Candela Corporation (NASDAQ:CLZR) today reported that revenues
for the quarter ended September 26, 2009 were $26.2 million. Net
loss for the quarter was $3,627,000 or $0.16 per share. The current
quarter results include approximately $2.3 million of expenses
related to merger efforts.
Conference Call
Details
The Company will host a conference call today at 5:00 p.m. (EDT)
to discuss this announcement. The call can be accessed live by
dialing (866) 244-4518 or by visiting Candela Corporation’s website
at www.candelalaser.com.
Investors may access a replay by dialing (888) 266-2081,
passcode 1405970, which will be available from 7:30 p.m. (EDT) on
October 20, 2009 through 11:30 p.m. (EDT) on October 23, 2009. The
webcast replay will also be archived in the "Investor Relations"
section of the company's website.
About
CANDELA: Candela Corporation manufactures, and
distributes innovative clinical solutions that enable physicians,
surgeons, and personal care practitioners to treat selected
cosmetic and medical conditions using lasers, aesthetic laser
systems, and other advanced technologies. Founded near Boston in
1970, the company markets and services its products in 86 countries
from offices and distributors in the United States, Europe, Japan,
China and other Asian locations. Candela established the aesthetic
laser market 20 years ago, and currently has an installed base of
over 14,000 systems worldwide. Visit Candela on the Web at
http://www.candelalaser.com.
IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC
In connection with the combination of Syneron Medical Ltd. and
Candela Corporation pursuant to an Agreement and Plan of Merger
(the “Merger”), Syneron Medical Ltd. will file with the Securities
and Exchange Commission (the “SEC”) a registration statement on
Form F-4, which will include a proxy statement of Candela
Corporation and a prospectus of Syneron Medical Ltd. and other
relevant materials in connection with the proposed transactions.
Candela Corporation will file the same proxy statement/prospectus
with the SEC as well as mail it to Candela Corporation
stockholders. Investors and security holders are urged to read the
proxy statement/prospectus and the other relevant material when
they become available because these materials will contain
important information about Candela Corporation, Syneron Medical
Ltd. and the proposed transaction. The proxy statement/prospectus
and other relevant materials (when they become available), and any
and all documents filed with the SEC, may be obtained free of
charge at the SEC’s web site at www.sec.gov. In addition, free
copies of the documents filed with the SEC by Candela Corporation
will be available on the investor relations portion of Candela
Corporation’s website at www.candelalaser.com. Free copies of the
documents filed with the SEC by Syneron Medical Ltd. will be
available on the investor relations portion of Syneron Medical
Ltd.’s website at www.syneron.com. INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE OTHER
RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY
VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED
TRANSACTIONS.
Candela Corporation, Syneron Acquisition Sub, Inc., Syneron
Medical Ltd. and their respective executive officers and directors
may be deemed to be participants in the solicitation of proxies
from the security holders of Candela Corporation in connection with
the Merger. Information about executive officers and directors of
Candela Corporation and their ownership of Candela Corporation
common stock is set forth in Candela Corporation’s proxy statement,
which was filed with the SEC on November 12, 2008 and is
supplemented by other public filings made, and to be made, with the
SEC. Information about executive officers and directors of Syneron
Medical Ltd. is set forth in Syneron Medical Ltd.’s Annual Report
on Form 20-F for the year ended December 31, 2008, which was filed
with the Securities and Exchange Commission on March 24, 2009 and
is supplemented by other public filings made, and to be made, with
the SEC. Investors and security holders may obtain additional
information regarding the direct and indirect interests of Candela
Corporation, Syneron Acquisition Sub, Inc., Syneron Medical Ltd.
