STEWARTVILLE, Minn., July 27 /PRNewswire-FirstCall/ -- Rochester
Medical Corporation (NASDAQ:ROCM) today announced operating results
for its third quarter ending June 30, 2006. The Company reported
record sales of $5,358,076 for the quarter compared to $3,815,463
for the third quarter of last year. It also reported record net
income of $985,489 or $.17 per diluted share compared to a net
income of $60,066 or $.01 per diluted share for the third quarter
of last year. The approximate 40% increase in revenues resulted
from increased sales of Rochester Medical(R) branded products and
increased sales of Private Label products. Rochester Medical
branded product sales included approximately three weeks worth of
sales of the Company's new UK brands acquired through the recently
announced transaction with Coloplast A/S which closed on June 2,
2006. The rise in net income for the third quarter is a result of
significantly higher gross profit and recognition of a portion of
the Company's deferred tax assets, partially offset by expenses
which were primarily non-recurring expenses related to the recently
announced acquisition of business assets from Coloplast A/S and
Mentor Corporation. Commenting on the quarter, Rochester Medical
CEO and President Anthony J. Conway said, "This has been an
excellent quarter for Rochester Medical. We have successfully
acquired significant new business assets which have now begun to
generate additional revenues and earnings for the Company. I am
very pleased to report that the acquisitions are completed, and
integration of the new business activities throughout the Company
is proceeding very smoothly. "Because of the significant
acquisitions, the factors influencing this quarter's results are
somewhat more complex than usual, and in the conference call
referenced below we plan to discuss some of the more significant
details." Conway concluded, "I am confident about the Company's
success going forward. We expect continued growth and new
opportunities in the coming year." Rochester Medical has scheduled
a conference call today at 4:00 p.m., C.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: Domestic:
1-866-800-8649 password 32354788 International: 617-614-2703
password 32354788 Replay will be available for seven days at:
http://www.rocm.com/ or via telephone at 1-888-286-8010, password
49473087. International Replay: 617-801-6888, password 49473087.
The immediately preceding statement contains forward-looking
statements that involve risks and uncertainties, including the
uncertainty of estimated revenues and profits, as well as 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, the uncertainty of successfully integrating and
growing the Company's new UK operations, and 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 for the year ended
September 30, 2005. Rochester Medical Corporation develops,
manufactures, and markets 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 (unaudited) June
30, September 30, 2006 2005 Assets Current Assets Cash and
equivalents $2,129,523 $1,129,876 Marketable securities - 5,286,553
Accounts receivable 4,080,435 3,204,824 Inventories 4,208,982
3,936,243 Prepaid expenses and other assets 335,417 351,027
Deferred income tax asset 40,308 21,000 Total current assets
10,794,665 13,929,523 Property and equipment, net 8,962,371
7,561,303 Deferred income tax asset 1,190,689 433,000 Intangible
assets 13,264,142 285,194 $34,211,867 $22,209,020 Liabilities and
Stockholders' Equity Current liabilities: Accounts payable $926,995
$283,332 Accrued expenses 1,099,492 744,256 Current maturities of
debt 1,665,362 34,000 Current maturities of capital leases 41,497
39,785 Deferred revenue 157,143 157,143 Income tax payable 18,055 -
Total current liabilities 3,908,544 1,258,516 Long-term debt Long
term debt, less current maturities 7,806,738 34,000 Capital leases,
less current maturities 32,689 64,030 Deferred revenue 446,429
564,286 Total long term debt 8,285,856 662,316 Stockholders' equity
22,017,467 20,288,188 $34,211,867 $22,209,020 Summary Statements Of
Operations Three months ended Nine months ended June 30, June 30,
2006 2005 2006 2005 Sales $5,358,076 $3,815,463 $14,839,355
$11,627,908 Cost of sales 3,361,907 2,512,473 9,682,200 7,412,813
Gross profit 1,996,169 1,302,990 5,157,155 4,215,095 Gross profit %
37% 34% 35% 36% Costs and expense: Marketing and selling 786,583
616,209 1,961,950 1,753,199 Research and development 209,060
186,055 569,657 564,094 General and administrative 788,584 469,254
2,355,384 1,659,179 Total operating expenses 1,784,227 1,271,518
4,886,991 3,976,472 Income from operations 211,942 31,472 270,164
238,623 Other income (expense) (Loss) on Sale of Investments - -
(103,532) - Interest income/ (expense) - Net 14,556 28,594 126,928
84,649 Net income before income taxes 226,498 60,066 293,560
323,272 Income tax benefit/ (expense) - Net 758,991 - 758,991 - Net
income $985,489 $60,066 $1,052,551 $323,272 Earnings per common
share - Basic $0.18 $0.01 $0.19 $0.06 Earnings per common share -
Diluted $0.17 $0.01 $0.18 $0.06 Shares in per share computation
Basic 5,536,494 5,470,060 5,532,112 5,458,673 Shares in per share
computation Diluted 5,918,855 5,770,867 5,826,292 5,737,994
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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