Virbac Reports Record Fourth Quarter/Twelve Months Sales.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Feb. 19, 2002 Fourth Quarter Sales Increase 10 Percent to Record $15.0 Million; Year-End Sales Reach Record $60.6 Million, Up 14 Percent; Key Regulated Products and Oral Hygiene Oral Hygiene Definition Oral hygiene is the practice of keeping the mouth clean and healthy by brushing and flossing to prevent tooth decay and gum disease. Line Continue to Drive Growth Virbac Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : VBAC VBAC abbr. vaginal birth after cesarean VBAC Vaginal birth after cesarean. Mentioned in: Cesarean Section VBAC Vaginal birth after cesarean section, see there ), a leading companion animal health company, today reported record sales results for the fourth quarter and twelve months ending Dec. 31, 2001. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for fourth quarter 2001 rose 10 percent to a record $15.0 million from $13.6 million for the 2000 corresponding quarter. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs L. Bell, Virbac's president and chief executive officer, credits a 21 percent quarter-over-quarter increase in sales of its veterinary products for helping drive sales growth in the quarter. "The sales growth of our veterinary products to $6.5 million was achieved by the initial shipments of our IVERHART(TM) PLUS canine canine or canid Any domestic or wild dog or doglike mammal (e.g., wolf, jackal, fox) in the family Canidae, found throughout the world except in Antarctica and on most ocean islands. heartworm heartworm Species (Dirofilaria immitis) of filarial worm that parasitizes mammals, especially dogs. Up to 500 adult heartworms, which can grow to 6–12 in. (15–30 cm) long, live in the dog's heart, and the microfilariae (embryonic larvae) pass into the blood. prevention product, increased sales of our dental hygiene dental hygiene n. The practice of keeping the mouth, teeth, and gums clean and healthy to prevent disease. Also called oral hygiene. products, and our pesticide pesticide, biological, physical, or chemical agent used to kill plants or animals that are harmful to people; in practice, the term pesticide is often applied only to chemical agents. products," Bell said. Sales in the Consumer Brands Division were $3.6 million compared with $4.7 million in the prior year quarter, reflecting the slowing economy. PM Resources sales were $4.9 million, up 40% from the prior year quarter, primarily due to sales of Virbac's livestock livestock Farm animals, with the exception of poultry. In Western countries the category encompasses primarily cattle, sheep, pigs, goats, horses, donkeys, and mules; other animals (e.g., buffalo, oxen, or camels) may predominate in other areas. pour-on product, which was registered late in the third quarter 2001. "The registration, launch and shipment of IVERHART PLUS in 2001 represents a significant milestone for Virbac and our shareholders," Bell said. "This accomplishment exemplifies the enormous opportunities and success we are having from our internal R&D resources to introduce highly-regulated products." Published statistics report more than 35 million households have dogs and approximately 40 percent of them receive some form of heartworm preventative, making the overall market size $330 million. Virbac expects to gain, at a minimum, a five percent market share. Virbac also credits its oral hygiene line for sales increases in the fourth quarter, where sales to veterinarians Veterinarians and veterinary surgeons (vets) are medical professionals who operate exclusively on animals. Well-known and notable veterinarians include:
tick Any of some 825 parasitic arachnid species (suborder Ixodida, order Parasitiformes), found worldwide. Adults may be slightly more than an inch (30 mm) long, but most species are much smaller. collar earlier in the year. The company reported a fourth quarter gross profit of $6.0 million, or 40 percent of sales, compared with $5.8 million, or 43 percent of sales, in the prior-year fourth quarter. Income from operations totaled $410,000 versus $390,000 in the corresponding fourth quarter last year. Net income for the 2001 fourth quarter was $27,000, or $0.00 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $1.4 million, or $0.06 per basic and diluted share, for the comparable quarter of 2000. The fourth quarter in 2000 included an income tax benefit of $1.0 million, related to the recognition of a deferred tax asset, compared to an income tax expense of $237,000 in the fourth quarter of 2001. Virbac also reported record annual sales results, achieving a 14 percent jump in sales growth from last year, reaching $60.6 million in 2001, compared with $53.0 million in 2000. For the twelve months ending December 31, 2001, operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased 11 percent, growing to $3.1 million in 2001, compared with $2.8 million 2000. A vital contributor to Virbac's record financial results in 2001 was the company's execution of its strategy to register and launch highly-regulated products. Three FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approved products were introduced by Virbac, including IVERHART PLUS, Worm-X, a canine anthelmintic anthelmintic /ant·hel·min·tic/ (ant?hel-min´tik) 1. vermifugal; destructive to worms. 2. vermicide or vermifuge; an agent destructive to worms. , and Virbamec, a rumen rumen pl. rumens, rumina; the largest of the compartments of the forestomach of ruminant animals that serves as a fermentating vat. It is lined by a keratinized epithelium bearing numerous absorptive papillae; it is partly subdivided by folds (pillars). anthelmintic, allowing Virbac to participate in a $640 million market opportunity. "We utilized our internal R&D resources, including our seasoned management and scientific teams, and our relationship with Virbac S.A. to successfully bring profitable, highly-regulated products to North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ," Bell said. "Through an exclusive agreement with Virbac S.A., we can bring products to market faster and with less cost. "Overall, we succeeded in meeting our new product goals and achieved solid financial results in 2001 while remaining resistant to economic downturns. We introduced products that are necessary for pet health care, and we have a strong pipeline of products to contribute to future growth." The company will conduct a conference call with securities analysts to discuss these results today at 11 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Those who wish to participate in the call may telephone (888) 335-6674 approximately 15 minutes before the 11 a.m. starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first . A digital replay will be available by telephone for 30 days at (877) 519-4471 toll-free in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , or (973) 341-3080 for international callers, PIN # 3125840. Virbac Corporation, located in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. , is a leading companion animal health company focusing on the pharmaceuticals, dermatological dermatological, dermatologic pertaining to dermatology; of or affecting the skin. and oral hygiene markets for pets and companion animals, and provides a broad array of healthcare products to its customers under the C.E.T.(R), Allerderm(R), St. JON(R), Zema(R), Mardel(R), Pet-Tabs(R) and Francodex(R) brand names. For more information on Virbac, please visit www.virbac.com. This press release contains forward-looking information made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may be affected by certain risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Forward-looking statements regarding revenue depend on the Company's, continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. relationship with Virbac S. A., a decrease in demand of the Company's products could reduce funding available under the Company's lines of credit, ability to launch new products on a timely basis and customer acceptance of those products. The Company's actual results could differ materially from such forward-looking statements. Management believes that these amounts are fairly stated, but audited results could differ from these unaudited results and the effect may be material. In addition, anticipated 2004 results depend upon sales and margin targets being met.
