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Heska Announces 15% Revenue Growth, Fourth Consecutive Profitable Quarter, for the Second Quarter of 2011
Date:7/27/2011

LOVELAND, Colo., July 27, 2011 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA; "Heska" or the "Company"), a provider of advanced veterinary diagnostic and other specialty veterinary products, today reported financial results for its second quarter, ended June 30, 2011.

(Logo:  http://photos.prnewswire.com/prnh/20000622/HESKALOGO)

Second Quarter Highlights Include:

  • 15.5% revenue growth to $17.4 million vs. $15.1 million in last year's period
  • Revenue growth in both operating segments
  • 27.7% increase in year-over-year quarterly gross profit and a 42.8% Gross Margin, a 411-basis point improvement compared to the second quarter last year and a 27-basis point sequential improvement compared to the prior quarter
  • Selling, General and Administrative expenses, or SG&A, increased 3.8% compared to the second quarter last year, but decreased as a percent of revenue to 33.7% from 37.5% in the second quarter last year
  • $887,000 in operating income compared to a ($207,000) operating loss in the second quarter last year
  • Strong cash from operations resulting in $0 debt at the end of the period
  • The addition of Ms. Sharon Riley, a proven hospital administrator and most recently the CEO of UT Southwestern University Hospitals in Dallas, to Heska's Board of Directors
  • Completed the quarter with $5.7 million in cash, no debt and $18.7 million in working capital

  • "This was another quarter of solid execution, as we laid the groundwork for accelerated growth and increased profitability in future quarters," commented Robert Grieve, Heska's Chairman and CEO. "Joe Aperfine, our new Executive Vice President, Sales and Marketin
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