This Day On The Street
Continue to site
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

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.

4 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs