VCA Antech’s Same-Store Revenue Dips 1.6%
VCA Antech Inc.’s animal hospital division recently reported revenue of $246.7 million for its first quarter ended March 31, an increase of 3.5 percent from the year-ago period of $238.4 million.
Same-store revenue declined by 1.6 percent.
The Los Angeles-based company acquired four animal hospitals during the quarter with combined annual revenue of $9 million.
VCA Antech’s laboratory division reported $78.2 million for the quarter, up 0.4 percent from $77.9 million in the year-ago period.
VCA Antech’s Sound-Eklin saw a 79.8 percent increase in revenue in the first quarter, from $8.8 million to $15.8 million.
Overall, VCA Antech reported net income of $32.9 million on revenue of $330.7 million for its first quarter, compared to net income of $32.9 million on revenue of $315.9 million in the year-ago period.
“We experienced relative improvement in our revenue growth rate in comparison to the previous four quarters,” said Bob Antin, chairman and chief executive officer of VCA Antech. “We continued to recover from the effects of the economic recession; however, we were confronted with record snowfall throughout the East Coast during February which impacted both our animal hospital and laboratory business segments. As the economy continues to improve, we remain optimistic with respect to our results for the remainder of 2010.”
VCA Antech affirmed its 2010 financial guidance: revenue from $1.39 billion to $1.42 billion and net income from $140 million to $147.2 million.