PLEASANTON, Calif., Sept. 4, 2014 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal third quarter ended July 31, 2014.
- Revenue increased 5% year-over-year to $432.5 million, up 5% in constant currency and excluding the divestiture of Aime. CooperVision (CVI) revenue up 6% to $349.9 million, up 6% in constant currency and excluding the divestiture of Aime. CooperSurgical (CSI) revenue up 1% to $82.6 million.
- GAAP earnings per share (EPS) $1.80, up 1 cent or 1% from last year’s third quarter.
- Non-GAAP EPS $1.90 ($2.00 excluding amortization), up 16 cents or 9% from last year’s third quarter. See “Reconciliation of Non-GAAP Results to GAAP Results” below.
Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer said, “We are very proud of our achievements since last quarter. We continued executing on our long-term strategic objectives including announcing and closing the acquisition of Sauflon Pharmaceuticals, a European manufacturer and distributor of soft contact lenses and solutions. We believe this acquisition positions us at the forefront of the single-use market, the fastest growing segment of the soft contact lens industry. Our businesses continue to perform well and we remain excited about the future.”
Third Quarter GAAP Operating Highlights
- Revenue $432.5 million, up 5% from last year’s third quarter, 5% excluding currency and the divestiture of Aime (CVI’s rigid gas permeable contact lens and solutions business in Japan, sold effective October 31, 2013).
- Gross margin 65% compared with 65% in last year’s third quarter.
- Operating margin 22% compared with 23% in last year’s third quarter. The decrease was the result of acquisition related costs. Excluding these costs, operating margins would have been 24%.
- Depreciation $25.7 million, up 10% from last year’s third quarter. Amortization $6.8 million, down 12% from last year’s third quarter.
- Total debt increased $3.3 million from October 31, 2013 to $347.9 million. Interest expense $1.5 million compared with $2.3 million in last year’s third quarter.
- Cash provided by operations $107.9 million, capital expenditures $55.8 million, and excluding acquisition costs $1.7 million, resulted in free cash flow $53.8 million.
Third Quarter CooperVision GAAP Operating Highlights
- Revenue $349.9 million, up 6% from last year’s third quarter, 6% in constant currency and excluding the divestiture of Aime.
- Revenue by category:
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