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Cantel Medical Reports 85% Increase in Net Income - EPS of $0.37 vs. $0.20 - for Quarter Ended October 31, 2009 on 10% Sales Increase

Wednesday, December 9, 2009 Corporate News J E 4
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SUPPLEMENTARY INFORMATION

Reconciliation of Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation Expense ("EBITDAS")

The reconciliation of EBITDAS with net income for the three months ended October 31, 2009 and 2008, respectively, is as follows (in thousands):

Three Months Ended

October 31,

2009

2008

Net income

$      6,168 

$      3,333 

Income taxes

3,817 

2,170 

Interest expense  

387 

751 

Interest income

(8)

(70)

Depreciation

1,564 

1,550 

Amortization

1,278 

1,338 

Loss on disposal of fixed assets

14 

EBITDA

13,206 

9,086 

Stock-based compensation expense

789 

520 

EBITDAS

$    13,995 

$      9,606 

EBITDAS is a measure of the Company's performance that is not required by, or presented in accordance with, Generally Accepted Accounting Principles ("GAAP"). EBITDAS is a non-GAAP financial measure defined by the Company as income before interest, taxes, depreciation, amortization and stock-based compensation expense. The Company believes EBITDAS is an important valuation measurement for management and investors given the increasing effect that non-cash charges, such as stock-based compensation, amortization related to acquisitions and depreciation of capital equipment, has on the Company's net income. In particular, acquisitions have historically resulted in significant increases in amortization of intangible assets that reduced the Company's net income. Additionally, the Company regards EBITDAS as a useful measure of operating performance and cash flow before the effect of interest expense and complements operating income, net income and other GAAP financial performance measures. Generally, a non-GAAP financial measure is a numerical measure of a Company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. This measure, however, should be considered in addition to, and not as a substitute or superior to, net income, cash flows, or other measures of financial performance prepared in accordance with GAAP.

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