CUNO Reports Record Fourth Quarter and Fiscal 2003 Results --
Record fourth quarter Sales of $77.5 million (up 15%) and record
fiscal 2003 Sales of $288.2 million (up 12%) -- Record fourth
quarter diluted Earnings Per Share (EPS) of $0.44 (up 16%) and
record fiscal 2003 diluted EPS of $1.58 (up 16%) -- Record fourth
quarter and fiscal 2003 Operating Margin of 14.3% and 14.0%,
respectively -- Record fourth quarter Orders of $75.9 million (up
11%) MERIDEN, Conn., Dec. 15 /PRNewswire-FirstCall/ -- CUNO
Incorporated today reported record results for the fourth quarter
ended October 31, 2003 including sales of $77.5 million, up 15%
from $67.5 million (up 9% in local currency) in the same period in
2002. Net income for the fourth quarter increased by 19% to $7.6
million from $6.4 million reported in 2002. Diluted EPS for the
period were a record $0.44, up 16% compared to $0.38 in the prior
year quarter. Commenting on the Company's fourth quarter results,
Mark G. Kachur, Chairman and Chief Executive Officer, said "Our
strong business mix and international scope enabled us to achieve
record financial results in the fourth quarter despite sluggish
conditions in certain Fluid Processing market segments in the U.S.
Our overall Sales increased 15% (up 9% in local currency), led by
strong growth in our Healthcare and Potable Water businesses.
Particularly strong growth was achieved in Europe and the
Asia/Pacific region. In addition, our New Products continued to be
well received, generating $11.5 million or approximately 15% of
total sales and contributing to our strong performance in the
quarter." For the full year, sales were a record $288.2 million, up
12% (up 7% in local currency), and net income increased by 17% to
$26.8 million from $23.0 million in the prior year. Diluted EPS
were a record $1.58, up 16% from $1.36 in 2002. Commenting on the
fiscal 2004 outlook for CUNO, Mr. Kachur added, "Our business model
should enable us to continue to achieve superior financial results.
Orders were a record $75.9 million in the fourth quarter and our
backlog remains strong. As a result, we are optimistic about our
prospects in fiscal 2004 and expect to achieve diluted EPS in the
range of $1.72 -$1.80. A conference call will be held Tuesday,
December 16 at 10:00 a.m. (EST) to review the Company's fourth
quarter financial results and business outlook. The call-in number
is 1-888-273-9885 for interested analysts and investors.
Alternatively, visit us at http://www.cuno.com/ for additional
information about the Company. CUNO is a world leader in the
design, manufacture and marketing of a comprehensive line of
filtration products for the separation, clarification and
purification of liquids and gases. CUNO's products, which include
proprietary depth filters and semi-permeable membrane filters, are
used in the potable water, healthcare and fluid processing markets.
CUNO wants to provide shareowners and prospective investors with
more meaningful and useful information and, therefore, this press
release includes various comments regarding business conditions and
the outlook for CUNO, which reflect currently available
information. These forward-looking statements are subject to risks
and uncertainties which could cause performance or actual results
to differ materially from those expressed herein. Such risks and
uncertainties include, among other things: those items described in
our reports filed with the SEC as well as volumes of shipments of
CUNO's products; changes in product mix and product pricing;
relationships with customers and suppliers; costs of raw materials;
the rate of economic and industry growth in the U.S. and the other
countries in which CUNO conducts business; economic and political
conditions in the foreign countries in which CUNO conducts a
substantial part of its operations and other risks associated with
international operations including exchange rate fluctuations;
CUNO's ability to protect its technology, proprietary products and
manufacturing techniques; changes in technology; changes in
legislative, regulatory or industrial requirements and risks
generally associated with new product introductions and
applications; and domestic and international competition in CUNO's
global markets. CUNO assumes no obligation to update the
information contained in this press release. CUNO Incorporated
Consolidated Statements of Income (dollars in thousands, except
share and per-share amounts) Three Months Ended Twelve Months Ended
October 31, October 31, 2003 2002 2003 2002 Net sales $77,524
$67,516 $288,231 $258,201 Less costs and expenses: Cost of products
sold 41,423 37,138 157,221 142,450 Selling, general and
administrative 20,955 16,980 75,808 66,204 Research, development
and engineering 4,080 3,812 14,977 14,662 66,458 57,930 248,006
223,316 Operating income 11,066 9,586 40,225 34,885 Nonoperating
income (expense): Interest expense (100) (82) (540) (417) Interest
and other income, net 101 73 462 302 1 (9) (78) (115) Income before
income taxes 11,067 9,577 40,147 34,770 Income taxes 3,430 3,183
13,351 11,814 Net income $7,637 $6,394 $26,796 $22,956 Basic
earnings per common share $0.46 $0.39 $1.61 $1.39 Diluted earnings
per common share $0.44 $0.38 $1.58 $1.36 Basic shares outstanding
16,780,762 16,554,246 16,661,101 16,477,637 Diluted shares
outstanding 17,181,961 16,915,699 16,987,792 16,884,585 CUNO
Incorporated Consolidated Condensed Balance Sheets (dollars in
thousands) October 31, October 31, 2003 2002 Assets Current assets
Cash and cash equivalents $57,603 $40,872 Accounts receivable, net
59,658 50,862 Inventories, net 31,058 26,173 Deferred income taxes
9,020 7,998 Prepaid expenses and other current assets 4,306 4,233
Total current assets 161,645 130,138 Noncurrent assets Deferred
income taxes 1,340 1,482 Goodwill, net 28,489 26,995 Prepaid
pension costs 7,923 - Other noncurrent assets 3,551 3,505 Property,
plant and equipment, net 85,060 74,759 Total assets $288,008
$236,879 Liabilities and Stockholders' Equity Current liabilities
Current portion of long-term debt $849 $714 Short-term bank loans
14,098 16,374 Accounts payable 18,556 16,256 Accrued payroll and
related taxes 15,665 13,633 Other accrued expenses 12,234 10,093
Accrued income taxes 2,558 497 Total current liabilities 63,960
57,567 Noncurrent liabilities Long-term debt, less current portion
401 2,030 Deferred income taxes 9,862 5,924 Accrued pension
liability 5,457 8,945 Total noncurrent liabilities 15,720 16,899
Stockholders' equity Preferred Stock - - Common Stock 17 17
Treasury Stock, at cost (57) (57) Additional paid-in-capital 53,787
46,375 Unearned compensation (784) (551) Accumulated other
comprehensive income (loss) -- Foreign currency translation
adjustments 3,282 (5,533) Fair value of derivative financial
instruments, net 13 (8) Minimum pension liability, net (2,049)
(5,153) 1,246 (10,694) Retained earnings 154,119 127,323 Total
stockholders' equity 208,328 162,413 Total liabilities and
stockholders' equity $288,008 $236,879 DATASOURCE: CUNO
Incorporated CONTACT: Investor contact, Frederick C. Flynn, Jr. of
CUNO Incorporated, +1-203-238-8847, Company News On-Call:
http://www.prnewswire.com/comp/126696.html
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