Meridian Bioscience Reports Fourth Quarter And Full-Year 2012 Operating Results, Declares Regular Cash Dividend, And Reaffirms Fiscal 2013 Guidance

Meridian Bioscience, Inc.:

GENERAL HIGHLIGHTS

Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:
  • reported record fourth quarter and full-year fiscal 2012 net sales of $43.7 million and $173.5 million, respectively, increases of 6% and 9%, respectively, from the same periods of the prior fiscal year;
  • reported record fourth quarter and full-year fiscal 2012 operating income of $12.1 million and $49.3 million, respectively, increases of 22% and 23%, respectively, from the same periods of the prior fiscal year;
  • reported fourth quarter fiscal 2012 net earnings of $8.6 million, or $0.21 per diluted share, increases of 28% and 31%, respectively, compared to the fiscal 2011 fourth quarter. When compared to the fiscal 2011 fourth quarter net earnings on a non-GAAP basis, the fiscal 2012 fourth quarter net earnings and net earnings per diluted share increased 16% and 17%, respectively. This non-GAAP basis excludes the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility (see non-GAAP financial measure reconciliation);
  • reported record full-year fiscal 2012 net earnings of $33.4 million, or $0.80 per diluted share, increases of 24% and 23%, respectively, compared to fiscal 2011. On a non-GAAP basis, earnings were $34.0 million, or $0.82 per diluted share, increases of 20% and 19%, respectively. In fiscal 2012, this non-GAAP basis excludes the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility; whereas in fiscal 2011, it excludes costs associated with the Maine/Tennessee consolidation, as well as costs associated with reorganizing its sales and marketing leadership (see non-GAAP financial measure reconciliation);
  • declared the regular quarterly cash dividend of $0.19 per share for the fourth quarter of fiscal 2012, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2011;
  • announced the fiscal 2013 annual indicated cash dividend rate of $0.76 per share, the same as fiscal 2012; and
  • reaffirmed its fiscal 2013 guidance of per share diluted earnings between $0.86 and $0.91 on net sales of $190 million to $195 million.

FINANCIAL HIGHLIGHTS (UNAUDITED) In Thousands, Except per Share Data
   
Three Months Ended Twelve Months Ended
September 30, September 30,
2012   2011   % Change 2012   2011   % Change
Net Sales $ 43,694 $ 41,349 6 % $ 173,542 $ 159,723 9 %
Operating Income 12,052 9,850 22 % 49,296 40,033 23 %
Net Earnings 8,573 6,710 28 % 33,371 26,831 24 %
Diluted Earnings per Share $ 0.21 $ 0.16 31 % $ 0.80 $ 0.65 23 %

Diluted Earnings per Share excluding effect of plant consolidation costs(2012 and 2011) sales and marketing leadership reorganization costs(2011) (see non-GAAP financial measure reconciliation)
$ 0.21 $ 0.18 17 % $ 0.82 $ 0.69 19 %
 
September 30,
2012 2011
Cash and Equivalents $ 31,593 $ 23,626
Working Capital 78,128 75,090
Shareholders’ Equity 142,748 138,524
Total Assets 161,381 155,493
 

CASH DIVIDEND MATTERS

The Board of Directors declared the regular quarterly cash dividend of $0.19 per share for the fourth quarter ended September 30, 2012. The dividend is of record November 19, 2012 and payable November 30, 2012. The Board of Directors has approved the indicated regular quarterly cash dividend rate of $0.19 per share for fiscal 2013, an annual indicated rate of $0.76 per share, the same as the rate in fiscal 2012. Guided by the Company’s policy of setting a payout ratio of between 75% and 85% of each fiscal year’s expected net earnings, the actual declaration and amount of dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings, cash flow requirements and future business developments, including acquisitions.

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