The Cooper Companies, Inc.
Jun 5, 2008

The Cooper Companies Announces Second Quarter Results

PLEASANTON, Calif., June 5, 2008 (PRIME NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today reported second quarter results for fiscal 2008.

Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer said, "Our positive second quarter reflects continued momentum from our investment strategy. We saw strong growth in several of CVI's product categories, launched our two-week silicone hydrogel sphere Avaira and our women's healthcare business posted a solid quarter. Additionally, we benefited from significant manufacturing improvements for Biofinity® and Proclear® dailies and are no longer capacity constrained with these products. We remain optimistic about our long-term growth prospects with competitive products in all segments of the soft contact lens market."

Second Quarter Operating Highlights

CVI Second Quarter Operating Highlights

                                                          Constant
                          (In       % of CVI              Currency
                       thousands)    Revenue     %chg       %chg
                          2Q08         2Q08       y/y        y/y
                      -----------   ---------   ------    ---------
     Specialty
      Toric             $73,359        33%          8%        2%
      Multifocal         13,724         6%         28%       19%
      Cosmetic            3,737         2%         16%       11%
                      -----------   ---------
    Total
     Specialty          $90,820        41%         11%        5%
    Proclear            $59,900        27%         33%       25%
    Single-Use
     Sphere             $39,443        18%         62%       44%
    Biofinity           $12,380         6%         NA         NA
    Avaira                 $114        NA          NA         NA

  * Revenue by geography:
                                                          Constant
                          (In       % of CVI              Currency
                       thousands)    Revenue     %chg       %chg
                          2Q08         2Q08       y/y        y/y
                      -----------   ---------   ------    ---------
    Americas            $95,395        43%         10%        8%
    Europe               86,621        39%         20%        8%
    Asia-Pacific         40,005        18%         38%       22%
                      -----------   ---------
    Total              $222,021       100%         18%       10%
                      ===========   =========

  *  Gross margin 57% compared with 55% in the second quarter
     of 2007.  Excluding costs considered unrelated to core
     operating performance, gross margin was 61% compared with
     63% in last year's second quarter.  The variance was mainly
     due to the large increase in lower margin daily disposable
     products.

  *  Operating margin 12% compared with 6% in the second quarter
     of 2007.  Excluding costs considered unrelated to core
     operating performance, operating margin was 17% compared
     with 19% in last year's second quarter. This variance was
     largely due to additional selling and marketing expenses
     associated with new product launches.

CSI Second Quarter Operating Highlights

Guidance

The Company reconfirms previously provided fiscal 2008 guidance with revenue in the range of $1,060 - $1,100 million, including CVI revenue of $895 - $930 million and CSI revenue of $165 - $170 million, non-GAAP EPS in the range of $2.10 - $2.35 and GAAP EPS in the range of $1.40 - $1.85. Further, the Company expects capital expenditures in the range of $160 - $170 million in fiscal 2008 and $125 - $140 million in fiscal 2009, unchanged from its previous guidance.

Non-GAAP EPS guidance excludes costs considered unrelated to core operating performance as discussed below in "Unaudited Reconciliation and Explanation of Non-GAAP to GAAP Operating Results."

Conference Call and Webcast

Cooper will host a conference call today at 5:00 p.m. ET to discuss the Company's second quarter financial results. The dial in number in the United States is +1-866-825-3308. The dial in number outside the United States is +1-617-213-8062. The passcode is 18117221.

A replay will be available approximately one hour after the call ends and will be available for five days. The dial in number for the replay in the United States is +1-888-286-8010. The dial in number for the replay outside the United States is +1-617-801-6888. The replay passcode is 65869511.

This call will also be broadcast via the Internet at www.coopercos.com/investor and at www.streetevents.com.

Forward-Looking Statements

This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to plans, prospects, goals, strategies, future actions, events or performance and other statements which are other than statements of historical fact, including all statements regarding anticipated growth in our revenue, planned product launches and expected results of operations and integration of any acquisition are forward-looking. To identify these statements look for words like "believes," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.

Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are: failures to launch, or significant delays in introducing, new products, or limitations on sales following introduction due to poor market acceptance or manufacturing constraints (including failures to develop and implement improvements to manufacturing processes for new products); failures to receive or delays in receiving U.S. or foreign regulatory approvals for products; new competitors, product innovations or technologies; a major disruption in the operations of our manufacturing, research and development or distribution facilities, due to technological problems, natural disasters or other causes; disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses; the impact of acquisitions of divestitures on revenues, earnings or margins; losses arising for pending or future litigation or product recalls; changes in global or regional general business, political and economic conditions; interest rate and foreign currency exchange rate fluctuations; changes in U.S. and foreign government regulation of the retail optical industry and of the healthcare industry generally; changes in tax laws or their interpretation and changes in effective tax rates; changes in the Company's expected utilization of recognized net operating loss carry forwards; the requirement to provide for a significant liability or to write off a significant asset, including impaired goodwill; and other events described in our Securities and Exchange Commission filings, including the "Business" and "Risk Factors" sections in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2007, as such Risk Factors may be updated in quarterly filings.

We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.

About The Cooper Companies

The Cooper Companies, Inc. (www.coopercos.com) manufactures and markets specialty healthcare products through its CooperVision and CooperSurgical units. Corporate offices are in Pleasanton, CA. A toll free interactive telephone system at 1-800-334-1986 provides stock quotes, recent press releases and financial data.

CooperVision, Inc. (www.coopervision.com) develops, manufactures and markets a broad range of contact lenses for the worldwide vision correction market. Headquartered in Pleasanton, CA, it manufactures in Juana Diaz, Puerto Rico; Norfolk, VA; Rochester, NY; Adelaide, Australia; Hamble and Hampshire, England; and Madrid, Spain.

CooperSurgical, Inc. (www.coopersurgical.com) develops, manufactures and markets medical devices, diagnostic products and surgical instruments and accessories used primarily by gynecologists and obstetricians. Its major manufacturing and distribution facilities are in Trumbull, CT.

The information on Cooper's Web sites and its interactive telephone system are not part of this news release.


                  THE COOPER COMPANIES, INC. AND SUBSIDIARIES
                     Consolidated Condensed Balance Sheets
                     -------------------------------------
                                  (In thousands)
                                    (Unaudited)


                                         April 30,       October 31,
                                            2008            2007
                                         ----------      -----------

                                ASSETS

 Current assets:
    Cash and cash equivalents           $     1,911     $     3,226
    Trade receivables, net                  176,268         164,493
    Inventories                             293,397         267,914
    Deferred tax asset                       25,280          23,395
    Other current assets                     59,810          58,494
                                         ----------      ----------
        Total current assets                556,666         517,522
                                         ----------      ----------
 Property, plant and equipment, net         638,143         604,530
 Goodwill                                 1,256,949       1,253,686
 Other intangibles, net                     138,029         145,833
 Deferred tax asset                          25,250          20,015
 Other assets                                14,621          18,685
                                         ----------      ----------
                                         $2,629,658      $2,560,271
                                         ==========      ==========



                  LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:
 Short-term debt                        $    39,258     $    46,514
 Other current liabilities                  201,530         239,966
                                         ----------      ----------
    Total current liabilities               240,788         286,480
                                         ----------      ----------
 Long-term debt                             901,787         830,116
 Other liabilities                           40,839           9,408
 Deferred tax liabilities                    12,538          10,678
                                         ----------      ----------
    Total liabilities                     1,195,952       1,136,682
                                         ----------      ----------
 Stockholders' equity                     1,433,706       1,423,589
                                         ----------      ----------
                                         $2,629,658      $2,560,271
                                         ==========      ==========


                THE COOPER COMPANIES, INC. AND SUBSIDIARIES
               Consolidated Condensed Statements of Operations
               -----------------------------------------------
                   (In thousands, except per share amounts)
                                  (Unaudited)

