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Cuno Posts Record Results
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Business New Haven
9/4/2001
By: BNH
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MERIDEN - Cuno Inc. (NASDAQ: CUNO) on August 20 reported record results for the third quarter ended July 31, including worldwide sales of $63.4 million, up one percent from $62.8 million in the same period in 2000 (up seven percent in local currency). Net income for the third quarter increased by 14 percent to $5.7 million from $5 million reported in 2000. Diluted earnings per share for the period were a record 34 cents, up 13 percent over the 30 cents reported.
Said Mark G. Kachur, Cuno's chairman and CEO: “Despite the continuing negative effects of the weak U.S. economy and the strong U.S. dollar, we achieved record sales and earnings in the third quarter. Our worldwide business mix benefited from higher health-care and potable water sales [which increased 15 and nine percent, respectively, on a local currency basis]. In addition, sales of new products were a record $13.8 million, contributing to our improved overall results.''
For the first nine months of fiscal 2001, worldwide sales were a record $182.2 million, up two percent (seven percent in local currency). Net income was $14.1 million, up 16 percent versus $12.1 million in the prior year's first nine months. Diluted earnings per share were a record 84 cents, up 15 percent from 73 cents in the first nine months of fiscal 2000.
Cuno designs, manufactures and markets filtration products for the separation, clarification and purification of liquids and gases. Its products, which include proprietary depth filters and semi-permeable membrane filters, are used in the potable water, healthcare, and fluid processing markets.
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