Cuno (NASDAQ:CUNO)
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From May 2019 to May 2024
CUNO Reports Record Fourth Quarter and Fiscal 2004 Results
-- Record fourth quarter Sales of $103.5 million (up 34%) and record fiscal
2004 Sales of $351.6 million (up 22%) -- Record fourth quarter diluted Earnings
Per Share (EPS) of $0.52 (up 18%) and record fiscal 2004 diluted EPS of $1.93
(up 22%) -- Record fourth quarter Orders of $97.0 million (up 28%)
MERIDEN, Conn., Dec. 13 /PRNewswire-FirstCall/ -- CUNO Incorporated
(NASDAQ:CUNO) today reported record results for the fourth quarter ended
October 31, 2004 including sales of $103.5 million, up 34% (up 31% in local
currency) from $77.5 million in the same period in 2003. Net income for the
fourth quarter increased by 18% to $9.0 million from $7.6 million reported in
2003. Diluted EPS for the period were a record $0.52, up 18% compared to $0.44
in the prior year quarter, and up approximately 11% on a currency- adjusted
basis.
Commenting on the Company's fourth quarter results, Mark G. Kachur, Chairman
and Chief Executive Officer, said "Our record fourth quarter results reflect
the strength and effectiveness of our business model. We achieved double-digit
Sales growth in each of our primary markets, including Potable Water,
Healthcare and Fluid Processing. Our Sales increased 34% (up 31% in local
currency); adjusted for the acquisition of WTC Industries (which was completed
August 2), our organic Sales growth was 21%. In addition, our New Products
continued to be well received, generating $11.0 million or approximately 11% of
total sales and contributing to our strong performance in the quarter."
For the full year, Sales were a record $351.6 million, up 22% (up 17% in local
currency), and net income increased by 23% to $33.1 million from $26.8 million
in the prior year. Diluted EPS were a record $1.93, up 22% from $1.58 in 2003,
and up approximately 14% on a currency-adjusted basis.
Commenting on the fiscal 2005 outlook for CUNO, Mr. Kachur added, "Our business
model should enable us to continue to achieve strong financial results. Orders
were a record $97.0 million in the fourth quarter and our backlog remains
strong. As a result, we are optimistic about our prospects in fiscal 2005 and
expect to achieve diluted EPS in the range of $2.12 - $2.22.
A conference call will be held Tuesday, December 14 at 10:00 a.m. (EST) to
review the Company's fourth quarter financial results and business outlook. The
call-in number is 1-877-209-0397 for interested analysts and investors.
Alternatively, visit us at http://www.cuno.com/ for additional information
about the Company.
CUNO is a world leader in the design, manufacture and marketing of a
comprehensive line of filtration products for the separation, clarification and
purification of liquids and gases. CUNO's products, which include proprietary
depth filters and semi-permeable membrane filters, are used in the potable
water, healthcare and fluid processing markets.
CUNO wants to provide shareowners and prospective investors with more
meaningful and useful information and, therefore, this press release includes
various comments regarding business conditions and the outlook for CUNO, which
reflect currently available information. These forward-looking statements are
subject to risks and uncertainties which could cause performance or actual
results to differ materially from those expressed herein. Such risks and
uncertainties include, among other things: those items described in our
reports filed with the SEC as well as volumes of shipments of CUNO's products;
changes in product mix and product pricing; relationships with customers and
suppliers; costs of raw materials; the rate of economic and industry growth in
the U.S. and the other countries in which CUNO conducts business; economic and
political conditions in the foreign countries in which CUNO conducts a
substantial part of its operations and other risks associated with
international operations including exchange rate fluctuations; CUNO's ability
to protect its technology, proprietary products and manufacturing techniques;
changes in technology; changes in legislative, regulatory or industrial
requirements and risks generally associated with new product introductions and
applications; and domestic and international competition in CUNO's global
markets. CUNO assumes no obligation to update the information contained in
this press release.
Investor contact:
Frederick C. Flynn, Jr.
203/238-8847
CUNO Incorporated
Consolidated Statements of Income
(dollars in thousands, except share and per-share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
October 31 October 31
2004 2003 2004 2003
Net sales $103,512 $77,524 $351,611 $288,231
Less costs and expenses:
Cost of products
sold 59,780 41,423 194,284 157,221
Selling, general and
administrative 24,586 20,908 89,608 75,652
Research,
development and
engineering 4,848 4,080 17,400 14,977
Amortization 593 47 858 156
89,807 66,458 302,150 248,006
Operating income 13,705 11,066 49,461 40,225
Nonoperating income
(expense):
Interest expense (747) (100) (984) (540)
Interest and other
income, net 304 101 824 462
(443) 1 (160) (78)
Income before income
taxes 13,262 11,067 49,301 40,147
Income taxes 4,243 3,430 16,230 13,351
Net income $9,019 $7,637 $33,071 $26,796
Basic earnings per
common share $0.54 $0.46 $1.98 $1.61
Diluted earnings per
common share $0.52 $0.44 $1.93 $1.58
Basic shares outstanding 16,820,263 16,780,762 16,729,045 16,661,101
Diluted shares
outstanding 17,329,757 17,181,961 17,165,890 16,987,792
CUNO Incorporated
Consolidated Condensed Balance Sheets
(dollars in thousands)
October 31 October 31,
2004 2003
Assets
Current assets
Cash and cash equivalents $23,359 $57,603
Accounts receivable, net 89,593 59,658
Inventories, net 47,275 31,058
Deferred income taxes 12,656 9,020
Prepaid expenses and other
current assets 5,974 4,306
Total current assets $178,857 $161,645
Noncurrent assets
Deferred income taxes 892 1,340
Goodwill, net 103,977 28,489
Other Intangible assets 32,894 2,075
Prepaid pension costs 9,785 7,923
Other noncurrent assets 4,832 1,476
Property, plant and equipment,
net 103,321 85,060
Total assets $434,558 $288,008
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt $276 $849
Short-term bank loans 11,048 11,804
Accounts payable 33,469 20,519
Accrued payroll and related taxes 20,329 17,456
Other accrued expenses 11,502 10,443
Accrued income taxes 4,539 2,558
Total current liabilities 81,163 63,629
Noncurrent liabilities
Long-term debt, less current
portion 75,569 401
Deferred income taxes 16,662 9,862
Accrued pension liability 4,396 5,457
Other long term liabilities 789 331
Total noncurrent liabilities $97,416 $16,051
Stockholders' equity
Preferred Stock - -
Common Stock 17 17
Treasury Stock, at cost (57) (57)
Additional paid-in-capital 63,413 53,787
Unearned compensation (2,164) (784)
Accumulated other comprehensive
income (loss) --
Foreign currency
translation adjustments 7,966 3,282
Minimum pension liability,
net (386) (2,049)
Fair value of derivative
financial instruments, net - 13
7,580 1,246
Retained earnings 187,190 154,119
Total stockholders' equity 255,979 208,328
Total liabilities and
stockholders' equity $434,558 $288,008
DATASOURCE: CUNO Inc.
CONTACT: Frederick C. Flynn, Jr. of CUNO Inc., +1-203-238-8847,
Web site: http://www.cuno.com/
Company News On-Call: http://www.prnewswire.com/comp/126696.html