Respironics reports fiscal fourth-quarter net sales up 12% to $280.7 million

By Lisa Kerner

Charlotte, N.C., July 27 - Respironics, Inc. reported net sales for the fiscal fourth quarter ended June 30 of $280.7 million, up 12% over the $249.6 million achieved in the fourth quarter a year ago.

Domestic revenues for the period increased 15% to $196.9 million from $171.6 million in the fourth quarter a year ago. The increase was led by a year-over-year increase of $18.0 million, or 17%, in domestic sleep therapy products, according to Respironics.

International revenues totaled $83.8 million for the fourth quarter, up 7% from $78.0 million reported a year ago.

Respironics' GAAP net income for the fourth quarter, excluding the impact of stock compensation expense, was $31.5 million, or $0.43 per diluted share, a 20% increase over the $24.7 million, or $0.36 per diluted share, reported a year ago.

For the fiscal year ended June 30, net sales increased to $1.04 billion, a 15% increase compared to $911.5 million from last year.

GAAP net income, excluding the impact of stock compensation expenses, for the fiscal year was $108.4 million, or $1.47 per diluted share, up from $84.4 million, or $1.17 per share, in the year-ago period.

At June 30, Respironics had $265.4 million of cash and marketable securities.

"During this latest quarter, we successfully released the remaining CPAP devices in our new M-Series family of products for obstructive sleep apnea," president and chief executive officer John Miclot said in a company news release.

"To date, the market acceptance of these units has been very positive and we remain encouraged by these early results."

Management guidance for fiscal-year 2007 includes earnings-per-share estimates of $1.72 to $1.77. Revenue expectations are $1.19 billion to $1.21 billion.

Earnings-per-share estimates for the quarter ending Sept. 30 are in the range of $0.32 to $0.33.

Located in Murrysville, Pa., Respironics develops, manufactures and distributes products for the sleep and respiratory markets.

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