The Cooper Companies, Inc. (NYSE:COO) today announced financial
results for the fiscal fourth quarter and full year ended October
31, 2017.
- Fourth quarter revenue increased 8% year-over-year to $561.5
million. Fiscal 2017 revenue increased 9% to $2,139.0 million.
- Fourth quarter GAAP diluted earnings per share (EPS) $1.78, up
55 cents or 45% from last year’s fourth quarter. Fiscal 2017
GAAP EPS $7.52, up 35% from fiscal 2016.
- Fourth quarter non-GAAP diluted EPS $2.65, up 37 cents or 16%
from last year’s fourth quarter. Fiscal 2017 non-GAAP EPS $9.70, up
15% from fiscal 2016. See “Reconciliation of GAAP Results 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 record
revenue, record EPS and record cash flow for the year. We
accomplished this through market share gains across all
geographies, success with our 1-Day silicone hydrogel and
Biofinity® franchises, along with CooperSurgical's success with its
fertility business. We enter fiscal 2018 with momentum and are well
positioned for sustained growth in each of our businesses.”
Fourth Quarter GAAP Operating Results
- Revenue $561.5 million, up 8% from last year’s fourth quarter,
up 5% pro forma (defined as constant currency and including
acquisitions in both periods).
- Gross margin 63% compared with 57% in last year’s fourth
quarter. On a non-GAAP basis, gross margin was 66% compared
with 64% last year. The gross margin was positively impacted
primarily by currency and favorable product mix within
CooperVision.
- Operating margin 19% compared with 14% in last year’s fourth
quarter. On a non-GAAP basis, operating margin was 27% compared
with 25% last year. The increase was primarily the result of
gross margin improvements and operating expense leverage.
- Total debt decreased $40.7 million from July 31, 2017, to
$1,172.7 million, primarily due to debt paydown from operational
cash flow generation and lower cash balances.
- Cash provided by operations $199.0 million offset by capital
expenditures $31.7 million resulted in free cash flow of $167.3
million.
Fourth Quarter CooperVision (CVI) GAAP Operating
Results
- Revenue $439.0 million, up 7% from last year’s fourth quarter,
up 5% in pro forma.
- Revenue by category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
4Q17 |
|
4Q17 |
|
y/y |
|
y/y |
|
Toric |
$ |
136.0 |
|
|
31% |
|
8% |
|
7 |
% |
|
Multifocal |
45.1 |
|
|
10% |
|
6% |
|
4 |
% |
|
Single-use sphere |
118.9 |
|
|
27% |
|
8% |
|
8 |
% |
|
Non single-use sphere,
other |
139.0 |
|
|
32% |
|
5% |
|
— |
% |
|
Total |
$ |
439.0 |
|
|
100% |
|
7% |
|
5 |
% |
|
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
4Q17 |
|
4Q17 |
|
y/y |
|
y/y |
|
Americas |
$ |
171.8 |
|
|
39% |
|
2 |
% |
|
2 |
% |
|
EMEA |
174.0 |
|
|
40% |
|
12 |
% |
|
5 |
% |
|
Asia Pacific |
93.2 |
|
|
21% |
|
6 |
% |
|
10 |
% |
|
Total |
$ |
439.0 |
|
|
100% |
|
7 |
% |
|
5 |
% |
|
|
- Gross margin 65% compared with 56% in last year’s fourth
quarter. On a non-GAAP basis, gross margin was 68% vs. 65%
last year. Gross margin was positively impacted primarily by
currency and favorable product mix.
Fourth Quarter CooperSurgical (CSI) GAAP Operating
Results
- Revenue $122.5 million, up 15% from last year’s fourth quarter,
up 7% pro forma.
- Revenue by category:
|
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
%chg |
|
|
4Q17 |
|
4Q17 |
|
y/y |
|
y/y |
|
Fertility |
$ |
66.8 |
|
|
55 |
% |
|
28 |
% |
|
12 |
% |
|
Office and surgical
products |
55.7 |
|
|
45 |
% |
|
2 |
% |
|
2 |
% |
|
Total |
$ |
122.5 |
|
|
100 |
% |
|
15 |
% |
|
7 |
% |
|
|
- Gross margin 57% compared with 60% in last year’s fourth
quarter. On a non-GAAP basis, gross margin was 60% vs. 63%
last year. Gross margin was negatively impacted by lower
pricing from genetic testing (within Fertility) and certain
inventory adjustments primarily on legacy products.
