The Cooper Companies, Inc.
Dec 8, 2009

The Cooper Companies Announces Fourth Quarter and Full Year 2009 Results

PLEASANTON, Calif., Dec 8, 2009 (GlobeNewswire via COMTEX News Network) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal fourth quarter and full year ended October 31, 2009.



 * Fourth quarter revenue increased 6% year-over-year to
   $283.5 million.  Fiscal 2009 revenue increased 3% to a record
   $1,080.4 million.

 * Fourth quarter GAAP earnings per share (EPS) 66 cents, up 1 cent
   or 2% from last year's fourth quarter.  Fiscal 2009 GAAP EPS
   $2.21, up 55% from fiscal 2008.

 * Fourth quarter non-GAAP EPS 67 cents.  Non-GAAP EPS excludes
   $0.9 million, or 1 cent per share, for the 2009 CooperVision
   manufacturing restructuring plan announced in August 2009.
   Fiscal 2009 non-GAAP EPS $2.29.  See "Reconciliation of Non-GAAP
   EPS to GAAP EPS" shown below.

 * Fourth quarter free cash flow $58.5 million.  Fiscal 2009 free
   cash flow $129.2 million.

Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer said, "We are very pleased with our fourth quarter and full year results. We grew full year revenue to an all-time high while reporting solid earnings and strong cash flow. I'm especially pleased with the market share gains we made this year and our improving operating efficiencies, all achieved in a very difficult economic environment."

Weiss continued, "We enter fiscal 2010 in a significantly better financial position than a year ago, with a very strong product portfolio and with our two business units extremely focused on growing revenues, taking market share and improving profitability. I am confident we have the operating strategies in place to continue delivering solid results."

Fourth Quarter Operating Highlights



 * Revenue $283.5 million, 6% above fourth quarter 2008, 4% in
   constant currency.

 * Gross margin 56% compared with 61% in last year's fourth quarter.
   The decline in gross margin was largely a result of currency
   fluctuations, as well as inventory and equipment write-offs.

 * Operating margin 15% compared with 18% in last year's fourth
   quarter.  Although operating margin was lower, operating expense
   as a percentage of sales declined to 41% from 43%.  This
   improvement was led by a $0.9 million decline in general and
   administrative expenses, which as a percentage of sales declined
   to 9% from 10%.

 * Amortization $5.4 million compared with $4.1 million in last
   year's fourth quarter.  The increase was due to a $1.3 million
   write-off of a CooperSurgical license.  Depreciation $19.2
   million.

 * Interest expense $10.8 million or 4% of sales vs. $12.3 million
   or 5% of sales in last year's fourth quarter.  Interest expense
   decreased as a result of lower debt.

 * Effective tax rate 6.0%.

 * Bonus accrual 8 cents.

 * Total debt decreased $57.5 million to $781.5 million which
   lowered the pro forma leverage ratio to 2.93x from 3.16x. This
   reduced the credit spread on the Company's $650 million revolver
   by 25 bps on borrowings taking place during the next three
   months.  At quarter end there was $425 million outstanding under
   the revolver.

 * Cash provided by operations $78.5 million and capital
   expenditures $20.0 million resulted in free cash flow of $58.5
   million.

Fourth Quarter CooperVision (CVI) Operating Highlights



 * Revenue $239.6 million, up 8% from last year's fourth quarter,
   up 5% in constant currency.  Revenue gains were seen throughout
   all product categories and geographic regions.

 * Revenue by category:

                                                              Constant
                                   (In      % of CVI          Currency
                                 millions)  Revenue    %chg     %chg
                                   4Q09       4Q09     y/y      y/y
                                 ---------  --------  ------  --------
 Toric                           $    74.6     31%      4%       3%
 Multifocal                           15.7      7%      7%       6%
 Single-use sphere                    53.0     22%     19%      11%
 Non single-use sphere, other         96.3     40%      6%       5%
                                 ---------  --------
 Total                           $   239.6    100%      8%       5%
                                 =========  ========

 * Revenue by geography:

                                                              Constant
                                   (In      % of CVI          Currency
                                 millions)  Revenue    %chg     %chg
                                   4Q09       4Q09     y/y      y/y
                                 ---------  --------  ------  --------

 Americas                        $   103.2     43%      3%      3%
 Europe                               90.7     38%     11%      9%
 Asia Pacific                         45.7     19%     13%      4%
                                 ---------  --------
 Total                           $   239.6    100%      8%      5%
                                 =========  ========

 * Selected revenue by material:

                                                              Constant
                                   (In      % of CVI          Currency
                                 millions)  Revenue    %chg     %chg
                                   4Q09       4Q09     y/y      y/y
                                 ---------  --------  ------  --------

 Proclear                        $    70.6     29%      14%      14%
 Silicone hydrogel               $    40.1     17%     119%     117%

 * Gross margin 56% compared with 61% in the fourth quarter of 2008.

 * Operating margin 17% compared with 20% in the fourth quarter of
   2008.

Fourth Quarter CooperSurgical (CSI) Operating Highlights



 * Revenue $43.9 million, down 2% from last year's fourth quarter.

