REL: 0832 HRS Fisher & Paykel Healthcare Corporation Limited FLLYR: FPH: FY TO 31/03/2002 $48.128M ($11.040M) +335.9% DIV 25CPS CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 31/03/2002 Audited (NZ$000) Current Previous Period Corresponding PeriodOPERATING REVENUE Sales revenue -Continuing Operations 214,596 193,090 -Discontinued Operations 464,901 736,065 Other revenue - - Total Operating Revenue 679,497 929,155OPERATING SURPLUS (DEFICIT) BEFORE UNUSUAL ITEMS AND TAX -Continuing Operations 94,948 19,866 -Discontinued Operations 25,783 8,145 Unusual items for separate disclosure -Continuing Operations (1,092) - -Discontinued Operations (28,982) (8,809)OPERATING SURPLUS (DEFICIT) BEFORE TAX -Continuing Operations 93,856 19,866 -Discontinued Operations (3,199) (664)Less tax on operating surplus -Continuing Operations 31,532 8,117 -Discontinued Operations 10,997 45Operating surplus (deficit) after tax but before minorityinterest -Continuing Operations 62,324 11,749 -Discontinued Operations (14,196) (709)Less minority interests - -Equity earnings - -OPERATING SURPLUS (DEFICIT) AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER 48,128 11,040Extraordinary items after tax - -Less minority interests - -Extraordinary items after tax attributable to members of the Listed Issuer - -TOTAL OPERATING SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX 48,128 11,040Operating Surplus (Deficit) and Extraordinary Items after Tax attributable to Minority Interest - -Operating Surplus (Deficit) and Extraordinary Items after Tax attributable to Members of the Listed Issuer 48,128 11,040EPS 56 10SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MEMBERS OF THE HOLDING COMPANY 171,883 346,372 The Directors have approved a final dividend for the fiscal year ended 31March 2002 of 25 cents per ordinary share, carrying a full imputation credit.Non-resident shareholders will receive a supplementary dividend of 4.41 centsper share. The final dividend will be paid on 27 June 2002, with a recorddate of 14 June, and an ex-dividend date of 7 June for the ASX and 17 Junefor the NZSE. The company has a strong balance sheet and believes it is wellpositioned for future growth. Growth in core products, early acceptance of new products and a fourthquarter foreign exchange currency gain of NZ$11.9 million saw Fisher & PaykelHealthcare Corporation report a profit after taxation from continuingoperations of NZ$62.3 million for the fiscal year ended 31 March, 2002. This compares with NZ$11.7 million in the prior fiscal year, a period whichincluded an after-tax expense of NZ$38.7 million in foreign exchange lossesattributable to the healthcare business prior to the separation of Fisher &Paykel Industries Limited into separate healthcare and appliance companies. The company has also reported profit from continuing operations aftertaxation for the fourth quarter of 2002 of NZ$22.6 million compared with aloss of NZ$17.0 million in the comparable period in fiscal 2001. Managing Director and Chief Executive Officer Michael Daniell said today thatthe positive full year results reflected the continued strong growth in thecompany's core product groups of respiratory humidification, obstructivesleep apnea (OSA) and neonatal and patient warming products. The company's three core product groups all achieved significant growth inoperating revenues in fiscal 2002, with OSA products up 25%, respiratoryhumidification up 7% and neonatal and patient warming up 33%. Total operatingrevenues for fiscal 2002 were NZ$214.6 million, 11% ahead of fiscal 2001. Revenues for the fourth quarter of fiscal 2002 reflected growth in OSA of 18%and neonatal and patient warming of 76% over the prior comparable period.Respiratory humidification revenues reduced 9% against the strong priorcomparable period, primarily as a result of a low Northern Hemisphere fluseason and reduced OEM customer demand. The company believes that therespiratory humidifier competitive environment remained largely unchangedduring the quarter. Mr Daniell said the company's OSA product group performance was pleasing with27% volume growth achieved in flow generators in the fourth quarter of fiscal2002. This was particularly encouraging as it was significantly above marketgrowth rates. "Growth was driven by strong acceptance of our new integrated flowgenerator-humidifier, the core of an OSA treatment system, which was releasedinto the US market in February. It provides several advantages including ourpatented ambient tracking, compliance optimizing and integratedhumidification technologies." "Looking forward, we expect that demand for OSA heated humidification willgrow further following the introduction of increased reimbursement levels inthe USA by Medicare from 1 July 2002. As the market moves increasinglytowards humidification we believe we are well positioned with our full rangeof OSA humidification products." The company believes that its successful entry into the nasal mask marketwith its Aclaim mask will be further strengthened with the release of its newAclaim 2 mask during the next quarter. In addition its recently developedproprietary Oracle oral mask is in the process of being introduced throughoutthe USA. "The growth in our mask revenues since we introduced our first mask in Junelast year has been very encouraging and we expect masks to becomeincreasingly important to our OSA business." said Mr Daniell. "The growth in full year revenues in respiratory humidification was assistedby our increasing market penetration in breathing circuits where oursingle-use heated breathing circuits, with their patented technology,continue to gain market share. Breathing circuit volumes grew strongly inboth the full year and the fourth quarter." "With the recent introduction of our neonatal breathing circuits inAustralasia and Europe we expect to see additional circuit sales growth andthey will create new opportunities for sales of our MR850 humidificationsystem and allow it to be used throughout the hospital." The company has applied for US Food and Drug Administration 510(k) clearancefor the neonatal circuits which, when received, will allow entry of theseproducts into the large USA market. Growth in the neonatal warming segment was also strong and the company wasoptimistic about prospects for its new neonatal bubble CPAP system whichleverages the company's experience in respiratory humidification andcontinuous positive airway pressure technologies. Mr Daniell noted the company's NZ$11.9 million foreign exchange currency gainin the fourth quarter. The company's policy is to have in place a mix offoreign exchange contracts and options covering periods of up to three yearsforward, and in certain circumstances options only for a further two years.Since October 2001, the company has put in place new instruments with a facevalue of NZ$295 million. "Our range of exciting new products, an improved reimbursement environment,foreign exchange strategy and committed worldwide team position us well forthe future."End CA:00078867 For:FPH Type:FLLYR Time:2002-05-31:08:33:02 Encrypt:Y
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