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Meridian Bioscience Reports Third Quarter And Nine Months Operating Results, Declares Regular Cash Dividend, And Revises Fiscal 2011 Guidance

Meridian Bioscience, Inc. (NASDAQ: VIVO)

GENERAL HIGHLIGHTS

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,

2011       2010      

%Change

2011       2010      

%Change

Net Sales $ 40,052 $ 33,857 18 % $ 118,374 $ 107,461 10 %
Operating Income 10,131 9,776 4 % 30,183 32,657 -8 %
Net Earnings 6,836 6,424 6 % 20,121 21,325 -6 %
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
reconciliation) $ 0.17 $ 0.16 6 % $ 0.51 $ 0.52 -2 %
 
June 30, June 30,
2011 2010
Cash and Short-Term Investments $ 25,563 $ 58,219
Working Capital 75,340 98,239
Shareholders’ Equity 138,120 137,394
Total Assets 157,951 149,298
 

THIRD QUARTER OPERATING RESULTS

Net 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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