 Three Months Ended
 ------------------
                            April 30,                     %       %
                       ---------------------     %     Revenue Revenue
                         2008          2007    Change    2008    2007
                       ---------    --------   ------  ------- -------
 Net sales             $263,451     $225,535     17%     100%     100%
 Cost of sales          113,443       99,079     14%      43%      44%
                       --------     --------           ------- -------
 Gross profit           150,008      126,456     19%      57%      56%
 Selling, general
  and
  administrative
  expense               107,529      100,934      7%      41%      45%
 Research and
  development             9,116        7,957     15%       3%       4%
 Restructuring costs        526        2,842    (82%)     --       --
 Amortization of
  intangibles             4,371        4,192      4%       2%       2%
                       --------     --------           ------- -------
 Operating income        28,466       10,531    170%      11%       5%
 Interest expense        12,070       10,918     11%       5%       5%
 Other (expense)
  income, net              (450)           9
                       --------     --------
 Income (loss) before
  income taxes           15,946         (378)
 Provision for income
  taxes                   4,705          149
                       --------     --------
 Net income (loss)     $ 11,241      $  (527)
                       ========     ========
 Add interest charge
  applicable to
  convertible debt,
  net of tax                523           --
                       --------     --------
 Income (loss) for
  calculating earnings
  per share            $ 11,764      $  (527)
                      =========     ========

 Diluted earnings
  (loss) per share     $   0.25      $ (0.01)
                      =========     ========

 Number of shares
  used to compute
  earnings per share     47,740       44,645
                      =========     ========


 Six Months Ended
 ------------------
                            April 30,                     %       %
                       ---------------------     %     Revenue Revenue
                         2008          2007    Change    2008    2007
                       ---------    --------   ------  ------- -------

 Net sales             $508,484     $444,955     14%     100%     100%
 Cost of sales          215,594      188,587     14%      42%      42%
                       --------     --------           ------- -------
 Gross profit           292,890      256,368     14%      58%      58%
 Selling, general
  and administrative
  expense               217,409      198,457     10%      43%      45%
 Research and
  development            17,248       19,068    (10%)      3%       4%
 Restructuring costs      1,349        4,707    (71%)     --        1%
 Amortization of
  intangibles             8,467        7,843      8%       2%       2%
                       --------     --------           ------- -------
 Operating income        48,417       26,293     84%      10%       6%
 Interest expense        23,176       20,710     12%       5%       5%

 Other income, net          192          828
                       --------     --------
 Income before income
  taxes                  25,433        6,411
 Provision for income
  taxes                   7,315        1,590
                       --------     --------
 Net income            $ 18,118      $ 4,821
                       ========     ========
 Add interest charge
  applicable to
  convertible debt,
  net of tax              1,046           --
                       --------     --------
 Income for
  calculating
  earnings
  per share            $ 19,164      $ 4,821
                      =========     ========

 Diluted earnings per
  share                $   0.40      $  0.11
                      =========     ========

 Number of shares
  used to compute
  earnings per share     47,759       45,012
                      =========     ========

 Unaudited Reconciliation and Explanation of Non-GAAP to GAAP
  Operating Results (In thousands, except per share amounts)

 Listed below are the items included in net income that management
 excludes in computing non-GAAP financial measures as described
 below the table.


                 THE COOPER COMPANIES, INC. AND SUBSIDIARIES
           Reconciliation of Non-GAAP Earnings to GAAP Net Income
           ------------------------------------------------------

 Three Months Ended
 ------------------
                                                      April 30,
                                              -----------------------
                                                 2008          2007
                                              ---------     ---------
 GAAP net income (loss)                       $  11,241       $  (527)
 Non-GAAP adjustments:
 Production start-up and restructuring
  costs in cost of sales                          8,872        14,276
 Distribution center rationalization costs
  in SGA                                            301         3,925
 Intellectual property litigation expenses
  in SGA                                             --         1,548
 Production start-up costs in SGA                 1,318         1,656
 Other restructuring costs in operating
  expenses                                          837         2,522
 Income tax effect                                  104        (4,198)
                                              ---------     ---------
                                                 11,432        19,729
                                              ---------     ---------
 Non-GAAP net income                          $  22,673     $  19,202
                                              =========     =========

 Add interest charge applicable to
  convertible debt                                  523           523
                                              ---------     ---------

 Non-GAAP income for calculating diluted
    earnings per share                        $  23,196     $  19,725
                                              =========     =========

 Non-GAAP diluted earnings per share          $    0.49     $    0.41
                                              =========     =========

 Number of shares used to compute
    non-GAAP earnings per share                  47,740        47,611
                                              =========     =========

 Six Months Ended
 ----------------
                                                      April 30,
                                              -----------------------
                                                 2008          2007
                                              ---------     ---------
 GAAP net income                              $  18,118      $  4,821
 Non-GAAP adjustments:
 Production start-up and restructuring
  costs in cost of sales                         18,175        20,304
 Distribution center rationalization costs
  in SGA                                            710         7,481
 Intellectual property litigation expenses
  in SGA                                          3,364         3,333
 Production start-up costs in SGA                 2,218         1,656
 Acquired in-process R&D                             --         4,157
 Other restructuring costs in operating
  expenses                                        2,362         5,052
 Write-off of deferred financing costs               --           882
 Income tax effect                               (1,501)       (6,448)
                                              ---------     ---------
                                                 25,328        36,417
                                              ---------     ---------
 Non-GAAP net income                          $  43,446     $  41,238
                                              =========     =========

 Add interest charge applicable to
  convertible debt                                1,046         1,046
                                              ---------     ---------
 Non-GAAP income for calculating diluted
    earnings per share                        $  44,492     $  42,284
                                              =========     =========

 Non-GAAP diluted earnings per share          $    0.93     $    0.89
                                              =========     =========

 Number of shares used to compute
    non-GAAP earnings per share                  47,759        47,602
                                              =========     =========

Explanation of Non-GAAP Measures

In addition to results in accordance with GAAP, Cooper management also considers non-GAAP operating results as important supplemental financial measures in evaluating its ongoing core operating results and in making operating decisions.

Non-GAAP operating results and guidance exclude from GAAP operating items that management does not consider part of core operating performance. Management uses these non-GAAP operating results to compare actual operating results to its business plans, calculate debt compliance covenants, allocate resources and evaluate potential acquisitions. Management believes that presenting these non-GAAP operating results allows investors, as well as management, to evaluate operating results from one period to another on a comparable basis.

Specific items that Cooper excludes from its GAAP results when evaluating core operational performance are:


  *  Acquisition and restructuring expenses consisting of

    **  Restructuring and integration expenses related primarily
        to the integration of Ocular Sciences, Inc. (Ocular) into
        CooperVision, Inc., which are charged to cost of sales
        and operating expense. They consist of costs to integrate
        duplicate facilities, streamline manufacturing and
        distribution practices and integrate sales, marketing
        and administrative functions.

    **  Manufacturing and distribution rationalization and
        start-up costs. They consist of costs to:

        *  Develop new manufacturing technologies, specifically
           silicone hydrogel manufacturing.

        *  Restructure manufacturing locations and platforms.

        *  Eliminate duplicate distribution locations (products
           are stored and shipped from several locations while
           central warehouses are completed).

        We adjust for these costs because once the specific
        integration activities have been completed and new
        technology and manufacturing techniques have been applied,
        the costs will be eliminated.

    **  Acquired in-process R&D charges. These charges are
        subject to a formal appraisal process that may take up
        to twelve months to complete following a transaction.
        Management adjusts for these expenses because they are
        not known when evaluating forecasted performance of the
        acquired business.

  *  Expenses associated with certain intellectual property litigation

     Cooper had filed suits claiming patent infringement to
     protect its intellectual property and sought a declaratory
     judgment that a CVI product does not infringe any valid
     and enforceable claims of competitors' patents. These
     cases have not historically been part of Cooper's normal
     operations.  As previously announced, the intellectual
     property suits have now been settled.

