MIRA
INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ZOLL MEDICAL CORPORATION |
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Registered Office : |
269 Mill Road Chelmsford, MA 01824 |
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Country : |
United States |
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Financials (as on) : |
02.10.2011 |
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Year of Establishment : |
1980 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of medical and surgical equipment and orthopaedic appliances |
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No. of Employees : |
1,908 |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
$100,000 (USD) |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
ZOLL Medical Corporation
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Business
Description
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ZOLL Medical Corporation (ZOLL) develops and markets medical devices
and software solutions that helps emergency care and save lives. With
products for defibrillation and monitoring, circulation and cardiopulmonary
resuscitation (CPR) feedback, data management, fluid resuscitation, and
therapeutic temperature management, the Company provides a range of
technologies, which help clinicians, emergency medical services (EMS) and
fire professionals, and lay rescuers treat victims needing resuscitation and
critical care. The Company designs, manufactures and marketing of
technologies that help advance the practice of resuscitation and temperature
control therapies for the treatment of critical care patients. For the
thirteen weeks ended 2 January 2011, ZOLL Medical Corporation's revenues
increased 8% to $113.2M. Net income increased 69% to $3.9M. Revenues reflect
an increase in income from company's products and services. Net income also
reflects an increase in gross profit margin and lower research &
development expenses. ZOLL Medical Corporation develops & manufactures
& markets medical devices and related software solutions in United
States. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3310 - Manufacture of medical and surgical equipment
and orthopaedic appliances |
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NAICS 2002: |
334510 - Electromedical and Electrotherapeutic
Apparatus Manufacturing |
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UK SIC 2003: |
3310 - Manufacture of medical and surgical equipment
and orthopaedic appliances |
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US SIC 1987: |
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Key Executives (Emails Available)
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Significant
Developments
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News
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Financial
Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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ZOLL Medical
Corporation The Strategic Initiatives report is created using technology to extract
meaningful insights from analyst reports about a company's strategic projects
and investments.
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Key Organizational Changes |
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In fiscal year 2010, ZOLL spent an amount of about USD 45.9 million
towards it R&D activities, which accounted for 10.34% of its total
revenue. Recently, the company was honored by Frost & Sullivan with the
2010 Market Leadership Award for the North American external defibrillator
market. ZOLL completed the acquisition of the assets of Road Safety International,
Inc., through one of its US subsidiaries. The company received a contract
from the Ministry of Health in Brazil for the supply of AED Plus for a
country-wide early defibrillation program. The company operates through one
segment, Non-invasive Resuscitation Devices and Systems. |
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Product |
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A higher than sector average* ROE may indicate that the company is
efficiently using the shareholders' money and that it is generating high
returns for its shareholders compared to other companies in the sector.Strong
Research and Development CapabilitiesZOLL lays principal focus on advancing
its research and development (R&D) capabilities, which helps it in
launching new and innovative products. This helps the company in expanding
its product portfolio, as well as to gain a competitive advantage over its
peers. The companyβs R&D strategy is to continuously enhance and expand
its diverse product line by combining existing proprietary technologies,
newly developed proprietary technologies and the technologies of its
best-in-class partners into new product offerings, which provide additional
valued benefits to its customers. Zoll pursues a multi-disciplinary approach
to product design, which includes significant electrical, mechanical,
software and biomedical engineering efforts. Currently, its R&D programs
focus on temperature management, data management, future generation products,
clinical trials, expansion of its long-term technical research efforts, and
other efforts. |
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Overview
ZOLL Medical Corporation is a leading medical devices company engaged in
developing, manufacturing, and marketing of medical products and software
solutions that increase clinical and operational efficiencies, as well as help
advance emergency care and save lives. It offers a complete range of
technologies and products for defibrillation and monitoring, data management,
circulation and CPR feedback, fluid resuscitation, and therapeutic temperature
management. The company has strong focus on its research and development
activities, which helps it to gain a competitive advantage over its peers, as
well as to gain a large market share. However, intense competition and rapid
technological changes prevalent in the medical devices market could have an
adverse affect on the companyβs operational performance.
Strengths
The increase in ZOLLβs top line resulted in higher operating income and
operating margins. The company's operating margin was 6.11% for fiscal year
2010 as compared to an operating margin of 3.01% in fiscal year 2009. Its
operating margin for fiscal year 2010 was above the Medical Devices sector
average* of -0.54%. A higher than sector average* operating margin may indicate
efficient cost management or a strong pricing strategy by the company. ZOLL
recorded an operating income of USD 27.13 million in fiscal year 2010, an
increase of about 133.67% over that in 2009. As a result, the companyβs
operating margin has increased 309 basis points (bps) over 2009 which may
indicate management's high focus on improving profitability.
The company's return on equity (ROE) was 6.0% for fiscal year 2010. It
reported a net income of USD 18.92 million in fiscal year 2010, an increase of
97.9% over that in fiscal year 2009. ZOLLβs ROE in fiscal year 2010 was above
the Medical Devices sector average* of -3.8%. A higher than sector average* ROE
may indicate that the company is efficiently using the shareholders' money and
that it is generating high returns for its shareholders compared to other
companies in the sector.
Broad Range of Resuscitation Products
The company has diversified its product offerings by catering to a
number of industries and markets, which allows it to withstand market
volatility in any individual product category. ZOLLβs principal competitive
factor across all fields of its market include a broad diverse range of
resuscitation products, which address a series of issues such as circulatory,
electrical, ventilation, and data management. The companyβs resuscitation
products fall under the categories of professional defibrillators, including
the R Series, E Series, M Series, and AED Pro with manual defibrillation
capability; AED products used by minimally trained rescuers, such as the AED
Pro and the AED Plus; and the disposable electrodes used with its line of
defibrillators. Its product categories also consist of the AutoPulse
non-invasive sudden cardiac support pump, for use to automate the process of
delivering chest compressions. documentation and information management that
includes RescueNet for EMS and fire personnel and Code Net for hospitals; a
wearable external defibrillator, the ZOLL LifeVest that is prescribed by
physicians for individual patient wear during periods of risk of sudden cardiac
arrest (SCA); and fluid replacement using the power infuser in trauma. These
devices are developed using its proprietary technologies. Its products and
solutions helps responders manage, treat, and save lives in emergency rescues
and in hospitals; outside the hospital while at work or home; in doctors' and
dentists' offices and schools; in public places and on the battlefield. Such
comprehensive offering help clinicians, EMS professionals and lay rescuers
resuscitate SCA and trauma patients.
Strong Research and Development Capabilities
ZOLL lays principal focus on advancing its research and development
(R&D) capabilities, which helps it in launching new and innovative
products. This helps the company in expanding its product portfolio, as well as
to gain a competitive advantage over its peers. The companyβs R&D
strategy is to continuously enhance and expand its diverse product line by combining
existing proprietary technologies, newly developed proprietary technologies and
the technologies of its best-in-class partners into new product offerings,
which provide additional valued benefits to its customers. Zoll pursues a
multi-disciplinary approach to product design, which includes significant
electrical, mechanical, software and biomedical engineering efforts. Currently,
its R&D programs focus on temperature management, data management, future
generation products, clinical trials, expansion of its long-term technical
research efforts, and other efforts. The company spent about USD 45.9 million,
USD 39.5 million and USD 32.4 million during fiscal years 2010, 2009, and 2008,
respectively on its R&D activities. The increase in R&D expenses during
2010 was principally due to its on-going AutoPulse and LifeVest clinical trial
work, and partly due to the result of its strategic alliance with Welch Allyn.
By fiscal year ended October 03, 2010, ZOLL holds around 250 US and 180 foreign
patents, as well as a number of pending patent applications relating to pacing,
defibrillation, temperature management, CPR and other resuscitation therapies.
The companyβs strong R&D activities and patent portfolio allow the
company to gain competitive advantage and drive its product portfolio, helping
it to gain large market share.
The company owns some of the key proprietary technologies in the field
of resuscitation devices and systems, which provides it a competitive advantage
over the other players in the market, and helps it to garner a major market
share. In order to maintain its competitive position, ZOLL principally depends
upon its technological innovations. The products developed by the company in
relation to resuscitation products are concentrated on three core technologies,
namely, Rectilinear Biphasic waveform, External Pacing and Real CPR Help. The
Rectilinear Biphasic waveform technology uses external defibrillators to
deliver current over time to the heart, which results in a defined waveform shape.
The waveform used is monophasic, and the other type is the biphasic waveform,
which delivers current that first flows in a positive direction for a period of
time and then reverses direction so that it flows in a negative direction. ZOLLβs
biphasic waveform maintains the waveform shape and interval constant over a
broad range of patients, whose differing physiologies affect the conduction of
current, helping in improving efficacy. The External Pacing Technology was
developed by the company in 1984 and has been the cornerstone of the pacing
capability in ZOLLβs line of hospital defibrillators. This technology helps
in allowing better patient tolerance of external pacing due to reduced current
requirements and large surface area electrodes that deliver the current. Real
CPR Help technology featured in its Professional Defibrillators and AEDs helps
in allowing rescuers to see and hear the rate and depth of chest compressions
during a cardiac arrest event. These technologies make ZOLL the leading company
in enhancing CPR quality, in an effort to increase resuscitation success.
Weaknesses
Dependency on Single Source Supplirs
The companyβs dependence on a few single source suppliers could have
an adverse affect on its business operations in the long run. ZOLL uses
standard parts and components for its products. Some components purchased are
proprietary and are from various sole and single source suppliers. The company
gets products such as capacitors, display screens, gate arrays and integrated
circuits without any substitutes. It may not be able to obtain sufficient
amounts of these components and may have limited ability to deal with faulty
components leading to delays and reductions in shipments affecting the results
of operations. Replacing new suppliers would consume time and expense along
with redesign of the products. Any such interruption in the supply or
degradation in the quality would adversely affect the business, performance and
results of the company.
Declining Market Share in Sector
The company's compounded annual growth rate (CAGR) for revenue was 14.8%
during 2006-2010. This was below the Medical Devices sector average* of 17.7%. A
lower than sector average* revenue CAGR may indicate that the company has
performed below the sectorβs average growth and lost market share over the
last four years. The company's underperformance could be attributed to a weak
competitive position or inferior products and services offering or lack of
innovative products and services.
Lack of Geographic Diversification
The companyβs geographic concentration could make it vulnerable to
various market risks associated with over dependence on a single economy. ZOLL
sells its products directly and through a network of distributors across the
world. The US region is its largest geographical segment, which accounted for
almost 68.5%, 67.9% and 70.9% of its total revenue for fiscal years 2010, 2009,
and 2008 respectively. Though its operations are wide spread throughout the
world, most of its revenues are derived from the US region. The ongoing global
credit crunch followed by economic turmoil and formal recession in majority of
the developed markets in the world might not support a US focused business
model, any more. There is no dearth of case studies on global manufacturing
giants who succeeded by aligning their respective organizations in accordance
with the changing world economic order. With spending at a rock bottom level in
the US, the company will continue to be subjected to the risk of being
over-dependent on that market.
Product Recalls and Pending Litigations
The company's various product recalls not only generate substantial
negative publicity about its products and business, but also prevent
commercialization of other future product candidates. In May 2010, the company
recalled its E Series Defibrillator BLS Model. This device issued shock advised
message but failed to auto-charge the defibrillator. In September 2009, the
company recalled several models of its R series Defibrillator due to its
failure to display ECG readings resulting in delay of the delivery of
defibrillation or pacing therapy. Moreover, in April 2009, the company recalled
its AED Plus Defibrillator due to its failure of discharging the defibrillation
energy. On June 18, 2010, Koninklijke Philips Electronics N.V. and Philips
Electronics North America Corporation filed a lawsuit against the company in
the US District Court, Boston, MA, alleging that ZOLL infringed about fifteen
patents owned by the Philips entities. The outcome of the litigation is pending
and the result is unknown. Any adverse outcome could have an adverse affect on
the companyβs financial performance.
There has been inconsistency in the sales performance of the company in
the past four years (2007-2010). ZOLLβs revenues have been fluctuating
considerably over the same period. The company recorded revenues of USD 309.45
million during fiscal year 2007. The revenues increased to USD 398.02 million
in fiscal year 2008. Further, the companyβs revenues declined to USD 385.19
million in fiscal year 2009 and increased t to USD 443.99 million in 2010,
representing an increase of 15.26% over 2009. Such inconsistent performance
could adversely affect the companyβs operations. These fluctuations in its
revenues may lower the investorβs confidence in the company. Also, the
operations of the company might be affected adversely, if it does not recover
from this instability at the earliest.
Opportunities
Increasing Cardiovascular Diseases
The company could benefit from the growing cardiovascular devices market
with targeted marketing programs. The global cardiovascular devices market was
valued at $33,889.4m in 2009, and is expected to grow more than 4.6% during
2009-2016 to reach $46,368m by 2016 according to in-house forecasts.
Cardiovascular disease (CVD) is the leading cause of death in the US. During
2010, it was estimated that over 300,000 people in the US die annually from
sudden cardiac arrest (SCA). According to AHA statistics, the cost involved in
treating CVD in the US is estimated at around $400 billion in a year. The
global cardiac monitoring systems market is estimated at around $1 billion. The
market for cardiac monitoring systems is expected to grow at 2 to 3% annually.
Additionally, the worldwide market for AEDs is valued at more than $350m and is
expected to double in the next five years. It is believed that the manual
external defibrillators market is presently over $700m and is growing at around
5% annually. This forecast growth will principally be driven by socioeconomic
factors such as ever increasing physical health consciousness, as well as
increased efforts to reduce healthcare costs. Targeted marketing programs would
ensure that the company continues to increase its market share in the global
cardiovascular devices market. Specific areas of cardiovascular disease help
the company in developing novel technologies to enable clinicians treat
patients suffering from that disease.
ZOLL received several awards in the recent past, which could enhance its
operational performance by bagging on its customers trust. In January 2011, the
company received the Frost & Sullivan 2010 Market Leadership Award for the
North American external defibrillator market. This award was given in
recognition of ZOLLβs excellence in capturing the highest market share within
its industry. In June 2010, the company was honored by the Premier Healthcare
Supplier Performance Award for the fourth consecutive year. In May 2010, MD
Buyline, the leading healthcare intelligence firm ranked ZOLL defibrillators as
number one in terms of customer satisfaction. The company was honored by the
Omega NorthFace ScoreBoard Award for the ninth consecutive year for its
excellence in customer satisfaction. Such achievements will further enhance the
companyβs market position and in turn provide the company with significant
opportunities in future.
The increasing population of people aged above 65, who consume more
medical solutions than younger population and are more prone to chronic
diseases, has significant market potential for the company. The United Nations
Population Division estimated that the number of people over 60 years of age
throughout the world will triple to nearly 2 billion by 2050. Globally, the
population of older persons is growing at a rate of 2.6% annually. According to
the United Nations Population Division, people aged 60 are projected to account
for 22% of the total world population by 2050, up from 11% in 2009. In
developed economies such as the US, the UK, France, Germany and Japan, the
percentage of people aged 65 and older is in double digits and is expected to
continue to grow for the next seven years. While developed countries have
managed to slow down their overall population growth, the longevity in the
elderly population will cause problems in the future. Such a situation will
increase the healthcare costs in those countries. The pace of population aging
is faster in developing countries than in developed countries. Due to the large
volume of population in countries such as China and India, the number of people
growing older is quite high. In 2009, the number of persons aged above 60 had
increased three and a half times to 737 million. There were 12 countries with
more than 10 million people aged above 60, including China (160 million), India
(89 million), the US (56 million), Japan (38 million), the Russian Federation
(25 million) and Germany (21 million). By 2050, 32 countries are expected to
have over 10 million people aged above 60, including five countries with more
than 50 million older people: China (440 million), India (316 million), the US
(111 million), Indonesia (72 million) and Brazil (64 million). This elderly
population is expected to exert increasing pressure on the healthcare system.
Regulatory Approvals and Product Launches
The newly launched and pipeline products provide enough opportunities
for Zoll to expand its market share. The company received 510(k) clearance from
the US Food and Drug Administration (FDA) to market and begin distribution of
its new Propaq M Monitor in September 2010, and also received FDA clearance for
marketing its Propaq MD Monitors and Defibrillators in July 2010. These
products were designed specifically to meet the special needs of military
customers and air medical operations worldwide. In July 2010, it obtained
approval from Japanese Pharmaceutical and Medical Devices Agency regarding
marketing of AED Plus and AED Pro series of automated external defibrillators
in Japanese market. This approval allows the company to expand its market share
in the world's second largest defibrillator market.. In October 2010, ZOLL completed
the purchase of the assets of Road Safety International, Inc., by which Road
Safety's SafeForce Driving System for emergency vehicles will be managed and
marketed by ZOLLβs data management group. The Road Safety system will be
integrated into the companyβs RescueNet software portfolio, and will be
offered on the name RescueNet Road Safety. This product would substantially
strengthen the companyβs software offerings and enhance ZOLLβs operational
performance.
Emerging markets offer a strong growth opportunity for the company,
enabling it to leverage its strong brand and product portfolio. The demand in
core markets is falling; hence, in order to sustain their revenue, companies
are looking at tapping new markets, especially the emerging economies.
