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GLV Inc, Canada
COMPANY WATCH
Cantel Medical Corp, USA
GLV Inc, Canada
Key Figures (US$ million) Fourth quarter ended 31.7 2011
2010
Net Sales
86.0
69.8
Cost of Sales
54.1
42.1
Gross Profit
31.9
27.7
1.9
R&D Expenses Operating Expenses Net Income
2010
Revenues Of Which: Ovivo (Water Treatment) Pulp and Paper
173.9
161.3
108.4 54.6
106.0 47.4
1.4
Cost of Sales
136.1
130.9
24.9
20.2
Gross Profit
37.8
30.4
4.7
4.6
Operating Income/(Loss)
3.4
(6.9)
Net Earnings/(Loss)
4.3
(9.7)
Six months ended 30.9 2011
2010
Year ended 31.7 2011
2010
Net Sales
321.7
274.0
Cost of Sales
198.9
163.0
Gross Profit
122.8
111.0
6.6
5.2
Operating Expenses
91.4
78.3
Net Income
20.4
19.9
R&D Expenses
Key Figures (C$ million) Second quarter ended 30.9 2011
Revenues Of Which: Ovivo (Water Treatment) Pulp and Paper
324.3
309.6
197.9 105.9
198.3 91.5
Cost of Sales
254.5
248.5
Gross Profit
69.8
61.2
Operating Income/(Loss)
2.7
(7.6)
Net Earnings/(Loss)
0.3
(14.2)
COMMENT Cantel Medical has posted record fourth quarter sales of US$86.0 million, up 23.2% on a year earlier. Net income was up 1.3% for the period at US$4.7 million. “We are pleased to have delivered record sales and another quarter of improved earnings, excluding acquisition related expenses,” Andrew Krakauer, Cantel’s president and CEO, said. “We continued to achieve good core sales growth in our three major business segments Endoscope Reprocessing, Water Purification and Filtration, and, Healthcare Disposables.” For the corresponding full year, Cantel enjoyed sales of US$321.7 million, up 17.4% on the year earlier, while its net income was up 2.4% at US$20.4 million. Krakauer said Cantel’s results confirmed the continued success of its three-prong strategy for growth that encompassed
8
Filtration Industry Analyst
new product development, sales and marketing programmes and acquisitions. Immediately following the closure of the quarter, on 1 August, Cantel announced the acquisition of Byrne Medical - the largest transaction in the company’s history. “In purchasing Byrne Medical, Cantel has greatly expanded its hospital and outpatient centre-based GI endoscopy business,” Krakauer explained. Krakauer said Cantel is forecasting increases in both sales and profits in fiscal 2012. “We expect to benefit from leveraging our significant sales and marketing investments, continued progress with new products, and successfully growing the three key acquisitions made in the past year - Byrne Medical, Gambro’s US water business and ConFirm Monitoring,” he said. ■ www.cantelmedical.com
COMMENT Industrial water and pulp treatment firm GLV Inc has posted second quarter revenues for fiscal 2012 of C$173.9 million, a 7.8% increase on the same quarter a year earlier. The sales increase reflected growth in both its divisions, with its water treatment segment Ovivo recording a 2.3% increase in revenues to C$108.4 million and its Pulp and Paper sector posting a 15.2% gain to C$54.6 million. GLV’s operating income for the quarter reached C$3.4 million, reversing a year earlier loss of C$6.9 million, which was impacted by a significant event at one of its UK energy subsidiaries. Consequently, GLV’s
Ovivo segment enjoyed operating income of C$1.9 million after a loss of C$2.9 million in the corresponding 2011 period, while the Pulp and Paper division saw its result jump 31.0% to C$3.7 million. The company said that results for the quarter had been largely in line with forecasts, although one of its desalination subsidiaries had performed below expectations. Revenues for the corresponding six months reached C$324.3 million, up 4.7% on a year earlier, while it posted net earnings of C$0.3 million compared with a year earlier loss of C$14.2 million. ■ www.glv.com
