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Vca Antech, Inc. has a market cap of $1.62 billion; its shares were traded at around $18.66 with a P/E ratio of 13.9 and P/S ratio of 1.1. Vca Antech, Inc. had an annual average earning growth of 7.9% over the past 10 years.
Highlight of Business Operations:During the three and six months ended June 30, 2012, we achieved an increase in consolidated revenue primarily from acquired animal hospitals and other acquired businesses, as well as, organic growth in our animal hospital and laboratory businesses. Our Animal Hospital same-store revenue increased 0.2% for the three months ended June 30, 2012 and our Animal Hospital same-store revenue, adjusted for one additional business day, increased 1.2% for the six months ended June 30, 2012. Our Laboratory internal revenue increased 2.6% and 3.8% for the three and six months ended June 30, 2012, respectively. Our
Consolidated gross profit increased $3.8 million for the three months ended June 30, 2012 and $17.4 million for the six months ended June 30, 2012, as compared to the same periods in the prior year. The increases were primarily due to gross profit from acquisitions and and internal revenue growth in our Laboratory segment. Excluding acquisitions, gross profit declined $3.2 million or 1.8%, for the six months ended June 30, 2012 primarily due to decreased margins in our Animal Hospital segment, which resulted from increased labor and other costs combined with a $3.1 million adjustment to depreciation expense related to acquired capital leases.
Our Laboratory gross margin increased to 48.8% and 48.3% for the three and six months ended June 30, 2012, respectively, as compared to 48.2% and 47.2% in the prior-year periods. The increase in gross margin was primarily due to leverage related to the increase in revenue mentioned above. Specifically, salaries and related expenses and medical supply costs increased at a lesser rate compared to increased revenue.
Net cash provided by operating activities decreased $7.0 million in the six months ended June 30, 2012, as compared to the prior-year period. Operating cash flow for the six months ended June 30, 2012 included $72.1 million of net income, net non-cash expenses of $52.5 million and net cash used as a result of changes in operating assets and liabilities of $15.9 million. The changes in operating assets and liabilities included a $6.9 million increase in accounts receivable, a $5.8 million increase in inventory, prepaid expenses and other assets, a $1.8 million decrease in accounts payable and accrued liabilities, a $2.5 million increase in prepaid income taxes, partially offset by a $1.1 million increase in accrued payroll and related liabilities. The increase in accounts receivable was primarily due to an increase in net revenue. The increase in inventory, prepaid expenses and other assets was primarily a result of an increase in lease receivables, as a result of entering into additional contracts with clients. The decrease in accounts payable and accrued liabilities, the increase in prepaid income taxes and the increase in accrued payroll and related liabilities were all a result of timing of payment obligations.
Cash provided by operating activities of $115.6 million for the six months ended June 30, 2011 consisted of $70.6 million of net income, net non-cash expenses of $42.1 million and net cash provided, as a result of changes in operating assets and liabilities of $2.9 million. The changes in operating assets and liabilities primarily included a $16.0 million increase in accrued payroll and related liabilities, and a $7.9 million decrease in prepaid income taxes, offset by a $8.0 million decrease in accounts payable and accrued liabilities, a $7.8 million increase in trade accounts receivable and a $5.2 million increase in inventory, prepaid expenses and other assets. The increase in accrued payroll and related liabilities, the decrease in prepaid income taxes and the decrease in accounts payable and accrued liabilities were all a result of timing of payment obligations. The increase in trade accounts receivable was primarily due to an increase in net revenue.
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