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 $0.12 VS. $0.06 ON 25% INCREASE IN SALES
FOR QUARTER ENDED JULY 31, 2007
LITTLE FALLS, New Jersey (October 9, 2007) ... CANTEL MEDICAL CORP. (NYSE:CMN) reported income from continuing operations of $1,899,000, or $0.12 per diluted share, on a 25% increase in sales to $62,513,000 for the fourth quarter ended July 31, 2007, inclusive of approximately $0.02 in expenses related to recent acquisitions and executive transition, as well as $0.03 of stock-based compensation. This compares with income from continuing operations of $922,000, or $0.06 per diluted share, on sales of $50,140,000 for the fourth quarter ended July 31, 2006, including $0.01 of stock-based compensation expense.
For the fiscal year ended July 31, 2007, the Company reported income from continuing operations of $8,104,000, or $0.50 per diluted share, on a 14% increase in sales to $219,044,000, inclusive of expenses of $0.03 related to recent acquisitions and executive transition, as well as $0.06 of stock-based compensation. This compares with income from continuing operations of $6,653,000, or $0.41 per diluted share, on sales of $192,179,000 for the fiscal year ended July 31, 2006, including $0.05 of stock-based compensation expense.
According to R. Scott Jones, Cantel’s President & CEO, “We are pleased with our core growth of 15% in the fourth quarter and 10% for fiscal year 2007, as compared with the same periods in 2006. During the past year, we have made substantial investments in the Company which have begun to pay-off in terms of recent top-line growth, particularly in the Water Purification and Endoscope Reprocessing segments. We are focusing our efforts on realizing improvements in profitability related to these investments over the next couple of years.” Jones continued, “Our strategy is focused on enhancing our six existing segments by adding proprietary product offerings, both through acquisitions and
internal development, and by expanding our direct sales and service channels through which to best address the needs of our customer base.”
In line with its strategy to make synergistic acquisitions and add to existing growth platforms, the Company completed two acquisitions (GE Water & Process Technologies’ dialysis water business and Twist 2 It Inc.) during the fiscal year and three acquisitions (Dialysis Services, Inc., Verimetrix, LLC and Strong Dental Products, Inc.) during the past three months. These transactions have added several important proprietary branded products to its water purification and filtration, endoscope reprocessing and healthcare disposables (previously referred to as dental) product lines.
The Company further reported that its balance sheet at July 31, 2007 included current assets of $76,731,000, including cash of $15,860,000, a current ratio of 2.1:1, a ratio of funded debt to equity of .37:1, debt of $57,000,000 and stockholders’ equity of $155,070,000.
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 fourth quarter ended July 31, 2007 on Tuesday, October 9, 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 Tuesday, October 9 at 2:00 PM through midnight on October 10, by dialing 1-877-660-6853 and using passcode #286 and conference ID #257825. The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.vcall.com/IC/CEPage.asp?ID=121882. 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 within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including, without limitation, the risks detailed in Cantel’s filings and reports with the Securities and Exchange Commission. Such forward-looking statements are only predictions, and actual events or results may differ materially from those projected or anticipated.
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