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VCA Antech’s Revenue Grows Despite Challenging Economy

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Los Angeles-based VCA Antech Inc. recently reported net income of $40.32 million on revenue of $334.43 million for its second quarter ended June 30, compared to net income of $35.85 million on revenue of $300.31 million in the year-ago period.

Year to date, the company reported net income of $71.52 million on revenue of $642.27 million, compared to net income of $64.16 million on revenue of $565.45 million in the year-ago period.

“In spite of the challenging economy and the difficulties being felt by the consumer, our team met those challenges and we continued our long record of revenue and earnings growth,” said Bob Antin, chairman and chief executive officer.

“Current economic conditions prevailing in the nation’s economy have had an adverse impact on our internal revenue growth rates. However, we have been able to counteract the affects of the general economy and continue to grow our bottom line results without compromising our high standard of animal health care by increasing our rate of acquisitions to drive revenue growth, and by implementing cost controls.”

VCA Antech’s animal hospital division recently reported revenue of $251 million for its second quarter, compared to revenue of $218.47 million in the year-ago period. Year to date, the division reported revenue of $477.1 million, compared to revenue of $405.64 million in the year-ago period.

In the second quarter, the company acquired 15 animal hospitals with combined annual revenue of more than $30 million. Year to date, the company acquired 36 animal hospitals with combined annual revenue of more than $75 million.

Same-store revenue declined 0.2 percent during the quarter.

The company’s laboratory division reported revenue of $81.84 million for its second quarter, compared to $79.21 million in the year-ago period. Year to date, the division reported revenue of $158.57 million, compared to revenue of $152.81 million in the year-ago period.

The company’s medical technology division reported revenue of $11.84 million for its second quarter, compared to revenue of $10.64 million in the year-ago period. Year to date, the division reported revenue of $25.69 million, compared to revenue of $21.81 million in the year-ago period.

VCA Antech’s 2008 financial guidance is revenue from $1.3 billion to $1.33 billion.

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