According to in-house forecasts, medical equipment market in emerging economies
(China, India and Brazil) has grown at a CAGR of 6.5% over the past eight years
to reach $20.8 billion in 2009, driven by positive demographics, increased
awareness of medical conditions, the availability of treatment options, and an
increase in income levels. It is forecast to grow at a CAGR of 7.3% to reach
$31.8 billion in 2015. The company envisages considerable opportunity to grow
as healthcare systems are modernized and expanded in these economies.
Threats
Rapid Technological Change
The medical device industry is subject to significant technological
advances and product innovation and development. ZOLL must continuously design
new products, and update existing products and develop new technologies to meet
its customersβ demands. The launch of new products and technologies involves
a significant commitment to research and development. Upon investing in these
new technologies, the companyβs profits may suffer if they are not accepted
in the marketplace as anticipated. Additionally, its competitors may develop
innovative technologies and products, which could render its technology and
products under development obsolete or uncompetitive.
The companyβs performance can be affected by the competitive
environment within the medical equipment sector and customer preferences in its
markets. Some of its competitors have higher financial, technical and other
resources than what the company possesses. ZOLL principally competes with
industry giants that include Philips Healthcare, Physio-Control, ConMed
Corporation, and Kendall-Cadence (a division of Covidien plc) among others. It
also competes with Michigan Instruments, Inc., Jolife AB, Cardiac Science
Corporation, Gaymar Industries, Inc., RAM Software Systems, Inc., Firehouse
Software Corporation, Tiburon Systems and many other players in the markets
that it operate in. The demand for its products is impacted by competitive
conditions, including the timely development and introduction of new
competitive products and the response of the company to downward pricing to
sustain competition. Factors such as changing customer order patterns, changing
incentive programs; or competitorsβ new products can impact the companyβs
competitive positioning.
The healthcare reform bill signed by President Obama on March 23, 2010,
requires companies to subsidize healthcare bill through substantial annual
excise tax on medical device sales, commencing in 2013. The significant reforms
to the US healthcare system include provisions, among other things, to impose
new and increased taxes or to reduce and limit medicare reimbursements. These
initiatives will result in reduced medical procedure volumes, impacting the
volume and price of products sold, and increased cost. The initiatives by the
government may harm business activities, results of operations and the
financial performance of ZOLL.
Stringent Government Regulations
The companyβs products, research and development activities and
manufacturing processes have to comply with various local, state, federal,
foreign and transnational laws and regulations. In the US, the FDA regulates
the introduction of new medical products, manufacturing and labeling and record
keeping procedures for such products. Obtainment of marketing approval for new
medical devices from the US FDA is time consuming and expensive. Products
marketed outside the US are also subject to government regulations, which vary
from country to country. ZOLL has to comply with different regulations
governing product standards, packaging and labeling requirements, import
restrictions, tariff regulations and tax requirements. Non-compliance by the
company with applicable laws and regulations or failure to maintain, renew or
obtain necessary permits and licenses could have an adverse effect on the
company's results of operations and financial performance.
The companyβs ability to price the devices is impacted by the
increased scrutiny of the cost effectiveness of treatments by government as
well as private players. The initiatives of managed care organizations and
governments to contain healthcare costs in the US led to increased demand for
the delivery of more cost-effective medical therapies. This could adversely
affect the sales and prices of ZOLLβs products. Physicians, hospitals and
other healthcare providers may be reluctant to purchase the company's products
if they are not reimbursed by third-party payers such as Medicare, Medicaid and
health insurance programs. For instance, the Centers for Medicare and Medicaid
Services (CMS) have imposed restrictions on the prices of medical devices and
physician-administered drugs used in ophthalmic surgery, which the Medicare
patients are reimbursed.
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Corporate Structure News
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ZOLL Medical
Corporation |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Chelmsford, MA |
United States |
Medical Equipment and Supplies |
523.7 |
1,908 |
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Subsidiary |
Pittsburgh, PA |
United States |
Medical Equipment and Supplies |
22.5 |
150 |
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Subsidiary |
Pawtucket, RI |
United States |
Medical Equipment and Supplies |
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100 |
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Subsidiary |
Sunnyvale, CA |
United States |
Medical Equipment and Supplies |
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53 |
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Branch |
Houston, TX |
United States |
Medical Equipment and Supplies |
12.0 |
20 |
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Subsidiary |
St Leonards, NSW |
Australia |
Medical Equipment and Supplies |
6.7 |
15 |
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Subsidiary |
KΓΆln |
Germany |
Medical Equipment and Supplies |
1.0 |
15 |
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Subsidiary |
ELST |
Netherlands |
Medical Equipment and Supplies |
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15 |
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Subsidiary |
Voisins Le Bretonneux |
France |
Personal and Household Products |
10.7 |
14 |
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Subsidiary |
Mississauga, ON |
Canada |
Scientific and Technical Instruments |
4.7 |
6 |
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Subsidiary |
Christchurch |
New Zealand |
Medical Equipment and Supplies |
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1 |
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Executives Report
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Significant Developments
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Here is the latest Massachusetts business news from The Associated Press
Associated Press
16 December 2011
|
[What follows is
the full text of the news story.] WATERTOWN, Mass.
-- Athenahealth has issued a 2012 profit prediction much lower than Wall
Street's average forecast and its shares tumbled more than 15 percent. The
medical software maker announced the outlook at its annual investor
conference, calling it the "ambitious" and in line with the
company's long-term goals. CHELMSFORD,
Mass. (AP) _ Zoll Medical says that Medicare will continue to cover its
LifeVest wearable defibrillator. Its stock surged 29 percent on the news.
Zoll Medical said the Centers for Medicare and Medicaid Service reaffirmed
its coverage policy on LifeVest, which is worn by patients who are at risk
for sudden cardiac arrest, including those who have had a heart attack or are
waiting for or recovering from bypass surgery or stent replacement. BOSTON (AP) _
Governor Deval Patrick's administration plans to hire a specialized law firm
and financial advisor to guide negotiations for a possible tribal casino in
southeastern Massachusetts. The state's new casino gambling law sets a July
31 deadline for a federally-recognized, Massachusetts-based tribe to sign a
compact with the state. BOSTON (AP) _
State lawmakers have approved a bill that would allow package stores to open
on the day after Christmas. Under current Massachusetts law, when Christmas
falls on a Sunday _ as it does this year _ liquor stores must also remain
closed on the Monday after the holiday. The Legislature has approved and sent
to Governor Deval Patrick's desk a change in the law that would permit liquor
sales on the day after Christmas. |
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Nasdaq stocks posting largest percentage increases
Associated Press
15 December 2011
|
[What follows is
the full text of the news story.] NEW YORK -- A
look at the 10 biggest percentage gainers on Nasdaq at the close of trading: Southwest Bancorp
Inc. rose 29.7 percent to $6.02. Zoll Medical
Corp. rose 28.7 percent to $60.29. SonoSite Inc.
rose 27.1 percent to $53.70. Acadia
Healthcare Co. rose 19.8 percent to $9.01. Novellus Systems
Inc. rose 16.3 percent to $40.37. Apogee
Enterprises Inc. rose 16.0 percent to $12.25. Gevo Inc. rose
12.9 percent to $6.37. LiveDeal Inc.
rose 12.3 percent to $6.37. National
Security Group rose 12.1 percent to $9.44. Central European
Distribution Corp. rose 11.2 percent to $5.16. |
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Medicare maintain coverage of Zoll's LifeVest
Associated Press
15 December 2011
|
[What follows is
the full text of the news story.] CHELMSFORD,
Mass. -- Zoll Medical Corp. said Thursday that Medicare will continue to
cover its LifeVest wearable defibrillator. Its stock surged 29 percent on the
news. Zoll Medical
said the Centers for Medicare and Medicaid Service reaffirmed its coverage
policy on LifeVest, which is worn by patients who are at risk for sudden
cardiac arrest, including those who have had a heart attack or are waiting
for or recovering from bypass surgery or stent replacement. Medicare has
covered LifeVest since 2005, but in August, a Medicare carrier proposed
limits on devices like LifeVest. In the third
quarter, sales of LifeVest rose 57 percent to $111 million. Shares of Zoll
Medical rose $13.46 to $60.29 in Thursday trading. |
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US HOT STOCKS: MetroPCS, Olympus, Scholastic, WebMD, Zoll -2-(2)
Nikkei English News
15 December 2011
|
[What follows is
the full text of the news story.] Mutual fund and
asset-management company Waddell & Reed Financial Inc. (WDR, $24.66,
+$0.60, +2.49%) announced a 25% increase to its quarterly dividend. Four private
equity firms, among them KKR & Co. (KKR, $12.32, -$0.08, -0.65%) and
Providence Equity Partners, are expected to submit bids for WebMD Health
Corp. (WBMD, $37.75, +$3.14, +9.07%), an online health-information provider,
by a Monday deadline, the New York Post reported Thursday on its website,
citing people familiar with the matter. Zoll Medical
Corp. (ZOLL, $60.29, +$13.46, +28.74%) said the Centers for Medicare &
Medicaid Services reaffirmed coverage for the medical device maker's wearable
defibrillator, a disclosure that gave shares a sharp lift. -Edited by
Corrie Driebusch and Ian Thomson; write to corrie.driebusch@dowjones.com
and ian.thomson@dowjones.com |
|
US HOT STOCKS: Olympus, Scholastic, Vertex Pharma, Zoll -3-
Nikkei English News
15 December 2011
|
[What follows is
the full text of the news story.] Olympus Corp.
(OCPNY, $12.75, -$3.35, -20.81%) (7733.TO) said that the dividends it paid in
recent years exceeded the amounts legally allowed under revised financial
statements, adding that it will look into the matter further, The Nikkei
reported in its Friday morning edition. Orexigen
Therapeutics Inc. (OREX, $1.48, -$0.19, -11.14%) proposed an offering of
units consisting of a share of stock and warrant to purchase more shares, one
of several companies unveiling offerings Wednesday evening. Packaging Corp.
of America (PKG, $24.18, +$0.50, +2.11%) said it will add $150 million to its
share-repurchase program, as the company looks to build shareholder value. Rite-Aid Corp.'s
(RAD, $1.18, +$0.04, +3.52%) fiscal third-quarter loss narrowed mostly on
continued growth in the drugstore chain's same-store sales, and the company
improved its guidance for the year. Scholastic
Corp.'s (SCHL, $26.74, +$1.06, +4.13%) fiscal second-quarter profit rose 11%
as the children's book publisher saw improved revenue in its educational
technology and services segment thanks to higher margin products. Solutia Inc.'s
(SOA, $15.33, +$0.44, +2.96%) board authorized the specialty chemical
company's first dividend, as the company affirmed its guidance for the year
and unveiled longer-term growth plans ahead of its investor day Thursday. Deutsche Bank
raised its stock-investment rating on Skyworks Solutions Inc. (SWKS, $14.40,
+$0.36, +2.56%) to buy from hold, noting that the market has "overdone
its punishment" of the analog chip designer. "The stock is off 37%
in the past two months on little hard news," the investment bank says,
while Skyworks' industry position remains strong and transitions to 3G and 4G
networks should boost prospects in 2012 and beyond. Standard &
Poor's said it will move online travel research company TripAdvisor Inc.
(TRIPV, $28.40, +$1.28, +4.72%) into its S&P 500 index, replacing
telecommunications-equipment maker Tellabs Inc. (TLAB, $3.81, +$0.00,
+0.00%). Multifamily real
estate investment trust UDR Inc. (UDR, $24.16, +$0.65, +2.76%) announced a
7.5% sequential increase to its quarterly dividend. VeriFone Systems
Inc.'s (PAY, $37.87, -$2.68, -6.61%) fiscal fourth-quarter earnings more than
quadrupled as the electronic-payment company's sales in Europe continued to
surge. Vertex
Pharmaceuticals Inc. (VRTX, $31.37, +$0.83, +2.72%) said the U.S. Food and
Drug Administration has granted its cystic fibrosis drug a priority review in
accepting the treatment's new drug application. The company also said that
board member Jeffrey Leiden would step up to lead the company in February,
replacing current chief executive Matthew Emmens as he prepares to retire in
May. Mutual fund and
asset-management company Waddell & Reed Financial Inc. (WDR, $24.82,
+$0.76, +3.16%) announced a 25% increase to its quarterly dividend. Four private
equity firms, among them KKR & Co. (KKR, $12.40, -$0.01, -0.04%) and
Providence Equity Partners, are expected to submit bids for WebMD Health
Corp. (WBMD, $37.78, +$3.17, +9.16%), an online health-information provider,
by a Monday deadline, the New York Post reported Thursday on its website,
citing people familiar with the matter. Zoll Medical
Corp. (ZOLL, $59.03, +$12.20, +26.05%) said the Centers for Medicare &
Medicaid Services reaffirmed coverage for the medical device maker's wearable
defibrillator, a disclosure that gave shares a sharp lift. -Edited by Ian
Thomson and Corrie Driebusch; write to ian.thomson@dowjones.com
and corrie.driebusch@dowjones.com |
|
CMS Coverage Reaffirmed for ZOLL LifeVest Wearable Defibrillator
Business Wire
15 December 2011
|
[What follows is
the full text of the news story.] Strong Professional
Society Support for LifeVest CHELMSFORD,
Mass.--(BUSINESS WIRE)-- ZOLL Medical Corporation (NasdaqGS: ZOLL), a
manufacturer of medical devices and related software solutions, announced
today that the Centers for Medicare and Medicaid Services (CMS) Durable
Medical Equipment Medical Administrative Contractors (DME MACs) reaffirmed
the current coverage policy across all indications for the LifeVestοΏ½
Wearable Defibrillator. CMS coverage for
wearable defibrillators was established in 2005. In August, 2011, the DME
MACs considered changes to the Medicare coverage for the wearable
cardioverter defibrillator (WCD) as part of a draft Local Coverage
Determination (LCD) for Automatic External Defibrillators (AEDs). During the
public comment period, the current coverage policy received broad and
overwhelmingly positive support from all of the key cardiology-focused
professional societies, including the Heart Rhythm Society, American College
of Cardiology, American Heart Association, American Association of Heart
Failure Nurses, Sudden Cardiac Arrest Association, and the Sudden Cardiac
Arrest Foundation. In addition, over 50 nationally recognized physicians
submitted comments supporting CMS coverage for WCDs in the implantable
cardioverter defibrillator (ICD) waiting periods. The DME MAC
Medical Directors withdrew the draft LCD, making no changes to the current
LCD as it relates to WCDs. This policy is consistent with the coverage
criteria that over 3,000 private insurance plans and 37 state Medicaid plans
use to evaluate and reimburse for the WCD in these periods. οΏ½We are
pleased with the decision by the DME MAC Medical Directors. After their
thorough review of all available research and literature, the Medical
Directors decision reaffirms the wisdom of the current, original Medicare
policy initiated in 2005 that wearable defibrillators are medically necessary
to protect patients at risk of sudden cardiac death during ICD waiting
periods. The decision highlights that wearable defibrillator therapy delivers
both the quality of patient care and the economic value that payers are
seeking.οΏ½ said Richard A. Packer, Chief Executive Officer of ZOLL. οΏ½I
believe the favorable DME MAC decision represents a significant milestone in
broader wearable defibrillator therapy coverage policyοΏ½the significant,
robust comments supporting the current policy during the public comment
period, including letters from the Heart Rhythm Society, American College of
Cardiology, American Heart Association, American Association of Heart Failure
Nurses, Sudden Cardiac Arrest Association, Sudden Cardiac Arrest Foundation,
and over 50 nationally recognized, thought-leading physicians, raises the
expectation for private payers to provide similar coverage, enabling more
physicians to cost effectively save more lives.οΏ½ The LifeVestοΏ½is worn by patients at risk
for sudden cardiac arrest (SCA), providing protection during their changing
