STEWARTVILLE, Minn., Feb. 4 /PRNewswire-FirstCall/ -- Rochester Medical Corporation (Nasdaq: ROCM) today announced operating results for its first quarter ending December 31, 2007.
The Company reported sales of $8,223,000 for the current quarter compared to $7,512,000 for the first quarter of last year. It also reported net income of $272,000 or $.02 per diluted share compared to a net income of $31,467,000 or $2.59 per diluted share for the first quarter of last year. Net income for the first quarter of last year included $31,305,000 received from lawsuit settlements net of taxes.
The approximately 9% overall increase in sales resulted from a 31% increase in Rochester Medical Branded Sales partially offset by a 21% decrease in Private Label Sales. The Company expects that the decrease in Private Label Sales for the quarter is temporary and is attributable to the timing of large Private Label orders. The Company believes that Private Label Sales will improve throughout the year.
Net income adjusted for certain non-recurring unusual items and certain recurring non-cash expenses, or "Non-GAAP Net Income" for the current quarter is $686,000 or $.05 per diluted share compared to Non-GAAP Net Income of $1,388,000 or $.11 per diluted share for the first quarter of last year. The decrease for this quarter is primarily attributable to increased investment in Sales and Marketing Programs.
Commenting on today's announcement Rochester Medical CEO and President
Anthony J. Conway said, "I am very pleased with our progress this quarter.
The 31% organic growth rate in our Rochester Medical Branded Sales
demonstrates solid initial success resulting from our strategic decision to
increase investments in Sales and Marketing. I f
|SOURCE Rochester Medical Corporation|
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