VCA Antech Q3 Same-Store Revenue Drops 4%



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VCA Antech Inc.’s animal hospital division reported revenue of $276.7 million for its third quarter ended Sept. 30, compared to revenue of $257.4 million in the year-ago period. The 7.5 percent increase is attributable by acquisitions made in the past 12 months, according to the Los Angeles-based company.

Same-store revenue declined by 4 percent in the third quarter, and same-store gross profit margin declined to 17.3 percent from 20 percent in the year-ago period.

VCA Antech reported that it acquired 29 animal hospitals during the quarter, which had combined annual revenue of $84.3 million.

Year to date, the animal hospital division reported revenue of $791 million, compared to revenue of $757 million in the year-ago period.

VCA Antech’s laboratory division reported revenue of $77.3 million for its third quarter, compared to revenue of $77.9 million in the year-ago period.
Year to date, the division reported revenue of $238.4 million, compared to revenue of $238.9 million.

The company’s medical technology division reported revenue of $17.4 million for its third quarter, compared to revenue of $13.3 million in the year-ago period.

Year to date, the division reported revenue of $47.8 million, compared to $32.4 million in the year-ago period.

Overall, VCA Antech reported net income of $28.6 million on revenue of $358.7 million for its third quarter, compared to net income of $37.5 million on revenue of $338.6 in the year-ago period.

Year to date, the Los Angeles-based company reported net income of $92 million on revenue of $1 billion, compared to net income of $109.3 million on revenue of $999.3 million in the year-ago period.

“Our results have continued to be impacted by the slow pace of the economic recovery, particularly in the consumer sector,” said Bob Antin, chairman and CEO. “Current uncertainty in the economy and the lack of visibility regarding the timing and degree of the recovery in our business sector is making it particularly difficult to predict consumer demand for our services and to provide guidance relative to future results.

“Further, the foregoing factors make it more likely that our actual results could differ from expectations. Assuming that our internal growth rate for the remainder of the year is similar to that experienced in the third quarter, we expect that our diluted earnings per common share for the full fiscal year would range from $1.38 to $1.40.”

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