Heska Announces Q309 Results
October 27 2009 - 9:00AM
PR Newswire (US)
Over $1 Million in Operating Income for 3rd Consecutive Quarter
LOVELAND, Colo., Oct. 27 /PRNewswire-FirstCall/ -- Heska
Corporation (Nasdaq: HSKA; "Heska" or the "Company") today reported
financial results for its third quarter ended September 30, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000622/HESKALOGO) "The
third quarter of 2009 was the most profitable quarter this year and
the financial performance exceeded our latest guidance. The strong
cash flow from our operations has allowed us to reduce our
borrowings significantly," said Robert Grieve, Heska's Chairman and
CEO. "We are excited by our future prospects, including the market
opportunity presented by the DRI-CHEM 7000® Veterinary Chemistry
Analyzer - a new, high-end chemistry instrument that is a
line-extension to our current offering." Investor Conference Call
Management will conduct a conference call on Tuesday, October 27,
2009 at 9:00 a.m. MDT (11:00 a.m. EDT) to discuss the third quarter
2009 financial results. To participate, dial (877) 941-8609
(domestic) or (480) 629-9818 (international); the conference call
access number is 4171626. The conference call will also be
broadcast live over the Internet at http://www.heska.com/. To
listen, simply log on to the web at this address at least ten
minutes prior to the start of the call to register, download and
install any necessary audio software. Telephone replays of the
conference call will be available for playback until November 10,
2009. The telephone replay may be accessed by dialing (800)
406-7325 (domestic) or (303) 590-3030 (international). The webcast
replay may be accessed from Heska's home page at
http://www.heska.com/ until November 10, 2009. About Heska Heska
Corporation (NASDAQ:HSKA) sells advanced veterinary diagnostic and
other specialty veterinary products. Heska's state-of-the-art
offerings to its customers include diagnostic instruments and
supplies as well as single use, point-of-care tests,
pharmaceuticals and vaccines. The company's core focus is on the
canine and feline markets where it strives to provide high value
products and unparalleled customer support to veterinarians. For
further information on Heska and its products, visit the company's
website at http://www.heska.com/. Forward-Looking Statements This
announcement contains forward-looking statements regarding Heska's
future financial and operating results. These statements are based
on current expectations and are subject to a number of risks and
uncertainties. Investors should note that there is an inherent risk
in using past results, including trends, to predict future
outcomes. In addition, factors that could affect the business and
financial results of Heska generally include the following:
uncertainties related to the anticipated loss, after November 1,
2009, of access to products from Abbott Point of Care Inc., which
represent approximately 18% of Heska's revenue for the year ended
September 30, 2009, as well as uncertainties related to the loss of
exclusive access to these products on May 1, 2009; uncertainties
regarding Heska's reliance on third parties to whom Heska has
granted substantial marketing rights to certain of Heska's existing
products and whom may be large Heska customers; uncertainties
regarding Heska's ability to generate profits and positive cash
flow in future periods; uncertainties surrounding the success of
future products, including Heska's ability to adhere to stated
deadlines and successfully commercialize such products; risks
regarding Heska's ability to successfully market, sell and
distribute its products in an economically sustainable manner;
uncertainties related to Heska's ability to maintain its listing on
the Nasdaq Capital Market; competition, including uncertainties
regarding the impact of new products competitors have recently
launched or may launch in the future; risks regarding Heska's
reliance on third-party suppliers, which is substantial and could
have significant negative consequences if Heska were to lose
exclusive rights or access to a product due to a supplier decision
or for other reasons; risks related to Heska's reliance on third
parties to properly and timely complete certain research and
development activities; uncertainties regarding Heska's ability to
continue to meet its covenant obligations under its borrowing
agreement; uncertainties related to Heska's ability to raise
additional capital, if necessary or advisable; the level of Heska's
fixed expense, which is significant, and the corresponding cash
flow and liquidity-related risks resulting from unanticipated
revenue and gross margin shortfalls; uncertainties regarding
overall economic conditions, the affect of these conditions on
Heska's business, which may change as compared to historical
results, and Heska's accuracy in predicting these and related
matters; and the risks set forth in Heska's filings and future
filings with the Securities and Exchange Commission, including
those set forth in Heska's Annual Report on Form 10-K for the year
ended December 31, 2008 and Quarterly Report on Form 10-Q for the
quarter ended June 30, 2009. Financial Table Follows: Consolidated
Statements of Operations In Thousands, Except per Share Amounts
(unaudited) Three Months Ended Nine Months Ended September 30,
September 30, ------------------- ----------------- 2008 2009 2008
2009 ---- ---- ---- ---- Revenue, net: Core companion animal health
$19,240 $16,892 $54,473 $51,908 Other vaccines, pharmaceuticals and
products 2,446 2,658 11,746 6,412 ----- ----- ------ ----- Total
revenue, net 21,686 19,550 66,219 58,320 ------ ------ ------
------ Cost of revenue 13,490 12,130 41,716 36,496 ------ ------
------ ------ Gross profit 8,196 7,420 24,503 21,824 ----- -----
------ ------ Operating expenses: Selling and marketing 4,458 3,695
14,024 11,075 Research and development 506 457 1,462 1,308 General
and administrative 2,134 2,109 6,756 6,255 ----- ----- ----- -----
Total operating expenses 7,098 6,261 22,242 18,638 ----- -----
------ ------ Operating income 1,098 1,159 2,261 3,186 Interest and
other (income) expense, net 153 (13) 500 193 --- --- --- --- Income
before income taxes 945 1,172 1,761 2,993 Income tax expense 368
429 744 1,211 --- --- --- ----- Net income $577 $743 $1,017 $1,782
==== ==== ====== ====== Basic net income per share $0.01 $0.01
$0.02 $0.03 ===== ===== ===== ===== Diluted net income per share
$0.01 $0.01 $0.02 $0.03 ===== ===== ===== ===== Shares used for
basic net income per share 51,797 52,123 51,625 52,049 ======
====== ====== ====== Shares used for diluted net income per share
52,580 52,192 53,774 52,060 ====== ====== ====== ====== Balance
Sheet Data In Thousands (unaudited) December 31, September 30, 2008
2009 ---- ---- Cash and cash equivalents $4,705 $5,603 Total
current assets 31,290 29,530 Total assets 70,438 65,992 Line of
credit 11,042 5,984 Current portion of long-term debt 770 573 Total
current liabilities 22,228 16,360 Long-term debt, net of current
portion 381 - Stockholders' equity 42,523 44,637
http://www.newscom.com/cgi-bin/prnh/20000622/HESKALOGO
http://photoarchive.ap.org/ DATASOURCE: Heska Corporation CONTACT:
Jason Napolitano, Executive Vice President & CFO of Heska
Corporation, +1-970-493-7272, Ext. 4105 Web Site:
http://www.heska.com/
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