STEWARTVILLE, Minn. (Jan. 24) — Rochester Medical Corp. reported record sales of $7.51 million in the first quarter ended Dec. 31, compared to $4.61 million in the like period of 2005.
The company also reported net income of $31.5 million in the quarter, compared to a net income of $311,000 a year earlier.
The results include $38.6 million of income resulting from settlements in the antitrust lawsuit Rochester filed in March 2004. The company reached settlements with C.R. Bard Inc. and Premier Purchasing Partners L.P. during the quarter.
The company´s operating income for the period was $290,044, up 12.9 percent from the previous year.
The financial results for the quarter also include $7.34 million in income tax expenses.
The 63-percent increase in sales revenues for the quarter compared to last year resulted from increased Rochester Medical brand sales — primarily attributable to increased international sales of Rochester Medical brand products resulting from acquisitions in the United Kingdom — and also from increased private label sales.
Anthony Conway, Rochester president and CEO, called the recent period "an eventful quarter."
"We were awarded a national group purchasing contract by Premier Purchasing Partners L.P.; we renewed our private label sales agreement with Hollister Inc.; we secured two lawsuit settlements in our anti-trust litigation; and we realized strong sales and earnings.
We are pleased with the company´s progress, and we look forward to a good year."