ROCM Rochester Medical Corp. (MM)

Rochester Medical Reports First Quarter Results STEWARTVILLE, Minn., Jan. 18 /PRNewswire-FirstCall/ -- Rochester Medical Corporation (NASDAQ:ROCM) today announced operating results for its first quarter ended December 31, 2004. The Company reported sales of $3,665,000 for the quarter compared to $3,348,000 for the first quarter of last year. It also reported a net income of $122,000 or $.02 per share for the quarter compared to $64,000 or $.01 per share for the first quarter of last year. The 9% increase in revenues resulted from increased sales of Rochester Medical(R) branded products and increased sales of Private Label products. The 91% increase in earnings resulted from higher contribution from increased sales partially offset by increased operational expenses primarily related to Marketing and Selling and General Administrative activities. Commenting on the quarter, Company CEO and President Anthony J. Conway said, "The first quarter was in line with our expectations. I am pleased with the overall growth in sales of our Rochester Medical branded products which increased 16% over the same period last year. Private Label sales increased a modest 4%. "We remain very pleased with the market acceptance of our advanced products, and we expect further growth as we introduce important new products this quarter and throughout the year." The immediately preceding statement contains forward-looking statements that involve risks and uncertainties, including the uncertainty of gaining acceptance of the anti-infection catheters and hydrophilic catheters in the marketplace, the uncertainty of new product introductions, the uncertainty of gaining new strategic relationships, the uncertainty of timing of private label sales revenues (particularly international customers), FDA and other regulatory review and response times, as well as other risk factors listed from time to time in the Company's SEC reports and filings, including, without limitation, the section entitled "Risk Factors" in the Company's Annual report on Form 10-K (Part II, Item 6) for the year ended September 30, 2004. Rochester Medical Corporation develops, manufactures, and markets latex- free disposable medical catheters and devices for urological and continence care applications. The Company markets under its own Rochester Medical brand and under private label arrangements. For further information, please contact Anthony J. Conway, President and Chief Executive Officer of Rochester Medical Corporation at (507) 533-9600. More information about Rochester Medical is available on its website at http://www.rocm.com/ . Rochester Medical has scheduled a conference call today at 4:00 p.m., C.S.T. regarding this announcement. The call is being webcast by Thompson/CCBN and can be accessed at Rochester Medical's website http://www.rocm.com/ . To listen live to the conference call via telephone, call: 1-800-510-9836, password 32605384 Replay will be available for seven days at: http://www.rocm.com/ or via telephone at 1-888-286-8010, password 42908245. Condensed Balance Sheets December 31, September 30, 2004 2004 Assets Current Assets Cash and equivalents $367,168 $620,441 Marketable securities 5,263,049 5,251,763 Accounts receivable 2,380,077 2,631,188 Inventories 4,400,576 3,945,313 Prepaid expenses and other assets 385,377 273,229 Total current assets 12,796,247 12,721,934 Property and equipment 8,316,969 8,442,427 Intangible assets 229,607 219,296 $21,342,823 $21,383,657 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $655,263 $778,766 Accrued expenses 564,661 595,145 Short-term debt 34,000 34,000 Current Maturities of Capital Leases 38,143 37,611 Deferred revenue 157,143 157,143 Total current liabilities 1,449,210 1,602,665 Long-term debt Long term debt 68,000 68,000 Capital leases, less current portion 94,077 103,814 Deferred revenue 682,143 721,429 Total long term debt 844,220 893,243 Stockholders' equity 19,049,393 18,887,749 $21,342,823 $21,383,657 Summary Statements Of Operations Three months ended December 31, 2004 2003 Sales $3,665,272 $3,348,474 Cost of sales 2,267,278 2,153,705 Gross profit 1,397,994 1,194,769 Gross profit % 38% 36% Costs and expense: Marketing and selling 570,538 510,665 Research and development 196,730 176,771 General and administrative 537,028 456,581 Total operating expenses 1,304,296 1,144,017 Income from operations 93,698 50,752 Other income Interest income 28,298 12,836 Net Income $121,996 $63,588 Earnings per common share - Basic $0.02 $0.01 Earnings per common share - Diluted $0.02 $0.01 Shares in per share computation Basic 5,448,287 5,427,709 Shares in per share computation Diluted 5,683,360 5,725,215 DATASOURCE: Rochester Medical Corporation CONTACT: Anthony J. Conway, President and Chief Executive Officer of Rochester Medical Corporation, +1-507-533-9600 Web site: http://www.rocm.com/

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