and their respective executive officers and directors in the Merger
by reading the proxy statement/prospectus and the other filings and
documents referred to above.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this document regarding the proposed transaction
between Candela Corporation and Syneron Medical Ltd., including,
without limitation, the expected timetable for completing the
transaction, statements related to the anticipated consummation of
the proposed combination of Candela Corporation and Syneron Medical
Ltd., management of the combined company, the benefits of the
proposed combination, the future financial performance of Syneron
Medical Ltd. after the proposed combination, and any other
statements regarding future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing “believes,” “anticipates,” “plans,”
“expects,” “may,” “will,” “would,” “intends,” “estimates” and
similar expressions) should also be considered to be
forward-looking statements. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including: the
ability of each of Candela Corporation and Syneron Medical Ltd. to
satisfy the closing conditions and consummate the transaction,
including obtaining the approval of the transaction by Candela
Corporation’s stockholders; the risk that the businesses may not be
integrated successfully; the risk that the transaction may involve
unexpected costs or unexpected liabilities; the risk that synergies
from the transaction may not be fully realized or may take longer
to realize than expected; the risk that disruptions from the
transaction make it more difficult to maintain relationships with
customers, employees, or suppliers; and the other risks set forth
in Candela Corporation and Syneron Medical Ltd.’s most recent
Annual Report on Form 10-K and Form 20-F, respectively, as well as
the other factors described in the filings that Candela Corporation
and Syneron Medical Ltd. make with the SEC from time to time. If
one or more of these factors materialize, or if any underlying
assumptions prove incorrect, Candela Corporation and Syneron
Medical Ltd.’s actual results, performance or achievements may vary
materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
In addition, the statements in this document reflect the
expectations and beliefs of Candela Corporation and/or Syneron
Medical Ltd. as of the date of this document. Candela Corporation
and Syneron Medical Ltd. anticipate that subsequent events and
developments will cause their expectations and beliefs to change.
However, while Candela Corporation and Syneron Medical Ltd. may
elect to update these forward-looking statements publicly in the
future, they specifically disclaim any obligation to do so. The
forward-looking statements of Candela Corporation and/or Syneron
Medical Ltd. do not reflect the potential impact of any future
dispositions or strategic transactions, including the Merger that
may be undertaken. These forward-looking statements should not be
relied upon as representing Candela Corporation or Syneron Medical
Ltd.’s views as of any date after the date of this document.
CANDELA CORPORATION Unaudited Condensed Consolidated Balance
Sheets (in thousands)
September 26, June 27, 2009 2009 Assets
Current assets: Cash and cash equivalents $ 23,132 $ 25,707
Marketable securities 2,510 3,100 Accounts receivable, net 30,920
31,936 Notes receivable 765 382 Inventories, net 26,563 27,572
Other current assets
9,720
8,715 Total current assets 93,610 97,412
Property and equipment, net 3,364 3,469 Long-term
investments - - Other assets
23,763
22,289 Total assets
$ 120,737 $
123,170 Liabilities and
Stockholders' Equity Current liabilities: Accounts payable $
10,074 $ 11,887 Accrued payroll and related expenses 5,356 4,947
Accrued warranty 4,221 4,953 Other accrued liabilities 8,145 6,476
Current liabilities of discontinued operations 812 865 Deferred
income
11,692 11,863
Total current liabilities 40,300 40,991 Other
long-term liabilities 4,920 4,735 Stockholders' equity:
Common stock 262 262 Less: Treasury stock (24,855 ) (24,855 )
Additional paid-in capital 76,601 76,111 Accumulated earnings
19,679 23,306 Accumulated other comprehensive income
3,830 2,620
Total stockholders' equity
75,517
77,444 Total liabilities and
stockholders' equity
$ 120,737
$ 123,170 CANDELA
CORPORATION Unaudited Condensed Consolidated Statements of
Income (Loss) (in thousands, except per share data)
For the three-months ended
September 26 September 27, 2009 2008
Revenue $ 26,224 $ 26,665 Cost of sales 17,176
16,193 Gross profit 9,048 10,472
Operating expenses: Selling, general and administrative $ 12,123 $
14,673 Research and development 1,789 2,330
Total operating expenses 13,912
17,003 Loss from operations (4,864 ) (6,531 )
Other income (expense): Interest income 82 243 Other income
(expense) 138 (317 ) Total other income
(expense) 220 (74 ) Loss from
continuing operations before income taxes (4,644 ) (6,605 )
Benefit from income taxes (1,060 ) (3,086 )
Loss from continuing operations (3,584 ) (3,519 ) Loss from
discontinued operations, net of income taxes (43 )
(490 ) Net Loss $ (3,627 ) $ (4,009 ) Net Loss per
share of common stock: Basic Loss from continuing operations
$ (0.16 ) $ (0.16 ) Loss from discontinued operations
- (0.02 ) Net
Loss
$ (0.16 )
$ (0.18 ) Diluted
Loss from continuing operations $ (0.16 ) $ (0.16 ) Loss from
discontinued operations
-
(0.02 ) Net Loss
$
(0.16 ) $ (0.18
) Weighted average shares outstanding: Basic
22,742 22,697
Diluted
22,742
22,697
Candela (MM) (NASDAQ:CLZR)
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