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

FISCAL 2012 GUIDANCE UPDATED

Based on actual third quarter results and expected fourth quarter operating results for the fiscal year ending September 30, 2012, management expects net sales to be in the range of $171 million to $175 million and per share diluted earnings to be between $0.78 and $0.81. Previous guidance called for net sales to be between $183 million and $192 million and per share diluted earnings to be between $0.85 and $0.89. The per share estimates assume an increase in average diluted shares outstanding from approximately 41.4 million at fiscal 2011 year end to 41.6 million at fiscal 2012 year end. The sales and earnings guidance provided in this press release does not include the impact of any acquisitions the Company might complete during fiscal 2012 or charges of $0.02 diluted earnings per share in fiscal 2012 associated with the consolidation of its Maine operations into its Tennessee facility (see non-GAAP financial measure reconciliations).

FINANCIAL CONDITION

The Company’s financial condition is sound. At June 30, 2012, current assets were $93.8 million compared to current liabilities of $17.5 million, resulting in working capital of $76.3 million and a current ratio of 5.4. Cash and short-term investments were $27.9 million and the Company had 100% borrowing capacity under its $30,000,000 commercial bank credit facility. The Company has no bank-debt obligations outstanding.

INTERIM UNAUDITED OPERATING RESULTS(In Thousands, Except per Share Data)

The following table sets forth the unaudited comparative results of Meridian on a U.S. GAAP basis for the interim periods of fiscal 2012 and fiscal 2011.
       
Three Months Ended June 30, Nine Months Ended June 30,
2012   2011 2012   2011
Net sales $ 42,141 $ 40,052 $ 129,848 $ 118,374
Cost of goods sold 14,498 14,701 47,722 43,564
Gross profit 27,643 25,351 82,126 74,810
 
Operating expenses
Research and development 2,660 2,693 7,441 7,328
Selling and marketing 5,843 5,968 17,192 17,041
General and administrative 6,162 6,559 19,236 19,018
Plant consolidation costs 366 - 1,013 -
Sales and marketing leadership
reorganization costs - - - 1,240
Total operating expenses 15,031 15,220 44,882 44,627
 
Operating income 12,612 10,131 37,244 30,183
Other income (expense), net 45 62 331 427
Income before income taxes 12,657 10,193 37,575 30,610
Income tax provision 4,063 3,357 12,777 10,489
Net earnings $ 8,594 $ 6,836 $ 24,798 $ 20,121
 
Net earnings per basic common share $ 0.21 $ 0.17 $ 0.60 $ 0.49
Basic common shares outstanding 41,091 40,737 41,075 40,680
 
Net earnings per diluted common share $ 0.21 $ 0.17 $ 0.60 $ 0.49
Diluted common shares outstanding 41,684 41,394 41,605 41,353
 

The following table sets forth the unaudited operating segment data for the interim periods in fiscal 2012 and fiscal 2011 (in thousands).
     
Three Months Ended June 30, Nine Months Ended June 30,
2012   2011 2012   2011
Net sales
U.S. Diagnostics $ 26,234 $ 23,829 $ 80,091 $ 72,007
European Diagnostics 5,897 6,612 18,326 18,926
Life Science 10,010 9,611 31,431 27,441
$ 42,141 $ 40,052 $ 129,848 $ 118,374
Operating Income
U.S. Diagnostics $ 9,442 $ 8,399 $ 29,377 $ 26,780
European Diagnostics 998 978 2,398 1,781
Life Science 2,118 797 5,526 1,499
Eliminations 54 (43) (57) 123
$ 12,612 $ 10,131 $ 37,244 $ 30,183
 

NON-GAAP FINANCIAL MEASURES

In this press release, we have provided information on net earnings and diluted earnings per share excluding the effect of costs associated with the consolidation of our Saco, Maine operations into our Tennessee facility (2012) and the reorganizing of our Sales and Marketing Leadership (2011). We believe this information is useful to an investor in evaluating our performance because:

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