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Cuno Nets $9 Million in Fourth Quarter
MERIDEN, Conn. -- Fourth-quarter sales of $103.5 million at Cuno Inc. set a new record and are up 34% from the same period in 2003, officials reported yesterday. Net income for the fourth quarter increased by 18% to $9 million. Diluted earnings per share for the current period were a record 52 cents, up 18% compared to the prior year quarter."We achieved double-digit sales growth in each of our primary markets, including Potable Water, Healthcare and Fluid Processing," said Mark G. Kachur, chairman and chiefe executive officer. "Our sales increased 34%; adjusted for the acquisition of WTC Industries, which was completed Aug. 2, our organic sales growth was 21%. In addition, our New Products continued to be well received, generating $11 million or approximately 11% of total sales and contributing to our strong performance in the quarter."For the full year, sales were a record $351.6 million, up 22%, and net income increased by 23% to $33.1 million from the prior year. Diluted EPS were a record $1.93, up 22% from 2003 and up approximately 14% on a currency-adjusted basis."Our business model should enable us to continue to achieve strong financial results [in fiscal 2005]," Kachur said. "Orders were a record $97 million in the fourth quarter and our backlog remains strong. As a result, we are optimistic about our prospects in fiscal 2005 and expect to achieve diluted EPS in the range of $2.12 to $2.22.""