The Cooper Companies, Inc.
Mar 8, 2012

The Cooper Companies Announces First Quarter 2012 Results

PLEASANTON, Calif., March 8, 2012 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal first quarter ended January 31, 2012.

Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer, said, "We are pleased with our performance in the first quarter. Our strategy remains the same and our execution is illustrated in the numbers. We grew top line faster than our markets, we invested in our infrastructure with a focus on sales and marketing and research and development, and we posted double-digit earnings growth."

First Quarter GAAP Operating Highlights

First Quarter CooperVision (CVI) GAAP Operating Highlights

        Constant Currency
  (In millions) % of CVI Revenue %chg %chg
  1Q12 1Q12 y/y y/y
Toric  $ 81.8 30% 8% 9%
Multifocal  20.8 8% 25% 26%
Single-use sphere  60.4 23% 14% 10%
Non single-use sphere, other  105.9 39% 8% 8%
Total  $ 268.9 100% 10% 10%
        Constant Currency
   (In millions)  % of CVI Revenue %chg %chg
   1Q12  1Q12 y/y y/y
Americas  $ 106.0 39% 10% 11%
EMEA  95.4 36% 5% 7%
Asia Pacific  67.5 25% 19% 13%
Total  $ 268.9 100% 10% 10%
        Constant Currency
   (In millions)  % of CVI Revenue %chg %chg
   1Q12  1Q12 y/y y/y
         
Proclear®  $ 70.8 26% 7% 6%
Silicone hydrogel  $ 86.9 32% 39% 40%

First Quarter CooperSurgical (CSI) GAAP Operating Highlights

  (In millions) % of CSI Revenue %chg
  1Q12 1Q12 y/y
Office, other  $ 30.5 53% 10%
Surgical procedures  22.9 40% 24%
Fertility  3.8 7% 10%
Total  $ 57.2 100% 15%

Other Items

2012 Guidance

The Company revises upward its full-year 2012 EPS guidance. Guidance is summarized as follows:

  FY12 Guidance FY12 Guidance
  Old New
Revenues (In millions)    
Total $1,385-$1,440 $1,385-$1,440
CVI $1,170-$1,210 $1,170-$1,210
CSI $215-$230 $215-$230
EPS    
GAAP $4.80-$5.00 $4.90-$5.15
Non-GAAP $4.80-$5.00 $4.90-$5.15
Free Cash Flow (In millions) $200-$230 $200-$230

Conference Call and Webcast

The Company will host a conference call today at 5:00 PM ET to discuss its fiscal first quarter 2012 financial results. The dial in number in the United States is +1-800-435-1261 and outside the United States is +1-617-614-4076. The passcode is 38162301. There will be a replay available approximately two hours after the call ends until Thursday, March 15, 2012. 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 23691259. 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 following the conference call. 

About The Cooper Companies

The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE Euronext (NYSE:COO).  Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value.  Cooper operates through two business units, CooperVision and CooperSurgical.  CooperVision brings a refreshing perspective on vision care with a commitment to crafting a wide range of high-quality products for contact lens wearers and providing focused practitioner support.  CooperSurgical focuses on supplying women's health clinicians with market leading products and treatment options to improve the delivery of healthcare to women.  Headquartered in Pleasanton, CA, Cooper has over 7,000 employees with products sold in over 100 countries.  For more information, please visit www.coopercos.com.

The Cooper Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10403

Forward-Looking Statements

This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995.  Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements which are other than statements of historical fact, including our 2012 Guidance and all statements regarding anticipated growth in our revenue, 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 the 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 United States and international credit markets that may adversely affect the Company's or its customers' ability to meet future liquidity needs; reduced sales, loss of customers, and costs and expenses related to the recall of certain lots of Avaira Toric and Avaira Sphere contact lenses and any additional adverse impact if this recall is expanded in the future; delays in obtaining, or failure to obtain, FDA approval to return Avaira Toric to market; 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; legal costs, insurance expenses, settlement costs and the risk of an adverse decision or settlement related to product liability, patent or other litigation; limitations on sales following new product introductions due to poor market acceptance; new competitors, product innovations or technologies; the impact of acquisitions or divestitures on revenues, earnings or margins; 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 United States and foreign government regulations 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, 2011, 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)
   January 31,  October 31,
  2012 2011
     
