The Cooper Companies, Inc. (NYSE:COO) today announced that
following a comprehensive onsite assessment of its CooperVision
manufacturing facility in Juana Diaz, Puerto Rico, following the
impact of Hurricane Maria, the facility sustained relatively minor
damage. Manufacturing operations have been restored to
approximately 90% and are expected to continue ramping up over the
coming weeks with the support of the local power grid and
generators. Packaging and labeling operations have also been
restored and product is being shipped out of Puerto Rico.
While CooperVision works to restore full operational capacity,
it continues to support its employees, their families, and
suppliers affected by Hurricane Maria. CooperVision employs
approximately 1,500 people in Puerto Rico and their safety and
well-being remains our priority. Unfortunately some of our
employees suffered significant losses to their homes and property,
yet despite their personal struggles the majority of employees have
returned to work. We are humbled by the resiliency of our Puerto
Rico colleagues and their commitment to restore our operations. In
light of these events, Cooper has formed the Puerto Rico Relief
Fund to directly support employees who have suffered catastrophic
losses along with supporting the most critical emergency needs in
the surrounding communities.
Cooper plans to provide financial information with regard to the
impact of Hurricane Maria when it reports fourth quarter and full
year 2017 earnings on December 7, 2017.
About The Cooper CompaniesThe Cooper Companies,
Inc. ("Cooper") is a global medical device company publicly traded
on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of
Life Company™ with a focus on delivering shareholder value. Cooper
operates through two business units, CooperVision and
CooperSurgical. CooperVision brings a refreshing perspective on
vision care with a commitment to developing a wide range of
high-quality products for contact lens wearers and providing
focused practitioner support. CooperSurgical is committed to
advancing the health of families with its diversified portfolio of
products and services focusing on women’s health, fertility and
diagnostics. Headquartered in Pleasanton, CA, Cooper has more than
10,000 employees with products sold in over 100 countries. For more
information, please visit www.coopercos.com.
Forward-Looking StatementsThis press release
contains "forward-looking statements" as defined by the Private
Securities Litigation Reform Act of 1995. Statements relating to
guidance, plans, prospects, goals, strategies, future actions,
events or performance and other statements which are other than
statements of historical fact, including our 2017 Guidance and all
statements regarding acquisitions including the acquired companies’
financial position, market position, product development and
business strategy, expected cost synergies, expected timing and
benefits of the transaction, difficulties in integrating entities
or operations, as well as estimates of our and the acquired
entities’ future expenses, sales and diluted earnings per share are
forward looking. In addition, all statements regarding anticipated
growth in our revenue, anticipated effects of any product recalls,
anticipated market conditions, planned product launches and
expected results of operations and integration of any acquisition
are forward-looking. To identify these statements look for words
like "believes," "expects," "may," "will," "should," "could,"
"seeks," "intends," "plans," "estimates" or "anticipates" and
similar words or phrases. Forward-looking statements necessarily
depend on assumptions, data or methods that may be incorrect or
imprecise and are subject to risks and uncertainties.
Among the factors that could cause our actual results and future
actions to differ materially from those described in
forward-looking statements are: adverse changes in the global or
regional general business, political and economic conditions,
including the impact of continuing uncertainty and instability of
certain countries that could adversely affect our global markets,
and the potential adverse economic impact and related uncertainty
caused by these items, including but not limited to, the United
Kingdom’s election to withdraw from the European Union; foreign
currency exchange rate and interest rate fluctuations including the
risk of fluctuations in the value of foreign currencies or interest
rates that would decrease our revenues and/or earnings; our
indebtedness and associated interest expense could adversely affect
our financial health, prevent us from fulfilling our debt
obligations or limit our ability to borrow additional funds;
changes in tax laws or their interpretation and changes in
statutory tax rates, including but not limited to, United States
and other countries with proposed changes to tax laws, some of
which may affect our taxation of earnings recognized in foreign
jurisdictions and/or negatively impact our effective tax rate;
acquisition-related adverse effects including the failure to
successfully obtain the anticipated revenues, margins and earnings
benefits of acquisitions, integration delays or costs and the
requirement to record significant adjustments to the preliminary
fair value of assets acquired and liabilities assumed within the
measurement period, required regulatory approvals for an
acquisition not being obtained or being delayed or subject to
conditions that are not anticipated, adverse impacts of changes to
accounting controls and reporting procedures, contingent
liabilities or indemnification obligations, increased leverage and
lack of access to available financing (including financing for the
acquisition or refinancing of debt owed by us on a timely basis and
on reasonable terms); a major disruption in the operations of our
manufacturing, research and development or distribution facilities,
due to technological problems, including any related to integration
of acquisitions, natural disasters, system upgrades or other
causes; a major disruption in the operations of our manufacturing,
accounting and financial reporting, research and development or
distribution facilities due to technological problems, including
any related to our information systems maintenance, enhancements or
new system deployments, integrations or upgrades; disruptions in
supplies of raw materials, including but not limited to, components
used to manufacture our silicone hydrogel lenses; new U.S. and
foreign government laws and regulations, and changes in existing
laws, regulations and enforcement guidance, which affect areas of
our operations including, but not limited to, those affecting the
health care industry including the contact lens industry and the
medical device industry; compliance costs and potential liability
in connection with U.S. and foreign laws and health care
regulations pertaining to privacy and security of third party
information, including but not limited to product recalls, warning
letters, and data security breaches; legal costs, insurance
expenses, settlement costs and the risk of an adverse decision,
prohibitive injunction or settlement related to product liability,
patent infringement or other litigation; limitations on sales
following product introductions due to poor market acceptance; new
competitors, product innovations or technologies, including but not
limited to, technological advances by competitors, new products and
patents attained by competitors, and competitors' expansion through
acquisitions; reduced sales, loss of customers and costs/expenses
related to recalls; failure to receive, or delays in receiving,
U.S. or foreign regulatory approvals for products; failure of our
customers and end users to obtain adequate coverage and
reimbursement from third party payors for our products and
services; the requirement to provide for a significant liability or
to write off, or accelerate depreciation on, a significant asset,
including goodwill, and idle manufacturing facilities and
equipment; the success of our research and development activities
and other start-up projects; dilution to earnings per share from
acquisitions or issuing stock; changes in accounting principles or
estimates; environmental risks; and other events described in our
Securities and Exchange Commission filings, including the
“Business” and “Risk Factors” sections in the Company’s Annual
Report on Form 10-K for the fiscal year ended October 31, 2016, as
such Risk Factors may be updated in quarterly filings.
We caution investors that forward-looking statements reflect our
analysis only on their stated date. We disclaim any intent to
update them except as required by law.
COO-G
Source: The Cooper Companies, Inc.
CONTACT:
Kim DuncanVice President, Investor RelationsThe Cooper
Companies, Inc.ir@cooperco.com
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