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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: VIVO

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:

3 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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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