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Meridian Bioscience Reports First Quarter 2013 Operating Results And Reaffirms Fiscal 2013 Guidance

FIRST QUARTER 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 first quarters of fiscal 2013 and fiscal 2012.

       

Three Months EndedDecember 31,

2012     2011
Net sales $ 45,351 $ 40,075
Cost of sales 16,555 15,533
Gross profit 28,796 24,542
 
Operating expenses
Research and development 2,517 2,273
Selling and marketing 5,693 5,377
General and administrative 7,495 6,643
Plant consolidation costs - 444
Total operating expenses 15,705 14,737
 
Operating income 13,091 9,805
Other income (expense), net 135 321
Earnings before income taxes 13,226 10,126
Income tax provision 4,752 3,548
Net earnings $ 8,474 $ 6,578
 
Net earnings per basic common share $ 0.21 $ 0.16
Basic common shares outstanding 41,148 41,067
 
Net earnings per diluted common share $ 0.20 $ 0.16
Diluted common shares outstanding 41,752 41,487
 

The following table sets forth the unaudited segment data for the interim periods in fiscal 2013 and fiscal 2012 (in thousands).

       

Three Months EndedDecember 31,

2012     2011
Net sales
U.S. Diagnostics $ 30,366 $ 25,009
European Diagnostics 5,303 5,505
Life Science 9,682 9,561
$ 45,351 $ 40,075
Operating Income
U.S. Diagnostics $ 11,243 $ 8,473
European Diagnostics 229 643
Life Science 1,634 698
Eliminations (15) (9)
$ 13,091 $ 9,805
 

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 (Q1-2012). We believe this information is useful to an investor in evaluating our performance because:

  1. These measures help investors to more meaningfully evaluate and compare the results of operations from period to period by removing the impact of the non-routine costs related to consolidating the Maine operations; and
  2. These measures are used by our management for various purposes, including evaluating performance against incentive bonus achievement targets, comparing performance from period to period in presentations to our board of directors, and as a basis for strategic planning and forecasting.

We have provided reconciliations of net earnings, basic earnings per share and diluted earnings per share, with and without the effect of the plant consolidation costs noted above, in the tables below for the first quarters of fiscal 2013 and fiscal 2012.

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