CUNO Reports Record Fourth Quarter and Fiscal 2004 Results --
Record fourth quarter Sales of $103.5 million (up 34%) and record
fiscal 2004 Sales of $351.6 million (up 22%) -- Record fourth
quarter diluted Earnings Per Share (EPS) of $0.52 (up 18%) and
record fiscal 2004 diluted EPS of $1.93 (up 22%) -- Record fourth
quarter Orders of $97.0 million (up 28%) MERIDEN, Conn., Dec. 13
/PRNewswire-FirstCall/ -- CUNO Incorporated (NASDAQ:CUNO) today
reported record results for the fourth quarter ended October 31,
2004 including sales of $103.5 million, up 34% (up 31% in local
currency) from $77.5 million in the same period in 2003. Net income
for the fourth quarter increased by 18% to $9.0 million from $7.6
million reported in 2003. Diluted EPS for the period were a record
$0.52, up 18% compared to $0.44 in the prior year quarter, and up
approximately 11% on a currency- adjusted basis. Commenting on the
Company's fourth quarter results, Mark G. Kachur, Chairman and
Chief Executive Officer, said "Our record fourth quarter results
reflect the strength and effectiveness of our business model. We
achieved double-digit Sales growth in each of our primary markets,
including Potable Water, Healthcare and Fluid Processing. Our Sales
increased 34% (up 31% in local currency); adjusted for the
acquisition of WTC Industries (which was completed August 2), our
organic Sales growth was 21%. In addition, our New Products
continued to be well received, generating $11.0 million or
approximately 11% of total sales and contributing to our strong
performance in the quarter." For the full year, Sales were a record
$351.6 million, up 22% (up 17% in local currency), and net income
increased by 23% to $33.1 million from $26.8 million in the prior
year. Diluted EPS were a record $1.93, up 22% from $1.58 in 2003,
and up approximately 14% on a currency-adjusted basis. Commenting
on the fiscal 2005 outlook for CUNO, Mr. Kachur added, "Our
business model should enable us to continue to achieve strong
financial results. Orders were a record $97.0 million in the fourth
quarter and our backlog remains strong. As a result, we are
optimistic about our prospects in fiscal 2005 and expect to achieve
diluted EPS in the range of $2.12 - $2.22. A conference call will
be held Tuesday, December 14 at 10:00 a.m. (EST) to review the
Company's fourth quarter financial results and business outlook.
The call-in number is 1-877-209-0397 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. Investor contact:
Frederick C. Flynn, Jr. 203/238-8847 CUNO Incorporated Consolidated
Statements of Income (dollars in thousands, except share and
per-share amounts) (Unaudited) Three Months Ended Twelve Months
Ended October 31 October 31 2004 2003 2004 2003 Net sales $103,512
$77,524 $351,611 $288,231 Less costs and expenses: Cost of products
sold 59,780 41,423 194,284 157,221 Selling, general and
administrative 24,586 20,908 89,608 75,652 Research, development
and engineering 4,848 4,080 17,400 14,977 Amortization 593 47 858
156 89,807 66,458 302,150 248,006 Operating income 13,705 11,066
49,461 40,225 Nonoperating income (expense): Interest expense (747)
(100) (984) (540) Interest and other income, net 304 101 824 462
(443) 1 (160) (78) Income before income taxes 13,262 11,067 49,301
40,147 Income taxes 4,243 3,430 16,230 13,351 Net income $9,019
$7,637 $33,071 $26,796 Basic earnings per common share $0.54 $0.46
$1.98 $1.61 Diluted earnings per common share $0.52 $0.44 $1.93
$1.58 Basic shares outstanding 16,820,263 16,780,762 16,729,045
16,661,101 Diluted shares outstanding 17,329,757 17,181,961
17,165,890 16,987,792 CUNO Incorporated Consolidated Condensed
Balance Sheets (dollars in thousands) October 31 October 31, 2004
2003 Assets Current assets Cash and cash equivalents $23,359
$57,603 Accounts receivable, net 89,593 59,658 Inventories, net
47,275 31,058 Deferred income taxes 12,656 9,020 Prepaid expenses
and other current assets 5,974 4,306 Total current assets $178,857
$161,645 Noncurrent assets Deferred income taxes 892 1,340
Goodwill, net 103,977 28,489 Other Intangible assets 32,894 2,075
Prepaid pension costs 9,785 7,923 Other noncurrent assets 4,832
1,476 Property, plant and equipment, net 103,321 85,060 Total
assets $434,558 $288,008 Liabilities and Stockholders' Equity
Current liabilities Current portion of long-term debt $276 $849
Short-term bank loans 11,048 11,804 Accounts payable 33,469 20,519
Accrued payroll and related taxes 20,329 17,456 Other accrued
expenses 11,502 10,443 Accrued income taxes 4,539 2,558 Total
current liabilities 81,163 63,629 Noncurrent liabilities Long-term
debt, less current portion 75,569 401 Deferred income taxes 16,662
9,862 Accrued pension liability 4,396 5,457 Other long term
liabilities 789 331 Total noncurrent liabilities $97,416 $16,051
Stockholders' equity Preferred Stock - - Common Stock 17 17
Treasury Stock, at cost (57) (57) Additional paid-in-capital 63,413
53,787 Unearned compensation (2,164) (784) Accumulated other
comprehensive income (loss) -- Foreign currency translation
adjustments 7,966 3,282 Minimum pension liability, net (386)
(2,049) Fair value of derivative financial instruments, net - 13
7,580 1,246 Retained earnings 187,190 154,119 Total stockholders'
equity 255,979 208,328 Total liabilities and stockholders' equity
$434,558 $288,008 DATASOURCE: CUNO Inc. CONTACT: Frederick C.
Flynn, Jr. of CUNO Inc., +1-203-238-8847, Web site:
http://www.cuno.com/ Company News On-Call:
http://www.prnewswire.com/comp/126696.html
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