condition and while permanent SCA risk has not been established. The LifeVest
allows a patientοΏ½s physician time to assess his or her long-term arrhythmic
risk and make appropriate plans. The LifeVest is lightweight and easy to
wear, allowing patients to return to their activities of daily living, while
having the peace of mind that they are protected from SCA. The LifeVest
continuously monitors a patientοΏ½s heart and, if a life-threatening heart
rhythm is detected, the device delivers a treatment shock to restore normal
heart rhythm. The LifeVest is
used for a wide range of patient conditions or situations, including
following a heart attack, before or after bypass surgery or stent placement,
as well as for those with cardiomyopathy or congestive heart failure that
places them at particular risk. About ZOLL
Medical Corporation ZOLL Medical
Corporation develops and markets medical devices and related software
solutions that help advance emergency care and save lives, while increasing
clinical and operational efficiencies. With products for defibrillation and
monitoring, circulation and CPR feedback, data management, fluid
resuscitation, and therapeutic temperature management, ZOLL provides a
comprehensive set of technologies which help clinicians, EMS and fire
professionals, and lay rescuers treat victims needing resuscitation and
critical care. A NASDAQ Global
Select company and a Forbes 100 Most Trustworthy Company in 2007, 2008 and
2009, and a Forbes Top 100 Small Business Company in 2011, ZOLL develops and
manufactures its products in the United States, in California, Colorado,
Illinois, Massachusetts, Pennsylvania, and Rhode Island. More than 400 direct
sales and service representatives, 1,100 business partners, and 200
independent representatives serve our customers in over 140 countries around
the globe. For more information, visit www.zoll.com. Certain
statements contained in this press release, including statements regarding
the CompanyοΏ½s expectations of private payer reimbursement for our LifeVest
product, and other statements contained herein regarding matters that are not
historical facts, are οΏ½forward-lookingοΏ½ statements (as defined in the
Private Securities Litigation Reform Act of 1995). Because such statements
are subject to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements include, but are not limited to,
those factors discussed in the section entitled οΏ½Risk FactorsοΏ½ in the
Company's Annual Report on Form 10-K filed with the SEC on November 23, 2011
and subsequent filings. You should not place undue reliance on the
forward-looking statements in this press release, and the Company disavows
any obligation to update or supplement those statements in the event of any
changes in the facts, circumstances, or expectations that underlie those
statements. οΏ½ 2011 ZOLL
Medical Corporation. All rights reserved. 269 Mill Road, Chelmsford, MA
01824-4105. LifeVest and ZOLL are registered trademarks of ZOLL Medical
Corporation. All trademarks are property of their respective owners. Investor Contact: Source: ZOLL
Medical Corporation |
|
Piper Jaffray Hosts 23rd Annual Healthcare Conference
Biotechnology
Biotech Business
Week
30 November 2011
|
[What follows is
the full text of the news story.] Piper Jaffray
(NYSE: PJC) will host its 23rd Annual Healthcare Conference November 29-30 in
New York. Industry participants and investors will hear from more than 250
influential public and private companies in the biotechnology, specialty
pharmaceuticals, drug discovery, medical technology, healthcare services, and
medical diagnostics and devices sectors (see also Biotechnology). "We have a
longstanding commitment to the healthcare industry," said Jeff
Klinefelter, head of equity research at Piper Jaffray. "This is a time
of dramatic change in healthcare driven by the pace of numerous regulatory,
managed care and commercial developments. We expect investors to gain
insights from leading biopharma, medical technology and healthcare services
companies." The 23rd Annual
Piper Jaffray Healthcare Conference will feature the industry's leading
senior management teams presenting to an audience of nearly 1,500 attendees,
including top institutional investors, equity portfolio managers and research
analysts from the United States, the United Kingdom, Asia and Europe. Featured
companies include: Aastrom Biosciences, Inc.; Abaxis Inc.; ABIOMED, Inc.;
Acceleron Pharma, Inc.; Accuray Incorporated; AcelRx Pharmaceuticals, Inc.;
Achillion Pharmaceuticals, Inc.; Acorda Therapeutics, Inc.; Advisory Board
Co.; AEterna Zentaris Inc.; Affymetrix, Inc.; Akorn, Inc.; Alder
Biopharmaceuticals, Inc.; Alexion Pharmaceuticals, Inc.; Algeta ASA; Allergan
Inc.; Allon Therapeutics, Inc.; Allscripts Healthcare Solutions, Inc.;
Alnylam Pharmaceuticals, Inc.; Alphatec Holdings, Inc.; AMAG Pharmaceuticals,
Inc.; AmSurg Corp.; Amylin Pharmaceuticals, Inc.; AngioChem Inc.;
AngioDynamics Inc.; AngioScore, Inc.; Anthera Pharmaceuticals, Inc.; Ardea
Biosciences; Arena Pharmaceuticals, Inc.; Array BioPharma Inc.; ArthroCare
Corporation; Astex Pharmaceuticals, Inc.; Athersys, Inc.; AtriCure, Inc.;
Avanir Pharmaceuticals; Avantis Medical Systems, Inc.; AVI Biopharma, Inc.;
Baxano, Inc.; Baxter International Inc.; Becton, Dickinson and Company;
Benefitfocus.com, Inc.; BG Medicine, Inc.; BioDelivery Sciences
International, Inc.; BioHorizons, Inc.; bioMerieux; Boston Scientific
Corporation; Cardica Inc.; Cardiocore Lab, Inc.; CardioDx, Inc.; CardioFocus,
Inc.; Celgene Corporation; Cellnovo Limited; Celsion Corp.; Cepheid; Cerner
Corporation; Chelsea Therapeutics International Ltd; Chimerix, Inc.; China
Kanghui Holdings; Colibri Heart Valve; Complete Genomics, Inc.; Computer
Programs And Systems Inc.; Conceptus, Inc.; Concert Pharmaceuticals, Inc.;
CONMED Corporation; Covidien, Ltd.; CryoLife, Inc.; Curaspan Health Group,
Inc.; Curis Inc.; Cutera, Inc.; CVRx, Inc.; Cyberonics, Inc.; Derma Sciences
Inc.; DexCom, Inc.; DFine, Inc.; DURECT Corporation; DynaVox Inc.;
e+CancerCare; EBR Systems, Inc.; Emergent BioSolutions, Inc.; Endo
Pharmaceuticals Holdings Inc.; Endologix Inc.; EnteroMedics, Inc.; Exact
Sciences Corporation; Exactech Inc.; Exelixis, Inc.; Flexion Therapeutics,
Inc.; Fluidigm Corporation; Fresenius Medical Care AG; Genesis Biopharma,
Inc.; GenMark Diagnostics, Inc.; Genomic Health, Inc.; Gen-Probe Incorporated;
GetWellNetwork, Inc.; Gilead Sciences, Inc.; Greatbatch, Inc.; Hansen
Medical, Inc.; HEALTHCAREfirst Inc.; Healthland, Inc.; Healthpoint
Biotherapeutics; Healthways, Inc.; HeartWare International Inc.; Heat
Biologics, Inc.; Hill-Rom Holdings, Inc.; HMS Holdings Corp.; Home Solutions,
Inc.; Human Genome Sciences, Inc.; ICU Medical, Inc.; IDEV Technologies,
Inc.; Illumina, Inc.; Impax Laboratories, Inc.; Imprivata, Inc.; Incyte
Corporation; Infinity Pharmaceuticals, Inc.; Inhibitex, Inc.; Inogen, Inc.;
Insite Vision Inc.; Insulet Corporation; Integra LifeSciences Holdings
Corporation; IntegraMed America Inc.; Integrated Diagnostics Incorporated;
IntelliPharmaCeutics International Inc.; InTouch Technologies, Inc.; Intrexon
Corporation; Intuity Medical, Inc.; InVivo Therapeutics Holdings Corp.; IPC
The Hospitalist Co.; IRIS International Inc.; iScience Interventional, Inc.;
ISIS Pharmaceuticals Inc.; Jazz Pharmaceuticals, Inc.; Johnson & Johnson;
K2M Inc.; Kips Bay Medical, Inc.; KnowledgePoint360 Group, L.L.C.;
LipoScience, Inc.; Lutonix Inc.; MAKO Surgical Corp; MannKind Corp.; Masimo
Corporation; MedAssets, Inc.; Medgenics, Inc.; Medicis Pharmaceutical Corp.;
MEDISISS; Medivation, Inc.; MEDNAX, Inc.; MedQuist Holdings, Inc.; Medtronic,
Inc.; MELA Sciences, Inc.; Merit Medical Systems, Inc.; Mesoblast Limited;
Metabolex, Inc.; Metabolon, Inc.; MethylGene Inc.; Micromet, Inc.; Mindray
Medical International; Morphosys AG; MWI Veterinary Supply, Inc.; Myriad
Genetics, Inc.; Nanosphere, Inc.; National Research Corp.; Natus Medical
Inc.; NDS Surgical Imaging, LLC; Nektar Therapeutics; NeoMend, Inc.;
Neurocrine Biosciences Inc.; New American Therapeutics, Inc.; Novadaq
Technologies Inc.; Novavax, Inc.; Novo Nordisk A/S; NuPathe, Inc.; NuVasive,
Inc.; Nuvo Research Inc.; Nxstage Medical, Inc.; Obagi Medical Products,
Inc.; Omeros Corporation; Omnicell, Inc.; OMNIlife science, Inc.; Omthera
Pharmaceuticals, Inc.; Oncolytics Biotech Inc.; OncoMed Pharmaceuticals,
Inc.; OptiMedica; OraSure Technologies Inc.; Orthofix International NV;
Osiris Therapeutics, Inc.; Oxygen Biotherapeutics, Inc.; Pacific Biosciences
of California, Inc.; Pacira Pharmaceuticals, Inc.; Pathwork Diagnostics,
Inc.; PatientKeeper, Inc.; Patterson Companies Inc.; PDI, Inc.; Pearl
Therapeutics, Inc.; Peregrine Pharmaceuticals Inc.; PerfectServe, Inc.;
Pernix Therapeutics Holdings, Inc.; Pharmasset, Inc.; PharmAthene, Inc.;
POZEN Inc.; Precision Dynamics Corporation; Precision Therapeutics, Inc.;
Pulmonx Corporation; QIAGEN N.V.; Quality Systems, Inc.; Questcor
Pharmaceuticals, Inc. ; Quidel Corp.; RedBrick Health Corporation; Regeneron
Pharmaceuticals Inc.; Regulus Therapeutics, LLC; ResMed Inc.; REVA Medical,
Inc.; Revance Therapeutics, Inc.; Rigel Pharmaceuticals; Rochester Medical
Corp.; Salix Pharmaceuticals, Ltd.; Santarus Inc.; SANUWAVE Health, Inc.;
SciClone Pharmaceuticals, Inc.; Seattle Genetics Inc.; Sequenom Inc.;
Shanghai Kinetic Medical Co., Ltd.; Signature Diagnostics AG; Sinovac Biotech
Ltd.; Sonitus Medical Inc.; St. Jude Medical, Inc.; STAAR Surgical Company;
Steris Corp.; Sunshine Heart Inc.; superDimension, Ltd.; SuperNova
Diagnostics, Inc.; SurModics Inc.; Suture Express, Inc.; Symmetry Medical
Inc.; Team Health Holdings, Inc.; TearLab Corporation; TEI Biosciences, Inc.;
Tengion, Inc.; Teva Pharmaceutical Industries Limited; The Spectranetics
Corporation; Theravance Inc.; Thoratec Corporation; Topera, Inc.; Tornier
N.V.; TranS1 Inc.; Tranzyme, Inc.; Trius Therapeutics, Inc.; TyRx Pharma,
Inc.; Ulthera Inc.; UnitedHealth Group, Inc.; Vascular Solutions Inc.; VBI
Vaccines; VCA Antech, Inc.; Vertex Pharmaceuticals Inc.; VertiFlex, Inc.;
Vertos Medical, Inc.; ViroPharma Incorporated; Volcano Corporation; Watson
Pharmaceuticals, Inc.; Wright Medical Group, Inc.; XDx, Inc.; XenoPort, Inc.;
Zalicus Inc.; ZIOPHARM Oncology, Inc.; Zogenix, Inc.; Zoll Medical Corp. Company and
investor participation in the Piper Jaffray Healthcare Conference is by
invitation only. Clients interested in attending should contact their Piper
Jaffray representative. General and research-related media inquiries should
be directed to AnalystMediaRelations@pjc.com. Investment
banking-related media inquiries should be directed to Julie Lewis at julie.a.lewis@pjc.com.
About Piper Jaffray Piper Jaffray is a leading middle-market investment bank
and asset management firm serving clients in the U.S. and internationally.
Our proven advisory teams combine deep product and sector expertise with
ready access to global capital. Founded in 1895, the firm is headquartered in
Minneapolis with offices across the United States and in Hong Kong, London
and Zurich. www.piperjaffray.com
Since 1895. Member SIPC & NYSE.οΏ½ 2011 Piper Jaffray & Co. |
|
UNITED STATES : WSPR Szczecin, Largest Polish EMS Agency Adds ZOLL's
Integrated Automated Compression-Defibrillation System
TendersInfo News
29 November 2011
|
[What follows is
the full text of the article.] ZOLL Medical
Corporation, a manufacturer of medical devices and related software
solutions, announced today that Wojewodzka Stacja Pogotowia Ratunkowego
Szczecin (WSPR Szczecin), the largest emergency service operator in Poland,
is equipping its ambulances with a revolutionary new system that allows
rescuers to defibrillate without stopping chest compressions for
defibrillation. WSPR Szczecin purchased 49 ZOLL AutoPulse Plus systems and
has also started a program to upgrade to the new ZOLL E Series
Monitor/Defibrillator from their current ZOLL M Series models. The E Series
connects directly to ZOLL AutoPulse Plus. This provides real-time integrated
operation of the AutoPulse Plus and the E Series and allows consistent,
uninterrupted chest compressions with timed shock delivery. Integrating these
two therapeutic interventions into a seamless rescue effort has long been
viewed as critical to advancing resuscitation care. Stopping chest
compressions during defibrillation results in a rapid fall in coronary
perfusion pressure. This feature is not yet available for sale and
distribution in the U.S. as it requires FDA 510(k) review and clearance. According to
Roman Palka, Director of WSPR Szczecin, the AutoPulse was selected after a
12-month trial over another automated chest compression device because of the
users positive experiences. The load-distributed chest compressions reduced
chest injuries and the AutoPulse enables the transport of patients without
the need to stop CPR. "A rescue
is not a place for compromise, and our main goals are the delivery of
high-quality, effective services and improving outcomes from sudden cardiac
arrest. This integrated approach demonstrates that we have the ability to
maximize the likelihood of shock success and minimize no flow time,"
Palka said. He explained
further that the Autopulse Plus solves the problem of performing effective
CPR in the back of an ambulance with only two medics on board. "When we
had to reduce ambulance staff from three to two people, we needed to look for
new solutions that allowed us to maintain a high quality of rescue service,
despite fewer human resources." "Without
the AutoPulse, CPR is extremely exhausting, and calling for help from a
second EMS team requires time and money," he said. "Another
important advantage of the AutoPulse is the opportunity to simultaneously
transport patients to the cath lab during CPR, which was not possible with
manual CPR. All of our teams that use the AutoPulse cannot imagine their
everyday job without having the device available." Copyright 2011
Euclid Infotech Pvt. Ltd., distributed by Contify.com
|
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Zoll Medical Announces $50 Million Share Repurchase Program
Professional Services Close-Up
23 November 2011
|
[What follows is
the full text of the article.] Zoll Medical
Corp., a manufacturer of resuscitation devices and related software
solutions, announced that its Board of Directors has authorized the
repurchase of up to $50 million of the Company's shares of common stock. "Given our
demonstrated cash generation and current market valuation, we are announcing
a share repurchase program. I believe that Zoll represents an attractive
investment opportunity and this program reflects our ongoing commitment to
increasing shareholder value," said Richard A. Packer, Zoll's Chief
Executive Officer. "We have ample liquidity, no debt, and generated in
excess of $40 million in cash from operating activities during our 2011
fiscal year. We are pleased that our strong balance sheet allows us to
demonstrate our confidence in our future prospects, without sacrificing our
pursuit of those business opportunities in front of us." Repurchases will
take place on the open market or in privately negotiated transactions from
time to time based on market and other conditions. The timing and number of
any shares repurchased will be determined by the Company's management, based
on their evaluation of market conditions and other factors. Repurchases may
also be made under a Rule 10b5-1 plan. The repurchase program may be
modified, suspended or discontinued at any time. The repurchase program will
be funded using the Company's available cash and cash equivalents, borrowings
available under its current line of credit, and supplemental borrowings if
necessary. More
information: www.zoll.com ((Comments on
this story may be sent to newsdesk@closeupmedia.com))
|
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UNITED STATES : ZOLL LifeVest Wearable Defibrillator Reduces Total
Mortality After Cardiac Revascularization
TendersInfo News
15 November 2011
|
[What follows is
the full text of the article.] ZOLL Medical
Corporation, a manufacturer of medical devices and related software
solutions, announced that a study demonstrating a reduction in total
mortality after cardiac revascularization in patients prescribed a LifeVest
Wearable Defibrillator was presented at the American Heart Association s
Scientific Sessions 2011 in Orlando today. Edwin Zishiri,
M.D., Cleveland Clinic, presented an abstract entitled "Use of the
Wearable Cardioverter Defibrillator and Survival after Coronary Artery
Revascularization in Patients with Left Ventricular Dysfunction." The
analysis sought to determine if there is a difference in survival of patients
with a left ventricular ejection fraction less than or equal to 35 percent
(LVEF?35%) using the LifeVest following surgical or percutaneous
revascularization (CABG or PCI, respectively) compared to patients discharged
without the LifeVest. Kaplan-Meier survival, Cox proportional hazards and
propensity score matched analyses were performed to determine if survival
differed in patients discharged after CABG or PCI revascularization with
LVEF?35% from a national database of LifeVest patients (N=809) compared to
non LifeVest patients from registries at the Cleveland Clinic (N=4,149). Survival curves
showed an 80% reduction in total mortality at 90 days for LifeVest patients
as compared to non LifeVest patients post PCI, with 90 day mortality of 2%
for LifeVest patients versus 10% for non-LifeVest patients. In addition,
LifeVest use was associated with an adjusted 57% lower risk of death in post
PCI patients (p<0.0001) over a mean follow up of 3.12.3 years. Survival
curves showed a 57% reduction in total mortality at 90 days for LifeVest
patients as compared to non LifeVest patients post CABG, with 90 day
mortality of 3% for LifeVest patients versus 7% for non LifeVest patients. In
addition, LifeVest use was associated with an adjusted 38% lower risk of
death in post CABG patients (p=0.048) over a mean follow up of 3.2 2.5 years.
