The company today reported its financial results for its second fiscal quarter, which ended December 31, 2010. Net sales increased 16.3% to $198.2 million, compared to $170.5 million for the same period last year. The increase in sales was attributed to the improving beef market as well as continued growth in the company’s veterinary business.
Net income at Animal Health International increased 52.5% to $1.9 million or $0.07 per share. This compares to $1.2 million, or $0.05 per share, in last year’s second fiscal quarter. Excluding a one-time charge, net income would have shown an 87.1% increase to $2.2 million, or $0.09 a share.
For the fiscal year to date, the numbers are also very positive. Net sales were up 12.9% to $374.7 million versus $331.8 million for the same period a year ago. Net income came in at $1.3 million, or $0.05 a share, versus last year’s $500,000, or $0.02 a share. Without the one-time charge, net income would have been $1.8 million, or $0.07 a share.
Animal Health’s adjusted EBITDA for the first half of the fiscal year increased 16.7%, or $1.6 million, to $11.2 million, compared to $9.6 million in the same period last year. For the full fiscal year, the company’s management says that the adjusted EBITDA will be in the range of $25-$27 million. For more information on Animal Health International, please visit its website at www.ahii.com