ROCM Rochester Medical Corp. (MM)

Rochester Medical Reports Second Quarter Results STEWARTVILLE, Minn., April 26 /PRNewswire-FirstCall/ -- Rochester Medical Corporation (NASDAQ:ROCM) today announced operating results for its second quarter ending March 31, 2005. The Company reported sales of $4,147,173 for the quarter compared to $3,811,179 for the second quarter of last year. It also reported net income of $141,000 or $.03 per share compared to a net income of $139,000 or $.03 per share for the second quarter of last year. The approximately 9% overall increase in revenues resulted from a 10% increase in sales of Rochester Medical Brand Products and an 8% increase in Private Label Sales. Net income for the quarter was relatively flat due to increased spending on product launches, legal services, and Sarbanes Oxley compliance. "It was another solid quarter," said Anthony J. Conway, Company CEO and President. "We introduced our new Closed System Intermittent Catheters a few weeks ago and the early response is very positive. Rochester Medical is now the only company that offers silicone hydrophilic intermittent catheter systems. We're also the only company providing an option for hydrophilic closed systems which deliver an antibacterial agent directly to the urethral tract during catheterization. These advanced product offerings again demonstrate Rochester Medical's technological leadership in the field of continence care and bladder drainage devices. "I look forward to continued growth as we build sales of our current products, introduce new developments, and explore potential strategic options." Rochester Medical has scheduled a conference call today at 4:00 p.m., C.D.T. regarding this announcement. The call is being webcast by Thomson/CCBN and can be accessed at Rochester Medical's website at http://www.rocm.com/ . To listen to the conference call via telephone, call: 1-800-901-5217, password 97499241 Replay will be available for seven days at: http://www.rocm.com/ or via telephone at 1-888-286-8010, password 70650025. The immediately preceding statement contains forward-looking statements that involve risks and uncertainties, including the uncertainty of gaining private label distributors for the hydrophilic intermittent catheters in the marketplace, the uncertainty of market acceptance 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(R) brand and under existing 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/ . Condensed Balance Sheets March 31, September 30, 2005 2004 Assets Current Assets Cash and equivalents $280,846 $620,441 Marketable securities 5,191,142 5,251,763 Accounts receivable 3,056,246 2,631,188 Inventories 4,297,980 3,945,313 Prepaid expenses and other assets 549,779 273,229 Total current assets 13,375,993 12,721,934 Property and equipment 8,045,669 8,442,427 Intangible assets 253,066 219,296 $21,674,728 $21,383,657 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $788,394 $778,766 Accrued expenses 613,145 595,145 Short-term debt 34,000 34,000 Current Maturities of Capital Leases 38,683 37,611 Deferred revenue 157,143 157,143 Total current liabilities 1,631,365 1,602,665 Long-term debt Long term debt 68,000 68,000 Capital leases, less current portion 84,202 103,814 Deferred revenue 642,857 721,429 Total long term debt 795,059 893,243 Stockholders' equity 19,248,304 18,887,749 $21,674,728 $21,383,657 Summary Statements Of Operations Three months ended Six months ended March 31, March 31, 2005 2004 2005 2004 Sales $4,147,173 $3,811,179 $7,812,445 $7,159,653 Cost of sales 2,633,061 2,466,368 4,900,339 4,620,073 Gross profit 1,514,112 1,344,811 2,912,106 2,539,580 Gross profit % 37% 35% 37% 35% Costs and expense: Marketing and selling 566,452 496,860 1,136,990 1,007,525 Research and development 181,309 192,135 378,039 368,906 General and administrative 652,896 537,065 1,189,924 993,646 Total operating expenses 1,400,657 1,226,060 2,704,953 2,370,077 Income from operations 113,455 118,751 207,153 169,503 Other income (expense) Interest income - Net 27,758 20,614 56,056 33,450 Net Income $141,213 $139,365 $263,209 $202,953 Earnings per common share - Basic $0.03 $0.03 $0.05 $0.04 Earnings per common share - Diluted $0.02 $0.02 $0.05 $0.04 Shares in per share computation Basic 5,457,777 5,432,905 5,452,980 5,430,292 Shares in per share computation Diluted 5,768,546 5,690,661 5,721,881 5,709,594 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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