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Perrigo Reports Record Fourth Quarter and Fiscal Year Revenue and Earnings
Date:8/15/2013

es of existing products (gastrointestinal and analgesics categories) and $1 million in discontinued products.

Fourth quarter adjusted gross margin expanded 410 basis points due to the inclusion of Sergeant's and Velcera, new products, increased manufacturing efficiencies and a favorable product mix. Fourth quarter operating expenses increased due primarily to incremental operating expenses from the acquisitions of Sergeant's and Velcera.

Nutritionals

Nutritionals Segment 4Q Results
(dollars in millions)
(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012 

Fourth
Quarter

Ended

Fourth
Quarter

Ended

 

 

YoY6/29/2013

6/30/2012

% Change*Net Sales

$149.7

$135.3

+10.6%Reported Gross Profit

$40.1

$37.2

+7.9%Adjusted Gross Profit

$43.2

$40.2

+7.4%Reported Operating Income

$17.2

$11.8

+45.5%Adjusted Operating Income

$24.5

$20.1

+21.7%Reported Gross Margin

26.8%

27.5%

-70 bpsAdjusted Gross Margin

28.9%

29.7%

-90 bpsReported Operating Margin

11.5%

8.7%

+280 bpsAdjusted Operating Margin

16.4%

14.9%

+150 bpsThe Nutritionals segment reported fourth quarter net sales of $150 million, compared with $135 million a year ago, an increase of 11%. All product categories within the segment grew year-over-year and new product sales were $7 million. The difference between the reported and adjusted operating income and margin was due to the absence of restructuring charges incurred in the fourth quarter of fiscal 2012 related to the Company's Florida location, which was closed in the fourth quarter of fiscal 2012.

Fourth quarter adjusted gross margin decreased due primarily to
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SOURCE Perrigo
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