A recent corporate acquisition is paying off for Boise-based MWI Veterinary Supply.
The company said it made $16.8 million net income during the quarter that ended March 31, an 11 percent increase over the same time last year.
MWI bought Ivesco Holdings LLC, a major U.S. competitor in the veterinary-supply industry, for $67.5 million last November.
When it signed the papers, MWI expected the deal to bring in an additional $400 million a year in revenues.
For the second quarter, Ivesco was responsible for $120 million in additional revenues.
Total revenues of $721.3 million for the quarter were 28 percent higher year-over-year. Without the new revenues from Ivesco, MWI's revenues would have been 8 percent higher year-over-year.
The company's top performers included Internet sales to independent veterinary businesses in the U.S., diagnostics and pharmacy. In those areas, year-over-year sales or revenue growth ranged from 16 percent to 25 percent.
"Our results for the quarter were impressive in spite of the severe winter weather conditions that impacted our operations and sales," said Jim Cleary, president and CEO. "Our revenue growth was strong and we are very pleased with the tremendous progress our combined team has made towards integrating Ivesco."