In summary, LifeVest patients experienced a reduction in total mortality at
both 90 days and 3 years as compared to the non LifeVest patients after
cardiac revascularization. "Patients
with a low ejection fraction after a PCI or CABG have a high risk of
mortality in the first 90 days following the procedure, with up to 60 percent
of this mortality due to sudden cardiac death," said Richard A. Packer,
Chief Executive Officer of ZOLL. Copyright 2011
Euclid Infotech Pvt. Ltd., distributed by Contify.com
|
|
UNITED STATES : CIRC Trial Confirms Link Between High-Quality CPR and
Improved Survival from SCA
TendersInfo News
15 November 2011
|
[What follows is
the full text of the article.] ZOLL Medical
Corporation, a manufacturer of medical devices and related software
solutions, announced today that results from the CIRC trial were presented at
the American Heart Association (AHA) 2011 Resuscitation Science Symposium
(ReSS) this weekend in Orlando. The CIRC trial compared the rates of survival
to hospital discharge from out-of-hospital cardiac arrest of patients treated
with a load-distributing band device (AutoPulse Non-invasive Cardiac Support
Pump) to those receiving manual CPR. The trial confirmed the impact that
high-quality cardiopulmonary resuscitation (CPR) can have on improving
survival rates from sudden cardiac arrest (SCA). The trial also concluded
that AutoPulse compressions were equivalent to high-quality manual
compressions. The trial commenced
in 2007 and enrolled 4,231 patients. The principal investigator for the trial
was Lars Wik, M.D., Ph.D., Oslo University Hospital, Oslo, Norway. The trial
was an international effort with trial sites in the United States, Austria,
and The Netherlands. More than 500 ZOLL AutoPulse units were deployed and
more than 5,000 medics were trained on the use of the device. One of the
unique facets of the trial's design was a focus on the delivery of
high-quality manual CPR. Investigators closely tracked CPR fraction, the
percentage of time that compressions are being delivered during the
resuscitations, as a marker of CPR quality. The CPR fractions reported in
both arms of the trial were very high for a large, multicenter prospectively
randomized study. The resulting overall survival rate in the CIRC trial was
also comparatively higher. "The CIRC
trial confirms the link between high-quality CPR and survival from cardiac
arrest," said Richard A. Packer, CEO of ZOLL. "It tells us EMS
services must employ a strategy to improve CPR. The AutoPulse provides a
proven alternative to the significant incremental investments in training,
personnel, and processes required to achieve the quality of manual CPR
delivered during the trial." The high-quality
CPR reported resulted from a rigorous study design previously reported in the
Journal of Resuscitation during 2010. The protocol incorporated an intensive
training program that was uniformly delivered to caregivers at all
participating sites. It focused on minimizing hands-off time, and was built
on foundation of frequent re-training. "It was
important to ensure that the quality of compressions in the manual control
arm was high," said Dr. Wik. "Comparing load-distributing band CPR
against manual compressions of a poor or unknown quality would undermine the
integrity and clinical usefulness of the findings." Copyright 2011
Euclid Infotech Pvt. Ltd., distributed by Contify.com
|
|
Annual
Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO USA, LLP |
BDO USA, LLP |
BDO Seidman |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
523.7 |
444.0 |
385.2 |
398.0 |
309.5 |
|
Revenue |
523.7 |
444.0 |
385.2 |
398.0 |
309.5 |
|
Total Revenue |
523.7 |
444.0 |
385.2 |
398.0 |
309.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
224.0 |
202.5 |
187.8 |
187.3 |
140.7 |
|
Cost of Revenue, Total |
224.0 |
202.5 |
187.8 |
187.3 |
140.7 |
|
Gross Profit |
299.7 |
241.5 |
197.3 |
210.7 |
168.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
207.1 |
168.4 |
146.3 |
142.5 |
118.1 |
|
Total Selling/General/Administrative Expenses |
207.1 |
168.4 |
146.3 |
142.5 |
118.1 |
|
Research & Development |
44.4 |
45.9 |
39.5 |
32.4 |
28.7 |
|
Total Operating Expense |
475.5 |
416.9 |
373.6 |
362.2 |
287.4 |
|
|
|
|
|
|
|
|
Operating Income |
48.2 |
27.1 |
11.6 |
35.8 |
22.0 |
|
|
|
|
|
|
|
|
Other Non-Operating Income (Expense) |
0.0 |
0.9 |
1.8 |
-0.3 |
3.6 |
|
Other, Net |
0.0 |
0.9 |
1.8 |
-0.3 |
3.6 |
|
Income Before Tax |
48.2 |
28.1 |
13.4 |
35.5 |
25.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
16.9 |
9.1 |
3.8 |
12.1 |
9.0 |
|
Income After Tax |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
Net Income |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
21.8 |
21.4 |
21.1 |
20.9 |
20.2 |
|
Basic EPS Excl Extraord Items |
1.43 |
0.88 |
0.45 |
1.12 |
0.82 |
|
Basic/Primary EPS Incl Extraord Items |
1.43 |
0.88 |
0.45 |
1.12 |
0.82 |
|
Diluted Net Income |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
Diluted Weighted Average Shares |
22.6 |
21.7 |
21.2 |
21.3 |
20.7 |
|
Diluted EPS Excl Extraord Items |
1.39 |
0.87 |
0.45 |
1.10 |
0.81 |
|
Diluted EPS Incl Extraord Items |
1.39 |
0.87 |
0.45 |
1.10 |
0.81 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
21.5 |
19.9 |
14.5 |
12.9 |
10.6 |
|
Normalized Income Before Tax |
48.2 |
28.1 |
13.4 |
35.5 |
25.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
16.9 |
9.1 |
3.8 |
12.1 |
9.0 |
|
Normalized Income After Tax |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.43 |
0.88 |
0.45 |
1.12 |
0.82 |
|
Diluted Normalized EPS |
1.39 |
0.87 |
0.45 |
1.10 |
0.81 |
|
Amort of Intangibles, Supplemental |
6.0 |
5.4 |
4.6 |
4.0 |
3.3 |
|
Rental Expenses |
6.2 |
5.0 |
4.3 |
3.8 |
3.5 |
|
Advertising Expense, Supplemental |
2.6 |
2.3 |
2.2 |
2.7 |
2.5 |
|
Research & Development Exp, Supplemental |
44.4 |
45.9 |
39.5 |
32.4 |
28.7 |
|
Reported Gross Profit |
299.7 |
241.5 |
197.3 |
210.7 |
168.8 |
|
Reported Operating Profit |
48.2 |
27.1 |
11.6 |
35.8 |
22.0 |
|
Normalized EBIT |
48.2 |
27.1 |
11.6 |
35.8 |
22.0 |
|
Normalized EBITDA |
75.7 |
52.5 |
30.7 |
52.6 |
36.0 |
|
Current Tax - Domestic |
2.2 |
4.4 |
0.1 |
5.5 |
6.3 |
|
Current Tax - Foreign |
2.8 |
1.1 |
1.0 |
1.8 |
1.4 |
|
Current Tax - Local |
1.7 |
1.3 |
0.4 |
1.4 |
1.4 |
|
Current Tax - Total |
6.7 |
6.7 |
1.5 |
8.7 |
9.1 |
|
Deferred Tax - Domestic |
11.3 |
2.9 |
2.4 |
4.2 |
-0.1 |
|
Deferred Tax - Foreign |
-1.4 |
-0.5 |
0.0 |
-0.9 |
0.0 |
|
Deferred Tax - Local |
0.4 |
0.0 |
0.0 |
0.1 |
-0.1 |
|
Deferred Tax - Total |
10.2 |
2.4 |
2.4 |
3.4 |
-0.1 |
|
Income Tax - Total |
16.9 |
9.1 |
3.8 |
12.1 |
9.0 |
|
Defined Contribution Expense - Domestic |
2.2 |
2.1 |
1.8 |
2.2 |
1.2 |
|
Total Pension Expense |
2.2 |
2.1 |
1.8 |
2.2 |
1.2 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
02-Oct-2011 |
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO USA, LLP |
BDO USA, LLP |
BDO Seidman |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
74.2 |
59.1 |
51.1 |
36.7 |
37.6 |
|
Short Term Investments |
1.3 |
3.2 |
7.6 |
32.6 |
19.8 |
|
Cash and Short Term Investments |
75.5 |
62.3 |
58.6 |
69.3 |
57.4 |
|
Accounts Receivable -
Trade, Gross |
129.0 |
105.4 |
86.0 |
90.7 |
86.5 |
|
Provision for Doubtful
Accounts |
-10.3 |
-5.8 |
-5.5 |
-6.2 |
-8.4 |
|
Trade Accounts Receivable - Net |
118.7 |
99.5 |
80.5 |
84.4 |
78.1 |
|
Total Receivables, Net |
118.7 |
99.5 |
80.5 |
84.4 |
78.1 |
|
Inventories - Finished Goods |
27.0 |
34.0 |
30.8 |
29.8 |
29.6 |
|
Inventories - Work In Progress |
8.8 |
6.8 |
7.5 |
6.6 |
5.8 |
|
Inventories - Raw Materials |
30.1 |
29.2 |
31.4 |
24.7 |
22.5 |
|
Total Inventory |
65.9 |
70.0 |
69.7 |
61.0 |
57.9 |
|
Deferred Income Tax - Current Asset |
16.0 |
15.1 |
13.1 |
9.1 |
8.3 |
|
Other Current Assets |
10.0 |
9.6 |
8.2 |
3.2 |
3.5 |
|
Other Current Assets, Total |
26.0 |
24.6 |
21.2 |
12.3 |
11.8 |
|
Total Current Assets |
286.0 |
256.4 |
230.1 |
227.0 |
205.2 |
|
|
|
|
|
|
|
|
Buildings |
7.8 |
6.5 |
5.8 |
5.4 |
5.4 |
|
Land/Improvements |
3.3 |
1.4 |
1.3 |
1.3 |
1.2 |
|
Machinery/Equipment |
169.4 |
138.2 |
115.1 |
99.5 |
85.8 |
|
Construction in
Progress |
2.7 |
3.2 |
2.5 |
1.6 |
2.4 |
|
Property/Plant/Equipment - Gross |
183.3 |
149.2 |
124.6 |
107.7 |
94.7 |
|
Accumulated Depreciation |
-115.8 |
-99.3 |
-84.0 |
-73.8 |
-62.2 |
|
Property/Plant/Equipment - Net |
67.4 |
49.9 |
40.6 |
34.0 |
32.5 |
|
Goodwill, Net |
79.1 |
79.0 |
52.1 |
42.1 |
37.4 |
|
Intangibles - Gross |
68.8 |
64.9 |
62.0 |
50.7 |
46.9 |
|
Accumulated Intangible Amortization |
-30.4 |
-24.5 |
-19.1 |
-14.5 |
-10.5 |
|
Intangibles, Net |
38.4 |
40.4 |
42.9 |
36.2 |
36.4 |
|
LT Investments - Other |
1.3 |
1.3 |
1.3 |
3.1 |
1.3 |
|
Long Term Investments |
1.3 |
1.3 |
1.3 |
3.1 |
1.3 |
|
Note Receivable - Long Term |
2.2 |
3.7 |
3.9 |
3.6 |
2.0 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
- |
0.0 |
1.0 |
|
Other Long Term Assets, Total |
- |
- |
- |
0.0 |
1.0 |
|
Total Assets |
474.5 |
430.8 |
371.0 |
346.0 |
315.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.2 |
22.8 |
20.0 |
17.5 |
21.9 |
|
Accrued Expenses |
36.3 |
54.5 |
39.6 |
27.1 |
31.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
21.8 |
20.9 |
13.0 |
17.9 |
25.5 |
|
Income Taxes Payable |
- |
- |
- |
1.2 |
0.9 |
|
Other Current liabilities, Total |
21.8 |
20.9 |
13.0 |
19.1 |
26.5 |
|
Total Current Liabilities |
82.3 |
98.2 |
72.6 |
63.7 |
80.1 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
16.7 |
5.4 |
1.2 |
0.8 |
0.0 |
|
Deferred Income Tax |
16.7 |
5.4 |
1.2 |
0.8 |
0.0 |
|
Other Long Term Liabilities |
13.4 |
13.6 |
16.6 |
13.7 |
0.0 |
|
Other Liabilities, Total |
13.4 |
13.6 |
16.6 |
13.7 |
0.0 |
|
Total Liabilities |
112.4 |
117.2 |
90.4 |
78.2 |
80.1 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Additional Paid-In Capital |
189.8 |
172.1 |
159.2 |
155.5 |
145.5 |
|
Retained Earnings (Accumulated Deficit) |
179.5 |
148.2 |
129.3 |
119.7 |
96.6 |
|
Unrealized Gain (Loss) |
0.1 |
0.0 |
- |
- |
- |
|
Translation Adjustment |
-7.5 |
-6.9 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-8.1 |
-7.6 |
-6.5 |
|
Other Equity, Total |
-7.5 |
-6.9 |
-8.1 |
-7.6 |
-6.5 |
|
Total Equity |
362.1 |
313.6 |
280.6 |
267.9 |
235.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholdersβ Equity |
474.5 |
430.8 |
371.0 |
346.0 |
315.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
22.1 |
21.5 |
21.1 |
21.0 |
20.4 |
|
Total Common Shares Outstanding |
22.1 |
21.5 |
21.1 |
21.0 |
20.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
1,908 |
1,679 |
1,574 |
1,431 |
1,290 |
|
Number of Common Shareholders |
10,000 |
10,000 |
10,000 |
8,000 |
10,100 |
|
Accumulated Intangible Amort, Suppl. |
30.4 |
24.5 |
19.1 |
14.5 |
10.5 |
|
Deferred Revenue - Current |
21.8 |
20.9 |
13.0 |
17.9 |
25.5 |
|
Deferred Revenue - Long Term |
5.7 |
7.6 |
8.8 |
7.9 |
- |
|
Total Operating Leases, Supplemental |
39.8 |
18.9 |
11.5 |
5.8 |
7.4 |
|
Operating Lease Payments Due in Year 1 |
3.0 |
3.3 |
3.3 |
2.5 |
2.5 |
|
Operating Lease Payments Due in Year 2 |
4.7 |
2.3 |
2.7 |
1.7 |
2.2 |
|
Operating Lease Payments Due in Year 3 |
5.0 |
2.4 |
1.5 |
1.3 |
1.6 |
|
Operating Lease Payments Due in Year 4 |
4.7 |
2.3 |
1.3 |
0.2 |
1.1 |
|
Operating Lease Payments Due in Year 5 |
4.6 |
2.0 |
1.1 |
0.2 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
9.8 |
4.8 |
4.2 |
3.0 |
3.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
9.4 |
4.3 |
2.4 |
0.4 |
1.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
17.6 |
6.5 |
1.7 |
0.0 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
02-Oct-2011 |
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO USA, LLP |
BDO USA, LLP |
BDO Seidman |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
Depreciation |
27.5 |
25.3 |
19.1 |
16.9 |
13.9 |
|
Depreciation/Depletion |
27.5 |
25.3 |
19.1 |
16.9 |
13.9 |
|
Deferred Taxes |
10.2 |
2.4 |
2.4 |
3.4 |
-0.1 |
|
Unusual Items |
0.0 |
0.5 |
0.3 |
-0.1 |
0.0 |
|
Other Non-Cash Items |
6.2 |
5.5 |
4.8 |
4.2 |
2.8 |
|
Non-Cash Items |
6.2 |
5.9 |
5.0 |
4.1 |
2.8 |
|
Accounts Receivable |
-19.7 |
-18.9 |
3.9 |
-6.5 |
-17.4 |
|
Inventories |
