MWI Veterinary Supply Inc. of Meridian, Idaho, reported net income of $8.8 million on revenue of $358.9 million for its fourth quarter ended Sept. 30, compared to net income of $6.6 million on revenue of $247.5 million in the year-ago period.
This represents a 45 percent growth in revenue for the quarter. Of the 45 percent increase, 19.2 percent was due to organic growth in the United States and 25.8 percent was related to the company’s acquisition of Centaur. Excluding the acquisition, revenue attributable to existing customers represented 40 percent of the growth in total revenue during the quarter, according to MWI Veterinary Supply.
Internet sales to independent veterinary practices and producers in the United States grew about 53 percent for the quarter compared to the year-ago period.
Product sales from the Internet as a percentage of sales in the United States improved to 35 percent for the quarter, compared to 32 percent in the year-ago period.
The company also noted that it added six field sales representatives and 12 telesales representatives in the United States during the quarter.
Year to date, MWI Veterinary Supply reported net income of $33.4 million on revenue of $1.2 billion, compared to net income of $24.9 million on revenue of $941.3 million in the year-ago period.
The company estimates that for the fiscal year ending Sept. 30, 2011, revenue will be from $1.41 billion to $1.46 billion, which represents growth of 15 percent to 19 percent compared to revenue in fiscal year 2010.