Fiscal Year 2017 GAAP Operating Results
- Revenue $2,139.0 million, up 9% from fiscal 2016, up 7% pro
forma.
- CVI revenue $1,674.1 million, up 6% from fiscal 2016, up 7% pro
forma, and CSI revenue $464.9 million, up 19% from fiscal 2016, up
4% pro forma.
- Gross margin 64% compared with 60% in fiscal 2016.
Non-GAAP 65% compared with 63% in fiscal 2016.
- Operating margin 20% compared with 16% in fiscal 2016.
Non-GAAP 26% from 24% in fiscal 2016.
- GAAP EPS $7.52, up 35% from fiscal 2016. Non-GAAP $9.70,
up 15% from fiscal 2016.
- Cash provided by operations $593.6 million offset by capital
expenditures $127.2 million resulted in free cash flow of $466.4
million.
Other
- In October 2017, the company repurchased $25.5 million of
common stock under the existing share repurchase program for an
average share price of $237.12. The program has $563.5
million of remaining availability and no expiration date.
- As previously announced on December 1, 2017 we acquired Paragon
Vision Sciences, a leading provider of orthokeratology (ortho-k),
specialty contact lenses and oxygen permeable rigid contact lens
materials, for approximately $80 million.
Fiscal Year 2018 GuidanceThe Company initiated
its fiscal year 2018 guidance. Details are summarized as
follows:
- Fiscal 2018 total revenue $2,480 - $2,530
million- CVI revenue $1,830 -
$1,865 million- CSI revenue
$650 - $665 million
- Fiscal 2018 non-GAAP diluted earnings per share of $11.35 -
$11.65
Non-GAAP diluted earnings per share guidance excludes
amortization of intangible assets and other costs including
integration expenses which we may incur as part of our continuing
operations.
With respect to the Company’s guidance expectations, the Company
has not reconciled non-GAAP diluted earnings per share guidance to
GAAP diluted earnings per share due to the inherent difficulty in
forecasting acquisition-related, integration and restructuring
charges and expenses, which are reconciling items between the
non-GAAP and GAAP measure. Due to the unknown effect, timing
and potential significance of such charges and expenses that impact
GAAP diluted earnings per share, the Company is not able to provide
such guidance.
Reconciliation of GAAP Results to Non-GAAP
ResultsTo supplement our financial results and guidance
presented on a GAAP basis, we use non-GAAP measures that we believe
are helpful in understanding our results. The non-GAAP measures
exclude costs which we generally would not have otherwise incurred
in the periods presented as a part of our continuing
operations. Our non-GAAP financial results and guidance are
not meant to be considered in isolation or as a substitute for
comparable GAAP measures and should be read only in conjunction
with our consolidated financial statements prepared in accordance
with GAAP. Management uses supplemental non-GAAP financial
measures internally to understand, manage and evaluate our business
and make operating decisions. These non-GAAP measures are
among the factors management uses in planning and forecasting for
future periods. We believe it is useful for investors to
understand the effects of these items on our consolidated operating
results. Our non-GAAP financial measures may include the
following adjustments, and as appropriate, the related income tax
effects and changes in income attributable to noncontrolling
interests:
- We exclude the effect of amortization of intangible assets from
our non-GAAP financial results. Amortization of intangible
assets will recur in future periods; however, the amounts are
affected by the timing and size of our acquisitions.
- We exclude the effect of acquisition and integration expenses
and the effect of restructuring expenses from our non-GAAP
financial results. Such expenses generally diminish over time
with respect to past acquisitions; however, we generally will incur
similar expenses in connection with any future acquisitions. We
incurred significant expenses in connection with our acquisitions
and also incurred certain other operating expenses or income, which
we generally would not have otherwise incurred in the periods
presented as a part of our continuing operations. Many of these
costs last year related to our acquisition of Sauflon
Pharmaceuticals Ltd. that closed in our fiscal fourth quarter of
2014. Acquisition and integration expenses include items such
as personnel costs for transitional employees, other acquired
employee related costs and integration related professional
services. Restructuring expenses include items such as
employee severance, product rationalization, facility and other
exit costs.
- We exclude other exceptional or unusual charges or
expenses. These can be variable and difficult to predict,
such as certain litigation expenses and product transition
costs, and are not what we consider as typical of our continuing
operations. Investors should consider non-GAAP financial measures
in addition to, and not as replacements for, or superior to,
measures of financial performance prepared in accordance with
GAAP.
- We report revenue growth using the non-GAAP financial measure
of pro forma which includes constant currency revenue and revenue
from acquisitions in both periods. Management also presents and
refers to constant currency information so that revenue results may
be evaluated excluding the effect of foreign currency rate
fluctuations. To present this information, current period revenue
for entities reporting in currencies other than the United States
dollar are converted into United States dollars at the average
foreign exchange rates for the corresponding period in the prior
year. To report pro forma revenue growth, we include revenue for
the comparison period when we did not own recently acquired
companies.
- We define the non-GAAP measure of free cash flow as cash
provided by operating activities less capital expenditures.
We believe free cash flow is useful for investors as an additional
measure of liquidity because it represents cash flows that are
available for repayment of debt, repurchases of our common stock or
to fund our strategic initiatives. Management uses free
cash flow internally to understand, manage, make operating
decisions and evaluate our business. In addition, we use free
cash flow to help plan and forecast future periods.
|
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP Results to Non-GAAP Results (In
millions, except per share amounts) (Unaudited) |
|
|
Three Months Ended October 31, |
|
|
2017 |
|
|
|
2017 |
|
2016 |
|
|
|
2016 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
208.1 |
|
|
$ |
(16.8 |
) |
A |
$ |
191.3 |
|
|
$ |
222.7 |
|
|
$ |
(37.7 |
) |
A |
$ |
185.0 |
|
Operating expense excluding amortization |
|
$ |
227.0 |
|
|
$ |
(9.5 |
) |
B |
$ |
217.5 |
|
|
$ |
207.1 |
|
|
$ |
(3.8 |
) |
B |
$ |
203.3 |
|
Amortization of intangibles |
|
$ |
17.9 |
|
|
$ |
(17.9 |
) |
C |
$ |
— |
|
|
$ |
14.7 |
|
|
$ |
(14.7 |
) |
C |
$ |
— |
|
Interest Expense |
|
$ |
10.1 |
|
|
$ |
(2.2 |
) |
D |
$ |
7.9 |
|
|
$ |
5.3 |
|
|
$ |
— |
|
|
$ |
5.3 |
|
Other expense, net |
|
$ |
1.8 |
|
|
$ |
— |
|
|
$ |
1.8 |
|
|
$ |
— |
|
|
$ |
(0.1 |
) |
E |
$ |
(0.1 |
) |
Provision for income taxes |
|
$ |
8.0 |
|
|
$ |
3.6 |
|
F |
$ |
11.6 |
|
|
$ |
8.4 |
|
|
$ |
4.5 |
|
F |
$ |
12.9 |
|
Diluted earnings per share attributable to Cooper stockholders |
|
$ |
1.78 |
|
|
$ |
0.87 |
|
|
$ |
2.65 |
|
|
$ |
1.23 |
|
|
$ |
1.05 |
|
|
$ |
2.28 |
|
A
|
Fiscal 2017 GAAP cost
of sales includes $10.9 million of primarily incremental costs
associated with the impact of Hurricane Maria on our Puerto Rico
manufacturing facility and $2.9 million of product write off costs
related to the Avaira product transition in CooperVision; and $3.0
million of integration costs in CooperSurgical, resulting in fiscal
2017 GAAP gross margin of 63% as compared to fiscal 2017 non-GAAP
gross margin of 66%. Our fiscal 2016 GAAP cost of sales included
$33.5 million of charges primarily for equipment and product
rationalization and related integration costs, arising from the
acquisition of Sauflon, and $1.4 million of facility start-up costs
in CooperVision; and $2.8 million of integration costs in
CooperSurgical resulting in fiscal 2016 GAAP gross margin of 57% as
compared to fiscal 2016 non-GAAP gross margin of 64%. |
B |
Fiscal 2017 GAAP