-20.2 |
-16.8 |
-4.2 |
-4.1 |
-25.6 |
|
Prepaid Expenses |
-1.0 |
-3.4 |
-0.2 |
0.2 |
-2.8 |
|
Payable/Accrued |
10.9 |
8.4 |
-2.3 |
-1.9 |
18.1 |
|
Changes in Working Capital |
-30.1 |
-30.6 |
-2.7 |
-12.4 |
-27.6 |
|
Cash from Operating Activities |
45.2 |
22.0 |
33.4 |
35.4 |
5.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-15.9 |
-11.7 |
-18.5 |
-15.0 |
-14.5 |
|
Capital Expenditures |
-15.9 |
-11.7 |
-18.5 |
-15.0 |
-14.5 |
|
Acquisition of Business |
0.0 |
0.0 |
-17.3 |
0.0 |
-12.8 |
|
Sale of Fixed Assets |
- |
- |
- |
- |
0.0 |
|
Sale/Maturity of Investment |
1.9 |
4.1 |
62.4 |
53.3 |
28.5 |
|
Investment, Net |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Investments |
0.0 |
0.0 |
-35.8 |
-68.2 |
-27.8 |
|
Other Investing Cash Flow |
-28.2 |
-15.5 |
-9.0 |
-12.7 |
-4.6 |
|
Other Investing Cash Flow Items, Total |
-26.4 |
-11.4 |
0.2 |
-27.6 |
-16.6 |
|
Cash from Investing Activities |
-42.3 |
-23.1 |
-18.2 |
-42.6 |
-31.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
3.6 |
1.0 |
0.0 |
1.9 |
4.5 |
|
Financing Cash Flow Items |
3.6 |
1.0 |
0.0 |
1.9 |
4.5 |
|
Options Exercised |
9.9 |
7.9 |
0.2 |
5.5 |
14.4 |
|
Issuance (Retirement) of Stock, Net |
9.9 |
7.9 |
0.2 |
5.5 |
14.4 |
|
Cash from Financing Activities |
13.5 |
8.8 |
0.2 |
7.3 |
18.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
0.3 |
-1.0 |
-1.1 |
1.3 |
|
Net Change in Cash |
15.1 |
8.0 |
14.4 |
-1.0 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
59.1 |
51.1 |
36.7 |
37.6 |
42.8 |
|
Net Cash - Ending Balance |
74.2 |
59.1 |
51.1 |
36.7 |
37.6 |
|
Cash Taxes Paid |
3.3 |
6.4 |
1.4 |
9.2 |
6.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
01-Oct-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO Seidman |
BDO Seidman |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Rental revenue |
70.7 |
43.9 |
26.5 |
16.7 |
- |
|
Product sales |
373.3 |
341.3 |
371.5 |
292.8 |
- |
|
Net sales |
- |
- |
- |
- |
255.6 |
|
Total Revenue |
444.0 |
385.2 |
398.0 |
309.5 |
255.6 |
|
|
|
|
|
|
|
|
Cost of product sales |
185.5 |
177.8 |
180.3 |
136.7 |
- |
|
Cost of rental revenue |
17.0 |
10.0 |
7.0 |
4.0 |
- |
|
Cost of Goods |
- |
- |
- |
- |
116.4 |
|
Selling and Marketing |
130.9 |
113.9 |
111.8 |
91.9 |
78.4 |
|
General and Administrative |
37.5 |
32.4 |
30.7 |
26.2 |
22.4 |
|
Research and Development |
45.9 |
39.5 |
32.4 |
28.7 |
23.4 |
|
Total Operating Expense |
416.9 |
373.6 |
362.2 |
287.4 |
240.6 |
|
|
|
|
|
|
|
|
Other Income and Expense |
0.9 |
1.8 |
-0.3 |
3.6 |
2.1 |
|
Net Income Before Taxes |
28.1 |
13.4 |
35.5 |
25.6 |
17.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
9.1 |
3.8 |
12.1 |
9.0 |
6.0 |
|
Net Income After Taxes |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
Net Income |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
21.4 |
21.1 |
20.9 |
20.2 |
19.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.88 |
0.45 |
1.12 |
0.82 |
0.58 |
|
Basic EPS Including ExtraOrdinary Item |
0.88 |
0.45 |
1.12 |
0.82 |
0.58 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
Diluted Weighted Average Shares |
21.7 |
21.2 |
21.3 |
20.7 |
19.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.87 |
0.45 |
1.10 |
0.81 |
0.57 |
|
Diluted EPS Including ExtraOrd Items |
0.87 |
0.45 |
1.10 |
0.81 |
0.57 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
28.1 |
13.4 |
35.5 |
25.6 |
17.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.1 |
3.8 |
12.1 |
9.0 |
6.0 |
|
Normalized Income After Taxes |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.88 |
0.45 |
1.12 |
0.82 |
0.58 |
|
Diluted Normalized EPS |
0.87 |
0.45 |
1.10 |
0.81 |
0.57 |
|
Advertisement Costs |
2.3 |
2.2 |
2.7 |
2.5 |
2.1 |
|
Research & Development Exp |
45.9 |
39.5 |
32.4 |
28.7 |
23.4 |
|
Amort of Intangibles |
5.4 |
4.6 |
4.0 |
3.3 |
2.3 |
|
Rental Expense |
5.0 |
4.3 |
3.8 |
3.5 |
3.4 |
|
Depreciation |
19.9 |
14.5 |
12.9 |
10.6 |
10.0 |
|
Federal |
4.4 |
0.1 |
5.5 |
6.3 |
1.4 |
|
State |
1.3 |
0.4 |
1.4 |
1.4 |
0.8 |
|
Foreign |
1.1 |
1.0 |
1.8 |
1.4 |
1.6 |
|
Current Tax - Total |
6.7 |
1.5 |
8.7 |
9.1 |
3.8 |
|
Federal |
2.9 |
2.4 |
4.2 |
-0.1 |
2.3 |
|
State |
0.0 |
0.0 |
0.1 |
-0.1 |
-0.2 |
|
Foreign |
-0.5 |
0.0 |
-0.9 |
0.0 |
0.1 |
|
Deferred Tax - Total |
2.4 |
2.4 |
3.4 |
-0.1 |
2.2 |
|
Income Tax - Total |
9.1 |
3.8 |
12.1 |
9.0 |
6.0 |
|
Gross profit |
241.5 |
197.3 |
210.7 |
168.8 |
139.2 |
|
Income from operations |
27.1 |
11.6 |
35.8 |
22.0 |
15.1 |
|
Defined Contribution Plans |
2.1 |
1.8 |
2.1 |
1.0 |
0.5 |
|
401(k) Salary Deferral Plan |
- |
- |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
2.1 |
1.8 |
2.2 |
1.2 |
0.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
01-Oct-2006 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO Seidman |
BDO Seidman |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
59.1 |
51.1 |
36.7 |
37.6 |
42.8 |
|
Short term investments |
3.2 |
7.6 |
32.6 |
19.8 |
20.5 |
|
Accounts Receivable, Gross |
105.4 |
86.0 |
90.7 |
86.5 |
67.0 |
|
Doubtful Account |
-5.8 |
-5.5 |
-6.2 |
-8.4 |
-7.9 |
|
Raw materials |
29.2 |
31.4 |
24.7 |
22.5 |
16.8 |
|
Work-in-process |
6.8 |
7.5 |
6.6 |
5.8 |
4.8 |
|
Finished Goods |
34.0 |
30.8 |
29.8 |
29.6 |
15.4 |
|
Deferred Taxes |
15.1 |
13.1 |
9.1 |
8.3 |
6.7 |
|
Other |
9.6 |
8.2 |
3.2 |
3.5 |
- |
|
Prepaid expenses and other current asset |
- |
- |
- |
- |
2.3 |
|
Total Current Assets |
256.4 |
230.1 |
227.0 |
205.2 |
168.6 |
|
|
|
|
|
|
|
|
Land, building and improvements |
1.4 |
1.3 |
1.3 |
1.2 |
1.2 |
|
Machinery and Equipment |
115.3 |
93.1 |
79.1 |
66.7 |
53.9 |
|
Construction in Progress |
3.2 |
2.5 |
1.6 |
2.4 |
4.3 |
|
Tooling |
18.7 |
17.8 |
16.5 |
15.3 |
12.0 |
|
Furniture and Fixtures |
4.2 |
4.2 |
4.0 |
3.8 |
3.3 |
|
Leasehold Improvements |
6.5 |
5.8 |
5.4 |
5.4 |
5.3 |
|
Accumulated Depreciation |
-99.3 |
-84.0 |
-73.8 |
-62.2 |
-53.3 |
|
Investments |
1.3 |
1.3 |
1.3 |
1.3 |
1.3 |
|
Long-term marketable securities |
- |
- |
1.8 |
0.0 |
- |
|
Notes Receivable |
3.7 |
3.9 |
3.6 |
2.0 |
0.5 |
|
Goodwill |
79.0 |
52.1 |
42.1 |
37.4 |
24.4 |
|
Prepaid license fees |
12.8 |
12.2 |
11.4 |
10.7 |
9.4 |
|
Patents & Developed Technology |
36.1 |
34.7 |
28.9 |
28.0 |
21.8 |
|
Customer-related intangibles |
5.0 |
4.8 |
4.8 |
4.6 |
3.3 |
|
Intangible assets not subject to amortiz |
1.5 |
1.5 |
0.9 |
0.9 |
0.4 |
|
Other Assets |
9.5 |
8.8 |
4.8 |
2.6 |
2.0 |
|
Amortization |
-24.5 |
-19.1 |
-14.5 |
-10.5 |
-7.1 |
|
Deferred Tax |
- |
- |
0.0 |
1.0 |
0.2 |
|
Total Assets |
430.8 |
371.0 |
346.0 |
315.8 |
251.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
22.8 |
20.0 |
17.5 |
21.9 |
13.7 |
|
Deferred Revenue |
20.9 |
13.0 |
17.9 |
25.5 |
13.4 |
|
Accrued expenses and other liabilities |
54.5 |
39.6 |
27.1 |
31.7 |
28.7 |
|
Accrued corporate income taxes |
- |
- |
1.2 |
0.9 |
- |
|
Total Current Liabilities |
98.2 |
72.6 |
63.7 |
80.1 |
55.8 |
|
|
|
|
|
|
|
|
Deferred revenue, long-term |
7.6 |
8.8 |
7.9 |
- |
- |
|
Other long-term liabilities |
2.8 |
3.0 |
5.8 |
- |
- |
|
Deferred Income Taxes |
5.4 |
0.8 |
0.8 |
0.0 |
- |
|
Deferred Income Tax |
0.0 |
0.4 |
- |
- |
- |
|
Unrecognized tax benefits |
3.2 |
4.8 |
- |
0.0 |
- |
|
Total Liabilities |
117.2 |
90.4 |
78.2 |
80.1 |
55.8 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Paid in Capital |
172.1 |
159.2 |
155.5 |
145.5 |
119.3 |
|
Other Income |
-6.9 |
-8.1 |
-7.6 |
-6.5 |
-3.8 |
|
Retained Earnings |
148.2 |
129.3 |
119.7 |
96.6 |
80.0 |
|
Total Equity |
313.6 |
280.6 |
267.9 |
235.8 |
195.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
430.8 |
371.0 |
346.0 |
315.8 |
251.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
21.5 |
21.1 |
21.0 |
20.4 |
19.4 |
|
Total Common Shares Outstanding |
21.5 |
21.1 |
21.0 |
20.4 |
19.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Deferred Reveue |
20.9 |
13.0 |
17.9 |
25.5 |
13.4 |
|
Accumulated Intangible Amortization |
24.5 |
19.1 |
14.5 |
10.5 |
7.1 |
|
Deferred Reveue - Long term |
7.6 |
8.8 |
7.9 |
- |
- |
|
Full-Time Employees |
1,679 |
1,574 |
1,431 |
1,290 |
1,080 |
|
Number of Common Shareholders |
10,000 |
10,000 |
8,000 |
10,100 |
7,650 |
|
Operating Lease Maturing Within 1 Year |
3.3 |
3.3 |
2.5 |
2.5 |
2.4 |
|
Operating Lease Maturing Within 2 Years |
2.3 |
2.7 |
1.7 |
2.2 |
2.3 |
|
Operating Lease Maturing Within 3 Years |
2.4 |
1.5 |
1.3 |
1.6 |
2.0 |
|
Operating Lease Maturing Within 4 Years |
2.3 |
1.3 |
0.2 |
1.1 |
1.4 |
|
Operating Lease Maturing Within 5 Years |
2.0 |
1.1 |
0.2 |
0.0 |
1.0 |
|
Operating Lease Maturing Thereafter |
6.5 |
1.7 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases |
18.9 |
11.5 |
5.8 |
7.4 |
9.1 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
01-Oct-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO Seidman |
BDO Seidman |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
Depreciation |
25.3 |
19.1 |
16.9 |
13.9 |
12.3 |
|
Stock for Services |
4.0 |
3.5 |
2.7 |
1.7 |
0.7 |
|
Excess Tax Benefit - Exercise of Options |
- |
- |
- |
0.0 |
0.0 |
|
Provision for Losses |
- |
- |
- |
- |
0.0 |
|
Realized Securities Gain |
0.5 |
0.3 |
-0.1 |
0.0 |
0.1 |
|
Warranty Expense |
1.5 |
1.3 |
1.5 |
1.2 |
1.3 |
|
Writeoff AED@Home |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Income Taxes |
2.4 |
2.4 |
3.4 |
-0.1 |
2.2 |
|
Accounts Receivable |
-18.9 |
3.9 |
-6.5 |
-17.4 |
-10.2 |
|
Inventories |
-16.8 |
-4.2 |
-4.1 |
-25.6 |
0.5 |
|
Prepaid & Other |
-3.4 |
-0.2 |
0.2 |
-2.8 |
-1.1 |
|
Accounts Payable and Accrued Liabilities |
8.4 |
-2.3 |
-1.9 |
18.1 |
11.5 |
|
Unrealised Loss from Hedging Activities |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Operating Activities |
21.9 |
33.4 |
35.4 |
5.7 |
28.5 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-11.7 |
-18.5 |
-15.0 |
-14.5 |
-10.5 |
|
Purchase of Investments |
0.0 |
-35.8 |
-68.2 |
-27.8 |
-36.6 |
|
Payments for acquisitions, net of cash a |
0.0 |
-17.3 |
0.0 |
- |
- |
|
Sale of Investments |
4.1 |
62.4 |
53.3 |
28.5 |
30.6 |
|
Disposals of Property and Equipment |
- |
- |
- |
0.0 |
0.0 |
|
Other Assets |
-2.7 |
-4.5 |
-5.9 |
-2.9 |
-0.4 |
|
Equity Invesments: Revivant Corporation |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Milestone Payment |
-12.8 |
-4.5 |
-6.8 |
-1.7 |
-1.3 |
|
Acquisition of Infusion Dynamics |
- |
- |
0.0 |
-12.8 |
-5.1 |
|
Amounts Advanced: LifeCOR Technology |
- |
- |
0.0 |
0.0 |
-0.6 |
|
Cash from Investing Activities |
-23.1 |
-18.2 |
-42.6 |
-31.2 |
-24.0 |
|
|
|
|
|
|
|
|
Stock Options Exercised |
7.9 |
0.2 |
5.5 |
14.4 |
1.4 |
|
Excess Tax Benefit |
1.0 |
0.0 |
1.9 |
4.5 |
0.3 |
|
Cash from Financing Activities |
8.9 |
0.2 |
7.3 |
18.9 |
1.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
-1.0 |
-1.1 |
1.3 |
0.4 |
|
Net Change in Cash |
8.0 |
14.4 |
-1.0 |
-5.2 |
6.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
51.1 |
36.7 |
37.6 |
42.8 |
36.3 |
|
Net Cash - Ending Balance |
59.1 |
51.1 |
36.7 |
37.6 |
42.8 |
|
Cash Taxes Paid |
6.4 |
1.4 |
9.2 |
6.2 |
2.6 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Stock Report
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO USA, LLP |
BDO USA, LLP |
BDO Seidman |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
523.7 |
444.0 |
385.2 |
398.0 |
309.5 |
|
Revenue |
523.7 |
444.0 |
385.2 |
398.0 |
309.5 |
|
Total Revenue |
523.7 |
444.0 |
385.2 |
398.0 |
309.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
224.0 |
202.5 |
187.8 |
187.3 |
140.7 |
|
Cost of Revenue, Total |
224.0 |
202.5 |
187.8 |
187.3 |
140.7 |
|
Gross Profit |
299.7 |
241.5 |
197.3 |
210.7 |
168.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
207.1 |
168.4 |
146.3 |
142.5 |
118.1 |
|
Total Selling/General/Administrative Expenses |
207.1 |
168.4 |
146.3 |
142.5 |
118.1 |
|
Research & Development |
44.4 |
45.9 |
39.5 |
32.4 |
28.7 |
|
Total Operating Expense |
475.5 |
416.9 |
373.6 |
362.2 |
287.4 |
|
|
|
|
|
|
|
|
Operating Income |
48.2 |
27.1 |
11.6 |
35.8 |
22.0 |
|
|
|
|
|
|
|
|
Other Non-Operating Income (Expense) |
0.0 |
0.9 |
1.8 |
-0.3 |
3.6 |
|
Other, Net |
0.0 |
0.9 |
1.8 |
-0.3 |
3.6 |
|
Income Before Tax |
48.2 |
28.1 |
13.4 |
35.5 |
25.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