 * Sales of products marketed directly to hospitals increased 10%
   year-over-year to $14.7 million and now represent 34% of CSI's
   total revenue vs. 30% in last year's fourth quarter.

 * Gross margin 57%, down from 59% in last year's fourth quarter.

 * Operating margin 19%, down from 22% in last year's fourth
   quarter.  The decline was due to the previously mentioned $1.3
   million license write-off.

Fiscal Year 2009 Operating Highlights



 * Record revenue $1,080.4 million, up 3% from fiscal 2008, 4% in
   constant currency.

 * CVI revenue $909.5 million, up 3% from fiscal 2008, and CSI
   revenue $170.9 million, up 2% from fiscal 2008.

 * Gross margin 55% compared with 58% in fiscal 2008.

 * Operating margin 14% compared with 12% in fiscal 2008.

 * Depreciation and amortization expense $92.6 million.

 * Interest expense $44.1 million or 4% of sales vs. $50.8 million
   or 5% of sales in fiscal 2008.

 * Cash provided by operations $223.1 million and capital
   expenditures $93.9 million resulted in free cash flow of $129.2
   million.

2010 Guidance

The Company initiated its full-year 2010 guidance. Guidance is summarized as follows:



                               FY10 Guidance
                               -------------

 Revenue (In millions)
       CVI                       $925 - $975
       CSI                       $175 - $185
       Total                 $1,100 - $1,160
 EPS
       GAAP                    $2.17 - $2.27
       Non-GAAP*               $2.45 - $2.55
 Free Cash Flow (In millions)    $120 - $140


 * Excludes impact of 2009 CVI manufacturing restructuring plan.
   See "Reconciliation of Non-GAAP EPS to GAAP EPS" shown below.

Reconciliation of Non-GAAP EPS to GAAP EPS

To supplement our financial guidance presented on a GAAP basis, we use non-GAAP measures, indicated in the table below which exclude restructuring costs, that we believe are helpful in understanding our results. Our non-GAAP financial guidance is not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements and guidance prepared in accordance with GAAP. Our management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the factors management uses in planning for and forecasting future periods.

Non-GAAP EPS results and guidance exclude costs related to the 2009 CooperVision manufacturing restructuring plan announced in August 2009. Non-GAAP EPS for the fiscal fourth quarter and full year 2009 excluded related costs of $0.9 million or 1 cent per share and $5.1 million or 8 cents per share, respectively. These costs, primarily severance related to the pending closure of the Norfolk manufacturing plant, are recorded in cost of sales. We expect to recognize total pre-tax restructuring charges under this plan of approximately $25.0 million with the remaining $20.0 million or 28 cents spread over fiscal 2010. We believe it is useful for investors to understand the effects of these restructuring costs on our total operating results.



                                        4Q09A    FY09A   FY10 Guidance
                                       -------  -------  -------------
 EPS
    GAAP                                $0.66    $2.21   $2.17 - $2.27
    Non-GAAP adjustment for costs
     related to the restructuring plan
     discussed above                     0.01     0.08        0.28
                                       -------  -------  -------------
    Non-GAAP                            $0.67    $2.29   $2.45 - $2.55
                                       =======  =======  =============

Conference Call and Webcast

The Company will host a conference call today at 5:00 p.m. ET to discuss its fourth quarter and full year 2009 financial results. The dial in number in the United States is +1-866-700-7477 and outside the United States is +1-617-213-8840. The passcode is 35016466. There will be a replay available approximately two hours after the call ends until Tuesday, December 15, 2009. The replay number in the United States is +1-888-286-8010 and outside the United States is +1-617-801-6888. The replay passcode is 55992909. This call will be broadcast live on our website at www.coopercos.com and at www.streetevents.com. A transcript will be available on our website within 24 hours after the conference call.

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.

CooperVision, Inc. (www.coopervision.com) develops, manufactures and markets a broad range of contact lenses for the worldwide vision correction market. Dedicated to enhancing the contact lens experience for practitioners and patients, CooperVision specializes in lenses for astigmatism and presbyopia. CooperVision manufactures a full array of monthly, two-week, and daily disposable contact lenses featuring advanced materials and optics. Headquartered in Pleasanton, CA, it manufactures in: Juana Diaz, Puerto Rico; Norfolk, VA; Rochester, NY; Adelaide, Australia; Hamble and Hampshire, UK; 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, Pasadena, CA, and Stafford, TX.

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, CooperVision's manufacturing restructuring plan 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: adverse changes in global or regional general business, political and economic conditions due to the current global economic downturn, including the impact of continuing uncertainty and instability of U.S. and international credit markets that may adversely affect the Company's or its customers' ability to meet future liquidity needs; limitations on sales following new product introductions due to poor market acceptance; new competitors, product innovations or technologies; the Company's failure to realize anticipated savings, or its incurrence of unexpected costs, from CooperVision's manufacturing restructuring plan; a major disruption in the operations of our manufacturing, research and development or distribution facilities due to technological problems, natural disasters, CooperVision's manufacturing restructuring plan or other causes; disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel and other hydrogel lenses; the impact of acquisitions or divestitures on revenues, earnings or margins; losses arising for pending or future litigation, including the risk of an adverse decision or settlement related to claims involving our securities class action and derivative litigation, or product recalls; interest rate and foreign currency exchange rate fluctuations; the requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill; 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; dilution to earnings per share from acquisitions or issuing stock 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, 2008, 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.



