Jul 30 2010
Rochester Medical Corporation (Nasdaq: ROCM) today announced operating results for its third quarter ended June 30, 2010.
The Company reported record sales of $10,244,000 for the current quarter compared to $8,908,000 for the third quarter of last year. The Company also reported net income of $95,000 or $.01 per diluted share for the quarter compared to net loss of $77,000 or ($.01) per diluted share for the same period of last year.
The 15% increase in sales (17% on a constant currency basis) resulted from a 32% increase in Rochester Medical Branded Sales (35% on a constant currency basis), partially offset by a 16% decrease in Private Label Sales (16% decrease on a constant currency basis).
Net income adjusted for certain non-recurring unusual items and certain recurring non-cash expenses, or "Non-GAAP Net Income" for the current quarter was $428,000 or $.03 per diluted share compared to Non-GAAP Net Income of $245,000 or $.02 per diluted share for the third quarter of last year. The increase for the current quarter is primarily attributable to higher gross profit resulting from increased sales and higher gross margin, partially offset by increased investment in the Company's Sales and Marketing programs as part of our ongoing strategy to increase branded sales.
"We believe our emphasis on strategic growth of Rochester Medical® branded products is having a positive impact," said Anthony J. Conway, Company President and CEO. "Once again, the 32% overall branded growth is solid, and we continue to be pleased by the strong growth in sales of our MAGIC3™ Intermittent Catheters and StrataSI™ and StrataNF™ Foley Catheters. Our branded sales now make up nearly 75% of total sales."
Conway continued, "We have recently invested significantly in pilot introductory activities for the FemSoft Insert in both the United States and United Kingdom. This unique disposable device offers immediate relief for women dealing with the difficulties of urinary incontinence. While it is still too early to know the ultimate potential of this product in the marketplace, we are confident of its viability and believe it will become an integral part of our offering in both countries as we move forward."
Conway then added, "The future looks bright for Rochester Medical. We believe we will continue to show excellent growth going forward."
Source:
Rochester Medical Corporation