16.9 |
9.1 |
3.8 |
12.1 |
9.0 |
|
Income After Tax |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
Net Income |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
21.8 |
21.4 |
21.1 |
20.9 |
20.2 |
|
Basic EPS Excl Extraord Items |
1.43 |
0.88 |
0.45 |
1.12 |
0.82 |
|
Basic/Primary EPS Incl Extraord Items |
1.43 |
0.88 |
0.45 |
1.12 |
0.82 |
|
Diluted Net Income |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
Diluted Weighted Average Shares |
22.6 |
21.7 |
21.2 |
21.3 |
20.7 |
|
Diluted EPS Excl Extraord Items |
1.39 |
0.87 |
0.45 |
1.10 |
0.81 |
|
Diluted EPS Incl Extraord Items |
1.39 |
0.87 |
0.45 |
1.10 |
0.81 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
21.5 |
19.9 |
14.5 |
12.9 |
10.6 |
|
Normalized Income Before Tax |
48.2 |
28.1 |
13.4 |
35.5 |
25.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
16.9 |
9.1 |
3.8 |
12.1 |
9.0 |
|
Normalized Income After Tax |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.43 |
0.88 |
0.45 |
1.12 |
0.82 |
|
Diluted Normalized EPS |
1.39 |
0.87 |
0.45 |
1.10 |
0.81 |
|
Amort of Intangibles, Supplemental |
6.0 |
5.4 |
4.6 |
4.0 |
3.3 |
|
Rental Expenses |
6.2 |
5.0 |
4.3 |
3.8 |
3.5 |
|
Advertising Expense, Supplemental |
2.6 |
2.3 |
2.2 |
2.7 |
2.5 |
|
Research & Development Exp, Supplemental |
44.4 |
45.9 |
39.5 |
32.4 |
28.7 |
|
Reported Gross Profit |
299.7 |
241.5 |
197.3 |
210.7 |
168.8 |
|
Reported Operating Profit |
48.2 |
27.1 |
11.6 |
35.8 |
22.0 |
|
Normalized EBIT |
48.2 |
27.1 |
11.6 |
35.8 |
22.0 |
|
Normalized EBITDA |
75.7 |
52.5 |
30.7 |
52.6 |
36.0 |
|
Current Tax - Domestic |
2.2 |
4.4 |
0.1 |
5.5 |
6.3 |
|
Current Tax - Foreign |
2.8 |
1.1 |
1.0 |
1.8 |
1.4 |
|
Current Tax - Local |
1.7 |
1.3 |
0.4 |
1.4 |
1.4 |
|
Current Tax - Total |
6.7 |
6.7 |
1.5 |
8.7 |
9.1 |
|
Deferred Tax - Domestic |
11.3 |
2.9 |
2.4 |
4.2 |
-0.1 |
|
Deferred Tax - Foreign |
-1.4 |
-0.5 |
0.0 |
-0.9 |
0.0 |
|
Deferred Tax - Local |
0.4 |
0.0 |
0.0 |
0.1 |
-0.1 |
|
Deferred Tax - Total |
10.2 |
2.4 |
2.4 |
3.4 |
-0.1 |
|
Income Tax - Total |
16.9 |
9.1 |
3.8 |
12.1 |
9.0 |
|
Defined Contribution Expense - Domestic |
2.2 |
2.1 |
1.8 |
2.2 |
1.2 |
|
Total Pension Expense |
2.2 |
2.1 |
1.8 |
2.2 |
1.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Jul-2011 |
03-Apr-2011 |
02-Jan-2011 |
03-Oct-2010 |
|
Period Length |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
151.9 |
136.2 |
122.5 |
113.2 |
120.4 |
|
Revenue |
151.9 |
136.2 |
122.5 |
113.2 |
120.4 |
|
Total Revenue |
151.9 |
136.2 |
122.5 |
113.2 |
120.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
64.1 |
57.0 |
51.1 |
51.8 |
53.9 |
|
Cost of Revenue, Total |
64.1 |
57.0 |
51.1 |
51.8 |
53.9 |
|
Gross Profit |
87.8 |
79.1 |
71.4 |
61.4 |
66.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
56.8 |
54.1 |
51.1 |
45.2 |
43.4 |
|
Total Selling/General/Administrative Expenses |
56.8 |
54.1 |
51.1 |
45.2 |
43.4 |
|
Research & Development |
10.7 |
11.7 |
11.1 |
10.8 |
11.7 |
|
Total Operating Expense |
131.6 |
122.7 |
113.3 |
107.8 |
109.0 |
|
|
|
|
|
|
|
|
Operating Income |
20.3 |
13.4 |
9.2 |
5.4 |
11.4 |
|
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
-0.9 |
0.2 |
0.5 |
0.3 |
0.6 |
|
Interest/Investment Income - Non-Operating |
-0.9 |
0.2 |
0.5 |
0.3 |
0.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.9 |
0.2 |
0.5 |
0.3 |
0.6 |
|
Income Before Tax |
19.3 |
13.6 |
9.6 |
5.6 |
12.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
7.4 |
4.1 |
3.6 |
1.7 |
4.8 |
|
Income After Tax |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
Net Income |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
22.1 |
22.0 |
21.7 |
21.6 |
21.5 |
|
Basic EPS Excl Extraord Items |
0.54 |
0.43 |
0.28 |
0.18 |
0.34 |
|
Basic/Primary EPS Incl Extraord Items |
0.54 |
0.43 |
0.28 |
0.18 |
0.34 |
|
Diluted Net Income |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
Diluted Weighted Average Shares |
22.8 |
22.7 |
22.5 |
22.2 |
21.7 |
|
Diluted EPS Excl Extraord Items |
0.52 |
0.42 |
0.27 |
0.18 |
0.33 |
|
Diluted EPS Incl Extraord Items |
0.52 |
0.42 |
0.27 |
0.18 |
0.33 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
4.5 |
5.6 |
5.7 |
5.7 |
4.4 |
|
Normalized Income Before Tax |
19.3 |
13.6 |
9.6 |
5.6 |
12.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
7.4 |
4.1 |
3.6 |
1.7 |
4.8 |
|
Normalized Income After Tax |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
11.9 |
9.5 |
6.0 |
3.9 |
7.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.54 |
0.43 |
0.28 |
0.18 |
0.34 |
|
Diluted Normalized EPS |
0.52 |
0.42 |
0.27 |
0.18 |
0.33 |
|
Amort of Intangibles, Supplemental |
2.8 |
1.5 |
0.8 |
0.9 |
2.9 |
|
Research & Development Exp, Supplemental |
10.7 |
11.7 |
11.1 |
10.8 |
11.7 |
|
Reported Gross Profit |
87.8 |
79.1 |
71.4 |
61.4 |
66.5 |
|
Reported Operating Profit |
20.3 |
13.4 |
9.2 |
5.4 |
11.4 |
|
Normalized EBIT |
20.3 |
13.4 |
9.2 |
5.4 |
11.4 |
|
Normalized EBITDA |
27.5 |
20.5 |
15.8 |
12.0 |
18.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO USA, LLP |
BDO USA, LLP |
BDO Seidman |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
74.2 |
59.1 |
51.1 |
36.7 |
37.6 |
|
Short Term Investments |
1.3 |
3.2 |
7.6 |
32.6 |
19.8 |
|
Cash and Short Term Investments |
75.5 |
62.3 |
58.6 |
69.3 |
57.4 |
|
Accounts Receivable -
Trade, Gross |
129.0 |
105.4 |
86.0 |
90.7 |
86.5 |
|
Provision for Doubtful
Accounts |
-10.3 |
-5.8 |
-5.5 |
-6.2 |
-8.4 |
|
Trade Accounts Receivable - Net |
118.7 |
99.5 |
80.5 |
84.4 |
78.1 |
|
Total Receivables, Net |
118.7 |
99.5 |
80.5 |
84.4 |
78.1 |
|
Inventories - Finished Goods |
27.0 |
34.0 |
30.8 |
29.8 |
29.6 |
|
Inventories - Work In Progress |
8.8 |
6.8 |
7.5 |
6.6 |
5.8 |
|
Inventories - Raw Materials |
30.1 |
29.2 |
31.4 |
24.7 |
22.5 |
|
Total Inventory |
65.9 |
70.0 |
69.7 |
61.0 |
57.9 |
|
Deferred Income Tax - Current Asset |
16.0 |
15.1 |
13.1 |
9.1 |
8.3 |
|
Other Current Assets |
10.0 |
9.6 |
8.2 |
3.2 |
3.5 |
|
Other Current Assets, Total |
26.0 |
24.6 |
21.2 |
12.3 |
11.8 |
|
Total Current Assets |
286.0 |
256.4 |
230.1 |
227.0 |
205.2 |
|
|
|
|
|
|
|
|
Buildings |
7.8 |
6.5 |
5.8 |
5.4 |
5.4 |
|
Land/Improvements |
3.3 |
1.4 |
1.3 |
1.3 |
1.2 |
|
Machinery/Equipment |
169.4 |
138.2 |
115.1 |
99.5 |
85.8 |
|
Construction in
Progress |
2.7 |
3.2 |
2.5 |
1.6 |
2.4 |
|
Property/Plant/Equipment - Gross |
183.3 |
149.2 |
124.6 |
107.7 |
94.7 |
|
Accumulated Depreciation |
-115.8 |
-99.3 |
-84.0 |
-73.8 |
-62.2 |
|
Property/Plant/Equipment - Net |
67.4 |
49.9 |
40.6 |
34.0 |
32.5 |
|
Goodwill, Net |
79.1 |
79.0 |
52.1 |
42.1 |
37.4 |
|
Intangibles - Gross |
68.8 |
64.9 |
62.0 |
50.7 |
46.9 |
|
Accumulated Intangible Amortization |
-30.4 |
-24.5 |
-19.1 |
-14.5 |
-10.5 |
|
Intangibles, Net |
38.4 |
40.4 |
42.9 |
36.2 |
36.4 |
|
LT Investments - Other |
1.3 |
1.3 |
1.3 |
3.1 |
1.3 |
|
Long Term Investments |
1.3 |
1.3 |
1.3 |
3.1 |
1.3 |
|
Note Receivable - Long Term |
2.2 |
3.7 |
3.9 |
3.6 |
2.0 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
- |
0.0 |
1.0 |
|
Other Long Term Assets, Total |
- |
- |
- |
0.0 |
1.0 |
|
Total Assets |
474.5 |
430.8 |
371.0 |
346.0 |
315.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.2 |
22.8 |
20.0 |
17.5 |
21.9 |
|
Accrued Expenses |
36.3 |
54.5 |
39.6 |
27.1 |
31.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
21.8 |
20.9 |
13.0 |
17.9 |
25.5 |
|
Income Taxes Payable |
- |
- |
- |
1.2 |
0.9 |
|
Other Current liabilities, Total |
21.8 |
20.9 |
13.0 |
19.1 |
26.5 |
|
Total Current Liabilities |
82.3 |
98.2 |
72.6 |
63.7 |
80.1 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
16.7 |
5.4 |
1.2 |
0.8 |
0.0 |
|
Deferred Income Tax |
16.7 |
5.4 |
1.2 |
0.8 |
0.0 |
|
Other Long Term Liabilities |
13.4 |
13.6 |
16.6 |
13.7 |
0.0 |
|
Other Liabilities, Total |
13.4 |
13.6 |
16.6 |
13.7 |
0.0 |
|
Total Liabilities |
112.4 |
117.2 |
90.4 |
78.2 |
80.1 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Additional Paid-In Capital |
189.8 |
172.1 |
159.2 |
155.5 |
145.5 |
|
Retained Earnings (Accumulated Deficit) |
179.5 |
148.2 |
129.3 |
119.7 |
96.6 |
|
Unrealized Gain (Loss) |
0.1 |
0.0 |
- |
- |
- |
|
Translation Adjustment |
-7.5 |
-6.9 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-8.1 |
-7.6 |
-6.5 |
|
Other Equity, Total |
-7.5 |
-6.9 |
-8.1 |
-7.6 |
-6.5 |
|
Total Equity |
362.1 |
313.6 |
280.6 |
267.9 |
235.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholdersβ Equity |
474.5 |
430.8 |
371.0 |
346.0 |
315.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
22.1 |
21.5 |
21.1 |
21.0 |
20.4 |
|
Total Common Shares Outstanding |
22.1 |
21.5 |
21.1 |
21.0 |
20.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
1,908 |
1,679 |
1,574 |
1,431 |
1,290 |
|
Number of Common Shareholders |
10,000 |
10,000 |
10,000 |
8,000 |
10,100 |
|
Accumulated Intangible Amort, Suppl. |
30.4 |
24.5 |
19.1 |
14.5 |
10.5 |
|
Deferred Revenue - Current |
21.8 |
20.9 |
13.0 |
17.9 |
25.5 |
|
Deferred Revenue - Long Term |
5.7 |
7.6 |
8.8 |
7.9 |
- |
|
Total Operating Leases, Supplemental |
39.8 |
18.9 |
11.5 |
5.8 |
7.4 |
|
Operating Lease Payments Due in Year 1 |
3.0 |
3.3 |
3.3 |
2.5 |
2.5 |
|
Operating Lease Payments Due in Year 2 |
4.7 |
2.3 |
2.7 |
1.7 |
2.2 |
|
Operating Lease Payments Due in Year 3 |
5.0 |
2.4 |
1.5 |
1.3 |
1.6 |
|
Operating Lease Payments Due in Year 4 |
4.7 |
2.3 |
1.3 |
0.2 |
1.1 |
|
Operating Lease Payments Due in Year 5 |
4.6 |
2.0 |
1.1 |
0.2 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
9.8 |
4.8 |
4.2 |
3.0 |
3.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
9.4 |
4.3 |
2.4 |
0.4 |
1.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
17.6 |
6.5 |
1.7 |
0.0 |
0.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Jul-2011 |
03-Apr-2011 |
02-Jan-2011 |
03-Oct-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
74.2 |
59.5 |
55.7 |
69.4 |
59.1 |
|
Short Term Investments |
1.3 |
1.3 |
1.7 |
1.7 |
3.2 |
|
Cash and Short Term Investments |
75.5 |
60.8 |
57.4 |
71.0 |
62.3 |
|
Accounts Receivable -
Trade, Gross |
129.0 |
112.3 |
100.2 |
101.8 |
105.4 |
|
Provision for Doubtful
Accounts |
-10.3 |
-8.2 |
-6.7 |
-5.9 |
-5.8 |
|
Trade Accounts Receivable - Net |
118.7 |
104.1 |
93.5 |
95.9 |
99.5 |
|
Total Receivables, Net |
118.7 |
104.1 |
93.5 |
95.9 |
99.5 |
|
Inventories - Finished Goods |
27.0 |
28.3 |
30.1 |
32.4 |
34.0 |
|
Inventories - Work In Progress |
8.8 |
9.3 |
9.0 |
7.9 |
6.8 |
|
Inventories - Raw Materials |
30.1 |
28.2 |
30.2 |
30.4 |
29.2 |
|
Total Inventory |
65.9 |
65.8 |
69.3 |
70.7 |
70.0 |
|
Prepaid Expenses |
26.0 |
25.8 |
25.7 |
25.4 |
24.6 |
|
Total Current Assets |
286.0 |
256.5 |
246.0 |
263.0 |
256.4 |
|
|
|
|
|
|
|
|
Buildings |
7.8 |
7.2 |
7.2 |
7.2 |
6.5 |
|
Land/Improvements |
3.3 |
2.3 |
2.4 |
1.4 |
1.4 |
|
Machinery/Equipment |
169.4 |
166.7 |
154.6 |
146.2 |
138.2 |
|
Construction in
Progress |
2.7 |
1.8 |
1.5 |
2.6 |
3.2 |
|
Property/Plant/Equipment - Gross |
183.3 |
178.0 |
165.7 |
157.4 |
149.2 |
|
Accumulated Depreciation |
-115.8 |
-112.3 |
-106.4 |
-103.1 |
-99.3 |
|
Property/Plant/Equipment - Net |
67.4 |
65.7 |
59.3 |
54.3 |
49.9 |
|
Goodwill, Net |
79.1 |
79.1 |
79.1 |
79.1 |
79.0 |
|
Intangibles - Gross |
68.8 |
68.1 |
67.0 |
66.1 |
64.9 |
|
Accumulated Intangible Amortization |
-30.4 |
-28.9 |
-27.4 |
-25.9 |
-24.5 |
|
Intangibles, Net |
38.4 |
39.3 |
39.6 |
40.1 |
40.4 |
|
LT Investments - Other |
1.3 |
1.3 |
1.3 |
1.3 |
1.3 |
|
Long Term Investments |
1.3 |
1.3 |
1.3 |
1.3 |
1.3 |
|
Note Receivable - Long Term |
2.2 |
1.9 |
2.1 |
2.9 |
3.7 |
|
Total Assets |
474.5 |
443.8 |
427.3 |
440.7 |
430.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.2 |
20.4 |
20.0 |
25.3 |
22.8 |
|
Accrued Expenses |
36.3 |
31.2 |
28.7 |
53.9 |
54.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
21.8 |
21.7 |
26.2 |
21.4 |
20.9 |
|
Other Current liabilities, Total |
21.8 |
21.7 |
26.2 |
21.4 |
20.9 |
|
Total Current Liabilities |
82.3 |
73.3 |
74.9 |
100.5 |
98.2 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
16.7 |
5.4 |
5.4 |
5.4 |
5.4 |
|
Deferred Income Tax |
16.7 |
5.4 |
5.4 |
5.4 |
5.4 |
|
Other Long Term Liabilities |
13.4 |
12.8 |
13.6 |
