The Cooper Cos. Inc. has revised its year-end earnings estimate after third-quarter net income jumped 87 percent over the same quarter last year, the company announced today.
For the quarter ended July 31, the company reported net income of $4.7 million, or 40 cents a share, compared with $2.8 million, or 24 cents a share, for the same period a year ago.
Revenue for the quarter was $28.9 million, up 14 percent. There were strong gains in the company’s two core businesses: CooperSurgical Inc.’s quarterly revenue rose 54 percent and CooperVision Inc.’s earnings advanced 13 percent. CooperVision’s main manufacturing facility is in Scottsville.
As a result of the strong quarter, the company has increased its estimated 1996 earnings to the range of $1.30 to $1.35 a share, up from $1 to $1.10 a share.
Results for the third quarter include a gain of $615,000, or 5 cents a share, related to the reversal of tax accruals no longer required, but not related to the anticipated recording of deferred-tax assets in the fourth quarter.
For the first nine months, net income was $8.1 million, or 69 cents a share, compared with $3.7 million, or 32 cents per share, a year ago. Income from operations increased by 107 percent to $11.2 million from $5.4 million in the first nine months of 1995.
Revenue for the nine-month period was up 8 percent to $77.9 million, with CooperVison’s sales increasing 14 percent to $35.2 million.
U.S. sales for CooperVision grew 16 percent quarter to quarter. The growth is driven by the vision unit’s line of toric contact lenses to correct astigmatism.
Sales of the toric lenses were 36 percent higher in the third quarter compared with a year ago. Sales for the nine-month period grew 35 percent.
CooperVision earlier this month announced an expansion that would double the capacity of the Scottsville plant in anticipation of even greater sales as the company expands its overseas sales operations.
CooperSurgical, based in Shelton, Conn., had sales of $5 million during the third quarter, up 54 percent over the same period a year ago. Sales for the maker of specialty gynecological instruments over the nine-month period grew 43 percent.
The increase was due primarily to sales of the Unimar and Blairden RUMI products acquired over the last year, and the growth of the company’s line of disposable surgical instruments.
Cooper Cos. boosts earnings estimate