ST. LOUIS, April 23, 2012 /PRNewswire/ -- Young Innovations, Inc. (NASDAQ: YDNT) today announced sales and earnings per share for the quarter ended March 31, 2012.
Sales for the first quarter of 2012 were $26.8 million, an increase of 2.8% from $26.0 million reported in the first quarter of 2011. Income from operations increased 5.3% to $6.1 million in the first quarter of 2012 from $5.8 million in the first quarter of 2011. Net income increased 5.6% to $4.2 million compared with $4.0 million in the first quarter of 2011. Diluted earnings per share increased 8.0% in the first quarter of 2012 to $0.54 from $0.50 in the prior year quarter.
We are pleased with the Company's sales performance in the quarter. Sales continued to benefit from solid overall demand and recent new product introductions under both our consumable and diagnostic product lines. Favorable product mix and increases in operating efficiencies helped improve our operating income for the quarter. The Company also recognized a gain in the quarter from its private equity investment of approximately $0.04 per share, which was recorded as "other income." In the first quarter of 2011, the Company also recorded a gain of $0.04 per share from the private equity investment.
We remain focused on driving internal growth through enhancing customer relationships, increasing operating efficiencies, and new product development. During the quarter, we continued to focus on the launch of new cup styles under our popular Elite polishing line. We enhanced our e-commerce capabilities to improve our online interactions with customers. We also invested in new capital equipment to increase production capacity. Finally, we ended the quarter with $5.2 million of cash on our balance sheet, up $4.2 million from the end of 2011.
A conference call has been scheduled for Tuesday, April 24, 2012 at 10:00 A.M. Central Time and can be accessed through InterCall at http://tinyurl.com/YI-Quarter12012 or on the Company's website, www.ydnt.com.
Young Innovations develops, manufactures and markets supplies and equipment used by dentists, dental hygienists, dental assistants and consumers. The Company's consumables product offering includes disposable and metal prophy angles, prophy cups and brushes, dental micro-applicators, moisture control products, infection control products, dental handpieces (drills) and related components, endodontic systems, orthodontic toothbrushes, flavored examination gloves, children's toothbrushes, and children's toothpastes. In addition, the Company offers a line of diagnostic products that includes panoramic X-ray machines and related supplies. The Company believes it is a leading U.S. manufacturer or distributor of prophy angles and cups, liquid surface disinfectants, dental micro-applicators and obturation units designed for warm, vertical condensation.
Investors are cautioned that this press release as well as other reports and oral statements by Company officials may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions and which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. These statements are not guaranties of future performance and the Company makes no commitment to update or disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements. Because such statements involve risks and uncertainties, actual actions and strategies and the timing and expected results thereof may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those disclosed in the Company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.Young Innovations, Inc.Consolidated Statements of Income(In thousands, except earnings per share data)(Unaudited)(In Thousands USD)Three Months EndedMarch 31,20122011
2.8%Cost of Goods Sold
3.7%% of Net Sales
56.0%55.6%Selling, General and Administrative Expense
2.5%% of Net Sales
33.3%33.4%Income from Operations
5.3%% of Net Sales
22.7%22.2%Interest expense, net
5573Other (income) expense, net
(494)(433)Income Before Taxes
6.3%Provision for Income Taxes
5.6%% of Net Sales
15.8%15.4%Basic Earnings Per Share
8.0%Basic Weighted Average Shares Outstanding
7,8868,010Earnings Per Share (Diluted)
8.0%Diluted Weighted Average Shares Outstanding
YI ConsolidatedConsolidated Balance SheetMarch 31, 2012 and December 31, 2011(In Thousands USD)(Unaudited)March 31December 31Assets20122011Current assetsCash$
,031Accounts receivable, net11,98012,066Inventories16,93217,161Other current assets4,9444,729Total current assets39,05734,987Property, plant and equipment, net31,80132,272Goodwill80,28880,254Intangible assets11,00211,130Other assets8251,143Total assets$
59,786Liabilities and EquityCurrent liabilitiesAccounts payable and accrued liabilities$
9,134Total current liabilities10,0429,134Long-term debt-650Long-term secured borrowing99Deferred income taxes19,53419,534Other noncurrent liabilities204206Total liabilities29,78929,533Stockholders' equityCommon stock102102Additional paid-in capital24,02724,708Retained earnings162,556158,647Common stock in treasury, at cost(53,310)(52,924)Accumulated other comprehensive income(191)(280)Total stockholders' equity133,184130,253Total liabilities and stockholders' equity$
|SOURCE Young Innovations, Inc.|
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