Not all the items listed occurred in the fiscal second quarter of 2008 or 2007. Specific amounts for the items in the fiscal second quarter of 2008 and 2007 are set forth in the table above. For fiscal 2008, the Company no longer excludes share-based compensation expense in its non-GAAP operating results as share-based compensation is now comparable over a three-year period.

Operating results adjusted for these items should not be considered alternatives to any performance measures derived in accordance with GAAP. We present them because we consider their disclosure an important supplemental measure of performance. In evaluating Cooper's non-GAAP operating results and guidance, investors are cautioned that in future periods Cooper expects to incur expenses similar to those for which adjustments are made in the presentation of non-GAAP operating results. Presentation of non-GAAP operating results and guidance should not be construed as an implication that future results will be unaffected by similar items or nonrecurring or unusual charges.

Cooper's non-GAAP operating results have limitations as an analytical tool, including that they do not reflect the cost of:


  *  The Ocular integration, and the integration and restructuring
     of other acquisitions.

  *  New manufacturing technologies, specifically silicone
     hydrogel manufacturing, and the phase out of product lines
     and manufacturing platforms that are being eliminated.

  *  Intellectual property litigation which we expect to be significant
     but are difficult to forecast.

In addition, non-GAAP operating results may not be useful when comparing Cooper to other companies that may calculate these measures differently. Moreover, the impact of many of the items excluded (particularly litigation and restructuring) on guidance is difficult to quantify because of significant uncertainty in timing and the range of possible outcomes. These items could be material.

Cooper compensates for these limitations by relying primarily on GAAP operating results and supplementing these with non-GAAP operating results.

Contact Lens Industry Revenue Update: First Calendar Quarter 2008 and Revised Full Year 2007 in Constant Currency

The data below is extracted from a compilation of industry participants' revenue by an independent market research firm.


 Worldwide Manufacturers' Soft Lens Revenue
 Independent Market Research Data
 (U.S. dollars in millions; constant currency; unaudited)

                               CYQ1
                               2008        %        CY2007        %
                              Market    Change      Market      Change
                             --------   ------     --------     ------
   Single-Use Spherical
    Lenses                    $ 451       11%      $ 1,681        12%
   Spherical Lenses
    (ex single-use)             570        3%        2,168         2%
                             ------               --------
 Total Spheres                1,021        7%        3,849         6%
                             ------               --------
   Torics                       238        8%          893        14%
   Cosmetic                      67       (4%)         274        (4%)
   Multifocal                    45        3%          179        14%
                             ------               --------
 Specialty Lenses               350        5%        1,346        10%
                             ------               --------
 Soft Contact Lenses        $ 1,371        6%      $ 5,195         7%
                            =======               ========
   Total Silicone Hydrogel    $ 412       31%      $ 1,375        29%


   Americas Region            $ 549        6%      $ 2,100         6%
   European Region              429        7%        1,543         6%
   Asia Pacific Region          393        5%        1,552         8%
                             ------               --------
 Worldwide Soft Contact
  Lenses                    $ 1,371        6%      $ 5,195         7%
                            =======               ========
   United States              $ 480        7%      $ 1,836         5%
   International                891        6%        3,359         8%
                             ------               --------
 Worldwide Soft Contact
  Lenses                    $ 1,371        6%      $ 5,195         7%
                            =======               ========




Based upon Health Product Research, which reports on a statistical sampling of practitioners each quarter, management calculated that silicone hydrogel lenses accounted for 46% of total patient visits and 51% of new patient visits to contact lens practitioners in the United States during the first calendar quarter of 2008. Silicone hydrogel toric lenses accounted for 43% of total toric patient visits and 45% of new toric patient visits in the United States in the first calendar quarter of 2008.

CONTACT: The Cooper Companies, Inc.
Albert G. White, III, VP, Investor Relations and Treasurer
Kim Duncan, Director, Investor Relations
925-460-3663, ir@coopercompanies.com