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VCA Antech, Inc. Reports Third Quarter 2012 Results

Stocks in this article: WOOF

VCA Antech, Inc. (NASDAQ:WOOF), a leading animal healthcare company in the United States and Canada, today reported financial results for the third quarter ended September 30, 2012 as follows: revenue increased 12.6% to a third quarter record of $433.6 million; gross profit increased 10.0% to $99.2 million; net income was $34.0 million and diluted earnings per common share was $0.38.

For the three months ended September 30, 2012 and 2011, diluted earnings per share were $0.38 and $0.35, respectively. The third quarter of 2011 included debt retirement costs of $2.8 million, or $1.7 million net of tax, related to the refinancing of our senior credit facility. Excluding this item, adjusted diluted earnings per common share for the third quarter of 2011 was $0.37.

For the nine months ended September 30, 2012 and 2011, diluted earnings per common share were $1.17 and $1.13, respectively. The results for the nine months ended September 30, 2012, included a gain of $5.7 million on our 20% interest in Associate Veterinary Clinics held at the time we became its sole non-veterinarian shareholder and a depreciation adjustment of $3.1 million, related to acquired capital leases. The results for the nine months ended September 30, 2011, included the debt retirement costs referenced above. Excluding these adjustments, adjusted diluted earnings per common share, for the nine months ended September 30, 2012 and 2011, were $1.13 and $1.15, respectively.

Bob Antin, Chairman and CEO, stated, “We are pleased with the improvement in revenue and gross profit margins in both our core Animal Hospitals and Laboratory business segments. We continued our growth strategy of acquiring individual animal hospitals in markets that complement our existing locations, with acquisitions totaling over $30.0 million during the quarter. In the third quarter of 2012 our Animal Hospital and Laboratory businesses saw sequential improvement in year-over-year organic growth rates and gross profit margins.

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