STEWARTVILLE, Minn., Jan. 26 /PRNewswire-FirstCall/ -- Rochester Medical Corporation today announced operating results for its first quarter ended December 31, 2009.
The approximate 21% increase in sales (20% on a constant currency basis) resulted from a 21% increase in Rochester Medical Branded Sales (19% on a constant currency basis), and a 22% increase in Private Label Sales (22% on a constant currency basis). Constant currency basis assumes current exchange rates for all periods in order to exclude the impact of foreign exchange variations. In the first quarter of 2010 the U.S. dollar was somewhat weaker versus the pound sterling thus having a small positive effect on Rochester Medical Branded Sales levels in translated U.S. dollars given the significant volume of branded sales in the United Kingdom.
Commenting on today’s announcement Rochester Medical CEO and President Anthony J. Conway said, “We had a very solid quarter. The overall sales growth is strong, and I am particularly pleased that combined sales of Rochester Medical Branded products in the U.S. and U.K. markets grew at a 25% pace, and combined Intermittent Catheter sales in this market increased 61% over last year. These are the two markets in which we have our own direct sales force. Also noteworthy is the fact that U.S. Foley catheter sales for the first quarter increased 73% over the first quarter of last year. The new StrataSI(TM) and StrataNF(TM) Foley Catheters are being very well received for their latex-free comfort and anti-infection properties.”
Conway concluded, “We are off to a good start for fiscal 2010, and we expect to have a good year.”
Non-GAAP Net Income and constant currency are not measures of financial performance under GAAP, and should not be considered an alternative to net income or any other measure of performance or liquidity under GAAP. Non-GAAP Net Income and constant currency are not comparable to information provided by other companies. Non-GAAP Net Income and constant currency have limitations as analytical tools and should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Reconciliations of Net Income and Non-GAAP Net Income, and reconciliations of sales under GAAP and sales on a constant currency basis, are presented at the end of this press release.
The Company will hold a quarterly conference call to discuss its earnings report. The call will begin at 3:30 p.m. central time (4:30 p.m. eastern time).
Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (www.streetevents.com).
For further information, please contact Anthony J. Conway, President and Chief Executive Officer or David A. Jonas, Chief Financial Officer of Rochester Medical Corporation at (507) 533-9600. More information about Rochester Medical is available on its website at http://www.rocm.com.
Rochester Medical Corporation
