The Cooper Companies Announces Fourth Quarter and The Cooper Companies Announces Fourth Quarter and Full Year 2012 Results
PLEASANTON, Calif., Dec. 6, 2012 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal fourth quarter and full year ended October 31, 2012.
• Fourth quarter revenue increased 10% year-over-year to $396.3 million. Fiscal 2012 revenue increased 9% to $1,445.1 million.
• Fourth quarter GAAP earnings per share (EPS) $1.46, up 31 cents or 27% from last year's fourth quarter. Fiscal 2012 GAAP EPS $5.05, up 39% from fiscal 2011.
• Fourth quarter non-GAAP EPS $1.47. Fiscal 2012 non-GAAP EPS $5.16. See "Reconciliation of Non-GAAP EPS to GAAP EPS" below.
• Fourth quarter free cash flow $83.5 million. Fiscal 2012 free cash flow $230.4 million.
Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer said, "I am pleased to report record financial results for fiscal 2012 including record revenues at both our business units and record EPS for the Company. We are proud of our many accomplishments throughout the year including CooperVision's success with its Biofinity® family of products, the re-launch of Avaira® Toric and the launch of a single-use silicone lens along with CooperSurgical's success within the surgical space and its acquisition of Origio. We continued to gain market share, post solid margins and maintain a strong balance sheet. As we enter fiscal 2013, we remain encouraged by our business trends and believe we are well positioned to deliver strong operating results."
Fourth Quarter GAAP Operating Highlights
• Revenue $396.3 million, up 10% from last year's fourth quarter, 7% excluding currency and acquisitions.
• Gross margin 64% compared with 62% in last year's fourth quarter. The improvement was primarily the result of increased manufacturing efficiencies, favorable product mix and the $6.0 million Avaira recall reserve for inventory and return provisions in last year's fourth quarter.
• Operating margin 20% compared with 18% in last year's fourth quarter. The improvement was the result of a higher gross margin and a $10.0 million one-time charge related to the settlement of the Rembrandt patent litigation that was included in last year's fourth quarter.
• Depreciation $23.5 million, up 13% from last year's fourth quarter. Amortization $7.3 million, up 31% from last year's fourth quarter primarily related to additional amortization from the acquisition of Origio.
• Total debt decreased $106.4 million from July 31, 2012, to $373.7 million. Interest expense $2.7 million compared with $2.9 million in last year's fourth quarter.
• Cash provided by operations $114.8 million, capital expenditures $32.6 million, and excluding acquisition costs of $1.3 million resulted in free cash flow of $83.5 million.
Fourth Quarter CooperVision (CVI) GAAP Operating Highlights
• Revenue $318.1 million, up 5% from last year's fourth quarter, 7% in constant currency.
• Revenue by category:
https://investor.coopercos.com/releasedetail.cfm?ReleaseID=725461
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