This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

The Cooper Companies Announces First Quarter 2013 Results

We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.

THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(In thousands)
(Unaudited)
     
  January 31,  October 31,
  2013 2012
     
ASSETS
     
Current assets:    
Cash and cash equivalents $14,445 $12,840
Trade receivables, net 241,168 234,297
Inventories 325,394 320,199
Deferred tax assets 33,972 39,417
Other current assets 65,869 51,107
Total current assets 680,848 657,860
Property, plant and equipment, net 636,999 640,255
Goodwill 1,374,504 1,370,247
Other intangibles, net 214,564 214,783
Deferred tax assets 17,074 14,434
Other assets 45,555 43,805
  $2,969,544 $2,941,384
     
LIABILITIES AND STOCKHOLDERS' EQUITY
     
Current liabilities:    
Short-term debt $30,459 $25,284
Other current liabilities 195,673 237,268
Total current liabilities 226,132 262,552
Long-term debt 377,512 348,422
Deferred tax liabilities 30,339 30,971
Other liabilities 86,013 86,281
Total liabilities 719,996 728,226
Total Cooper stockholders' equity 2,232,062 2,192,751
Noncontrolling interests 17,486 20,407
Stockholders' equity 2,249,548 2,213,158
  $2,969,544 $2,941,384
 
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except earnings per share amounts)
(Unaudited)
     
  Three Months Ended
   January 31,
     
  2013 2012
Net sales  $379,839 $326,060
Cost of sales 139,341 115,607
Gross profit 240,498 210,453
Selling, general and administrative expense 150,653 131,748
Research and development expense 13,653 11,425
Amortization of intangibles 7,371 5,552
Operating income 68,821 61,728
Interest expense 2,567 3,662
Gain on insurance proceeds 14,084 --
Other income, net 638 681
Income before income taxes 80,976 58,747
Provision for income taxes 6,041 4,124
Net income 74,935 54,623
Less: Income attributable to noncontrolling interests 268  --
Net income attributable to Cooper stockholders $74,667 $54,623
     
Diluted earnings per share attributable to Cooper stockholders $1.50 $1.12
   
Number of shares used to compute earnings per share attributable to Cooper stockholders 49,633 48,792

Soft Contact Lens Revenue Update

Worldwide Market vs. CooperVision (Constant Currency)

The data below is extracted from a compilation of industry participants' revenue by the Contact Lens Institute (CLI), an independent market research firm. This data is compiled using gross product sales at foreign exchange rates set by CLI. It therefore excludes items such as discounts, rebates, currency hedges and freight reimbursements.

Worldwide Manufacturers' Soft Contact Lens Revenue        
(U.S. dollars in millions; constant currency; unaudited)        
     
  Calendar 4Q12 Calendar 2012
    Market CVI   Market CVI
  Market Change Change Market Change Change
Sales by Category            
Spheres  $ 1,356 4% 8%  $ 5,535 4% 9%
Torics  330 5% 8%  1,397 8% 10%
Multifocal  92 9% 32%  359 11% 34%
WW Soft Contact Lenses  $ 1,778 5% 10%  $ 7,291 5% 11%
             
Sales by Modality            
Single-use  $ 733 10% 19%  $ 2,908 10% 16%
Other  1,045 1% 7%  4,383 2% 9%
WW Soft Contact Lenses  $ 1,778 5% 10%  $ 7,291 5% 11%
             
Sales by Geography            
Americas   $ 644 5% 7%  $ 2,794 8% 11%
EMEA  488 2% 6%  1,985 2% 7%
Asia Pacific   646 6% 22%  2,512 4% 17%
WW Soft Contact Lenses  $ 1,778 5% 10%  $ 7,291 5% 11%
             
United States  $ 548 5% 5%  $ 2,417 8% 11%
International  1,230 5% 13%  4,874 4% 11%
WW Soft Contact Lenses  $ 1,778 5% 10%  $ 7,291 5% 11%

COO-E

CONTACT: Kim Duncan
         Senior Director, Investor Relations
         925-460-3663
         ir@cooperco.com

The Cooper Companies, Inc. Logo

4 of 4

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs