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The Cooper Companies, Inc.
21062 Bake Parkway, Suite 200
Lake Forest, CA 92630
(949) 597-4700
(888) 822-2660 Toll Free
(949) 597-0662 Fax
NEWS RELEASE
CONTACT:
Norris Battin
The Cooper Companies, Inc.
1-888-822-2660
nbattin@usa.net
THE COOPER COMPANIES, INC. HOLDS ANNUAL MEETING OF STOCKHOLDERS
LAKE FOREST, Calif., March 29, 2001--At its annual meeting held yesterday in New
York City, stockholders of The Cooper Companies, Inc. (NYSE: COO) elected eight
directors, approved the 2001 Long-Term Incentive Plan and ratified the
appointment of KPMG, LLP as the Company's auditors for fiscal 2001.
In his remarks to stockholders, A. Thomas Bender, chief executive officer, said
that Cooper has three major business objectives going forward:
o To increase revenue and earnings 15 to 20 percent per year for the next
five years
o To become the global leader in the specialty soft contact lens market
by 2003
o To double the revenue of CooperSurgical, the Company's women's
healthcare business, to $100 million in the next three years through
acquisition and continued internal growth.
"I expect that revenue at CooperVision," said Bender," can continue to achieve
15 percent to 20 percent growth per year over the next five years with a
continuing flow of new products and the geographic expansion of our business
into what promises to be a robust worldwide contact lenses market."
Bender noted that the worldwide contact lens market should grow at a compounded
rate of 10 to 12 percent per year during the next 10 years. Market demographics
throughout the
industrialized world are becoming more favorable for the industry as a new
cohort of teenagers--the primary market for contact lenses--enters the market.
Underpenetrated international markets, Bender added, offer great promise for
soft contact lenses. In the United States, over 20 percent of those needing
vision correction wear contact lenses, but the other major markets around the
world fall well below that rate. In Japan, the world's second largest contact
lens market, only about 12 percent of people with visual defects wear contacts;
in Europe, about 8 percent wear them.
Bender said that CooperVision (CVI) now leads the U.S. toric market--the fastest
growing segment of the contact lens market--and that CVI's toric lens revenue
should continue to grow faster than the market. CVI has recently introduced its
Encore and XCEL brands of disposable planned replacement toric lenses into the
United States and European markets. These lenses will compete in the
lower-priced, lower-featured segment of the disposable planned replacement toric
lens market. Another recently introduced new product, the Frequency'r' Aspheric
lens for improved vision under low light conditions when patients need only near
and distance correction, has been exceeding initial forecasts in markets around
the world.
"Our entry into the second fastest growing sector of the specialty lens market,
disposable-planned replacement opaque lenses, is off to a good start in Europe,
and we are beginning the launch of this product line in the United States this
quarter, "Bender said. Opaque lenses, which enhance or change the appearance of
the color of the eye, are worn by traditional contact lens patients and by those
who do not require vision correction yet want to wear colored lenses as a
fashion accessory.
Bender said that he expects CooperSurgical, the Company's women's healthcare
business, to expand its franchise through internal growth from its expanded line
of colposcopy products and products for reproductive medicine, and through
continued market consolidation. CooperSurgical recently acquired two lines of
women's healthcare products with combined annual revenue of about $20 million,
and hopes to close at least two further acquisitions in the next six months.
For fiscal 2001, excluding the impact of future acquisitions, CSI expects to
reach $50 million in revenue with operating margins approaching 20 percent. It
is targeting $100 million in revenue by 2003.
For fiscal 2001, the Company estimates that earnings per share from continuing
operations will range between $2.36 and $2.42 with revenue increasing between 15
and 20 percent over the previous year. If recently proposed accounting changes
regarding the treatment of goodwill are implemented, the Company estimates that
its earnings per share will increase by 16 to 20 cents annually following the
implementation date assuming no requirement to take an impairment loss.
Board of Directors and Officers
Cooper's stockholders re-elected Allan E. Rubenstein, M.D. chairman. Dr.
Rubenstein is chairman of the Board of Directors of University HeartScan, and a
member of the faculty of the Mt. Sinai School of Medicine and the Mt. Sinai
Neurofibromatosis Research and Treatment Center.
The stockholders also elected to the board of directors: A. Thomas Bender,
president and chief executive officer of the Company; Michael H. Kalkstein, a
partner in the law firm of Oppenheimer, Wolff & Donnelly, LLP; Moses Marx,
general partner of United Equities; Donald Press, executive vice president of
Broadway Management Company, Inc., and principal in the firm of Donald Press, P.
C.; Steven Rosenberg, president and chief executive officer of Berkshire
Bankcorp Inc; Robert S. Weiss, executive vice president, treasurer and chief
financial officer of the Company; and Stanley Zinberg, M. D.,vice president,
practice activities for the American College of Obstetricians and Gynecologists.
After the stockholders' meeting, the board elected as officers of the Company:
A. Thomas Bender, president and chief executive officer; Robert S. Weiss,
executive vice president, treasurer and chief financial officer, B. Norris
Battin, vice president investor relations and communications, Carol R. Kaufman,
vice president of legal affairs, secretary and chief administrative officer and
Stephen C. Whiteford, vice president and corporate controller.
Forward Looking Statements
Some of the information included in this news release contains "forward-looking
statements" as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements regarding anticipated growth
in our revenue, anticipated market conditions and results of operations. To
identify forward-looking statements look for words like "believes," "expects,"
"may," "will," "should," "seeks," "intends," "plans," "estimates" or
"anticipates" and similar words or phrases. Discussions of strategy, plans or
intentions often
contain forward-looking statements. These, and all forward-looking statements,
necessarily depend on assumptions, data or methods that may be incorrect or
imprecise.
Events, among others, that could cause actual results and future actions to
differ materially from those described by or contemplated in forward-looking
statements include major changes in business conditions, a major disruption or
other production issues at our manufacturing facilities, new competitors or
technologies, the impact of an undetected virus on our computer systems,
acquisition integration delays or costs, foreign currency exchange exposure,
investments in research and development and other start-up projects, dilution to
earnings per share from acquisitions or issuing stock, regulatory issues,
significant environmental cleanup costs above those already accrued, litigation
costs, costs of business divestitures, the requirement to provide for a
significant liability or to write off a significant asset, changes in accounting
principles or estimates, and other factors described in our Securities and
Exchange Commission filings, including the "Business" section in our Annual
Report on Form 10-K for the year ended October 31, 2000. We caution investors
not to rely on forward-looking statements. They reflect our analysis only on
their stated date or the date of this news release. We disclaim any intent to
update these forward-looking statements.
Internet Addresses
The Internet addresses in this release are for informational purposes only and
not intended for use as hyperlinks. Nothing in any of these addresses is a part
of this news release.
The Cooper Companies, Inc. and its subsidiaries develop, manufacture and market
specialty healthcare products. CooperVision, Inc., headquartered in Lake Forest,
Calif., with manufacturing facilities in Huntington Beach, Calif., Rochester,
N.Y., Toronto, Canada and Hamble, England, markets a broad range of contact
lenses for the vision care market. Its Web site is www.coopervision.com.
CooperSurgical, Inc., headquartered in Shelton, Conn., markets diagnostic
products, surgical instruments and accessories for the gynecological market. Its
Web site is www.CooperSurgical.com. The Company's corporate offices are located
in Lake Forest and Pleasanton, Calif. A toll free interactive telephone system
at 1-800-334-1986 provides stock quotes, recent press releases and financial
data. The Cooper Companies Web address is www.coopercos.com.