ASSETS
     
Current assets:    
Cash and cash equivalents $ 7,681 $ 5,175
Trade receivables, net 200,160 214,779
Inventories 272,774 253,584
Deferred tax assets 29,113 33,684
Other current assets 45,535 33,125
Total current assets 555,263 540,347
Property, plant and equipment, net 583,239 609,205
Goodwill 1,272,030 1,276,567
Other intangibles, net 122,873 128,341
Deferred tax assets 21,213 21,828
Other assets 44,649 48,230
  $ 2,599,267 $ 2,624,518
     
LIABILITIES AND STOCKHOLDERS' EQUITY
     
Current liabilities:    
Short-term debt $ 39,191 $ 52,979
Other current liabilities 167,201 214,227
Total current liabilities 206,392 267,206
Long-term debt 371,114 327,453
Other liabilities 65,776 72,244
Deferred tax liabilities 18,628 20,127
Total liabilities 661,910 687,030
Stockholders' equity 1,937,357 1,937,488
  $ 2,599,267 $ 2,624,518
     
     
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except earnings per share amounts)
(Unaudited)
     
   Three Months Ended
   January 31,
     
  2012 2011
Net sales  $ 326,060 $ 293,229
Cost of sales 115,607 116,623
Gross profit 210,453 176,606
Selling, general and administrative expense 131,748 113,453
Research and development expense 11,425 9,727
Amortization of intangibles 5,552 4,713
Operating income 61,728 48,713
Interest expense 3,662 6,951
Other income (loss), net 681 (734)
Income before income taxes 58,747 41,028
Provision for income taxes 4,124 1,813
Net income $ 54,623 $ 39,215
     
Diluted earnings per share $ 1.12 $ 0.83
     
Number of shares used to compute earnings per share 48,792 47,391

Soft Contact Lens Revenue Update

Worldwide Market vs. CooperVision (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. This data is compiled using gross product sales at foreign exchange rates set by CLI. It therefore excludes items such as discounts, rebates, currency hedges and freight reimbursements.

 
Worldwide Manufacturers' Soft Contact Lens Revenue
(U.S. dollars in millions; constant currency; unaudited)
     
  Calendar 4Q11 Calendar 2011
    Market CVI   Market CVI
  Market Change Change Market Change Change
Sales by Category            
Spheres  $ 1,282 4% 6%  $ 5,252 3% 6%
Torics  314 8% 10%  1,297 7% 10%
Multifocal  85 10% 16%  327 7% 3%
WW Soft Contact Lenses  $ 1,681 5% 7%  $ 6,876 4% 7%
             
             
Sales by Modality            
Single-use  $ 646 11% 8%  $ 2,586 9% 9%
Other  1,035 2% 7%  4,290 2% 6%
WW Soft Contact Lenses  $ 1,681 5% 7%  $ 6,876 4% 7%
             
             
Sales by Material            
Hydrogel  $ 957 0%  (4%)  $ 3,937  (1%)  (5%)
Silicone Hydrogel  724 12% 37%  2,939 12% 41%
WW Soft Contact Lenses  $ 1,681 5% 7%  $ 6,876 4% 7%
             
             
Sales by Geography            
Americas   $ 617 6% 11%  $ 2,611 4% 6%
EMEA  492 5% 4%  1,993 5% 7%
Asia Pacific   572 5% 8%  2,272 4% 9%
WW Soft Contact Lenses  $ 1,681 5% 7%  $ 6,876 4% 7%
             
United States  $ 522 7% 11%  $ 2,239 5% 6%
International  1,159 5% 5%  4,637 4% 7%
WW Soft Contact Lenses  $ 1,681 5% 7%  $ 6,876 4% 7%

COO-E
 

CONTACT: Kim Duncan

         Sr. Director, Investor Relations

         ir@cooperco.com

         925-460-3663

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Source: The Cooper Companies, Inc.

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