Internet sales to veterinarians, more pharmacy demand and the addition of a beef business helped Boise's MWI Veterinary Supply pull in revenue of $551.4 million during its fourth quarter. That was a 30.9 percent jump over the same time last year.
The veterinary distribution company, which has warehouses around the country, projects about $2.29 billion to $2.34 billion in total revenues for its current fiscal year. That is 10.1 percent to 12.5 percent higher than its $2.08 billion revenues for fiscal 2012, which ended Sept. 30.
The 2012 fiscal year's revenues were about one-third higher than the prior fiscal year's, in part because MWI bought a cattle-feeding and beef-management company.
"This past fiscal year brought many new changes to our company, including the acquisition of Micro [Beef Technologies Ltd.], and we look forward to additional progress in fiscal year 2013 for our company and team members," said Jim Cleary, president and chief executive officer.
Highlights for the company's latest quarter, ended Sept. 30, include:
Æ Revenue growth of 13.8 percent in the U.S. and 21 percent in the United Kingdom, without considering the impact of the Micro Beef Technologies acquisition, which happened Oct. 31, 2011.
Æ Internet sales to independent vet practices and producers in the U.S. went up by 29.1 percent for the quarter.
Æ Vet pharmacy program revenues were 36 percent higher, or about $52.6 million
Æ Operating income and net income were both about 26 percent higher than the same quarter in 2011
Æ The company added 90 new salespeople 50 of whom came with the Micro Beef Technologies acquisition to bring its total number of U.S. field salespeople to 316 and telephone salespeople to 168.