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 Feb. 11, 2013 Source: MWI Veterinary Supply news release To view complete report, click here. MWI Veterinary Supply, Inc. (NASDAQ: MWIV) (the "Company") announced financial results today for its first quarter ended December 31, 2012. Highlights: Total revenues were $572.8 million for the quarter, 24.0% 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 16.6% in the United States and 21.7% in the United Kingdom for the quarter compared to the same period in the prior fiscal year. Selling, general and administrative ("SG&A") expenses as a percentage of total revenues were 8.3% for the quarter, compared to 8.4% for the same period in the prior fiscal year. Operating income was $27.1 million for the quarter, 26.4% higher than operating income for the same period in the prior fiscal year. Net income was $16.8 million for the quarter, 26.9% higher than net income for the same period in the prior fiscal year. Diluted earnings per share were $1.32 for the quarter, compared to $1.05 for the same period in the prior fiscal year. Internet sales to independent veterinary practices and producers in the United States grew by approximately 31% for the quarter compared to the same period in the prior fiscal year. Revenues from our veterinary pharmacy programs in the United States increased approximately 23% to $58.7 million for the quarter compared to the same period in the prior fiscal year. We generated cash flow from operations for the quarter ended December 31, 2012 of $15.6 million compared to cash provided by operations of $7.3 million for the same period in the prior fiscal year. On December 31, 2012, we acquired substantially all of the assets of Prescription Containers Inc. ("PCI Animal Health") for approximately $17 million. PCI Animal Health was a distributor of companion animal health products to veterinary practices, primarily in the Northeastern United States with revenues of approximately $33 million for its calendar year ended December 31, 2012. "We continued to see excellent growth in the December quarter," said Jim Cleary, President and Chief Executive Officer. "Our revenue and net income growth exceeded our expectations and we are excited about now serving the PCI Animal Health customers. While there is much work to do for the rest of this fiscal year, I am pleased with the results of the quarter and the effort from our team members to deliver great customer service and results." Tweet |
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