Earnings Call Excerpt
CONMED Corp. (CNMD)
F3Q08 Earnings Call
October 23, 2008 10:00 am ET
Executives
Joseph J. Corasanti - Chief Executive Officer and President
Rob Shallish - Chief Financial Officer
Analysts
Raj Denhoy - Thomas Weisel Partners
Dalton Chandler - Needham & Company
James Sidoti - Sidoti & Company
Matt Miksic - Piper Jaffray
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Third Quarter 2008 CONMED Earnings Conference Call. My name is Sean Fillet and I will be your facilitator for today’s call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions).
I would now like to turn the call over to your host for today, Mr. Joseph Corasanti, President and CEO. Please proceed, sir.
Joseph J. Corasanti - Chief Executive Officer and President
Thank you, Sean Fillet. Good morning. Welcome to CONMED Corporation’s third quarter 2008 earnings conference call. With me today is Rob Shallish, our Chief Financial Officer. After formal remarks, the call will be open for questions.
Before we begin, let me remind you that during this call we will be making comments and statements regarding our financial outlook which represent forward-looking statements that involve risks and uncertainties as those terms are defined under Federal Securities Laws. Our actual results may differ materially from our current expectations. Please refer to the risk factors and other cautionary factors in today’s press release, as well as our SEC filings for more details on factors that may cause actual results to differ materially.
You will also hear Rob and me refer to certain non-GAAP measurements during this discussion. While these figures are not a substitute for GAAP measurements, company management uses them to aid us in monitoring the company’s ongoing financial performance from quarter-to-quarter and year-to-year on a regular basis and for benchmarking against other medical technology companies.
Non-GAAP net income and non-GAAP earnings per share measure the income of the company excluding credits or charges that are considered by management to be unusual or outside of the normal ongoing operations of the company. These unusual items are specified in the reconciliation stated in the press release issued this morning.
With these required announcements completed, I can now turn to our results.
CONMED once again had excellent quarterly financial results. Here are the highlights for the third quarter of 2008: Sales increased 9.1% over the third quarter of ’07. GAAP diluted earnings per share grew to $0.36 per share, a 24% increase compared to EPS of $0.29 in the third quarter of ’07. After eliminating plant restructuring costs, non-GAAP EPS was $0.37 per share, an increase of 28% compared to the GAAP EPS $0.29 in last year’s third quarter.
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