14.1 |
13.6 |
|
Other Liabilities, Total |
13.4 |
12.8 |
13.6 |
14.1 |
13.6 |
|
Total Liabilities |
112.4 |
91.6 |
93.9 |
120.0 |
117.2 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Additional Paid-In Capital |
189.8 |
189.6 |
180.9 |
175.0 |
172.1 |
|
Retained Earnings (Accumulated Deficit) |
179.5 |
167.6 |
158.1 |
152.1 |
148.2 |
|
Other Comprehensive Income |
-7.4 |
-5.2 |
-5.8 |
-6.6 |
-6.9 |
|
Other Equity, Total |
-7.4 |
-5.2 |
-5.8 |
-6.6 |
-6.9 |
|
Total Equity |
362.1 |
352.2 |
333.4 |
320.7 |
313.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholdersβ Equity |
474.5 |
443.8 |
427.3 |
440.7 |
430.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
22.1 |
22.1 |
21.8 |
21.6 |
21.5 |
|
Total Common Shares Outstanding |
22.1 |
22.1 |
21.8 |
21.6 |
21.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
30.4 |
28.9 |
27.4 |
25.9 |
24.5 |
|
Deferred Revenue - Current |
21.8 |
21.7 |
26.2 |
21.4 |
20.9 |
|
Deferred Revenue - Long Term |
5.7 |
6.2 |
6.9 |
7.2 |
7.6 |
|
Total Operating Leases, Supplemental |
39.8 |
39.4 |
40.3 |
40.1 |
23.5 |
|
Operating Lease Payments Due in Year 1 |
3.0 |
2.8 |
3.1 |
3.0 |
3.3 |
|
Operating Lease Payments Due in Year 2 |
4.9 |
4.5 |
3.9 |
3.7 |
2.3 |
|
Operating Lease Payments Due in Year 3 |
4.9 |
4.5 |
3.9 |
3.7 |
4.8 |
|
Operating Lease Payments Due in Year 4 |
4.7 |
4.6 |
4.6 |
4.5 |
2.3 |
|
Operating Lease Payments Due in Year 5 |
4.7 |
4.6 |
4.6 |
4.5 |
4.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
9.8 |
8.9 |
7.7 |
7.5 |
7.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
9.4 |
9.2 |
9.1 |
9.0 |
6.5 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
17.6 |
18.5 |
20.4 |
20.6 |
6.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO USA, LLP |
BDO USA, LLP |
BDO Seidman |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
31.3 |
18.9 |
9.6 |
23.4 |
16.7 |
|
Depreciation |
27.5 |
25.3 |
19.1 |
16.9 |
13.9 |
|
Depreciation/Depletion |
27.5 |
25.3 |
19.1 |
16.9 |
13.9 |
|
Deferred Taxes |
10.2 |
2.4 |
2.4 |
3.4 |
-0.1 |
|
Unusual Items |
0.0 |
0.5 |
0.3 |
-0.1 |
0.0 |
|
Other Non-Cash Items |
6.2 |
5.5 |
4.8 |
4.2 |
2.8 |
|
Non-Cash Items |
6.2 |
5.9 |
5.0 |
4.1 |
2.8 |
|
Accounts Receivable |
-19.7 |
-18.9 |
3.9 |
-6.5 |
-17.4 |
|
Inventories |
-20.2 |
-16.8 |
-4.2 |
-4.1 |
-25.6 |
|
Prepaid Expenses |
-1.0 |
-3.4 |
-0.2 |
0.2 |
-2.8 |
|
Payable/Accrued |
10.9 |
8.4 |
-2.3 |
-1.9 |
18.1 |
|
Changes in Working Capital |
-30.1 |
-30.6 |
-2.7 |
-12.4 |
-27.6 |
|
Cash from Operating Activities |
45.2 |
22.0 |
33.4 |
35.4 |
5.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-15.9 |
-11.7 |
-18.5 |
-15.0 |
-14.5 |
|
Capital Expenditures |
-15.9 |
-11.7 |
-18.5 |
-15.0 |
-14.5 |
|
Acquisition of Business |
0.0 |
0.0 |
-17.3 |
0.0 |
-12.8 |
|
Sale of Fixed Assets |
- |
- |
- |
- |
0.0 |
|
Sale/Maturity of Investment |
1.9 |
4.1 |
62.4 |
53.3 |
28.5 |
|
Investment, Net |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Investments |
0.0 |
0.0 |
-35.8 |
-68.2 |
-27.8 |
|
Other Investing Cash Flow |
-28.2 |
-15.5 |
-9.0 |
-12.7 |
-4.6 |
|
Other Investing Cash Flow Items, Total |
-26.4 |
-11.4 |
0.2 |
-27.6 |
-16.6 |
|
Cash from Investing Activities |
-42.3 |
-23.1 |
-18.2 |
-42.6 |
-31.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
3.6 |
1.0 |
0.0 |
1.9 |
4.5 |
|
Financing Cash Flow Items |
3.6 |
1.0 |
0.0 |
1.9 |
4.5 |
|
Options Exercised |
9.9 |
7.9 |
0.2 |
5.5 |
14.4 |
|
Issuance (Retirement) of Stock, Net |
9.9 |
7.9 |
0.2 |
5.5 |
14.4 |
|
Cash from Financing Activities |
13.5 |
8.8 |
0.2 |
7.3 |
18.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
0.3 |
-1.0 |
-1.1 |
1.3 |
|
Net Change in Cash |
15.1 |
8.0 |
14.4 |
-1.0 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
59.1 |
51.1 |
36.7 |
37.6 |
42.8 |
|
Net Cash - Ending Balance |
74.2 |
59.1 |
51.1 |
36.7 |
37.6 |
|
Cash Taxes Paid |
3.3 |
6.4 |
1.4 |
9.2 |
6.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
02-Oct-2011 |
03-Jul-2011 |
03-Apr-2011 |
02-Jan-2011 |
03-Oct-2010 |
|
Period Length |
52 Weeks |
39 Weeks |
26 Weeks |
13 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
31.3 |
19.4 |
9.9 |
3.9 |
18.9 |
|
Depreciation |
27.5 |
20.3 |
13.2 |
6.6 |
25.3 |
|
Depreciation/Depletion |
27.5 |
20.3 |
13.2 |
6.6 |
25.3 |
|
Deferred Taxes |
10.2 |
- |
- |
- |
2.4 |
|
Unusual Items |
0.0 |
- |
- |
- |
0.5 |
|
Other Non-Cash Items |
6.2 |
3.2 |
2.1 |
1.0 |
5.5 |
|
Non-Cash Items |
6.2 |
3.2 |
2.1 |
1.0 |
5.9 |
|
Accounts Receivable |
-19.7 |
-3.5 |
6.8 |
3.6 |
-18.9 |
|
Inventories |
-20.2 |
-16.3 |
-12.8 |
-6.1 |
-16.8 |
|
Prepaid Expenses |
-1.0 |
-1.1 |
-1.0 |
-0.7 |
-3.4 |
|
Payable/Accrued |
10.9 |
0.4 |
2.5 |
2.5 |
8.4 |
|
Changes in Working Capital |
-30.1 |
-20.5 |
-4.6 |
-0.7 |
-30.6 |
|
Cash from Operating Activities |
45.2 |
22.3 |
20.6 |
10.9 |
22.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-15.9 |
-11.4 |
-6.7 |
-4.0 |
-11.7 |
|
Capital Expenditures |
-15.9 |
-11.4 |
-6.7 |
-4.0 |
-11.7 |
|
Acquisition of Business |
0.0 |
- |
- |
- |
0.0 |
|
Sale/Maturity of Investment |
1.9 |
1.9 |
1.5 |
1.5 |
4.1 |
|
Purchase of Investments |
0.0 |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow |
-28.2 |
-27.4 |
-26.3 |
0.0 |
-15.5 |
|
Other Investing Cash Flow Items, Total |
-26.4 |
-25.5 |
-24.8 |
1.5 |
-11.4 |
|
Cash from Investing Activities |
-42.3 |
-36.9 |
-31.5 |
-2.5 |
-23.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
3.6 |
4.8 |
1.9 |
- |
1.0 |
|
Financing Cash Flow Items |
3.6 |
4.8 |
1.9 |
- |
1.0 |
|
Options Exercised |
9.9 |
9.5 |
4.8 |
1.8 |
7.9 |
|
Issuance (Retirement) of Stock, Net |
9.9 |
9.5 |
4.8 |
1.8 |
7.9 |
|
Cash from Financing Activities |
13.5 |
14.4 |
6.8 |
1.8 |
8.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
0.6 |
0.8 |
0.2 |
0.3 |
|
Net Change in Cash |
15.1 |
0.4 |
-3.3 |
10.3 |
8.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
59.1 |
59.1 |
59.1 |
59.1 |
51.1 |
|
Net Cash - Ending Balance |
74.2 |
59.5 |
55.7 |
69.4 |
59.1 |
|
Cash Taxes Paid |
3.3 |
2.2 |
2.0 |
0.8 |
6.4 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
01-Oct-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO Seidman |
BDO Seidman |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Rental revenue |
70.7 |
43.9 |
26.5 |
16.7 |
- |
|
Product sales |
373.3 |
341.3 |
371.5 |
292.8 |
- |
|
Net sales |
- |
- |
- |
- |
255.6 |
|
Total Revenue |
444.0 |
385.2 |
398.0 |
309.5 |
255.6 |
|
|
|
|
|
|
|
|
Cost of product sales |
185.5 |
177.8 |
180.3 |
136.7 |
- |
|
Cost of rental revenue |
17.0 |
10.0 |
7.0 |
4.0 |
- |
|
Cost of Goods |
- |
- |
- |
- |
116.4 |
|
Selling and Marketing |
130.9 |
113.9 |
111.8 |
91.9 |
78.4 |
|
General and Administrative |
37.5 |
32.4 |
30.7 |
26.2 |
22.4 |
|
Research and Development |
45.9 |
39.5 |
32.4 |
28.7 |
23.4 |
|
Total Operating Expense |
416.9 |
373.6 |
362.2 |
287.4 |
240.6 |
|
|
|
|
|
|
|
|
Other Income and Expense |
0.9 |
1.8 |
-0.3 |
3.6 |
2.1 |
|
Net Income Before Taxes |
28.1 |
13.4 |
35.5 |
25.6 |
17.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
9.1 |
3.8 |
12.1 |
9.0 |
6.0 |
|
Net Income After Taxes |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
Net Income |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
21.4 |
21.1 |
20.9 |
20.2 |
19.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.88 |
0.45 |
1.12 |
0.82 |
0.58 |
|
Basic EPS Including ExtraOrdinary Item |
0.88 |
0.45 |
1.12 |
0.82 |
0.58 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
Diluted Weighted Average Shares |
21.7 |
21.2 |
21.3 |
20.7 |
19.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.87 |
0.45 |
1.10 |
0.81 |
0.57 |
|
Diluted EPS Including ExtraOrd Items |
0.87 |
0.45 |
1.10 |
0.81 |
0.57 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
28.1 |
13.4 |
35.5 |
25.6 |
17.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.1 |
3.8 |
12.1 |
9.0 |
6.0 |
|
Normalized Income After Taxes |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.88 |
0.45 |
1.12 |
0.82 |
0.58 |
|
Diluted Normalized EPS |
0.87 |
0.45 |
1.10 |
0.81 |
0.57 |
|
Advertisement Costs |
2.3 |
2.2 |
2.7 |
2.5 |
2.1 |
|
Research & Development Exp |
45.9 |
39.5 |
32.4 |
28.7 |
23.4 |
|
Amort of Intangibles |
5.4 |
4.6 |
4.0 |
3.3 |
2.3 |
|
Rental Expense |
5.0 |
4.3 |
3.8 |
3.5 |
3.4 |
|
Depreciation |
19.9 |
14.5 |
12.9 |
10.6 |
10.0 |
|
Federal |
4.4 |
0.1 |
5.5 |
6.3 |
1.4 |
|
State |
1.3 |
0.4 |
1.4 |
1.4 |
0.8 |
|
Foreign |
1.1 |
1.0 |
1.8 |
1.4 |
1.6 |
|
Current Tax - Total |
6.7 |
1.5 |
8.7 |
9.1 |
3.8 |
|
Federal |
2.9 |
2.4 |
4.2 |
-0.1 |
2.3 |
|
State |
0.0 |
0.0 |
0.1 |
-0.1 |
-0.2 |
|
Foreign |
-0.5 |
0.0 |
-0.9 |
0.0 |
0.1 |
|
Deferred Tax - Total |
2.4 |
2.4 |
3.4 |
-0.1 |
2.2 |
|
Income Tax - Total |
9.1 |
3.8 |
12.1 |
9.0 |
6.0 |
|
Gross profit |
241.5 |
197.3 |
210.7 |
168.8 |
139.2 |
|
Income from operations |
27.1 |
11.6 |
35.8 |
22.0 |
15.1 |
|
Defined Contribution Plans |
2.1 |
1.8 |
2.1 |
1.0 |
0.5 |
|
401(k) Salary Deferral Plan |
- |
- |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
2.1 |
1.8 |
2.2 |
1.2 |
0.6 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Jul-2011 |
03-Apr-2011 |
02-Jan-2011 |
03-Oct-2010 |
04-Jul-2010 |
|
Period Length |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Product sales |
106.1 |
95.9 |
90.9 |
99.2 |
93.3 |
|
Rental revenue |
30.0 |
26.6 |
22.3 |
21.2 |
18.0 |
|
Total Revenue |
136.2 |
122.5 |
113.2 |
120.4 |
111.3 |
|
|
|
|
|
|
|
|
Cost of products sold |
50.0 |
45.1 |
45.9 |
48.8 |
46.8 |
|
Cost of rental revenue |
7.0 |
6.0 |
5.9 |
5.1 |
4.5 |
|
Selling and Marketing |
42.6 |
39.2 |
34.8 |
33.8 |
33.0 |
|
General and Administrative |
11.4 |
11.8 |
10.4 |
9.6 |
9.1 |
|
Research and Development |
11.7 |
11.1 |
10.8 |
11.7 |
11.6 |
|
Total Operating Expense |
122.7 |
113.3 |
107.8 |
109.0 |
104.8 |
|
|
|
|
|
|
|
|
Other income |
0.2 |
0.5 |
0.3 |
0.6 |
0.1 |
|
Net Income Before Taxes |
13.6 |
9.6 |
5.6 |
12.0 |
6.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.1 |
3.6 |
1.7 |
4.8 |
0.9 |
|
Net Income After Taxes |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
Net Income |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
22.0 |
21.7 |
21.6 |
21.5 |
21.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.43 |
0.28 |
0.18 |
0.34 |
0.27 |
|
Basic EPS Including ExtraOrdinary Item |
0.43 |
0.28 |
0.18 |
0.34 |
0.27 |
|
Diluted Net Income |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
Diluted Weighted Average Shares |
22.7 |
22.5 |
22.2 |
21.7 |
21.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.42 |
0.27 |
0.18 |
0.33 |
0.26 |
|
Diluted EPS Including ExtraOrd Items |
0.42 |
0.27 |
0.18 |
0.33 |
0.26 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
13.6 |
9.6 |
5.6 |
12.0 |
6.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.1 |
3.6 |
1.7 |
4.8 |
0.9 |
|
Normalized Income After Taxes |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.5 |
6.0 |
3.9 |
7.2 |
5.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.43 |
0.28 |
0.18 |
0.34 |
0.27 |
|
Diluted Normalized EPS |
0.42 |
0.27 |
0.18 |
0.33 |
0.26 |
|
Research & Development Exp |
11.7 |
11.1 |
10.8 |
11.7 |
11.6 |
|
Amort of Intangibles |
1.5 |
0.8 |
0.9 |
2.9 |
1.3 |
|
Depreciation |
5.6 |
5.7 |
5.7 |
4.4 |
5.0 |
|
Income from operations |
13.4 |
9.2 |
5.4 |
11.4 |
6.5 |
|
Gross profit |
79.1 |
71.4 |
61.4 |
66.5 |
60.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
01-Oct-2006 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO Seidman |
BDO Seidman |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
59.1 |
51.1 |
36.7 |
37.6 |
42.8 |
|
Short term investments |
3.2 |
7.6 |
32.6 |
19.8 |
20.5 |
|
Accounts Receivable, Gross |
105.4 |
86.0 |
90.7 |
86.5 |
67.0 |
|
Doubtful Account |
-5.8 |
-5.5 |
-6.2 |
-8.4 |
-7.9 |
|
Raw materials |
29.2 |
31.4 |
24.7 |
22.5 |
16.8 |
|
Work-in-process |
6.8 |
7.5 |
6.6 |
5.8 |
4.8 |
|
Finished Goods |
34.0 |
30.8 |
29.8 |
29.6 |
15.4 |
|
Deferred Taxes |
15.1 |
13.1 |
9.1 |
8.3 |
6.7 |
|
Other |
9.6 |
8.2 |
3.2 |
3.5 |
- |
|
Prepaid expenses and other current asset |
- |
- |
- |
- |
2.3 |
|
Total Current Assets |
256.4 |
230.1 |
227.0 |
205.2 |
168.6 |
|
|
|
|
|
|
|
|