November 2011
Cantel Medical Corp, USA
GLV Inc, Canada
Key Figures (US$ million) Fourth quarter ended 31.7 2011
2010
Net Sales
86.0
69.8
Cost of Sales
54.1
42.1
Gross Profit
31.9
27.7
1.9
R&D Expenses Operating Expenses Net Income
2010
Revenues Of Which: Ovivo (Water Treatment) Pulp and Paper
173.9
161.3
108.4 54.6
106.0 47.4
1.4
Cost of Sales
136.1
130.9
24.9
20.2
Gross Profit
37.8
30.4
4.7
4.6
Operating Income/(Loss)
3.4
(6.9)
Net Earnings/(Loss)
4.3
(9.7)
Six months ended 30.9 2011
2010
Year ended 31.7 2011
2010
Net Sales
321.7
274.0
Cost of Sales
198.9
163.0
Gross Profit
122.8
111.0
6.6
5.2
Operating Expenses
91.4
78.3
Net Income
20.4
19.9
R&D Expenses
Key Figures (C$ million) Second quarter ended 30.9 2011
Revenues Of Which: Ovivo (Water Treatment) Pulp and Paper
324.3
309.6
197.9 105.9
198.3 91.5
Cost of Sales
254.5
248.5
Gross Profit
69.8
61.2
Operating Income/(Loss)
2.7
(7.6)
Net Earnings/(Loss)
0.3
(14.2)
COMMENT Cantel Medical has posted record fourth quarter sales of US$86.0 million, up 23.2% on a year earlier. Net income was up 1.3% for the period at US$4.7 million. “We are pleased to have delivered record sales and another quarter of improved earnings, excluding acquisition related expenses,” Andrew Krakauer, Cantel’s president and CEO, said. “We continued to achieve good core sales growth in our three major business segments Endoscope Reprocessing, Water Purification and Filtration, and, Healthcare Disposables.” For the corresponding full year, Cantel enjoyed sales of US$321.7 million, up 17.4% on the year earlier, while its net income was up 2.4% at US$20.4 million. Krakauer said Cantel’s results confirmed the continued success of its three-prong strategy for growth that encompassed
8
Filtration Industry Analyst
new product development, sales and marketing programmes and acquisitions. Immediately following the closure of the quarter, on 1 August, Cantel announced the acquisition of Byrne Medical - the largest transaction in the company’s history. “In purchasing Byrne Medical, Cantel has greatly expanded its hospital and outpatient centre-based GI endoscopy business,” Krakauer explained. Krakauer said Cantel is forecasting increases in both sales and profits in fiscal 2012. “We expect to benefit from leveraging our significant sales and marketing investments, continued progress with new products, and successfully growing the three key acquisitions made in the past year - Byrne Medical, Gambro’s US water business and ConFirm Monitoring,” he said. ■ www.cantelmedical.com
COMMENT Industrial water and pulp treatment firm GLV Inc has posted second quarter revenues for fiscal 2012 of C$173.9 million, a 7.8% increase on the same quarter a year earlier. The sales increase reflected growth in both its divisions, with its water treatment segment Ovivo recording a 2.3% increase in revenues to C$108.4 million and its Pulp and Paper sector posting a 15.2% gain to C$54.6 million. GLV’s operating income for the quarter reached C$3.4 million, reversing a year earlier loss of C$6.9 million, which was impacted by a significant event at one of its UK energy subsidiaries. Consequently, GLV’s
Ovivo segment enjoyed operating income of C$1.9 million after a loss of C$2.9 million in the corresponding 2011 period, while the Pulp and Paper division saw its result jump 31.0% to C$3.7 million. The company said that results for the quarter had been largely in line with forecasts, although one of its desalination subsidiaries had performed below expectations. Revenues for the corresponding six months reached C$324.3 million, up 4.7% on a year earlier, while it posted net earnings of C$0.3 million compared with a year earlier loss of C$14.2 million. ■ www.glv.com
November 2011