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Heska, Procter & Gamble, Nestle Purina – 08-13-2008

Updates from Heska Corp., Proctor and Gamble and Nestle Purina Petcare.

Suggested Veterinary Products

Heska Corp.

Heska Corp.’s companion animal health division recently reported revenue of $17.32 million for its second quarter ended June 30, compared to revenue of $16.24 million in the year-ago period.

Year to date, the division reported revenue of $34.68 million, compared to revenue of $33.23 million in the year-ago period.

Overall, Heska reported net income of $666,000 on revenue of $22.62 million for its second quarter, compared to net income of $1.03 million on revenue of $20.09 million in the year-ago period.

Year to date, the company reported net income of $440,000 on revenue of $44.53 million, compared to net income of $3.43 million on revenue of $42.8 million in the year-ago period.

“We posted a solid second quarter result, with revenue from our new chemistry instrument—the Heska Dri-Chem 4000 Veterinary Clinical Chemistry Analyzer by Fujifilm—representing a key factor in our Core Companion Animal Health segment product revenue growth,” said Robert Grieve, Heska’s chairman and chief executive officer.

“Beginning in 2008 we are reporting our domestic net operating loss usage and other deferred tax items as income tax expense. This presents a difficult comparison as we did no report these items as income tax expense in 2007, which is why investors will note a large increase in year-over-year tax expense and a corresponding decrease in net income. We have prepared pro forma information to aid our investors in evaluating this accounting consequence,” he said.

Heska is based in Loveland, Colo.


Procter & Gamble

The Procter & Gamble Co.’s pet care division, which also includes snacks and coffee, recently reported that its revenue increased 8 percent to $1.2 billion for its fourth quarter ended June 30.

Pet care volume increased mid-single digits due to the expansion of Iams Dog ProActive Health and Iams Cat Healthy Naturals in North America and mid-teens growth in Western Europe.

The division reported that net income increased 6 percent to $132 million for the quarter.

Year to date, the division reported a revenue increase of 7 percent to $4.9 billion.

In pet care, volume was down low-single digits due to negative impacts from the voluntary wet pet food recall in the United States.

Net income for the division was flat at $477 million.

Overall, Cincinnati-based Procter & Gamble reported net income of $3 billion on revenue of $21.3 billion for its fourth quarter, compared to net income of $2.3 billion on revenue of $19.3 billion.

Year to date, the company reported net income of $12.1 billion on revenue of $83.5 billion, compared to net income of $10.3 billion on revenue of $76.5 billion.


Nestle Purina PetCare

Nestle’s pet care division recently reported revenue of about $5.4 billion for its first six months, representing an organic growth of 10.9 percent over the year-ago period. Growth continued to be driven by new product launches and increasing focus on premium and super-premium segments. Top performing brands included Beneful, Bakers, Cat Chow, Gourmet and Fancy Feast.

Overall, the company reported revenue of about $48.9 billion for its first half, an increase of 3.8 percent over the same period last year, driven by organic growth of 8.9 percent. Net income was about $4.8 billion, an increase of 6.1 percent over the year-ago period.

Nestle is based in Switzerland.

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