PLEASANTON, Calif., Sept. 3, 2015 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal third quarter ended July 31, 2015.
- Revenue increased 7% year-over-year to $461.7 million. CooperVision (CVI) revenue up 10% to $385.5 million. CooperSurgical (CSI) revenue down 8% to $76.2 million.
- GAAP earnings per share (EPS) $0.91, down 89 cents or 49% from last year's third quarter.
- Non-GAAP EPS $1.97, down 3 cents or 2% from last year's third 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, "I am pleased to report another strong quarter. CooperVision gained significant market share and we made a lot of progress with our family of daily silicone hydrogel products. The remainder of the year looks solid and we should enter fiscal 2016 with strong momentum."
Third Quarter GAAP Operating Highlights
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Revenue $461.7 million, up 7% from last year's third quarter, up 5% pro forma (defined as constant currency and including Sauflon revenue in both periods).
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Gross margin 59% compared with 65% in last year's third quarter. Gross margin was negatively impacted primarily by currency and integration and facility start-up costs, offset in part by favorable product mix led by Biofinity. Excluding integration and facility start-up costs, gross margin was 62% vs. 65% last year.
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Operating margin 11% compared with 22% in last year's third quarter. The decrease was primarily due to lower gross margins, litigation settlement costs and increased amortization arising from the Sauflon acquisition. On a non-GAAP basis, operating margin was 23% vs. 25% last year.
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Depreciation $41.4 million, up 61% from last year's third quarter due primarily to $10.8 million of accelerated depreciation related to the Sauflon acquisition. Amortization $12.5 million, up 85% from last year's third quarter primarily due to the Sauflon acquisition.
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Total debt decreased $39.8 million from April 30, 2015, to $1,307.9 million, primarily due to operational cash flow generation and subsequent debt pay down.
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Interest expense increased to $4.7 million compared with $1.5 million in last year's third quarter primarily due to higher debt and interest rates associated with the acquisition of Sauflon.
- Cash provided by operations $96.0 million and capital expenditures $66.4 million resulted in free cash flow of $29.6 million. Excluding integration costs of $12.9 million and the litigation settlement charge of $17.0 million, adjusted free cash flow was $59.5 million.
Third Quarter CooperVision (CVI) GAAP Operating Highlights
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Revenue $385.5 million, up 10% from last year's third quarter, up 7% pro forma, up 8% pro forma excluding solutions which are included in the "non single-use sphere, other" category below.
- Revenue by category:
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