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Heska Announces 19.0% Revenue Growth for Fourth Quarter of Fiscal 2012
Date:2/25/2013

period.  In the fourth quarter of 2012, net income was $389 thousand, or $0.07 per diluted share, compared to net income of $484 thousand, or $0.09 per diluted share, in the fourth quarter of 2011.

Full year 2012 revenue was $72.8 million, an increase of 3.9% compared to revenue of $70.1 million in 2011.  In 2012, Core Companion Animal Health revenue grew 7.0% to $61.5 million from $57.5 million in 2011 and Other Vaccines, Pharmaceuticals and Products revenue decreased 10.2% to $11.3 million from $12.6 million in 2011.  2012 Gross profit was $31.1 million, or 42.7% gross margin, compared with gross profit of $29.2 million, or 41.7% gross margin in 2011.  Total operating expenses were $28.9 million, or 39.8% of sales, in 2012 compared with total operating expenses of $25.9 million, or 37.0% of sales in 2011.  The Company reported 2012 operating income of $2.2 million, down from operating income of $3.2 million in 2011.  Income before income taxes was $2.0 million in 2012, down from $3.4 million in 2011.  2012 net income, inclusive of a $606 thousand deferred tax expense, was $1.2 million, or $0.22 per diluted share, compared with 2011 net income of $2.1 million, inclusive of a $1.1 million deferred tax expense, or $0.40 per diluted share.

Balance Sheet
As of December 31, 2012, Heska had $5.8 million in cash and working capital of $18.6 million. Stockholders' equity increased to $48.9 million compared to $48.4 million as of December 31, 2011.

Dividend
Following the acquisition of a majority interest in Cuattro Vet, the Company also formally announced today that its Board of Directors has decided to suspend the Company's quarterly dividend for the foreseeable future.  When making this decision, the Board considered the cash likely to be required to purchase the remaining 45.4% of Cuattro Vet, the cash required to complete the purchase of 54.6% of Cuattro Vet and other acquisi
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