operating expense comprised of $9.5 million in charges primarily
related to acquisition and integration activities in CooperSurgical
and CooperVision. Our fiscal 2016 GAAP operating expense comprised
of $3.8 million in charges primarily for acquisition and
integration costs in CooperSurgical. |
C |
Amortization expense
was $17.9 million and $14.7 million for the fiscal 2017 and 2016
periods, respectively. Items A, B and C resulted in fiscal
2017 GAAP operating margin of 19% as compared to fiscal 2017
non-GAAP operating margin of 27%, and fiscal 2016 GAAP operating
margin of 14% as compared to fiscal 2016 non-GAAP operating margin
of 25%. |
D |
Fiscal 2017 interest
expense includes $2.2 million of fees related to the termination of
a bridge loan facility commitment related to CooperSurgical's
PARAGARD acquisition. |
E |
Represents the loss on
foreign exchange forward contracts related to an acquisition. |
F |
Represents the
increases in the provision for income taxes that arise from the
impact of the above adjustments. |
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP Results to Non-GAAP Results (In
millions, except per share amounts) (Unaudited) |
|
|
Twelve Months Ended October 31, |
|
|
2017 |
|
|
|
2017 |
|
2016 |
|
|
|
2016 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
773.2 |
|
|
$ |
(23.0 |
) |
A |
$ |
750.2 |
|
|
$ |
793.7 |
|
|
$ |
(69.5 |
) |
A |
$ |
724.2 |
|
Operating expense excluding amortization |
|
$ |
868.3 |
|
|
$ |
(30.1 |
) |
B |
$ |
838.2 |
|
|
$ |
788.2 |
|
|
$ |
(24.5 |
) |
B |
$ |
763.7 |
|
Amortization of intangibles |
|
$ |
68.4 |
|
|
$ |
(68.4 |
) |
C |
$ |
— |
|
|
$ |
60.8 |
|
|
$ |
(60.8 |
) |
C |
$ |
— |
|
Interest Expense |
|
$ |
33.4 |
|
|
$ |
(2.2 |
) |
D |
$ |
31.2 |
|
|
$ |
26.2 |
|
|
$ |
— |
|
|
$ |
26.2 |
|
Other expense, net |
|
$ |
1.7 |
|
|
$ |
(0.2 |
) |
E |
$ |
1.5 |
|
|
$ |
2.3 |
|
|
$ |
(1.1 |
) |
E |
$ |
1.2 |
|
Provision for income taxes |
|
$ |
21.1 |
|
|
$ |
15.7 |
|
F |
$ |
36.8 |
|
|
$ |
20.7 |
|
|
$ |
15.7 |
|
F |
$ |
36.4 |
|
Diluted earnings per share attributable to Cooper stockholders |
|
$ |
7.52 |
|
|
$ |
2.18 |
|
|
$ |
9.70 |
|
|
$ |
5.59 |
|
|
$ |
2.85 |
|
|
$ |
8.44 |
|
A |
Fiscal 2017 GAAP cost
of sales includes $10.9 million of primarily incremental costs
associated with the impact of Hurricane Maria on our Puerto Rico
manufacturing facility; $5.7 million of product write off costs
related to the Avaira product transition; and $0.6 million of
facility start-up costs, all in CooperVision and $5.8 million of
integration costs in CooperSurgical, resulting in fiscal 2017 GAAP
gross margin of 64%, as compared to fiscal 2017 non-GAAP gross
margin of 65%. Our fiscal 2016 GAAP cost of sales included $58.9
million of charges primarily for equipment and product
rationalization and related integration costs, arising from the
acquisition of Sauflon, and $6.3 million of facility start-up costs
in CooperVision; and $4.4 million of integration costs in
CooperSurgical, resulting in fiscal 2016 GAAP gross margin of 60%
as compared to fiscal 2016 non-GAAP gross margin of 63%. |
B |
Fiscal 2017 GAAP
operating expense comprised of $21.0 million in charges primarily
related to acquisition and integration activities in CooperSurgical
and CooperVision and $9.1 million of legal costs which relates to
litigation and pending settlement of class action complaints
related to Unilateral Pricing Policy. Our fiscal 2016 GAAP
operating expense comprised of $13.2 million in costs primarily for
CooperVision’s integration and restructuring activities related to
the acquisition of Sauflon and $11.3 million of acquisition and
integration costs in CooperSurgical. |
C |
Amortization expense
was $68.4 million and $60.8 million for the fiscal 2017 and 2016
