Exhibit 99.1
CANTEL MEDICAL CORP.
150 Clove Road
Little Falls, New Jersey 07424
FOR IMMEDIATE RELEASE
Contact: | R. Scott Jones | 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 EPS OF
$0.14 VS. $0.10 ON 16% INCREASE IN
SALES FOR QUARTER ENDED APRIL 30, 2007
LITTLE FALLS, New Jersey (June 11, 2007) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported income from continuing operations of $2,230,000, or $0.14 per diluted share (inclusive of $0.02 of net expense for stock-based compensation), on a 16% increase in sales to $54,412,000 for its third quarter ended April 30, 2007. This compares with income from continuing operations of $1,639,000, or $0.10 per diluted share (inclusive of $0.01 of net expense for stock-based compensation), on sales of $46,887,000 for the third quarter ended April 30, 2006. For the nine months ended April 30, 2007, the Company reported income from continuing operations of $6,205,000, or $0.39 per diluted share, on a 10% increase in sales to $156,531,000. This compares with income from continuing operations of $5,731,000, or $0.35 per diluted share, on sales of $142,039,000 for the nine months ended April 30, 2006. Net expense for stock-based compensation for the nine months ended April 30, 2007 was comparable to the prior year period.
The Company further reported that its balance sheet at April 30, 2007 included current assets of $78,559,000, including cash of $17,251,000, a current ratio of 2.6:1, a ratio of funded debt to equity of .40:1, debt of $61,000,000 and stockholders’ equity of $150,628,000.
Mr. R. Scott Jones, President and Chief Executive Officer of Cantel, commented, “We’re pleased with our top line growth, and we’ve made progress on a number of strategic fronts during the quarter, most notably in closing the acquisition of GE Water & Process Technologies’ Dialysis Water Purification Business. The GE transaction is consistent with our strategy of pursuing acquisitions that complement our existing businesses, serve as platforms for growth via product line extensions and enhance our leadership in Infection Prevention and Control.” Jones continued, “We are also investing in marketing and sales resources to further enhance our core growth.”
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 third quarter ended April 30, 2007 on Monday, June 11, 2007 at 11:00 AM Eastern time. To participate in the conference call, dial 1-877-407-8035 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 Monday, June 11 at 2:00 PM through midnight on June 12, by dialing 1-877-660-6853 and using passcode #286 and conference ID #244170. The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/IC/CEPage.asp?ID=117642. A replay of the webcast will be available on Vcall for 30 days.
For further information, visit the Cantel Web site 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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