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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

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