Land, building and improvements |
1.4 |
1.3 |
1.3 |
1.2 |
1.2 |
|
Machinery and Equipment |
115.3 |
93.1 |
79.1 |
66.7 |
53.9 |
|
Construction in Progress |
3.2 |
2.5 |
1.6 |
2.4 |
4.3 |
|
Tooling |
18.7 |
17.8 |
16.5 |
15.3 |
12.0 |
|
Furniture and Fixtures |
4.2 |
4.2 |
4.0 |
3.8 |
3.3 |
|
Leasehold Improvements |
6.5 |
5.8 |
5.4 |
5.4 |
5.3 |
|
Accumulated Depreciation |
-99.3 |
-84.0 |
-73.8 |
-62.2 |
-53.3 |
|
Investments |
1.3 |
1.3 |
1.3 |
1.3 |
1.3 |
|
Long-term marketable securities |
- |
- |
1.8 |
0.0 |
- |
|
Notes Receivable |
3.7 |
3.9 |
3.6 |
2.0 |
0.5 |
|
Goodwill |
79.0 |
52.1 |
42.1 |
37.4 |
24.4 |
|
Prepaid license fees |
12.8 |
12.2 |
11.4 |
10.7 |
9.4 |
|
Patents & Developed Technology |
36.1 |
34.7 |
28.9 |
28.0 |
21.8 |
|
Customer-related intangibles |
5.0 |
4.8 |
4.8 |
4.6 |
3.3 |
|
Intangible assets not subject to amortiz |
1.5 |
1.5 |
0.9 |
0.9 |
0.4 |
|
Other Assets |
9.5 |
8.8 |
4.8 |
2.6 |
2.0 |
|
Amortization |
-24.5 |
-19.1 |
-14.5 |
-10.5 |
-7.1 |
|
Deferred Tax |
- |
- |
0.0 |
1.0 |
0.2 |
|
Total Assets |
430.8 |
371.0 |
346.0 |
315.8 |
251.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
22.8 |
20.0 |
17.5 |
21.9 |
13.7 |
|
Deferred Revenue |
20.9 |
13.0 |
17.9 |
25.5 |
13.4 |
|
Accrued expenses and other liabilities |
54.5 |
39.6 |
27.1 |
31.7 |
28.7 |
|
Accrued corporate income taxes |
- |
- |
1.2 |
0.9 |
- |
|
Total Current Liabilities |
98.2 |
72.6 |
63.7 |
80.1 |
55.8 |
|
|
|
|
|
|
|
|
Deferred revenue, long-term |
7.6 |
8.8 |
7.9 |
- |
- |
|
Other long-term liabilities |
2.8 |
3.0 |
5.8 |
- |
- |
|
Deferred Income Taxes |
5.4 |
0.8 |
0.8 |
0.0 |
- |
|
Deferred Income Tax |
0.0 |
0.4 |
- |
- |
- |
|
Unrecognized tax benefits |
3.2 |
4.8 |
- |
0.0 |
- |
|
Total Liabilities |
117.2 |
90.4 |
78.2 |
80.1 |
55.8 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Paid in Capital |
172.1 |
159.2 |
155.5 |
145.5 |
119.3 |
|
Other Income |
-6.9 |
-8.1 |
-7.6 |
-6.5 |
-3.8 |
|
Retained Earnings |
148.2 |
129.3 |
119.7 |
96.6 |
80.0 |
|
Total Equity |
313.6 |
280.6 |
267.9 |
235.8 |
195.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
430.8 |
371.0 |
346.0 |
315.8 |
251.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
21.5 |
21.1 |
21.0 |
20.4 |
19.4 |
|
Total Common Shares Outstanding |
21.5 |
21.1 |
21.0 |
20.4 |
19.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Deferred Reveue |
20.9 |
13.0 |
17.9 |
25.5 |
13.4 |
|
Accumulated Intangible Amortization |
24.5 |
19.1 |
14.5 |
10.5 |
7.1 |
|
Deferred Reveue - Long term |
7.6 |
8.8 |
7.9 |
- |
- |
|
Full-Time Employees |
1,679 |
1,574 |
1,431 |
1,290 |
1,080 |
|
Number of Common Shareholders |
10,000 |
10,000 |
8,000 |
10,100 |
7,650 |
|
Operating Lease Maturing Within 1 Year |
3.3 |
3.3 |
2.5 |
2.5 |
2.4 |
|
Operating Lease Maturing Within 2 Years |
2.3 |
2.7 |
1.7 |
2.2 |
2.3 |
|
Operating Lease Maturing Within 3 Years |
2.4 |
1.5 |
1.3 |
1.6 |
2.0 |
|
Operating Lease Maturing Within 4 Years |
2.3 |
1.3 |
0.2 |
1.1 |
1.4 |
|
Operating Lease Maturing Within 5 Years |
2.0 |
1.1 |
0.2 |
0.0 |
1.0 |
|
Operating Lease Maturing Thereafter |
6.5 |
1.7 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases |
18.9 |
11.5 |
5.8 |
7.4 |
9.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Jul-2011 |
03-Apr-2011 |
02-Jan-2011 |
03-Oct-2010 |
04-Jul-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
59.5 |
55.7 |
69.4 |
59.1 |
59.1 |
|
Short-term investments |
1.3 |
1.7 |
1.7 |
3.2 |
4.1 |
|
Accounts Receivable, Gross |
112.3 |
100.2 |
101.8 |
105.4 |
86.0 |
|
Doubtful Accounts |
-8.2 |
-6.7 |
-5.9 |
-5.8 |
-5.8 |
|
Raw materials |
28.2 |
30.2 |
30.4 |
29.2 |
31.9 |
|
Work-in-process |
9.3 |
9.0 |
7.9 |
6.8 |
7.6 |
|
Finished Goods |
28.3 |
30.1 |
32.4 |
34.0 |
35.3 |
|
Prepaid expenses and other current asset |
25.8 |
25.7 |
25.4 |
24.6 |
21.8 |
|
Total Current Assets |
256.5 |
246.0 |
263.0 |
256.4 |
240.0 |
|
|
|
|
|
|
|
|
Land, building and improvements |
2.3 |
2.4 |
1.4 |
1.4 |
1.3 |
|
Machinery and Equipment |
86.5 |
82.1 |
81.7 |
79.4 |
110.0 |
|
Rental equipment |
54.9 |
47.8 |
41.4 |
35.9 |
- |
|
Construction in Progress |
1.8 |
1.5 |
2.6 |
3.2 |
2.8 |
|
Tooling |
20.6 |
20.3 |
18.8 |
18.7 |
18.6 |
|
Furniture and Fixtures |
4.7 |
4.3 |
4.3 |
4.2 |
4.2 |
|
Leasehold Improvements |
7.2 |
7.2 |
7.2 |
6.5 |
6.2 |
|
Accumulated depreciation |
-112.3 |
-106.4 |
-103.1 |
-99.3 |
-93.9 |
|
Investments |
1.3 |
1.3 |
1.3 |
1.3 |
1.3 |
|
Notes Receivable |
1.9 |
2.1 |
2.9 |
3.7 |
3.5 |
|
Goodwill |
79.1 |
79.1 |
79.1 |
79.0 |
52.8 |
|
Prepaid license fees |
12.9 |
12.9 |
12.8 |
12.8 |
12.7 |
|
Patents and developed technology |
37.4 |
37.2 |
36.7 |
36.1 |
35.7 |
|
Customer-related intangibles |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
Intangible assets not subject to amortiz |
1.6 |
1.6 |
1.6 |
1.5 |
1.5 |
|
Other Intangible Assets |
11.2 |
10.3 |
9.9 |
9.5 |
9.7 |
|
Amortization |
-28.9 |
-27.4 |
-25.9 |
-24.5 |
-23.2 |
|
Total Assets |
443.8 |
427.3 |
440.7 |
430.8 |
388.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
20.4 |
20.0 |
25.3 |
22.8 |
24.5 |
|
Deferred Revenue |
21.7 |
26.2 |
21.4 |
20.9 |
18.9 |
|
Accrued expenses and other liabilities |
31.2 |
28.7 |
53.9 |
54.5 |
27.2 |
|
Total Current Liabilities |
73.3 |
74.9 |
100.5 |
98.2 |
70.6 |
|
|
|
|
|
|
|
|
Accrued Warranty Expenses |
2.8 |
2.8 |
3.0 |
2.8 |
2.8 |
|
Deferred revenue, long-term |
6.2 |
6.9 |
7.2 |
7.6 |
7.6 |
|
Deferred tax liabilities |
5.4 |
5.4 |
5.4 |
5.4 |
0.2 |
|
Unrecognized tax benefits |
3.2 |
3.2 |
3.2 |
3.2 |
4.6 |
|
Deferred Income Taxes |
- |
- |
- |
0.0 |
0.0 |
|
Other Miscellaneous Liabilities |
0.7 |
0.7 |
0.8 |
0.0 |
0.3 |
|
Total Liabilities |
91.6 |
93.9 |
120.0 |
117.2 |
86.0 |
|
|
|
|
|
|
|
|
Common stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Paid in Capital |
189.6 |
180.9 |
175.0 |
172.1 |
169.8 |
|
Other Income |
-5.2 |
-5.8 |
-6.6 |
-6.9 |
-8.7 |
|
Retained Earnings |
167.6 |
158.1 |
152.1 |
148.2 |
141.0 |
|
Total Equity |
352.2 |
333.4 |
320.7 |
313.6 |
302.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
443.8 |
427.3 |
440.7 |
430.8 |
388.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
22.1 |
21.8 |
21.6 |
21.5 |
21.4 |
|
Total Common Shares Outstanding |
22.1 |
21.8 |
21.6 |
21.5 |
21.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
21.7 |
26.2 |
21.4 |
20.9 |
18.9 |
|
Deferred Revenue - Long-term |
6.2 |
6.9 |
7.2 |
7.6 |
7.6 |
|
Accumulated Intangible Amortization |
28.9 |
27.4 |
25.9 |
24.5 |
23.2 |
|
Operating Lease Maturing within 1 Year |
2.8 |
3.1 |
3.0 |
3.3 |
3.0 |
|
Operating Lease Maturing 1-3 Years |
8.9 |
7.7 |
7.5 |
4.8 |
4.9 |
|
Operating Lease Maturing 4-5 Years |
9.2 |
9.1 |
9.0 |
4.3 |
4.4 |
|
Operating Lease Maturing After 5 Years |
18.5 |
20.4 |
20.6 |
6.5 |
7.1 |
|
Total Operating Leases |
39.4 |
40.3 |
40.1 |
18.9 |
19.4 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Oct-2010 |
27-Sep-2009 |
28-Sep-2008 |
30-Sep-2007 |
01-Oct-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
BDO USA, LLP |
BDO Seidman |
BDO Seidman |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
18.9 |
9.6 |
23.4 |
16.7 |
11.1 |
|
Depreciation |
25.3 |
19.1 |
16.9 |
13.9 |
12.3 |
|
Stock for Services |
4.0 |
3.5 |
2.7 |
1.7 |
0.7 |
|
Excess Tax Benefit - Exercise of Options |
- |
- |
- |
0.0 |
0.0 |
|
Provision for Losses |
- |
- |
- |
- |
0.0 |
|
Realized Securities Gain |
0.5 |
0.3 |
-0.1 |
0.0 |
0.1 |
|
Warranty Expense |
1.5 |
1.3 |
1.5 |
1.2 |
1.3 |
|
Writeoff AED@Home |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Income Taxes |
2.4 |
2.4 |
3.4 |
-0.1 |
2.2 |
|
Accounts Receivable |
-18.9 |
3.9 |
-6.5 |
-17.4 |
-10.2 |
|
Inventories |
-16.8 |
-4.2 |
-4.1 |
-25.6 |
0.5 |
|
Prepaid & Other |
-3.4 |
-0.2 |
0.2 |
-2.8 |
-1.1 |
|
Accounts Payable and Accrued Liabilities |
8.4 |
-2.3 |
-1.9 |
18.1 |
11.5 |
|
Unrealised Loss from Hedging Activities |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Operating Activities |
21.9 |
33.4 |
35.4 |
5.7 |
28.5 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-11.7 |
-18.5 |
-15.0 |
-14.5 |
-10.5 |
|
Purchase of Investments |
0.0 |
-35.8 |
-68.2 |
-27.8 |
-36.6 |
|
Payments for acquisitions, net of cash a |
0.0 |
-17.3 |
0.0 |
- |
- |
|
Sale of Investments |
4.1 |
62.4 |
53.3 |
28.5 |
30.6 |
|
Disposals of Property and Equipment |
- |
- |
- |
0.0 |
0.0 |
|
Other Assets |
-2.7 |
-4.5 |
-5.9 |
-2.9 |
-0.4 |
|
Equity Invesments: Revivant Corporation |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Milestone Payment |
-12.8 |
-4.5 |
-6.8 |
-1.7 |
-1.3 |
|
Acquisition of Infusion Dynamics |
- |
- |
0.0 |
-12.8 |
-5.1 |
|
Amounts Advanced: LifeCOR Technology |
- |
- |
0.0 |
0.0 |
-0.6 |
|
Cash from Investing Activities |
-23.1 |
-18.2 |
-42.6 |
-31.2 |
-24.0 |
|
|
|
|
|
|
|
|
Stock Options Exercised |
7.9 |
0.2 |
5.5 |
14.4 |
1.4 |
|
Excess Tax Benefit |
1.0 |
0.0 |
1.9 |
4.5 |
0.3 |
|
Cash from Financing Activities |
8.9 |
0.2 |
7.3 |
18.9 |
1.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
-1.0 |
-1.1 |
1.3 |
0.4 |
|
Net Change in Cash |
8.0 |
14.4 |
-1.0 |
-5.2 |
6.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
51.1 |
36.7 |
37.6 |
42.8 |
36.3 |
|
Net Cash - Ending Balance |
59.1 |
51.1 |
36.7 |
37.6 |
42.8 |
|
Cash Taxes Paid |
6.4 |
1.4 |
9.2 |
6.2 |
2.6 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
03-Jul-2011 |
03-Apr-2011 |
02-Jan-2011 |
03-Oct-2010 |
04-Jul-2010 |
|
Period Length |
39 Weeks |
26 Weeks |
13 Weeks |
52 Weeks |
39 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
19.4 |
9.9 |
3.9 |
18.9 |
11.7 |
|
Depreciation |
20.3 |
13.2 |
6.6 |
25.3 |
18.0 |
|
Stock Based Compensation Expense |
3.2 |
2.1 |
1.0 |
4.0 |
3.1 |
|
Unrealized Loss from Hedging Activities |
- |
- |
- |
0.5 |
- |
|
Warranty Expense |
- |
- |
- |
1.5 |
- |
|
Deferred Taxes |
- |
- |
- |
2.4 |
- |
|
Accounts Receivable |
-3.5 |
6.8 |
3.6 |
-18.9 |
-0.8 |
|
Inventories |
-16.3 |
-12.8 |
-6.1 |
-16.8 |
-17.9 |
|
Prepaid Expenses |
-1.1 |
-1.0 |
-0.7 |
-3.4 |
-0.7 |
|
Accounts Payable and Accrued Liabilities |
0.4 |
2.5 |
2.5 |
8.4 |
8.6 |
|
Cash from Operating Activities |
22.3 |
20.6 |
10.9 |
21.9 |
22.0 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-11.4 |
-6.7 |
-4.0 |
-11.7 |
-9.4 |
|
Purchase Securities |
- |
- |
- |
0.0 |
- |
|
Sale of Securities |
1.9 |
1.5 |
1.5 |
4.1 |
3.7 |
|
Acquisitions |
- |
- |
- |
0.0 |
- |
|
Milestone Payment-Prior Year Acquisit. |
-26.3 |
-26.3 |
0.0 |
-12.8 |
-12.8 |
|
Other Assets |
-1.1 |
0.0 |
0.0 |
-2.7 |
-1.9 |
|
Cash from Investing Activities |
-36.9 |
-31.5 |
-2.5 |
-23.1 |
-20.4 |
|
|
|
|
|
|
|
|
Exercise of stock options |
9.5 |
4.8 |
1.8 |
7.9 |
6.8 |
|
Taxes paid related to net share settleme |
-0.1 |
- |
- |
- |
-0.1 |
|
Stock Option Tax benefit |
4.9 |
1.9 |
- |
1.0 |
0.8 |
|
Cash from Financing Activities |
14.4 |
6.8 |
1.8 |
8.9 |
7.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.6 |
0.8 |
0.2 |
0.3 |
-1.1 |
|
Net Change in Cash |
0.4 |
-3.3 |
10.3 |
8.0 |
8.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
59.1 |
59.1 |
59.1 |
51.1 |
51.1 |
|
Net Cash - Ending Balance |
59.5 |
55.7 |
69.4 |
59.1 |
59.1 |
|
Cash Taxes Paid |
2.2 |
2.0 |
0.8 |
6.4 |
4.2 |
Geographic
Segments
Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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Standard & Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising
Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent with
a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the long-term
rating is negative. As our downside alternate fiscal scenario illustrates, a
higher public debt trajectory than we currently assume could lead us to lower
the long-term rating again. On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint Select Committee
on Deficit Reduction--independently or coupled with other initiatives, such as
the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal
consolidation measures beyond the minimum mandated, and we believe they are
likely to slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'.
On Monday, we
will issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.67 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.