periods, respectively. Items A, B and C resulted in fiscal
2017 GAAP operating margin of 20% as compared to fiscal 2017
non-GAAP operating margin of 26%, and fiscal 2016 GAAP operating
margin of 16% as compared to fiscal 2016 non-GAAP operating margin
of 24%. |
D |
Fiscal 2017 interest
expense includes $2.2 million of fees related to the termination of
a bridge loan facility commitment related to CooperSurgical's
PARAGARD acquisition. |
E |
Represents costs
related to debt extinguishment and foreign exchange loss on forward
contracts related to acquisitions. |
F |
Represents the
increases in the provision for income taxes that arise from the
impact of the above adjustments. |
Conference Call and WebcastThe Company will
host a conference call today at 5:00 PM ET to discuss its fiscal
fourth quarter and full year 2017 financial results and current
corporate developments. The live dial-in number for the call is
855-643-4430 (U.S.) / 707-294-1332 (International). The participant
passcode for the call is “Cooper”. A simultaneous webcast of the
call will be available through the "Investor Relations" section of
The Cooper Companies’ website at http://investor.coopercos.com and
a transcript of the call will be archived on this site for a
minimum of 12 months. A recording of the call will be
available beginning at 8:00 PM ET on December 7, 2017 through
December 14, 2017. To hear this recording, dial 855-859-2056 (U.S.)
/ 404-537-3406 (International) and enter code 266737.
About The Cooper CompaniesThe Cooper Companies,
Inc. ("Cooper") is a global medical device company publicly traded
on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of
Life Company™ with a focus on delivering shareholder value. Cooper
operates through two business units, CooperVision and
CooperSurgical. CooperVision brings a refreshing perspective on
vision care with a commitment to developing a wide range of
high-quality products for contact lens wearers and providing
focused practitioner support. CooperSurgical is committed to
advancing the health of families with its diversified portfolio of
products and services focusing on women’s health, fertility and
diagnostics. Headquartered in Pleasanton, CA, Cooper has more than
11,000 employees with products sold in over 100 countries. For more
information, please visit www.coopercos.com.
Forward-Looking StatementsThis earnings release
contains "forward-looking statements" as defined by the Private
Securities Litigation Reform Act of 1995. Statements relating
to guidance, plans, prospects, goals, strategies, future actions,
events or performance and other statements which are other than
statements of historical fact, including our 2017 Guidance and all
statements regarding acquisitions including the acquired companies’
financial position, market position, product development and
business strategy, expected cost synergies, expected timing and
benefits of the transaction, difficulties in integrating entities
or operations, as well as estimates of our and the acquired
entities’ future expenses, sales and diluted earnings per share are
forward looking. In addition, all statements regarding
anticipated growth in our revenue, anticipated effects of any
product recalls, anticipated market conditions, planned product
launches and expected results of operations and integration of any
acquisition are forward-looking. To identify these statements
look for words like "believes," "expects," "may," "will," "should,"
"could," "seeks," "intends," "plans," "estimates" or "anticipates"
and similar words or phrases. Forward-looking statements
necessarily depend on assumptions, data or methods that may be
incorrect or imprecise and are subject to risks and
uncertainties.
