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The Cooper Companies Announces Second 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)
     
   April 30,  October 31,
  2013 2012
 
ASSETS
 
Current assets:    
Cash and cash equivalents $14,441 $12,840
Trade receivables, net 224,489 234,297
Inventories 339,323 320,199
Deferred tax assets 37,364 39,417
Other current assets 60,171 51,107
Total current assets 675,788 657,860
Property, plant and equipment, net 636,882 640,255
Goodwill 1,381,777 1,370,247
Other intangibles, net 210,623 214,783
Deferred tax assets 13,944 14,434
Other assets 47,718 43,805
  $2,966,732 $2,941,384
     
LIABILITIES AND STOCKHOLDERS' EQUITY
     
Current liabilities:    
Short-term debt $28,955 $25,284
Other current liabilities 199,964 237,268
Total current liabilities 228,919 262,552
Long-term debt 291,549 348,422
Deferred tax liabilities 26,346 30,971
Other liabilities 83,422 86,281
Total liabilities 630,236 728,226
Total Cooper stockholders' equity 2,314,197 2,192,751
Noncontrolling interests 22,299 20,407
Stockholders' equity 2,336,496 2,213,158
  $2,966,732 $2,941,384
     
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except earnings per share amounts)
(Unaudited)
         
   Three Months Ended  Six Months Ended
   April 30,   April 30,
  2013 2012 2013 2012
Net sales  $384,041 $344,589 $763,880 $670,649
Cost of sales 129,862 123,893 269,203 239,500
Gross profit 254,179 220,696 494,677 431,149
Selling, general and administrative expense 150,693 136,962 301,346 268,710
Research and development expense 14,490 13,031 28,143 24,455
Amortization of intangibles 7,523 5,263 14,895 10,816
Operating income 81,473 65,440 150,293 127,168
Interest expense 2,444 3,071 5,010 6,733
Gain on insurance proceeds -- -- 14,084 --
Other (expense) income, net (89) 310 549 992
Income before income taxes 78,940 62,679 159,916 121,427
Provision for income taxes 3,473 7,758 9,515 11,883
Net income 75,467 54,921 150,401 109,544
Less: income attributable to noncontrolling Interests 331  -- 598  --
Net income attributable to Cooper stockholders $75,136 $54,921 $149,803 $109,544
         
Diluted earnings per share attributable to Cooper stockholders $1.52 $1.12 $3.02 $2.24
         
Number of shares used to compute earnings per share attributable to Cooper stockholders 49,478 49,007 49,555 48,941
         

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.

       
  Calendar 1Q13   Trailing Twelve Months 2013
    Market CVI     Market CVI
  Market Change Change   Market Change Change
Sales by Modality              
 Single-use  $ 715 9% 18%    $ 2,863 10% 16%
 Other  1,114 0% 10%    4,315 1% 9%
 WW Soft Contact Lenses  $ 1,829 4% 12%    $ 7,178 4% 11%
               
               
Sales by Geography              
 Americas   $ 760 6% 13%    $ 2,830 6% 11%
 EMEA  501 2% 7%    2,031 2% 7%
 Asia Pacific   568 2% 16%    2,317 4% 17%
 WW Soft Contact Lenses  $ 1,829 4% 12%    $ 7,178 4% 11%
               
 United States  $ 667 6% 13%    $ 2,451 6% 11%
 International  1,162 3% 11%    4,727 3% 11%
 WW Soft Contact Lenses  $ 1,829 4% 12%    $ 7,178 4% 11%

COO-E

CONTACT: Kim Duncan
         Senior Director, Investor Relations
         ir@cooperco.com

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