8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 19, 2004

IDEXX LABORATORIES, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 000-19271
(Commission file number) 01-0393723
(I.R.S. Employer Identification No.)

One IDEXX Drive, Westbrook, Maine
(Address of principal executive offices) 04092
(Zip Code)

(207) 856-0300
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Item 12. Results of Operations and Financial Condition.

     On April 19, 2004, IDEXX Laboratories, Inc. issued a press release announcing earnings results for the quarter ended March 31, 2004. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

     In accordance with general instructions to Form 8-K, the information in this Form 8-K and the Exhibit attached hereto is being furnished under Item 12 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IDEXX LABORATORIES, INC.

Date: April 19, 2004 By: /s/ Merilee Raines Merilee Raines
Vice President, Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)

 

3

EXHIBIT INDEX

Exhibit No. Description of Exhibit

99.1 Press Release of IDEXX Laboratories, Inc. dated April 19, 2004, furnished in accordance with Item 12 of this Current Report on Form 8-K.

EX-99.1 3 e17493ex99_1.htm PRESS RELEASE

Exhibit 99.1

Contact: Merilee Raines, Chief Financial Officer, (207) 856-8155

FOR IMMEDIATE RELEASE

IDEXX Laboratories Announces First Quarter Results

• Revenue for the first quarter increased 22% to $133.4 million.

• Net income increased 47% to $17.8 million.

• Earnings per diluted share increased 44% to $0.49.

WESTBROOK, Maine, April 19, 2004 — IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that net income increased 47% to $17.8 million for the quarter ended March 31, 2004, from $12.1 million for the same period in the prior year.

     Earnings per diluted share for the quarter were $0.49, a 44% increase over earnings per diluted share of $0.34 for the quarter ended March 31, 2003.

     Revenue for the first quarter of 2004 increased 22% to $133.4 million from $109.2 million for the first quarter of 2003. The favorable impact of currency contributed 5% to revenue growth.

     Companion Animal Group (CAG) revenue for the first quarter of 2004 increased 25% to $109.8 million from $88.2 million for the first quarter of 2003. This increase resulted primarily from increased sales of instruments and consumables, rapid assays and laboratory services. The increase in sales of instruments was due primarily to increased sales of the IDEXX LaserCyte^® hematology system. The increase in sales of instrument consumables was due primarily to increased sales of VetTest^® slides. CAG revenue grew 5% due to the favorable impact of foreign currency exchange.

     Water segment revenue for the first quarter increased 18% to $11.9 million from $10.1 million for the first quarter of 2003 primarily due to higher sales volume and the favorable impact of foreign currency exchange.

     Food Diagnostics Group (FDG) revenue for the first quarter increased 7% to $11.7 million from $11.0 million for the first quarter of 2003 primarily due to the favorable impact of foreign currency exchange.

 

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IDEXX Laboratories Announces First Quarter Results
April 19, 2004
Page 2 of 6

     “Strong revenue growth across our Companion Animal Group businesses had a significant positive impact on operating profit during the quarter,” said Jonathan W. Ayers, President and CEO. “Due to the strength in the business, we are raising our revenue expectations for the rest of 2004. While we expect some of the incremental revenue to drop to the bottom line, we also plan to augment investment in certain areas in the Companion Animal Group and our Production Animal Services business.”

Outlook for 2004

     The Company offers the following guidance for the full year of 2004:

• Revenue is expected to be approximately $540 to $545 million.

• Diluted earnings per share are expected to be approximately $2.00 to $2.02.

     The Company offers the following guidance for the second quarter of 2004:

• Revenue is expected to be approximately $138 million.

• Operating margin is expected to be 19% to 19.5% of revenue.

• Diluted earnings per share are expected to be approximately $0.52.

