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The Cooper Companies Announces Third Quarter 2013 Results

Stocks in this article: COO

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)
 
 
  July 31, October 31,
  2013 2012
     
ASSETS
     
Current assets:    
Cash and cash equivalents  $ 25,482  $ 12,840
Trade receivables, net  247,296  234,297
Inventories  339,908  320,199
Deferred tax assets  40,008  39,417
Other current assets  53,313  51,107
Total current assets  706,007  657,860
Property, plant and equipment, net  654,100  640,255
Goodwill  1,378,679  1,370,247
Other intangibles, net  203,398  214,783
Deferred tax assets  17,021  14,434
Other assets  47,703  43,805
   $ 3,006,908  $ 2,941,384
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY
     
Current liabilities:    
Short-term debt  $ 28,338  $ 25,284
Other current liabilities  220,948  237,268
Total current liabilities  249,286  262,552
Long-term debt  215,291  348,422
Deferred tax liabilities  23,298  30,971
Other liabilities  81,391  86,281
Total liabilities  569,266  728,226
Total Cooper stockholders' equity  2,415,522  2,192,751
Noncontrolling interests  22,120  20,407
Stockholders' equity  2,437,642  2,213,158
   $ 3,006,908  $ 2,941,384
     
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except earnings per share amounts)
(Unaudited)
 
 
  Three Months Ended Nine Months Ended
  July 31, July 31,
  2013 2012 2013 2012
Net sales   $ 411,993  $ 378,186  $ 1,175,873  $ 1,048,835
Cost of sales  143,719  138,089  412,923  377,589
Gross profit  268,274  240,097  762,950  671,246
Selling, general and administrative expense  152,141  143,830  453,487  412,540
Research and development expense  14,865  13,156  43,008  37,611
Amortization of intangibles  7,660  5,861  22,553  16,677
Operating income  93,608  77,250  243,902  204,418
Interest expense  2,258  2,315  7,268  9,049
Gain on insurance proceeds  --   --   14,084  -- 
Loss on extinguishment of debt  --   1,404  --   1,404
Other (expense) income, net  (86)  (2,144)  461  (1,152)
Income before income taxes  91,264  71,387  251,179  192,813
Provision for income taxes  2,072  4,433  11,585  16,315
Net income  89,192  66,954  239,594  176,498
Less: income attributable to noncontrolling interests  241  79  840  79
Net income attributable to Cooper stockholders  $ 88,951  $ 66,875  $ 238,754  $ 176,419
Diluted earnings per share attributable to Cooper stockholders  $ 1.79  $ 1.36  $ 4.81  $ 3.60
         
Number of shares used to compute earnings per share attributable to Cooper stockholders  49,754  49,302  49,623  49,069
         

Soft Contact Lens Revenue Update

Worldwide Manufacturers' Soft Contact Lens Revenue
(U.S. dollars in millions; constant currency; unaudited)
 
     
  Calendar 2Q13 Trailing Twelve Months 2013
    Market CVI   Market CVI
  Market Change Change Market Change Change
Sales by Modality            
Single-use  $ 770 9% 15%  $ 2,920 9% 17%
Other  1,100 2% 8%  4,330 1% 9%
WW Soft Contact Lenses  $ 1,870 4% 10%  $ 7,250 4% 11%
             
             
Sales by Geography            
Americas   $ 740 4% 11%  $ 2,850 5% 11%
EMEA  540 4% 8%  2,050 3% 8%
Asia Pacific   590 5% 10%  2,350 4% 15%
WW Soft Contact Lenses  $ 1,870 4% 10%  $ 7,250 4% 11%
 
Source: Management estimates and independent market research

COO-E

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

The Cooper Companies, Inc. Logo

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