February 3, 2011
MWI Veterinary Supply Inc. reported net income of $10.8 million on revenue of $366.2 million for its first quarter ended Dec. 31, compared to net income of $7.8 million on revenue of $236.1 million in the year-ago period.
Of the 55.1 percent increase in total revenue, 28.6 percent was due to organic growth in the United States and 26.5 percent was related to the company’s acquisition of Centaur Services Ltd. in February 2010.
Internet sales to independent veterinary practices and producers in the United States grew by about 57 percent for the quarter compared to the year-ago period, according to MWI Veterinary Supply.
Product sales from the Internet as a percentage of sales in the United States improved to 34 percent for the quarter, compared to 32 percent in the year-ago period, according to the company.
MWI Veterinary Supply added its sixth veterinary pharmacy in Whitestown, Ind., in January. The company now has pharmacies in six of its 12 distribution centers.
Revenue from MWI Veterinary Supply’s veterinary pharmacy programs increased more than 60 percent to $33 million for its first quarter, the company reported.
MWI Veterinary Supply estimates that for the fiscal year ending Sept. 30, 2011, revenue will be from $1.45 billion to $1.5 billion, which represents growth of 18 percent to 22 percent compared to revenue in fiscal year 2010.
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