San Diego-based medical device manufacturer ResMed Inc. has announced quarterly and annual earnings for the period ended June 30.
Income for the fourth quarter of fiscal 2006 was $23.1 million, or 30 cents per diluted share, on $171.2 million in revenue; a 37 percent increase from revenues of $125.4 million for the same period last year. Net income for the fourth quarter of 2005 was $15.6 million, or 22 cents per diluted share.
For fiscal 2006, net income was $88.2 million, or $1.16 per diluted share, on $607 million in revenue, a 43 percent revenue increase over last year’s $425.5 million in revenue with earnings of $64.8 million, or 91 cents per diluted share.
“The final quarter of fiscal 2006 was our 45th consecutive record quarter since we went public in June 1995,” said Peter C. Farrell, the chairman and chief executive officer of ResMed, in a statement issued with the earnings news Aug. 17.
During the quarter, ResMed repatriated earnings from foreign subsidiaries to the tune of $75 million, taking advantage of an incentive available under the American Jobs Creation Act of 2004. The incentive allowed 85 percent exclusion of taxable income for qualifying dividends from controlled foreign corporations. The repatriation resulted in income tax expense of $3.5 million.
Cash and cash equivalents for fiscal year end were $219.5 million compared with $142.2 million in 2005.
ResMed produces equipment for the treatment of sleep-disordered breathing and other respiratory diseases. It is traded on the New York Stock Exchange under the ticker symbol RMD and closed Aug. 17 at $46.50, up 51 cents from the Aug. 16 close.
, Andy Killion
