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RESMED Inc. Announces Results for the Fourth Quarter and Fiscal Year 2014
Date:7/31/2014

same period in the prior year, due to favorable foreign currency movements, manufacturing improvements, and favorable geographic mix, which were partially offset by declines in average selling prices.

Selling, general and administrative expenses were $122.2 million for the quarter, a 6 percent increase (also a 6 percent increase on a constant currency basis) over the quarter ended June 30, 2013.  SG&A costs were 29.4 percent of revenue in the quarter, compared to 27.8 percent in the quarter ended June 30, 2013, primarily due to higher legal expenses associated with patent litigation.Research and development expenses were $31.8 million for the quarter, or 7.7 percent of revenue.  R&D expenses increased by 1 percent (a 3 percent increase on a constant currency basis) compared to the quarter ended June 30, 2013. 

Operating profit for the fourth quarter was $98.5 million and cash flow from operations was $115.6 million.

ResMed amortized acquired intangibles of $2.4 million ($1.8 million, net of tax) during the quarter.  Stock-based compensation costs incurred during the quarter of $10.8 million ($7.6 million, net of tax) consisted of expenses associated with stock options, restricted stock units, and the company's employee stock purchase plan.  

For the 12 months ended June 30, 2014, revenue was $1,555.0 million, a 3 percent increase over the 12 months ended June 30, 2013 (a 2 percent increase on a constant currency basis).  For the 12 months, net income was $345.3 million, a 12 percent increase compared to the 12 months ended June 30, 2013.  Diluted earnings per share for the 12 months were $2.39 per diluted share, a 14 percent increase compared to the 12 months ended June 30, 2013.

Share repurchase program
During the quarter, the company also repurchased 0.8 million shares at a cost of $40.4 million, as part of its ongoing capital management program.  For the 12 months ended
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SOURCE ResMed Inc.
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