CUNO Reports Record First Quarter Results * Record first quarter
Sales of $99.4 million (up 32%) * Record first quarter diluted EPS
of $0.45 (up 10%) * Record first quarter Net Income of $7.8 million
(up 12%) * Record first quarter Orders of $101.6 million (up 33%)
MERIDEN, Conn., Feb. 23 /PRNewswire-FirstCall/ -- CUNO Incorporated
(NASDAQ:CUNO) today reported record first quarter results for the
period ended January 31, 2005. Sales were $99.4 million, up 32%
versus the same period in 2004 and up 29% in local currency. Net
income for the first quarter increased by 12% to $7.8 million from
$7.0 million reported in the same period in 2004. Diluted earnings
per share for the period were a first quarter record $0.45, up 10%
compared to $0.41 in the prior year period and up approximately 5%
on a currency-adjusted basis. Commenting on the Company's first
quarter results, Mark G. Kachur, Chairman and Chief Executive
Officer, said, "Our strong first quarter results reflect the
effectiveness of our business model. We achieved double-digit sales
growth in all three of our primary markets -- Potable Water,
Healthcare and Fluid Processing. Our sales increased 32% (up 29% in
local currency); adjusted for the acquisition of WTC Industries
(which was completed on Aug. 2, 2004), our organic sales growth was
20%. Furthermore, the Company's international operations
contributed significantly to our overall results, as international
sales increased by 19% (up 13% in local currency), led by strong
growth in Europe, Asia and Japan." First quarter margins were
negatively impacted by the change in sales mix in the Potable Water
market (including the impact of the acquisition of WTC and
increased sales to retailers, both of which generally carry lower
gross margins) and start-up costs involving a new manufacturing
facility in Mexico. Commenting on business conditions and the
outlook for CUNO, Mr. Kachur added, "Our incoming orders were a
first quarter record $101.6 million and our backlog remains strong.
Despite the sales mix change in the Potable Water market and
additional expected start-up costs in Mexico near term, we are
optimistic about our full year performance outlook in fiscal 2005
and remain comfortable with our previous EPS guidance in the $2.12
- $2.22 range for the year." [Note: EPS guidance excludes impact of
expensing cost of stock options per FAS 123R, which will apply in
our fourth quarter of fiscal 2005]. A conference call will be held
Thursday, February 24 at 10:00 a.m. (EST) to review the Company's
first quarter financial results and business outlook. The call-in
number is 1-800-762-4717 for interested analysts and investors.
Alternatively, visit us at http://www.cuno.com/investors for a live
webcast of our conference call. Also, 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: volumes of shipments of
CUNO's products; changes in product mix and product pricing; 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 (unaudited) (dollars in thousands, except
share and per-share amounts) Three Months Ended January 31, 2005
2004 Net sales $99,376 $75,409 Less costs and expenses: Cost of
products sold 56,930 40,553 Selling, general and administrative
expenses 24,664 20,174 Research, development and engineering 4,924
4,189 Amortization expense 653 64 87,171 64,980 Operating income
12,205 10,429 Nonoperating income (expense): Interest expense (523)
(83) Interest and other income, net 223 150 (300) 67 Income before
income taxes 11,905 10,496 Provision for income taxes 4,074 3,491
Net income $7,831 $7,005 Basic earnings per common share $0.46
$0.42 Diluted earnings per common share $0.45 $0.41 Basic shares
outstanding 16,904,543 16,687,240 Diluted shares outstanding
17,380,874 17,215,135 CUNO Incorporated Consolidated Balance Sheets
(in thousands, except share amounts) (unaudited) January 31,
October 31, 2005 2004 Assets Current assets Cash and cash
equivalents $16,728 $23,359 Accounts receivable, less allowances
for doubtful accounts of $2,123 and $2,230, respectively 86,416
89,593 Inventories, net 49,177 47,275 Deferred income taxes 14,733
12,656 Prepaid expenses and other current assets 6,846 5,974 Total
current assets 173,900 178,857 Noncurrent assets Deferred income
taxes 803 892 Goodwill, net 104,197 103,977 Other intangible assets
32,552 32,894 Prepaid pension costs 9,786 9,785 Other noncurrent
assets 5,676 4,832 Property, plant and equipment, net 108,831
103,321 Total assets $435,745 $434,558 Liabilities and
Stockholders' Equity Current liabilities Current portion of
long-term debt $326 $276 Bank loans 13,371 11,048 Accounts payable
30,869 33,469 Accrued payroll and related taxes 13,414 20,329 Other
accrued expenses 10,309 11,502 Accrued income taxes 3,715 4,539
Total current liabilities 72,004 81,163 Noncurrent liabilities
Long-term debt, less current portion 70,636 75,569 Deferred income
taxes 20,199 16,662 Retirement benefits 4,537 4,396 Other
noncurrent liabilities 955 789 Total noncurrent liabilities 96,327
97,416 Stockholders' equity Preferred Stock, $.001 par value;
2,000,000 shares authorized, no shares issued -- -- Common Stock,
$.001 par value; 50,000,000 shares authorized, 17,199,923 and
17,122,698 shares issued and outstanding 17 17 Treasury Stock, at
cost (2,747 shares) (57) (57) Additional paid-in-capital 66,174
63,413 Unearned compensation (3,711) (2,164) Accumulated other
comprehensive loss -- Foreign currency translation adjustments
10,406 7,966 Minimum pension liability (386) (386) Change in fair
value of derivative financial instruments (50) -- 9,970 7,580
Retained earnings 195,021 187,190 Total stockholders' equity
267,414 255,979 Total liabilities and stockholders' equity $435,745
$434,558 DATASOURCE: CUNO Incorporated CONTACT: Frederick C. Flynn,
Jr. of CUNO, +1-203-238-8847, Company News On-Call:
http://www.prnewswire.com/comp/126696.html
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