Attached files
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| 8-K - JULY 20, 2011 - YOUNG INNOVATIONS INC | y48794_8k072011.htm |
| EX-99.2 - JULY 20, 2011 PRESS RELEASE - YOUNG INNOVATIONS INC | y48794_x992.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contacts:
Alfred E. Brennan, Chairman & Chief Executive Officer
Arthur L. Herbst, Jr., President & Chief Financial Officer
(312) 644-6400
Young Innovations, Inc. Announces Record Sales and EPS for the Quarter and Six-Months Ended June 30, 2011
St. Louis, MO., July 20, 2011 – Young Innovations, Inc. (NASDAQ – YDNT) today announced record sales and earnings per share for the second quarter and the six-months ended June 30, 2011.
Sales for the second quarter of 2011 were $27.3 million, an increase of 6.0% over the $25.8 million reported for the second quarter of 2010. Income from operations increased 9.0% to $6.2 million from $5.7 million in the prior year. Net income for the second quarter increased 9.1% to $4.0 million from $3.7 million for the second quarter of 2010. Diluted earnings per share for the second quarter of 2011 were $0.50, an increase of 8.7% over the $0.46 reported in the prior year quarter.
For the six months ended June 30, 2011, sales were $53.4 million, increasing 5.5% from the $50.6 million reported in the prior year period. Income from operations increased 7.8% to $12.0 million from $11.1 million in the prior year six-month period. Net income was $8.0 million, increasing 10.7% from $7.3 million in the prior year six-month period. Diluted earnings per share were $1.00 for the six months ended June 30, 2011, an increase of 11.1% from $0.90 in the same period of 2010.
We are encouraged by the Company’s sales performance in the quarter. Strong growth of our diagnostic product line and healthy gains for our consumables products drove a solid overall increase for the second quarter. In addition, a weaker US dollar positively impacted sales by approximately $226,000.
During the second quarter, we refocused certain marketing strategies and further utilized our customer relationship management tools to better reach new and existing customers. We made significant progress in new product development across multiple product lines. We invested in new capital equipment and continued to redesign key processes in order to improve operating efficiencies.
We are pleased overall by our performance for the second quarter. The organization continues to develop and strengthen as we head into the second half of the year. Having
paid off all remaining long-term debt, we feel we are well positioned to take advantage of long-term strategic growth opportunities.
A conference call has been scheduled for Thursday, July 21, 2011 at 10:00 A.M. Central Time and can be accessed through InterCall at http://tinyurl.com/YI-Quarter22011 or the Company’s website, www.ydnt.com.
Young Innovations develops, manufactures and markets supplies and equipment used by dentists, dental hygienists, dental assistants and consumers. The Company's consumables product offering includes disposable and metal prophy angles, prophy cups and brushes, dental micro-applicators, moisture control products, infection control products, dental handpieces (drills) and related components, endodontic systems, orthodontic toothbrushes, flavored examination gloves, children's toothbrushes, and children's toothpastes. In addition, the Company offers a line of diagnostic products that includes panoramic X-ray machines and related supplies. The Company believes it is a leading U.S. manufacturer or distributor of prophy angles and cups, liquid surface disinfectants, dental micro-applicators and obturation units designed for warm, vertical condensation.
Investors are cautioned that this press release as well as other reports and oral statements by Company officials may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions and which include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” or similar expressions. These statements are not guarantees of future performance and the Company makes no commitment to update or disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements. Because such statements involve risks and uncertainties, actual actions and strategies and the timing and expected results thereof may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those disclosed in the Company’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
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Young Innovactions, Inc.
