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Medical Action Industries Reports Third Quarter 2012 Results

Stocks in this article: MDCI

Medical Action Industries Inc. (NASDAQ/MDCI), a leading supplier of medical and surgical disposable products, today reported results for the fiscal 2012 third quarter ended December 31, 2011.

Net sales for the third quarter of fiscal 2012 were $112,969,000, an increase of $8,492,000, or 8%, compared to the $104,477,000 in net sales reported for the comparable prior year period. Net sales for the third quarter of fiscal 2012 included $34,905,000 in custom procedure tray sales generated by AVID Medical Inc. (“AVID”), which was acquired by Medical Action on August 27, 2010. Excluding sales of custom procedure trays, Medical Action’s net sales for the third quarter of fiscal 2012 were $78,064,000, representing an increase of $6,691,000, or 9%, from the comparable prior year period.

Net income for the third quarter of fiscal 2012 was $1,825,000 or $0.11 per basic and diluted share, versus the $2,304,000, or $0.14 per basic and diluted share, reported for the comparable prior year period.

Net sales for the nine months ended December 31, 2011 were $329,097,000, an increase of $71,876,000 or 28% from the $257,221,000 in net sales reported for the comparable nine months of fiscal 2011. Net sales for the nine months ended December 31, 2011 included $102,987,000 in custom procedure tray sales generated by AVID. Excluding sales of custom procedure trays, Medical Action’s net sales for the nine months ended December 31, 2011 were $226,110,000, representing an increase of $16,131,000 or 8% from the comparable prior year period.

Net income for the nine months ended December 31, 2011 was $2,642,000 or $0.16 per basic and diluted share, versus the $3,269,000 or $0.20 per basic and diluted share reported for the comparable prior year period. Included in net income for the nine months ended December 31, 2011 was an extraordinary pre-tax gain of $700,000 or $0.03 per basic and diluted share (net of applicable tax expense) due to an insurance settlement related to inventories damaged as a result of weather-related flooding. Net income for the nine months ended December 31, 2010 included an extraordinary pre-tax loss of $1,455,000 or $0.05 per basic and diluted share (net of applicable tax benefit) due to inventories damaged as a result of weather-related flooding and one-time pre-tax transaction costs of $1,335,000 related to the acquisition of AVID.

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