Owens & Minor, Inc. (NYSE-OMI) today reported financial results for the fourth quarter ended December 31, 2012, including consolidated quarterly revenue of $2.32 billion, an increase of 5.9% when compared to revenue of $2.20 billion in the fourth quarter of 2011. Movianto, a leading European healthcare logistics provider acquired by Owens & Minor on August 31, 2012, contributed $127.0 million to fourth quarter revenue. Consolidated net income for the fourth quarter of 2012 was $24.9 million, or $0.39 per diluted share, a slight increase when compared to net income of $23.9 million, or $0.38 per diluted share, in the comparable period of 2011.
Adjusted consolidated net income (non-GAAP), which excludes pre-tax charges of $1.7 million for acquisition-related and exit & realignment activities for the fourth quarter of 2012, was $26.2 million, or $0.41 per diluted share. In addition, pre-tax quarterly operating losses for Movianto, which comprises the company’s International segment, were approximately $4.8 million, or $0.06 per diluted share, resulting primarily from operating costs to support underutilized capacity. Also, in the fourth quarter of 2012, the company incurred legal expenses and loss contingencies of $2.0 million, or $0.02 per diluted share, associated with California-specific litigation and compensation and benefits requirements.
For the fourth quarter of 2012, consolidated operating earnings were $45.0 million, increased when compared to operating earnings of $43.0 million for the same period last year. For the quarter, acquisition-related and exit & realignment charges reduced quarterly consolidated operating earnings by $1.7 million. For purposes of comparison, fourth quarter 2011 financial results included acquisition-related and exit & realignment costs of $12.8 million, or $0.13 per diluted share.
“We made solid progress in 2012 on strategic investments that will support the long-term success of our company in a rapidly changing healthcare environment,” said Craig R. Smith, president & chief executive officer. “I was pleased with the overall performance of our Domestic business in a tough operating environment, as our asset management results were very strong, expense control was impressive, and we generated $219 million in operating cash flow. As we look ahead to 2013, we are focused on improving our performance with Movianto by leveraging capacity and achieving expense reductions in our European network. We are very enthusiastic about our future and the growing demand for our healthcare logistics services.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV