Date:2/17/2012

.3% to $57.5 million from $55.7 million in 2010 and Other Vaccines, Pharmaceuticals and Products revenue increased 28.5% to $12.6 million from $9.8 million in 2010.  2011 Gross profit was $29.2 million, or 41.7% gross margin, compared with gross profit of $24.8 million, or 37.9% gross margin in 2010.  Total operating expenses were $25.9 million, or 37.0% of sales, in 2011 compared with total operating expenses of $24.4 million, or 37.3% of sales in 2010.  The Company reported 2011 operating income of $3.2 million up from operating income of $358 thousand in 2010.  Income before income taxes was $3.4 million in 2011, a significant increase from income before income taxes of $69 thousand in 2010.  2011 net income, inclusive of a $1.1 million deferred tax expense, was $2.1 million, or $0.40 per diluted share, compared with 2010 net income of $18 thousand, or $0.00 per diluted share.

"Even as we invested in our organization in advance of expected growth, we have been managing expenses and effectively leveraging our infrastructure," commented Dr. Grieve.  "This is reflected in the modest year-to-date decrease in total operating expenses as a percentage of sales, to 37% of sales compared to 37.3% of sales last year, as well as in the significant increase in earnings per share, to 40 cents per diluted share for the year versus less than a penny per diluted share last year.  As a result of our continued profitability and operating efficiency, Heska has significantly strengthened its balance sheet. The Board of Directors, with a commitment to creating value for shareholders, is evaluating various alternatives with respect to our excess cash, such as a dividend or a stock buyback."

Balance SheetAs of December 31, 2011, Heska had $6.3 million in cash and working capital of $19.6 million. Stockholders' equity increased 5.8% to $48.4 million compared to $45.8 million as of December 31, 2010.

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