     IDEXX Laboratories, Inc., is a worldwide leader in the development and commercialization of innovative, technology-based products and services for veterinary, food and water applications. The Company’s largest business is focused on companion animal health, combining biotechnology, medical device technology and information technology to aid veterinarians in providing better medicine while building successful practices. IDEXX Laboratories’ food and water businesses are focused on employing innovative technologies to monitor production animal health and the safety and quality of drinking water and milk. Headquartered in Westbrook, Maine, IDEXX Laboratories employs more than 2,400 people and offers products to customers in over 100 countries.

     This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations of future events, which are subject to risks and uncertainties. If underlying assumptions prove inaccurate, actual results could vary materially from management’s expectations. Risks and uncertainties include timing and success of new product introductions, competition and technological change, government regulation and obtaining government approvals, product demand and market acceptance, availability of products and raw materials, and litigation. A further description of these risks and uncertainties and other factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.

 

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IDEXX Laboratories Announces First Quarter Results
April 19, 2004
Page 3 of 6

IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Statement of Operations
Amounts in thousands except per share data (Unaudited)

		Three Months Ended
		March 31, 2004	March 31, 2003
Revenue:	Revenue	$ 133,417	$ 109,247
Expenses and
Income:	Cost of revenue	66,371	57,785
	Gross profit	67,046	51,462
	Sales and marketing expense	20,983	16,323
	General and administrative expense	12,242	10,355
	Research and development expense	8,520	7,337
	Income from operations	25,301	17,447
	Interest income	729	690
	Income before provision for income taxes
	and partner’s interest	26,030	18,137
	Partner's share of consolidated loss	133	-
	Provision for income taxes	8,372	6,075
Net Income:	Net income	$ 17,791	$ 12,062
	Earnings per share: Basic	$ 0.51	$ 0.36
	Earnings per share: Diluted	$ 0.49	$ 0.34
	Shares outstanding: Basic	34,775	33,812
	Shares outstanding: Diluted	36,437	35,520

IDEXX Laboratories, Inc. and Subsidiaries
Key Operating Ratios (Unaudited)

		Three Months Ended
		March 31, 2004	March 31, 2003
Key Operating Ratios (as a percentage of revenue):	Gross profit	50.3%	47.1%
	Sales, marketing, general and administrative expense	24.9%	24.4%
	Research and development expense	6.4%	6.7%
	Income from operations	19.0%	16.0%
International Revenue:	International revenue	31.3%	30.4%

 

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IDEXX Laboratories Announces First Quarter Results
April 19, 2004
Page 4 of 6

IDEXX Laboratories, Inc. and Subsidiaries
Segment Information
Amounts in thousands (Unaudited)

		Three Months Ended
		March 31, 2004		March 31, 2003
Revenue:	Companion Animal Group	$ 109,830		$ 88,188
	Water	11,854		10,068
	Food Diagnostics Group	11,733		10,991
	Total	$ 133,417		$ 109,247
Gross Profit:	Companion Animal Group	$ 52,076		$ 39,407
	Water	7,993		6,564
	Food Diagnostics Group	6,977		5,491
	Total	$ 67,046		$ 51,462
Income from Operations:	Companion Animal Group	$ 18,248		$ 12,687
	Water	5,055		4,113
	Food Diagnostics Group	2,923		1,445
	Other	(925	)	(798	)
	Total	$ 25,301		$ 17,447
Gross Profit (as a percentage of revenue):	Companion Animal Group	47.4%		44.7%
	Water	67.4%		65.2%
	Food Diagnostics Group	59.5%		50.0%
Income from Operations (as a percentage of revenue):	Companion Animal Group	16.6%		14.4%
	Water	42.6%		40.9%
	Food Diagnostics Group	24.9%		13.1%

 

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IDEXX Laboratories Announces First Quarter Results
April 19, 2004
Page 5 of 6

IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Balance Sheet
Amounts in thousands (Unaudited)

