Meridian Bioscience, Inc. (NASDAQ: VIVO)
Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:
- reported fiscal 2011 third quarter and nine months net sales of $40.1 million and $118.4 million, respectively, increases of 18% and 10%, respectively, from the same periods of the prior fiscal year;
- reported third quarter operating income of $10.1 million, an increase of 4% compared to the prior year third quarter;
- reported nine months operating income of $30.2 million, a decrease of 8% compared to the same period of the prior fiscal year;
- reported third quarter net earnings of $6.8 million, or $0.17 per diluted share, increases of 6% compared to the fiscal 2010 third quarter;
- reported nine months net earnings of $20.1 million, or $0.49 per diluted share, decreases of 6% compared to the corresponding fiscal 2010 period. On a non-GAAP basis, earnings were $21.0 million, or $0.51 per diluted share, excluding the effect of costs associated with the reorganization of European and Global Sales and Marketing Leadership during the quarter ended March 31, 2011 (see non-GAAP financial measure reconciliation);
- declared the regular quarterly cash dividend of $0.19 per share for the third quarter of fiscal 2011, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2010; and
- revised downward its fiscal 2011 guidance of per share diluted earnings to between $0.68 and $0.71 (including reorganization costs) on net sales of $160 million to $163 million.
FINANCIAL HIGHLIGHTS (UNAUDITED)
In Thousands, Except per Share Data
Three Months Ended June 30,
Nine Months Ended June 30,
|Diluted Earnings per Share||$||0.17||$||0.16||6||%||$||0.49||$||0.52||-6||%|
|Diluted Earnings per Share|
|excluding effect of European and|
|Global Sales & Marketing|
|Leadership reorganization costs|
|(see non-GAAP financial measure|
|June 30,||June 30,|
|Cash and Short-Term Investments||$||25,563||$||58,219|
THIRD QUARTER OPERATING RESULTSNet sales for the third quarter of fiscal 2011 were $40,052,000, compared to $33,857,000 for the same period of the prior fiscal year, an increase of 18%. Net earnings for the third quarter of fiscal 2011 were $6,836,000, or $0.17 per diluted share, increases of 6% compared to the third quarter of fiscal 2010. Diluted common shares outstanding for the third quarter of fiscal 2011 and 2010 were 41,394,000 and 41,151,000, respectively.
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