocessing segment and the management changes in our water purification and filtration segment, we expect continued improvement in our operating results for the balance of fiscal 2007.” Reilly continued, “While we continue to concentrate on the growth of our core businesses, we will aggressively search for acquisitions that will complement our existing businesses as well as add new platforms that demonstrate strong future growth potential and would enhance our position as a leader in infection prevention and control.”
The Company further reported that its balance sheet at October 31, 2006 included current assets of $73,465,000, including cash of $20,480,000, a current ratio of 2.6:1, a ratio of funded debt to equity of .26:1, net debt of $16,520,000 and stockholders’ equity of $143,653,000.
Cantel Medical Corp. is a leading provider of infection prevention and control products in the healthcare market. Our products include specialized medical device reprocessing systems for renal dialysis and endoscopy, dialysate concentrates and other dialysis supplies, disposable infection control products primarily for the dental industry, water purification equipment, sterilants, disinfectants and cleaners, hollow fiber membrane filtration and separation products for medical and non-medical applications, and specialty packaging for infectious and biological specimens. We also provide technical maintenance for our products and offer compliance training services for the transport of infectious and biological specimens.
The Company will hold a conference call to discuss the results for the quarter ended October 31, 2006 on Thursday, December 7, 2006 at 11:00 AM Eastern time. To participate in the conference call, dial 1-877-407-0778 approximately 5 to 10 minutes before the beginning of the call. If you are unable to participate, a digital replay of the call will be available from Thursday, December 7 at 2:00 PM through midnight on December 8, by dialing 1-877-660-6853 and using passcode #286 and conference ID #222921. The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/IC/CEPage.asp?ID=112167. A replay of the webcast will be available on Vcall for 30 days.
For further information, visit the Cantel website at www.cantelmedical.com.
This press release contains forward-looking statements. All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the Company’s filings and reports with the Securities and Exchange Commission. Such statements are only predictions, and actual events or results may differ materially from those projected.
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