Operating income increased 38% to a record $3.2 million in the three months ended September 30, 2012, compared with $2.3 million in the prior-year quarter. The increase was primarily due to higher revenues.
The Company reported net income of $8.2 million, or $0.29 per diluted share, in the fourth quarter of FY2012, an 81% increase over net income of $4.5 million, or $0.16 per diluted share, in the fourth quarter of FY2011. The Company recorded a currency loss of $0.08 million and a currency gain of $0.01 million during the quarters ended September 30, 2012 and 2011, respectively. The Company recorded a net tax benefit of $5.1 million in the fourth quarter versus a net tax benefit of $2.2 million in the prior-year quarter.
For the fiscal year ended September 30, 2012, unit sales increased 88% when compared with unit shipments in FY2011. The Company shipped approximately 61.6 million FC2 Female Condoms to customers in FY2012, versus approximately 32.9 million FC2 Female Condoms in the previous fiscal year. Net revenues increased 89% to a record $35.0 million in FY2012, compared with $18.6 million in FY2011.
In the fiscal year ended September 30, 2012, gross profit increased 109% to $20.6 million, or 58.9% of net revenues, compared with $9.9 million, or 53.1% of net revenues, in the fiscal year ended September 30, 2011.
Operating expenses for the fiscal year ended September 30, 2012 increased 47% to $9.7 million, compared with operating expenses of $6.6 million in the fiscal year ended September 30, 2011. The increase in operating expenses relates primarily to fiscal year incentive payments based on the achievement of unit sales and operating income performance goals, along with increased spending on education and training.
Operating income i
|SOURCE The Female Health Company|
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