Meridian Bioscience, Inc. (NASDAQ: VIVO):
Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:
- reported fourth quarter and record full-year fiscal 2011 net sales of $41.3 million and $159.7 million, respectively, increases of 16% and 12%, respectively, from the same periods of the prior fiscal year;
- reported fourth quarter and full-year fiscal 2011 operating income of $9.9 million and $40.0 million, respectively, an increase of 16% and a decrease of 3%, respectively, from the same periods of the prior fiscal year;
- reported fourth quarter fiscal 2011 net earnings of $6.7 million, or $0.16 per diluted share, increases of 26% and 23%, respectively, compared to the fiscal 2010 fourth quarter. On a non-GAAP basis, earnings were $7.4 million, or $0.18 per diluted share, excluding the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility announced during the fourth quarter of 2011(see non-GAAP financial measure reconciliation);
- reported full-year fiscal 2011 net earnings of $26.8 million, or $0.65 per diluted share, an increase of 1% and flat, respectively, compared to fiscal 2010. On a non-GAAP basis, earnings were $28.4 million, or $0.69 per diluted share, excluding the effect of costs associated with the announced consolidation of its Saco, Maine operations and costs associated with the reorganization of European and Global Sales & Marketing Leadership during the second quarter of fiscal 2011 (see non-GAAP financial measure reconciliation);
- declared the regular quarterly cash dividend of $0.19 per share for the fourth quarter of fiscal 2011, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2010;
- announced the fiscal 2012 annual indicated cash dividend rate of $0.76 per share, the same as fiscal 2011; and
- reaffirmed its fiscal 2012 guidance of per share diluted earnings between $0.85 and $0.89 (excluding plant consolidation costs of $0.01-$0.02) on net sales of $183 million to $192 million.
|FINANCIAL HIGHLIGHTS (UNAUDITED) In Thousands, Except per Share Data|
|Three Months EndedSeptember 30,||Twelve Months EndedSeptember 30,|
|Diluted Earnings per Share||$||0.16||$||0.13||23||%||$||0.65||$||0.65||-||%|
|Diluted Earnings per Share|
|excluding effect of European and|
|Global Sales & Marketing|
|Leadership reorganization costs|
|(Q2-11), Plant Consolidation costs|
|(Q4-11), and Bioline Group|
|transaction costs (Q3-10 & Q4-10)|
|(see non-GAAP financial measure|
|Cash and Equivalents||$||23,626||$||37,879|
FOURTH QUARTER OPERATING RESULTSNet sales for the fourth quarter of fiscal 2011 were $41,349,000, compared to $35,539,000 for the same period of the prior fiscal year, an increase of 16%. Net earnings for the fourth quarter of fiscal 2011 were $6,710,000, or $0.16 per diluted share, increases of 26% and 23%, respectively, compared to the fourth quarter of fiscal 2010. Diluted common shares outstanding for the fourth quarter of fiscal 2011 and 2010 were 41,384,000 and 41,154,000, respectively. Excluding the effects of the consolidation of the Saco, Maine operations announced during the fiscal 2011 fourth quarter, net earnings for the quarter totaled $7,401,000, or $0.18 per diluted share.
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