		March 31, 2004		December 31, 2003
Assets:	Current Assets:
	Cash and cash equivalents	$ 180,510		$ 186,717
	Short-term investments	28,911		33,988
	Accounts receivable, net	61,466		53,976
	Inventories	75,863		75,333
	Other current assets	20,128		20,575
	Total current assets	366,878		370,589
	Long-term investments	33,787		35,082
	Property and equipment - cost	117,586		112,023
	Less - accumulated depreciation	69,193		66,799
	Property and equipment, net	48,393		45,224
	Other long-term assets, net	74,027		70,980
	Total assets	$ 523,085		$ 521,875
Liabilities and Stockholders’ Equity:	Current Liabilities:
	Accounts payable	$ 14,848		$ 19,160
	Accrued expenses	63,592		72,807
	Notes payable	744		494
	Deferred revenue	8,252		8,275
	Total current liabilities	87,436		100,736
	Total long-term liabilities	8,051		7,061
	Partner's interest in subsidiary	653		786
	Stockholders’ Equity:
	Common stock	4,489		4,439
	Additional paid-in capital	399,004		383,249
	Deferred equity-based compensation	576		138
	Retained earnings	258,141		240,350
	Treasury stock, at cost	(241,545	)	(219,449	)
	Accumulated other comprehensive income	6,280		4,565
	Total stockholders’ equity	426,945		413,292
	Total liabilities and stockholders’ equity	$ 523,085		$ 521,875

IDEXX Laboratories, Inc. and Subsidiaries
Key Balance Sheet Statistics (Unaudited)

		March 31, 2004	December 31, 2003
Key Balance Sheet Statistics:	Days sales outstanding	39	38
	Inventory turns	1.9	1.9

 

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IDEXX Laboratories Announces First Quarter Results
April 19, 2004
Page 6 of 6

IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
Amounts in thousands (Unaudited)

		Three Months Ended
		March 31, 2004		March 31, 2003
Operating:	Cash Flows from Operating Activities:
	Net income	$ 17,791		$ 12,062
	Non-cash charges	11,663		5,567
	Changes in current assets and liabilities, net of      acquisitions and disposals	(18,786	)	11,915
	Net cash provided by operating activities	$ 10,668		$ 29,544
Investing:	Cash Flows from Investing Activities:
	Increase (decrease) in investments, net	6,418		(1,771	)
	Purchase of property and equipment, net	(6,003	)	(3,089	)
	Acquisition of businesses and intangible assets	(5,342	)	-
	Acquisition of equipment leased to customers	(466	)	(468	)
	Net cash used by investing activities	$ (5,393	)	$ (5,328	)
Financing:	Cash Flows from Financing Activities:
	Repayments of note payable	(254	)	-
	Purchase of treasury stock	(22,417	)	(9,257	)
	Proceeds from the exercise of stock options	11,005		4,745
	Net cash used by financing activities	$ (11,666	)	$ (4,512	)
	Net effect of exchange rate changes	184		(41	)
	Net increase (decrease) in cash and cash equivalents	(6,207	)	19,663
	Cash and cash equivalents, beginning of period	186,717		113,788
	Cash and cash equivalents, end of period	$ 180,510		$ 133,451

IDEXX Laboratories, Inc. and Subsidiaries
Free Cash Flow (Unaudited)

		Three Months Ended
		March 31, 2004		March 31, 2003
Free Cash Flow:	Net cash provided by operating activities	$ 10,668		$ 29,544
	Purchase of property and equipment	(6,003	)	(3,089	)
	Acquisition of equipment leased to customers	(466	)	(468	)
	Free cash flow	$ 4,199		$ 25,987
	Free cash flow indicates the cash generated from operations reduced by investments in capital and other long-term assets. Free cash flow excludes financing activities, investments in monetary securities, and business acquisitions and divestitures. We feel free cash flow is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring investments in fixed assets that are required to operate the business. We believe this is a common financial measure useful to further evaluate the results of operations.

 

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EX-99.1

Exhibit 99.1