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Consolidated Balance Sheet
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June 30, 2011 and December 31, 2010
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(In Thousands USD)
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(Unaudited)
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June 30
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December 31
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Assets
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2011
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2010
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Current assets
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Cash
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$ | 1,100 | $ | 741 | ||||
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Accounts receivable, net
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13,255 | 11,721 | ||||||
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Inventories
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16,773 | 17,260 | ||||||
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Other current assets
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4,662 | 4,861 | ||||||
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Total current assets
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35,790 | 34,583 | ||||||
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Property, plant and equipment, net
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32,610 | 33,162 | ||||||
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Goodwill
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80,378 | 80,289 | ||||||
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Intangible assets
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11,333 | 11,579 | ||||||
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Other assets
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1,553 | 2,012 | ||||||
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Total assets
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$ | 161,664 | $ | 161,625 | ||||
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Liabilities and Equity
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Current liabilities
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Accounts payable and accrued liabilities
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$ | 9,372 | $ | 10,700 | ||||
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Total current liabilities
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9,372 | 10,700 | ||||||
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Long-term debt
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- | 6,100 | ||||||
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Long-term secured borrowing
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53 | 56 | ||||||
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Deferred income taxes
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17,460 | 17,417 | ||||||
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Other noncurrent liabilities
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244 | 248 | ||||||
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Total liabilities
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27,129 | 34,521 | ||||||
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Stockholders' equity
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Common stock
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102 | 102 | ||||||
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Additional paid-in capital
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23,994 | 24,190 | ||||||
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Retained earnings
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158,826 | 151,458 | ||||||
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Common stock in treasury, at cost
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(48,454 | ) | (48,484 | ) | ||||
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Accumulated other comprehensive income
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67 | (162 | ) | |||||
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Total stockholders' equity
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134,535 | 127,104 | ||||||
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Total liabilities and stockholders' equity
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$ | 161,664 | $ | 161,625 | ||||
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Young Innovations, Inc.
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Consolidated Statements of Income
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(In thousands, except earnings per share data)
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(Unaudited)
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(In Thousands USD)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2011
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2010
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Change
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2011
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2010
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Change
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Net Sales
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$ | 27,326 | $ | 25,778 | 6.0 | % | $ | 53,351 | $ | 50,559 | 5.5 | % | ||||||||||||
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Cost of Goods Sold
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$ | 12,178 | $ | 11,182 | 8.9 | % | $ | 23,740 | $ | 22,161 | 7.1 | % | ||||||||||||
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Gross Profit
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$ | 15,148 | $ | 14,596 | 3.8 | % | $ | 29,611 | $ | 28,398 | 4.3 | % | ||||||||||||
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% of Net Sales
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55.4 | % | 56.6 | % | 55.5 | % | 56.2 | % | ||||||||||||||||
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Selling, General and Administrative Expense
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$ | 8,945 | $ | 8,903 | 0.5 | % | $ | 17,641 | $ | 17,298 | 2.0 | % | ||||||||||||
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% of Net Sales
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32.7 | % | 34.5 | % | 33.1 | % | 34.2 | % | ||||||||||||||||
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Income from Operations
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6,203 | 5,693 | 9.0 | % | 11,970 | 11,100 | 7.8 | % | ||||||||||||||||
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% of Net Sales
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22.7 | % | 22.1 | % | 22.4 | % | 22.0 | % | ||||||||||||||||
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Interest expense, net
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(54 | ) | (82 | ) | (128 | ) | (183 | ) | ||||||||||||||||
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Other income (expense), net
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34 | 65 | 468 | 148 | ||||||||||||||||||||
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Income Before Taxes
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6,183 | 5,676 | 8.9 | % | 12,310 | 11,065 | 11.3 | % | ||||||||||||||||
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Provision for Income Taxes
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2,146 | 1,975 | 4,273 | 3,807 | ||||||||||||||||||||
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Net Income
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$ | 4,037 | $ | 3,701 | 9.1 | % | $ | 8,037 | $ | 7,258 | 10.7 | % | ||||||||||||
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% of Net Sales
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14.8 | % | 14.4 | % | 15.1 | % | 14.4 | % | ||||||||||||||||
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Basic Earnings Per Share
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$ | 0.50 | $ | 0.46 | 8.7 | % | $ | 1.00 | $ | 0.91 | 9.9 | % | ||||||||||||
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Basic Weighted Average Shares Outstanding
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8,012 | 7,971 | 8,011 | 7,978 | ||||||||||||||||||||
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Earnings Per Share (Diluted)
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$ | 0.50 | $ | 0.46 | 8.7 | % | $ | 1.00 | $ | 0.90 | 11.1 | % | ||||||||||||
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Diluted Weighted Average Shares Outstanding
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8,064 | 8,039 | 8,069 | 8,050 | ||||||||||||||||||||