Among the factors that could cause our actual results and future
actions to differ materially from those described in
forward-looking statements are: adverse changes in the global or
regional general business, political and economic conditions,
including the impact of continuing uncertainty and instability of
certain countries that could adversely affect our global markets,
and the potential adverse economic impact and related uncertainty
caused by these items, including but not limited to, the United
Kingdom’s election to withdraw from the European Union; foreign
currency exchange rate and interest rate fluctuations including the
risk of fluctuations in the value of foreign currencies or interest
rates that would decrease our revenues and earnings; our existing
indebtedness and associated interest expense, which could adversely
affect our financial health or limit our ability to borrow
additional funds; changes in tax laws or their interpretation and
changes in statutory tax rates, including but not limited to,
United States and other countries with proposed changes to tax
laws, some of which may affect our taxation of earnings recognized
in foreign jurisdictions and/or negatively impact our effective tax
rate; acquisition-related adverse effects including the failure to
successfully obtain the anticipated revenues, margins and earnings
benefits of acquisitions, integration delays or costs and the
requirement to record significant adjustments to the preliminary
fair value of assets acquired and liabilities assumed within the
measurement period, required regulatory approvals for an
acquisition not being obtained or being delayed or subject to
conditions that are not anticipated, adverse impacts of changes to
accounting controls and reporting procedures, contingent
liabilities or indemnification obligations, increased leverage and
lack of access to available financing (including financing for the
acquisition or refinancing of debt owed by us on a timely basis and
on reasonable terms); a major disruption in the operations of our
manufacturing, accounting and financial reporting, research and
development, distribution facilities or raw material supply chain
due to integration of acquisitions, natural disasters, or other
causes; a major disruption in the operations of our manufacturing,
accounting and financial reporting, research and development or
distribution facilities due to technological problems, including
any related to our information systems maintenance, enhancements or
new system deployments, integrations or upgrades; disruptions in
supplies of raw materials, particularly components used to
manufacture our silicone hydrogel lenses; new U.S. and foreign
government laws and regulations, and changes in existing laws,
regulations and enforcement guidance, which affect areas of our
operations including, but not limited to, those affecting the
health care industry including the contact lens industry
specifically and the medical device or pharmaceutical industries
generally; compliance costs and potential liability in connection
with U.S. and foreign laws and health care regulations pertaining
to privacy and security of third party information, including but
not limited to product recalls, warning letters, and data security
breaches; legal costs, insurance expenses, settlement costs and the
risk of an adverse decision, prohibitive injunction or settlement
related to product liability, patent infringement or other
litigation; limitations on sales following product introductions
due to poor market acceptance; new competitors, product innovations
or technologies, including but not limited to, technological
advances by competitors, new products and patents attained by
competitors, and competitors' expansion through acquisitions;
reduced sales, loss of customers and costs/expenses related to
recalls; failure to receive, or delays in receiving, U.S. or
foreign regulatory approvals for products; failure of our customers
and end users to obtain adequate coverage and reimbursement from
third party payors for our products and services; the requirement
to provide for a significant liability or to write off, or
accelerate depreciation on, a significant asset, including
goodwill, and idle manufacturing facilities and equipment; the
success of our research and development activities and other
start-up projects; dilution to earnings per share from acquisitions
or issuing stock; changes in accounting principles or estimates;
