Apr 26 2013
Rochester Medical Corporation (NASDAQ: ROCM) today announced operating results for its second quarter ended March 31, 2013.
The Company reported sales of $16,635,000 for the current quarter compared to $15,427,000 for the second quarter of last year. The Company also reported net income of $1,199,000 or $0.10 per diluted share compared to $603,000 or $0.05 per diluted share for the same period last year.
The approximately 8% increase in sales (8% on a constant currency basis) resulted from a 10% increase in Rochester Medical Direct sales (11% on a constant currency basis) partially offset by a 1% decrease in Private Label sales (1% decrease on a constant currency basis). Constant currency basis assumes current exchange rates for all periods in order to exclude the impact of foreign exchange variations.
The Company announced in November 2012 its decision to cease manufacturing and marketing its line of Foley Catheters. Excluding Foley Catheter sales from the second quarter of last year and this year, overall Direct sales growth was 13% (14% 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 $1,488,000 or $0.12 per diluted share compared to Non-GAAP Net Income of $920,000 or $0.08 per diluted share for the first quarter of last year. The increase in Non-GAAP Net Income in the second quarter was primarily due to increased gross profits as a result of higher sales revenue.
Commenting on the second quarter results, Rochester Medical's CEO and President Anthony J. Conway said, "We continue to make nice progress, especially in the United States and United Kingdom where Direct Sales, excluding Foley Catheters, grew 24% and 23% respectively. We look forward to further progress in the second-half of fiscal 2013 driven by continued share gains in our primary strategic market, serving the patient population in the Home Care channel."
Source:
Rochester Medical Corporation