Printer Friendly

VCA REPORTS RECORD REVENUES, EARNINGS FOR 1991

 VCA REPORTS RECORD REVENUES, EARNINGS FOR 1991
 SANTA MONICA, Calif., Feb. 13 /PRNewswire/ -- Veterinary Centers of


America Inc. (AMEX: VET) reported record revenue and earnings for the year ended Dec. 31, 1991.
 Net income was $510,000, or $0.14 per share, a 177 percent increase over net income of $184,000, or $0.06 per share, in 1990. Revenue was $14,572,000, a 9 percent increase over revenue of $13,344,000 in 1990.
 Announcing the 1991 results, Bob Antin, chairman and chief executive officer, said that the increase in revenues and earnings reflects the implementation of the company's strategy of acquiring facilities and achieving higher operating margins. Antin noted that the company's gross profit margin (excluding rental costs) had increased in 1991 to 28.1 percent from 27.2 percent a year ago.
 Antin said that 1991 was a year devoted to raising funds for VCA's planned growth, and to establishing administrative efficiencies and economies of scale throughout the VCA system. After completing its initial public offering in October 1991, which raised $12.6 million, the company has devoted itself to implementing its acquisition strategy, he said. In December 1991 VCA announced the acquisition of the Asher Veterinary Hospital, Redding, Calif., and Teresita Animal Hospital, Pasadena, Calif. Both hospitals were acquired for cash and notes subject to financial performance. The company currently is engaged in negotiations to acquire additional hospitals.
 Veterinary Centers of America is among the largest providers of veterinary services in the United States. The company owns and operates a network of 14 veterinary hospitals and a veterinary clinical laboratory in Los Angeles and Orange Counties, Calif.; San Jose, Calif.; Redding; Phoenix; and Lakewood, Colo.
 VETERINARY CENTERS OF AMERICA INC.
 Summary of Operations
 (Unaudited)
 Year Ended Dec. 31,
 1991 1990
 Revenue $14,572,000 $13,344,000
 Gross profit 3,288,000 2,873,000
 Operating income 1,595,000 1,111,000
 Income before taxes 1,050,000 584,000
 Net income 510,000 184,000
 Net income per share $0.14 $0.06
 Avg. shares outstanding 3,560,000 3,034,000
 -0- 2/13/92
 /CONTACT: Bob Antin, chairman and CEO of Veterinary Centers of America, 310-829-7533; or Thomas O. Wick of Financial Relations Board, 818-783-2400, for Veterinary Centers of America/
 (VET) CO: Veterinary Centers of America Inc. ST: California IN: SU: ERN


KJ-JL -- LA004 -- 9624 02/13/92 10:00 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:400
Previous Article:VERTEX PHARMACEUTICALS REPORTS 1991 YEAR END RESULTS
Next Article:FORD TO MATCH SUPPLIERS' EMPLOYEE INCENTIVES FOR VEHICLE PURCHASES
Topics:


Related Articles
VCA ACQUIRES ASHER VETERINARY HOSPITAL IN REDDING, CALIF.
VCA ACQUIRES TERESITA ANIMAL HOSPITAL IN PASADENA, CALIF.
JONES MEDICAL REPORTS TENTH CONSECUTIVE RECORD YEAR
VETERINARY CENTERS OF AMERICA OFFERS SYNOPSIS OF REMARKS AT CRUTTENDEN SOUTHERN CALIFORNIA GROWTH STOCK CONFERENCE
Colorocs Reports 53% Revenue Growth for FY '96

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters