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FULL YEAR: MWI VETERINARY SUPPLY'S SALES INCREASE 31%, NET INCOME UP 24%.
Source: MWI Veterinary Supply, Inc. news release

To view entire report, click here.

MWI Veterinary Supply, Inc. (NASDAQ: MWIV) (the "Company") announced financial results today for its fourth quarter and fiscal year ended September 30, 2012.

Highlights:

Total revenues were $551.4 million for the quarter, 30.9% higher than revenues for the same period in the prior fiscal year. Excluding the impact of the acquisition of the assets of Micro Beef Technologies, Ltd. ("Micro") which was acquired on October 31, 2011, organic revenue growth was 13.8% in the United States and 21.0% in the United Kingdom for the quarter compared to the same period in the prior fiscal year. Total revenues were $2.08 billion for the fiscal year, 32.6% higher than revenues for the same period in the prior fiscal year.

Gross profit as a percentage of total revenues improved to 12.4% for the quarter, compared to 12.0% in the same period of the prior fiscal year.

Operating income was $19.7 million for the quarter, 26.3% higher than operating income for the same period in the prior fiscal year.

Net income was $12.6 million for the quarter, 25.6% higher than net income for the same period in the prior fiscal year. Diluted earnings per share were $0.99 for the quarter, compared to $0.80 for the same period in the prior fiscal year. Diluted earnings per share were $4.23 for the fiscal year, compared to $3.40 for the prior fiscal year.

Internet sales to independent veterinary practices and producers in the United States grew by approximately 29.1% for the quarter compared to the same period in the prior fiscal year, which is more than double our organic revenue growth in the United States for the same period.

Revenues from our veterinary pharmacy programs increased approximately 36% to $52.6 million for the quarter compared to the same period in the prior fiscal year.

During fiscal year 2012 we added 90 new sales representatives, including 50 new sales representatives as a result of the acquisition of Micro, bringing our total number of U.S. field sales representatives to 316 and telesales representatives to 168.

"MWI delivered another great quarter and fiscal year with strong financial and operational performance," said Jim Cleary, President and Chief Executive Officer. "The excellent execution by our team members continued to drive our business growth and positive results for our customers and vendor partners. This past fiscal year brought many new changes to our company, including the acquisition of Micro, and we look forward to additional progress in fiscal year 2013 for our company and team members."


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