VIRBAC CORPORATION
Financial Highlights ($000's)
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
-------------------- ---------------------
2001 2000 2001 2000
(unaudited) (unaudited) (unaudited)
Net revenues 14,972 13,591 60,628 52,965
Cost of goods sold 8,929 7,780 35,898 30,241
------ ------ ------ ------
Gross profit 6,043 5,811 24,730 22,724
Operating expenses:
Selling, general
and administrative 4,356 4,335 16,404 15,886
Research and
development 757 334 2,997 1,331
Warehouse and
distribution 520 752 2,215 2,676
------ ------ ------ ------
Total Operating
Expenses 5,633 5,421 21,616 19,893
Income from operations 410 390 3,114 2,831
Interest expense (106) (227) (596) (1,005)
Other income (expense) (40) 187 3 565
------ ------ ------ ------
Income before income
tax expense 264 350 2,521 2,391
Income tax (expense),
benefit (237) 1,021 (1,211) 1,021
------ ------ ------ ------
Income before
cumulative effect of
accounting change 27 1,371 1,310 3,412
Cumulative effect of
accounting change - - - (469)
------ ------ ------ ------
Net income 27 1,371 1,310 2,943
====== ====== ====== ======
Earnings per share
before cumulative
effect:
Basic income per
share $ 0.00 $ 0.06 $ 0.06 $ 0.16
====== ====== ====== ======
Diluted income per
share $ 0.00 $ 0.06 $ 0.06 $ 0.15
====== ====== ====== ======
Cumulative effect
per share:
Basic income per
share $ - $ - $ - $(0.02)
====== ====== ====== ======
Diluted income per
share $ - $ - $ - $(0.02)
====== ====== ====== ======
Earnings per share:
Basic income per
share $ 0.00 $ 0.06 $ 0.06 $ 0.14
====== ====== ====== ======
Diluted income per
share $ 0.00 $ 0.06 $ 0.06 $ 0.13
====== ====== ====== ======
Basic shares
outstanding 22,052 21,867 22,038 21,377
Diluted shares
outstanding 22,588 22,601 22,558 22,133
VIRBAC CORPORATION
Consolidated Balance Sheet ($000's)
December 31, December 31,
2001 2000
(unaudited) (unaudited)
Assets
Current assets:
Cash and cash equivalents $ 477 $ 272
Accounts receivable 12,905 7,046
Accounts receivable -
Virbac SA 1,170 1,180
Inventories 13,932 14,490
Deferred income taxes 2,535 3,273
Prepaid expenses and
other assets 1,338 1,442
-------- --------
Total Current Assets 32,357 27,703
Property, plant and equipment,
net 12,659 12,664
Goodwill and other intangibles,
net 7,152 6,929
Deferred income taxes 1,885 2,063
Other assets 315 29
-------- --------
Total Assets $ 54,368 $ 49,388
======== ========
Liabilities and
Shareholders' Equity
Current liabilities:
Current portion of
long-term debt and
notes payable 600 698
Accounts payable
Trade (Note 10) 6,041 4,885
Virbac SA 164
Accrued property taxes 198 406
Accrued expenses 1,597 1,928
-------- --------
Total Current Liabilities 8,436 8,081
Long-term debt and notes
payable 9,700 6,895
Unearned Product License Fees 5,395 5,250
Commitments and contingencies
(Note 6)
Shareholders' equity:
Common stock ($.01 par
value; 38,000,000 shares
authorized; 22,055,477
and 22,029,411 respectively
issued) 221 220
Additional paid-in capital 34,938 34,670
Treasury stock at cost
(28,188 and 53,714 shares,
respectively) (105) (201)
Accumulated deficit (4,217) (5,527)
-------- --------
30,837 29,162
-------- --------
Total Liabilities and
Shareholders' Equity $ 54,368 $ 49,388
======== ========
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