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Owens & Minor, Inc. (NYSE-OMI)
today reported financial results for the third quarter ended September 30, 2012, including consolidated quarterly revenue of $2.18 billion, unchanged when compared to revenue in the third quarter of 2011. The company’s August 31, 2012, acquisition of the Movianto Group (Movianto) from Celesio AG contributed $49.7 million to revenue for the quarter, representing one month’s revenue. Consolidated net income for the third quarter of 2012 was $24.6 million, or $0.39 per diluted share, compared to $33.4 million, or $0.53 per share, in the same period of 2011. Pre-tax costs associated with the Movianto acquisition were approximately $7.8 million for the third quarter of 2012, which reduced quarterly net income per diluted share by approximately $0.10.
“With the third party logistics capabilities of the Movianto acquisition and our core U.S. hospital distribution and supply chain services business, Owens & Minor now has global reach with a solid platform for providing third party logistics and other supply chain services,” said Craig R. Smith, president & chief executive officer of Owens & Minor. “We believe this acquisition will improve the capacity of our company to serve healthcare providers and manufacturers with efficiency and innovation in a rapidly changing industry. We see emerging opportunity in healthcare and a widening path for Owens & Minor, as we position ourselves for the future.”
Adjusted consolidated operating earnings for the third quarter of 2012, which exclude $7.8 million of costs associated with the Movianto acquisition, were $54.5 million, or 2.50% of revenues, a decrease of $4.3 million, when compared to $58.8 million, or 2.70% of revenues, in the prior-year third quarter. Included with the press release financial tables are reconciliations of the differences between the non-GAAP financial measures presented in this news release, which exclude acquisition-related expenses, and their most directly comparable GAAP financial measures.