environmental risks; and other events described in our Securities
and Exchange Commission filings, including the “Business” and “Risk
Factors” sections in the Company’s Annual Report on Form 10-K for
the fiscal year ended October 31, 2016, as such Risk Factors may be
updated in quarterly filings.
We caution investors that forward-looking statements reflect our
analysis only on their stated date. We disclaim any intent to
update them except as required by law.
THE COOPER COMPANIES, INC. AND SUBSIDIARIESConsolidated
Condensed Balance Sheets(In millions)(Unaudited) |
|
|
October 31, 2017 |
|
October 31, 2016 |
ASSETS
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
88.8 |
|
|
$ |
100.8 |
|
Trade
receivables, net |
316.6 |
|
|
291.4 |
|
Inventories |
454.1 |
|
|
417.7 |
|
Deferred
tax assets |
— |
|
|
49.7 |
|
Other
current assets |
93.7 |
|
|
77.5 |
|
Total
current assets |
953.2 |
|
|
937.1 |
|
Property, plant and
equipment, net |
910.1 |
|
|
877.7 |
|
Goodwill |
2,354.8 |
|
|
2,164.7 |
|
Other intangibles,
net |
504.7 |
|
|
441.1 |
|
Deferred tax
assets |
60.3 |
|
|
6.1 |
|
Other assets |
75.6 |
|
|
51.9 |
|
|
$ |
4,858.7 |
|
|
$ |
4,478.6 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
Current
liabilities: |
|
|
|
Short-term debt |
$ |
23.4 |
|
|
$ |
226.3 |
|
Other
current liabilities |
372.7 |
|
|
316.9 |
|
Total
current liabilities |
396.1 |
|
|
543.2 |
|
Long-term debt |
1,149.3 |
|
|
1,107.4 |
|
Deferred tax
liabilities |
38.8 |
|
|
37.5 |
|
Other liabilities |
98.7 |
|
|
94.6 |
|
Total
liabilities |
1,682.9 |
|
|
1,782.7 |
|
Stockholders’
equity |
3,175.8 |
|
|
2,695.9 |
|
|
$ |
4,858.7 |
|
|
$ |
4,478.6 |
|
|
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Statements of Income(In millions, except
per share amounts)(Unaudited) |
|
Three Months Ended October 31, |
|
Year Ended October 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net sales |
$ |
561.5 |
|
|
$ |
518.7 |
|
|
$ |
2,139.0 |
|
|
$ |
1,966.8 |
|
Cost of sales |
208.1 |
|
222.7 |
|
|
773.2 |
|
793.7 |
|
Gross profit |
353.4 |
|
296.0 |
|
|
1,365.8 |
|
1,173.1 |
|
Selling, general and
administrative expense |
208.5 |
|
189.1 |
|
|
799.1 |
|
722.8 |
|
Research and
development expense |
18.5 |
|
18.0 |
|
|
69.2 |
|
65.4 |
|
Amortization of
intangibles |
17.9 |
|
14.7 |
|
|
68.4 |
|
60.8 |
|
Operating income |
108.5 |
|
74.2 |
|
|
429.1 |
|
324.1 |
|
Interest expense |
10.1 |
|
5.3 |
|
|
33.4 |
|
26.2 |
|
Other expense, net |
1.8 |
|
|
— |
|
|
1.7 |
|
|
2.3 |
|
Income before income
taxes |
96.6 |
|
68.9 |
|
|
394.0 |
|
295.6 |
|
Provision for income
taxes |
8.0 |
|
8.4 |
|
|
21.1 |
|
20.7 |
|
Net income |
88.6 |
|
60.5 |
|
|
372.9 |
|
274.9 |
|
Less: net income
attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
1.0 |
|
Net income attributable
to Cooper stockholders |
$ |
88.6 |
|
|
$ |
60.5 |
|
|
$ |
372.9 |
|
|
$ |
273.9 |
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to Cooper stockholders |
$ |
1.78 |
|
|
$ |
1.23 |
|
|
$ |
7.52 |
|
|
$ |
5.59 |
|
|
|
|
|
|
|
|
|
Number of shares used
to compute diluted earnings per share attributable to Cooper
stockholders |
49.7 |
|
|
49.3 |
|
|
49.6 |
|
|
49.0 |
|
|
Soft Contact Lens Revenue Update
Worldwide Manufacturers' Soft Contact Lens
Revenue(U.S. dollars in millions; constant currency;
unaudited) |
|
|
|
|
|
|
|
|
|
Calendar 3Q17 |
|
Trailing Twelve Months 2017 |
|
|
|
Market |
|
CVI |
|
|
|
Market |
|
CVI |
|
Market |
|
Change |
|
Change |
|
Market |
|
Change |
|
Change |
Sales by
Modality |
|
|
|
|
|
|
|
|
|
|
|
Single-use |
$ |
1,005 |
|
|
13 |
% |
|
15 |
% |
|
$ |
3,715 |
|
|
12 |
% |
|
15 |
% |
Other |
975 |
|
|
1 |
% |
|
3 |
% |
|
3,800 |
|
|
- |
|
|
5 |
% |
WW Soft
Contact Lenses |
$ |
1,980 |
|
|
7 |
% |
|
7 |
% |
|
$ |
7,515 |
|
|
5 |
% |
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Geography |
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
865 |
|
|
7 |
% |
|
4 |
% |
|
$ |
3,235 |
|
|
4 |
% |
|
6 |
% |
Asia
Pacific |
595 |
|
|
9 |
% |
|
15 |
% |
|
2,265 |
|
|
8 |
% |
|
14 |
% |
EMEA |
520 |
|
|
4 |
% |
|
6 |
% |
|
2,015 |
|
|
6 |
% |
|
8 |
% |
WW Soft
Contact Lenses |
$ |
1,980 |
|
|
7 |
% |
|
7 |
% |
|
$ |
7,515 |
|
|
5 |
% |
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
This data is compiled using gross product sales. |
|
|
|
|
|
|
|
|
Source: Management estimates and independent market
research |
|
|
|
|
|
|
COO-E
Source: The Cooper Companies, Inc.
CONTACT:Kim DuncanVice President, Investor
Relationsir@cooperco.com
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