PLEASANTON, Calif., June 4, 2015 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal second quarter ended April 30, 2015.
- Revenue increased 5% year-over-year to $434.7 million. CooperVision (CVI) revenue up 9% to $359.6 million. CooperSurgical (CSI) revenue down 8% to $75.1 million.
- GAAP earnings per share (EPS) $1.23, down 39 cents or 24% from last year’s second quarter.
- Non-GAAP EPS $1.72, down 4 cents from last year’s second quarter. See “Reconciliation of GAAP to Non-GAAP Results” below.
Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer said, “We are very pleased with our continued market share gains at CooperVision. During the second quarter, we made great progress with our launch of clariti® in the United States and we made significant strides on the integration of the Sauflon business. We remain confident we are well positioned to accelerate growth in the back half of this year and into fiscal 2016.”
Second Quarter GAAP Operating Highlights
- Revenue $434.7 million, up 5% from last year’s second quarter, up 4% pro forma (defined as constant currency and including Sauflon revenue in both periods).
- Gross margin 62% compared with 65% in last year’s second quarter. Gross margin was negatively impacted primarily by currency, and integration and facility start-up costs, offset in part by favorable product mix. Excluding integration and facility start-up costs, gross margin was 63% vs. 65% last year.
- Operating margin 16% compared with 22% in last year’s second quarter. The decrease was primarily due to integration related expenses and increased amortization arising from the Sauflon acquisition. On a non-GAAP basis, operating margin would have been 22% vs. 24% last year.
- Depreciation $32.2 million, up 33% from last year’s second quarter. Amortization $12.3 million, up 65% from last year’s second quarter primarily due to the Sauflon acquisition.
- Total debt decreased $47.6 million from January 31, 2015, to $1,347.7 million, primarily due to operational cash flow generation and subsequent debt pay down.
- Interest expense increased to $4.7 million compared with $1.6 million in last year’s second quarter primarily due to higher debt and interest rates associated with the acquisition of Sauflon.
- Cash provided by operations $110.6 million, capital expenditures $53.4 million, and excluding integration costs of $10.6 million resulted in free cash flow of $67.8 million.
Second Quarter CooperVision (CVI) GAAP Operating Highlights
- Revenue $359.6 million, up 9% from last year’s second quarter, up 6% pro forma.
- Revenue by category:
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