MWI Veterinary Supply Inc. of Meridian, Idaho, recently reported net income of $5.9 million on revenue of $231.8 million for its first quarter ended Dec. 31, compared to net income of $4.7 million on revenue of $203.4 million in the year-ago period.
“While the environment is more challenging, the MWI team again delivered great operating results in the December quarter,” said Jim Clearly, president and chief executive officer. “We had 14 percent growth in revenue, 26 percent growth in net income, 42 percent growth in Internet sales and we finished the quarter with excellent liquidity and no borrowings on our $70 million credit line.”
MWI reaffirms its previous estimates for the fiscal year ending Sept. 30. The company expects revenue will be from $900 million to $950 million, which represents growth of 8 percent to 14 percent compared to revenue in fiscal year 2008.