This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Meridian Bioscience Reports Third Quarter And Nine Months Operating Results, Declares Regular Cash Dividend, And Revises Fiscal 2012 Guidance

Stocks in this article: VIVO

Meridian Bioscience, Inc. (NASDAQ: VIVO):

GENERAL HIGHLIGHTS

Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:

  • reported fiscal 2012 third quarter and nine months net sales of $42.1 million and $129.8 million, respectively, increases of 5% and 10%, respectively, from the same periods of the prior fiscal year;
  • reported third quarter operating income of $12.6 million, an increase of 24% compared to the prior year third quarter;
  • reported nine months operating income of $37.2 million, an increase of 23% compared to the same period of the prior fiscal year;
  • reported third quarter net earnings of $8.6 million, or $0.21 per diluted share, increases of 26% and 24%, respectively, compared to the fiscal 2011 third quarter. On a non-GAAP basis, earnings were $8.8 million, or $0.21 per diluted share, increases of 29% and 24%, respectively. In the fiscal 2012 third quarter, this non-GAAP basis excludes the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility (see non-GAAP financial measure reconciliation);
  • reported nine months net earnings of $24.8 million, or $0.60 per diluted share, increases of 23% and 22%, respectively, compared to the same period of fiscal 2011. On a non-GAAP basis, earnings were $25.5 million, or $0.61 per diluted share, increases of 21% and 20%, respectively. In the fiscal 2012 year-to-date period, this non-GAAP basis excludes the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility, and in the fiscal 2011 year-to-date period it excludes the costs of reorganizing its sales and marketing leadership (see non-GAAP financial measure reconciliation);
  • declared the regular quarterly cash dividend of $0.19 per share for the third quarter of fiscal 2012, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2011; and
  • revised downward its fiscal 2012 guidance of per share diluted earnings to between $0.78 and $0.81 (excluding plant consolidation costs of $0.02) on net sales of $171 million to $175 million.
   
FINANCIAL HIGHLIGHTS (UNAUDITED)

In Thousands, Except per Share Data

 

 
Three Months Ended June 30, Nine Months Ended June 30,

2012

  2011   % Change 2012   2011   % Change
Net Sales $ 42,141 $ 40,052 5 % $ 129,848 $ 118,374 10 %
Operating Income 12,612 10,131 24 % 37,244 30,183 23 %
Net Earnings 8,594 6,836 26 % 24,798 20,121 23 %
Diluted Earnings per Share $ 0.21 $ 0.17 24 % $ 0.60 $ 0.49 22 %
Diluted Earnings per Share
excluding effect of plant
consolidation costs (2012) and
sales and marketing leadership
reorganization costs (2011)
(see non-GAAP financial measure
reconciliation) $ 0.21 $ 0.17 24 % $ 0.61 $ 0.51 20 %
 
June 30,
2012 2011

 

Cash and Short-Term Investments $ 27,938 $ 25,563
Working Capital 76,298 75,340
Shareholders’ Equity 141,005 138,120
Total Assets 158,814 157,951
 

COMPANY COMMENTS

John A. Kraeutler, Chief Executive Officer, said, “The third quarter, despite positive sales growth (+5%) and strong operating income (+24%), was disappointing given our good performance in the second quarter, along with the expectation that the majority of downside surprises had been minimized. While U.S. Diagnostic sales increased by 10% during the period, European Diagnostics revenues were flat on a local currency basis but down 11% on a U. S. dollar basis. Revenue growth was led by our tests for C. difficile, foodborne and H. pylori pathogens in the U.S.; however, in each product group, growth rates declined from the strong second quarter rates. Meridian Life Science revenues improved by 4%, with the timing of large orders, again causing volatility when viewed on a sequential quarter-over-quarter basis. The Bioline business grew revenues by 12% on a local currency basis; however, negative currency dropped that rate to 9% in U.S. dollars.

Operating income increased by 24%, once again reinforcing our efficiency, and reflecting the savings from the consolidation of our core Life Science manufacturing facilities. Gross profit improved from 63% in the prior year to 66% and operating income improved to 30% of revenues. Operating strength was due to improved margins and level spending versus the prior year resulting from strong spending controls and currency.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs