LITTLE FALLS, N.J., June 6, 2013 /PRNewswire/ -- CANTEL MEDICAL CORP. (NYSE: CMN) reported a 10% increase in net income to $8,998,000, or $0.33 per diluted share, on an 8% increase in sales to $105,009,000 for the third quarter ended April 30, 2013. This compares with net income of $8,174,000, or $0.30 per diluted share, on sales of $97,238,000 for the third quarter ended April 30, 2012. For the nine months ended April 30, 2013, the Company reported record net income of $29,026,000, or $1.06 per diluted share, inclusive of $0.02 in net favorable adjustments related to acquisition accounting partially offset by severance and recruiting costs, on an 8% increase in sales to a record $311,053,000. This compares with net income of $21,688,000 or $0.80 per diluted share, inclusive of a $0.02 charge related to an asset impairment, on sales of $287,797,000 for the nine months ended April 30, 2012.
Andrew Krakauer, Cantel's President and CEO stated, "We are pleased to have delivered solid financial performance in the third quarter. These positive results confirm the continued success of our three prong approach to growth which includes investing in new product development, sales and marketing programs and acquisitions. Reported earnings would have been $0.02 better if not for the Medical Device Tax which impacted all three months of this quarter."
Krakauer added, "Performance this quarter was led by our Healthcare Disposables segment. With the benefit of the ongoing integration of the SPS Medical sterility assurance business acquired on November 1, 2012, sales in this segment grew by 17% compared to last year and we were able to offset the negative effect caused by our distributors pulling forward shipments last quarter. Operating profits were 13% higher and grew more slowly than sales as we made substantial investments in sales and marketing expenses. We are very pleased
|SOURCE Cantel Medical Corp.|
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