MWI stock soars after posting solid fourth-quarter performance

Meridian, ID

-- MWI's stock shot up 28 percent today in trading after the veterinary distributor announced 14 percent growth in fourth-quarter revenues over the same period last year.

Internet sales to veterinarians and producers grew by 42 percent in Q4 over last year, the company reports.

"We had 14 percent growth in revenues, 26 percent growth in net income, 42 percent growth in internet sales, and we finished the quarter with excellent liquidity and no borrowings on our $70 million credit line," says MWI president and CEO Jim Cleary, in a prepared statement just prior to its shareholder conference call at 11 a.m. today.

The company notes these highlights:

• Revenues were $231.8 million for the quarter, 14 percent higher than revenues for the same period in the prior fiscal year.

• Net income was $5.9 million for the quarter, 26.6 percent higher than net income for the same period in the prior fiscal year. Diluted earnings per share were $0.48 for the quarter, compared to $0.38 for the same period in the prior fiscal year.

• Selling, general and administrative expenses as a percentage of revenues were 10.0 percent for the quarter, compared to 10.5 percent for the same period in the prior fiscal year.

• Internet sales to independent veterinary practices and producers grew by approximately 42 percent for the quarter compared to the same period in the prior fiscal year. "Our product sales from the Internet as a percentage of sales improved to 27 percent for the quarter as compared to 24 percent for the same period in the prior fiscal year."

• MWI doubled the capacity of its Dallas distribution center by moving to a larger facility with 70,000 square feet in November 2008.

• The company completed the quarter without borrowings on its $70 million credit line, and a cash balance of $786,000.

The company's stock was trading on NASDAQ at $27.81 a share ( up by more than 28 percent) just before the closing bell.