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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

The Cooper Companies Announces Second Quarter 2013 Results

PLEASANTON, Calif., June 6, 2013 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal second quarter ended April 30, 2013.

  • Revenue increased 11% year-over-year to $384.0 million. CooperVision (CVI) revenue up 7% to $309.3 million, up 11% in constant currency, and CooperSurgical (CSI) revenue up 32% to $74.7 million.  
  • GAAP earnings per share (EPS) $1.52, up 40 cents or 36% from last year's second quarter.  
  • Non-GAAP EPS $1.50, up 38 cents or 34% from last year's second quarter. See "Reconciliation of Non-GAAP EPS to GAAP EPS" below.   
  • Second quarter free cash flow $77.4 million.

Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer said, "I am enthused by our performance as we continue executing on our long-range strategies that lead to gaining market share and improving our operating margin. Our silicone hydrogel family of lenses continues to show strong growth and we recently announced the launch of MyDay , our branded single-use silicone hydrogel lens, with a goal of continuing this momentum for many years to come."

Second Quarter GAAP Operating Highlights

  • Revenue $384.0 million, up 11% from last year's second quarter, 15% in constant currency.   
  • Gross margin 66% compared with 64% in last year's second quarter. The increase was primarily the result of a lower royalty payment on silicone hydrogel lens sales, product mix, and increased manufacturing efficiencies, partially offset by lower revenue due to currency, primarily the Yen.   
  • Operating margin 21% compared with 19% in last year's second quarter. The increase was the result of higher gross margins.  
  • Depreciation $23.4 million, up 9% from last year's second quarter. Amortization $7.5 million, up 43% from last year's second quarter, primarily related to intangible assets from the acquisition of Origio in July 2012.  
  • Total debt decreased $87.5 million in the quarter to $320.5 million. Interest expense $2.4 million compared with $3.1 million in last year's second quarter.  
  • Cash provided by operations $114.9 million, capital expenditures $38.2 million and insurance recovery of $0.7 million resulted in free cash flow $77.4 million. 

Second Quarter CooperVision GAAP Operating Highlights

  • Revenue $309.3 million, up 7% from last year's second quarter, 11% in constant currency.  
  • Revenue by category:
        Constant Currency
  (In millions) % of CVI Revenue %chg %chg
  2Q13 2Q13 y/y y/y
Toric  $ 96.7 31% 8% 10%
Multifocal  29.7 10% 33% 34%
Single-use sphere  63.7 21% 2% 11%
Non single-use sphere, other  119.2 38% 5% 8%
Total  $ 309.3 100% 7% 11%
  • Revenue by geography:
        Constant Currency
   (In millions)  % of CVI Revenue %chg %chg
   2Q13  2Q13 y/y y/y
Americas  $ 136.5 44% 12% 12%
EMEA  104.8 34% 7% 8%
Asia Pacific  68.0 22% --% 13%
Total  $ 309.3 100% 7% 11%
  • Selected revenue by material:
        Constant Currency
   (In millions)  % of CVI Revenue %chg %chg
   2Q13  2Q13 y/y y/y
         
Silicone hydrogel  $ 133.5 43% 29% 31%
Proclear®  $ 77.3 25% 8% 11%
  • Gross margin 67% compared with 63% in last year's second quarter. The increase was primarily the result of a lower royalty payment on silicone hydrogel sales, product mix, and increased manufacturing efficiencies, partially offset by lower revenue due to currency, primarily the Yen.

Second Quarter CooperSurgical GAAP Operating Highlights

  • Revenue $74.7 million, up 32% from last year's second quarter, driven by the acquisition of Origio in July 2012.   
  • Revenue by category:
  (In millions) % of CSI Revenue %chg
  2Q13 2Q13 y/y
Office, other  $ 28.7 38% -6%
Surgical procedures  21.3 29% -3%
Fertility  24.7 33% 527%
Total  $ 74.7 100% 32%
  • Gross margin 65% compared with 68% in last year's second quarter. The decrease was primarily the result of lower margins associated with the acquisition of Origio.

2013 Guidance

The Company revises its full year fiscal 2013 guidance. Guidance is summarized as follows:

  FY13 Guidance FY13 Guidance
  Old New
Revenues (In millions)    
Total $1,575 - $1,625 $1,575 - $1,605
CVI $1,260 - $1,290 $1,260 - $1,280
CSI $315 - $335 $315 - $325
EPS    
GAAP $6.22 - $6.37 $6.42 - $6.52
Non-GAAP $5.95 - $6.10 $6.15 - $6.25
Free Cash Flow (In millions) $170 - $200 $170 - $200

Guidance assumes constant currency at the date of issuance and excludes the financial impact for the proposed sale of Aime announced May 31, 2013.

Stock quotes in this article: COO 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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