ZOLL Medical Corp. (ZOLL) reported fourth-quarter earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 8 cents. The company earned 41 cents in the year-ago quarter. The lower profit in the quarter was attributable to lower margins coupled with higher expenses, in spite of higher revenues. For full fiscal 2009, the company earned 45 cents per share, which exceeded the Zacks Consensus Estimate by 8 cents but was well below the year-ago earnings of $1.10.
 
Quarterly Results
 
Revenues in the reported quarter came in at $107.87 million from $105.60 million in the year ago quarter, up 2%. Revenue for the quarter reflected a negative foreign exchange impact of approximately $1.4 million and included approximately $5 million from the acquisition of the Temperature Management business.
 
Sales in the North American market declined 2% to $79.1 million during the quarter, while International sales grew 17% to $28.8 million. Sales to the U.S. military increased to $8.9 million, compared to $5.9 million in the year-ago period, up 50.8%. LifeVest revenues grew 59% to $12.9 million whereas AutoPulse revenue fell 41% to $4.1 million.
 
ZOLL reported gross margin of 50% for the period, as against 55% in year-ago quarter. Total expenses increased 12.8% to $49.91 million in the quarter.
 
The company exited the quarter with cash and cash equivalents of $51.1 million opposed to $36.7 million in the year-ago period.
 
Fiscal year results
 
For fiscal 2009, revenues were $385.19 million, compared to $398 million in fiscal 2008, down 3.2%. Revenues for the fiscal year reflected a negative foreign exchange impact of approximately $12 million and included approximately $6.9 million from the acquisition of the Temperature Management business.
 
Sales in the North American market declined 5% to $287.6 million in fiscal 2009, while International sales came in at $97.6 million, up 1%. Sales to the U.S. military fell 5.7% to $24.7 million. LifeVest revenue grew 66% to $43.9 million whereas AutoPulse revenue fell 6% to $16.7 million.
 
Headquartered in Chelmsford, Massachusetts, ZOLL designs, manufactures, markets and sells non-invasive resuscitation devices and related software solutions both in the US and internationally. The company competes with players like Cardiac Science Corp. (CSCX) and Koninklijke Philips Electronics NV (PHG).
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