VCA Antech Reports Revenue Increase of 6.3%

VCA Antech, Inc. (NASDAQ NM SYMBOL: WOOF), a leading animal
healthcare company in the United States, today reported financial
results for the second quarter ended June 30, 2011 as follows:

• revenue increased 6.3% to a second quarter record of $376.1 million
• gross profit increased 3.6% to $96.8 million
• adjusted operating income increased 4.7% to $70.1 million
• adjusted net income increased 3.5% to $39.6 million
• adjusted diluted earnings per common share increased 2.3% to $0.45

For the three and six months ended June 30, 2011 and 2010 diluted earnings per share were $0.45 and $0.34 and $0.78 and $0.70, respectively. The second quarter of 2010 included a non-cash charge of $14.5 million, or $8.9 million after tax for future estimated executive compensation. Excluding this charge, adjusted diluted earnings per share for the three and six months ended June 30, 2010 were $0.44 and $0.81, respectively.

 

Bob Antin, Chairman and CEO, stated, "We had a very active quarter with
the acquisition of BrightHeart Veterinary Centers which operates nine animal hospitals with annual revenues of approximately $53.0 million, eight of which focus on the delivery of specialty and emergency medicine and a general practice in Charlotte, North Carolina. We have enjoyed a long relationship with the management of BrightHeart and believe they will be an excellent addition to our strategic focus of providing the highest level of service in the communities we serve.

 

As previously announced, VCA Antech entered into an agreement to purchase MediMedia Animal Health, LLC, which operates under the name VetStreet. VetStreet is the nation's largest provider of online communications, professional education and marketing solutions to the veterinary community. VetStreet is a rapidly growing company that has relationships with aproximately 5,000 animal hospitals which facilitates the veterinarians' ability to communicate to more than 20 million pet owners. We believe that VetStreet will enhance VCA Antech's ability to serve the community of veterinary professionals and provide them a more effective channel to educate and communicate with their clients."

 

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