Rochester Medical CEO Discusses F1Q2012 Results - Earnings Call Transcript
Okay, we reported first quarter revenues of $13.8 million, up 26% on both the reported and constant currency basis. These results encourage us that our strategy to drive top line growth through our direct sales business on a global basis is firmly working. Specifically, direct sales rose strongly up 45% including Laprolan and up 15% excluding Laprolan.
Total reported sales growth was tempered by 20% decline in private label sales, which as we have noted in the past is a business that fluctuates from quarter to quarter as was the case this quarter. Importantly, we posted 27% and 18% growth respectively in our direct sales businesses in the U.S. and the UK while Laprolan, which we acquired in April 2011, grew modestly from the prior quarter and continues to be a promising addition to our international direct sales business. And Dave will provide more detail on the revenue performance in just a minute.
In addition to our encouraging direct sales performance I believe we managed our expense structure well enabling us to report nearly breakeven net income even on the softness in private label. In terms of GAAP earnings we reported a net loss of $75,000 on a non-GAAP basis excluding certain non-cash expenses we reported net income of $285,000. We are pleased with our start to fiscal year 2012 given the solid performance in our main engine of growth direct sales. Furthermore, we believe that private label sales and direct international distributor sales are on track for the full fiscal year.
I remain confident in Rochester Medical’s growth trajectory and reaffirm our fiscal ’13 objectives to reach $83 million in revenues and $9 million to $10 million in net income. And I will talk more about that after Dave gives you further details on the quarter, which he will do right now. Dave?
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