CONMED Corp. (CNMD, Financial) filed Quarterly Report for the period ended 2010-09-30.
Conmed Corp. has a market cap of $621.2 million; its shares were traded at around $21.56 with a P/E ratio of 17.2 and P/S ratio of 0.9. CNMD is in the portfolios of Richard Pzena of Pzena Investment Management LLC, Robert Olstein of Olstein Financial Alert Fund, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Net cash used in investing activities in the nine months ended September 30, 2010 consisted of the purchase of a business and capital expenditures. The cash purchase price of a business acquired during the nine months ended September 30, 2010 approximated $5.0 million (see Note 15 further discussion). Capital expenditures were $17.1 million and $10.9 million for the nine months ended September 30, 2009 and 2010, respectively. The decrease in capital expenditures in the nine months ended September 30, 2010 as compared to the same period a year ago is primarily due to the completion during the second quarter of 2009 of the implementation of an enterprise business software application as well certain other infrastructure improvements related to our restructuring efforts as more fully described in Note 14 and in “Restructuring” below. Capital expenditures are expected to approximate $15.0 million in 2010.
Net cash provided by financing activities in the nine months ended September 30, 2010 consist principally of $24.0 million in net secured borrowings under our accounts receivable sales agreement (see Note 13), $7.0 million in borrowings on our revolving credit facility under our senior credit agreement, $23.0 million in repurchases of treasury stock, and a $2.9 million repurchase of our 2.50% convertible senior subordinated notes.
Our $235.0 million senior credit agreement (the "senior credit agreement") consists of a $100.0 million revolving credit facility and a $135.0 million term loan. There were $17.0 million in borrowings outstanding on the revolving credit facility as of September 30, 2010. Our available borrowings on the revolving credit facility at September 30, 2010 were $74.6 million with approximately $8.4 million of the facility set aside for outstanding letters of credit. There were $55.3 million in borrowings outstanding on the term loan at September 30, 2010.
We have outstanding $112.1 million in 2.50% convertible senior subordinated notes due 2024 (“the Notes”). During the quarter ended June 30, 2010, we repurchased and retired $3.0 million of the Notes for $2.9 million and recorded a loss on the early extinguishment of debt of $0.1 million. During the first quarter of 2009, we repurchased and retired $9.9 million of the Notes for $7.8 million and recorded a gain on the early extinguishment of debt of $1.1 million net of the write-offs of $0.1 million in unamortized deferred financing costs and $1.0 million in unamortized Notes discount. The Notes represent subordinated unsecured obligations and are convertible under certain circumstances, as defined in the bond
Our Board of Directors has authorized a share repurchase program under which we may repurchase up to $100.0 million of our common stock, although no more than $50.0 million in any calendar year. We repurchased $23.0 million under the share repurchase program during the nine months ended September 30, 2010. The remaining availability under the Board of Directors authorization for stock repurchases is $23.8 million. We have financed the repurchases and may finance additional repurchases through operating cash flow and from available borrowings under our revolving credit facility.
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Conmed Corp. has a market cap of $621.2 million; its shares were traded at around $21.56 with a P/E ratio of 17.2 and P/S ratio of 0.9. CNMD is in the portfolios of Richard Pzena of Pzena Investment Management LLC, Robert Olstein of Olstein Financial Alert Fund, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
2010 to $105.4 million from $103.6 million in the same period a year ago mainly due to increases in our large bone handpiece products. Favorable foreign currency exchange rates (when compared to the same period a year ago) accounted for approximately $3.1 million of the increase. Sales of capital equipment increased $0.1 million (0.2%) to $47.5 million in the nine months ended September 30, 2010 from $47.4 million in the same period a year ago; sales of single-use products increased $1.7 million (3.0%) to $57.9 million in the nine months ended September 30, 2010 from $56.2 million in the same period a year ago. On a local currency basis, sales of capital equipment decreased 2.1% and single-use products decreased 0.5%.Net cash used in investing activities in the nine months ended September 30, 2010 consisted of the purchase of a business and capital expenditures. The cash purchase price of a business acquired during the nine months ended September 30, 2010 approximated $5.0 million (see Note 15 further discussion). Capital expenditures were $17.1 million and $10.9 million for the nine months ended September 30, 2009 and 2010, respectively. The decrease in capital expenditures in the nine months ended September 30, 2010 as compared to the same period a year ago is primarily due to the completion during the second quarter of 2009 of the implementation of an enterprise business software application as well certain other infrastructure improvements related to our restructuring efforts as more fully described in Note 14 and in “Restructuring” below. Capital expenditures are expected to approximate $15.0 million in 2010.
Net cash provided by financing activities in the nine months ended September 30, 2010 consist principally of $24.0 million in net secured borrowings under our accounts receivable sales agreement (see Note 13), $7.0 million in borrowings on our revolving credit facility under our senior credit agreement, $23.0 million in repurchases of treasury stock, and a $2.9 million repurchase of our 2.50% convertible senior subordinated notes.
Our $235.0 million senior credit agreement (the "senior credit agreement") consists of a $100.0 million revolving credit facility and a $135.0 million term loan. There were $17.0 million in borrowings outstanding on the revolving credit facility as of September 30, 2010. Our available borrowings on the revolving credit facility at September 30, 2010 were $74.6 million with approximately $8.4 million of the facility set aside for outstanding letters of credit. There were $55.3 million in borrowings outstanding on the term loan at September 30, 2010.
We have outstanding $112.1 million in 2.50% convertible senior subordinated notes due 2024 (“the Notes”). During the quarter ended June 30, 2010, we repurchased and retired $3.0 million of the Notes for $2.9 million and recorded a loss on the early extinguishment of debt of $0.1 million. During the first quarter of 2009, we repurchased and retired $9.9 million of the Notes for $7.8 million and recorded a gain on the early extinguishment of debt of $1.1 million net of the write-offs of $0.1 million in unamortized deferred financing costs and $1.0 million in unamortized Notes discount. The Notes represent subordinated unsecured obligations and are convertible under certain circumstances, as defined in the bond
Our Board of Directors has authorized a share repurchase program under which we may repurchase up to $100.0 million of our common stock, although no more than $50.0 million in any calendar year. We repurchased $23.0 million under the share repurchase program during the nine months ended September 30, 2010. The remaining availability under the Board of Directors authorization for stock repurchases is $23.8 million. We have financed the repurchases and may finance additional repurchases through operating cash flow and from available borrowings under our revolving credit facility.
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