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

                                              October 31,  October 31,
                                                  2009        2008
                                              -----------  -----------

                   ASSETS

 Current assets:
  Cash and cash equivalents                    $    3,932   $    1,944
  Trade receivables, net                          170,941      159,158
  Inventories                                     260,846      283,454
  Deferred tax assets                              23,360       26,337
  Other current assets                             44,799       55,139
                                               ----------   ----------
   Total current assets                           503,878      526,032
                                               ----------   ----------
 Property, plant and equipment, net               602,568      602,654
 Goodwill                                       1,257,029    1,251,699
 Other intangibles, net                           114,700      130,587
 Deferred tax assets                               27,781       25,645
 Other assets                                      45,951       50,999
                                               ----------   ----------
                                               $2,551,907   $2,587,616
                                               ==========   ==========


     LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:
  Short-term debt                              $    9,844   $   43,013
  Other current liabilities                       165,570      212,394
                                               ----------   ----------
   Total current liabilities                      175,414      255,407
                                               ----------   ----------
 Long-term debt                                   771,630      861,781
 Other liabilities                                 48,065       38,156
 Deferred tax liabilities                          16,456       15,196
                                               ----------   ----------
   Total liabilities                            1,011,565    1,170,540
                                               ----------   ----------
 Stockholders' equity                           1,540,342    1,417,076
                                               ----------   ----------
                                               $2,551,907   $2,587,616
                                               ==========   ==========


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

                            Three Months Ended        Year Ended
                                October 31,           October 31,
                            ------------------  ----------------------
                              2009      2008       2009        2008
                            --------  --------  ----------  ----------
 Net sales                  $283,455  $266,842  $1,080,421  $1,047,375
 Cost of sales               124,548   104,798     483,927     437,345
                            --------  --------  ----------  ----------
 Gross profit                158,907   162,044     596,494     610,030
 Selling, general and
  administrative expense     102,858   101,255     391,593     429,304
 Research and development
  expense                      8,265     9,190      33,298      35,468
 Restructuring costs             470        --       3,887       1,521
 Amortization of intangibles   5,370     4,097      17,860      16,774
                            --------  --------  ----------  ----------
 Operating income             41,944    47,502     149,856     126,963
 Interest expense             10,771    12,342      44,143      50,784
 Other income (expense), net     865    (1,902)      9,115          28
                            --------  --------  ----------  ----------
 Income before income taxes   32,038    33,258     114,828      76,207
 Provision for income taxes    1,919     3,779      14,280      10,731
                            --------  --------  ----------  ----------
 Net income                 $ 30,119  $ 29,479  $  100,548  $   65,476
                            ========  ========  ==========  ==========

 Diluted earnings per share $   0.66  $   0.65  $     2.21  $     1.43
                            ========  ========  ==========  ==========

 Number of shares used to
  compute earnings per share  45,851    45,102      45,478      46,844
                            ========  ========  ==========  ==========


 Soft Contact Lens Revenue Update: Third Calendar Quarter 2009
 -------------------------------------------------------------

 Worldwide Market in Constant Currency vs. CooperVision in Constant
 Currency

 The data below is extracted from a compilation of industry
 participants' revenue by the Contact Lens Institute (CLI), an
 independent market research firm.

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

                                      Cooper-   2009           Cooper-
                       2009           Vision    CYQ3           Vision
                       CYQ3     %        %       YTD     %        %
                      Market  Change   Change  Market  Change   Change
                      ------  ------  -------  ------  ------  -------
  Single-Use Spherical
   Lenses             $  525     1%       8%   $1,502     1%      14%
  Spherical Lenses
   (ex single-use)       700     5%       6%    2,019     2%       5%
                      ------                   ------
 Total Spheres         1,225     3%       7%    3,521     2%       8%
                      ------                   ------
  Torics                 274     6%       2%      794     6%      (2%)
  Multifocal              64    20%       9%      187    20%      13%
                      ------                   ------
 Soft Contact Lenses  $1,563     4%       5%   $4,502     3%       5%
                      ======                   ======
  Total Silicone
   Hydrogel           $  567    21%     125%   $1,587    20%     106%

  Americas Region     $  611     6%       3%   $1,770     4%       3%
  European Region        457     9%       8%    1,320     6%       7%
  Asia Pacific Region    495    (1%)      3%    1,412    (1%)      5%
                      ------                   ------
 Worldwide Soft
  Contact Lenses      $1,563     4%       5%   $4,502     3%       5%
                      ======                   ======

  United States       $  535     4%       3%   $1,563     4%       3%
  International        1,028     4%       7%    2,939     3%       5%
                      ------                   ------
 Worldwide Soft
  Contact Lenses      $1,563     4%       5%   $4,502     3%       5%
                      ======                   ======

COO-E

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: The Cooper Companies, Inc.

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

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