LITTLE FALLS, N.J., Dec. 9 /PRNewswire-FirstCall/ -- CANTEL MEDICAL CORP. (NYSE: CMN) reported an 85% increase in net income to $6,168,000, or $0.37 per diluted share, on a 10% increase in sales to a record $70,995,000 for the first quarter ended October 31, 2009. This compares with net income of $3,333,000, or $0.20 per diluted share, on sales of $64,406,000 for the first quarter ended October 31, 2008.
According to Andrew Krakauer, Cantel's President and CEO, "This record performance reflects our eighth sequential quarter of improved results. Cantel continued to benefit from the growth of higher margin consumables and service revenue, which now comprise 75% of our overall sales."
Krakauer added, "All of Cantel's businesses performed well during this quarter. Every operating segment reported higher gross margins and increased operating income, compared with the same quarter in the prior year. The strongest performance was in our Healthcare Disposables segment where operating profit more than doubled, driven by atypically high demand for our U.S.-manufactured, FDA-cleared face masks in response to the H1N1 flu outbreak. Our unusually high shipments of face masks are now returning to more normal levels. Additionally, in our Endoscope Reprocessing segment, proactive sales and marketing investments helped achieve strong revenue growth in both disinfectants and capital equipment."
The Company also reported that its balance sheet at October 31, 2009 included current assets of $92,552,000, including cash of $23,105,000, a current ratio of 1.53:1, gross debt of $38,000,000 and stockholders' equity of $193,332,000. Krakauer stated, "We continue to strengthen our balance sheet and generate substantial cash flow. Our cash provided by operating activities was $6,456,000 for the quarter, and our net debt posi
|SOURCE Cantel Medical Corp.|
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