ST. LOUIS, Feb. 2, 2011 /PRNewswire/ -- Young Innovations, Inc. today announced record sales and earnings per share for the year ended December 31, 2010.
Sales for the fourth quarter of 2010 were $25.9 million, an increase of $1.3 million, or 5.4%, from the $24.5 million reported in the fourth quarter of 2009. Income from operations increased 6.3% to $5.8 million in the fourth quarter of 2010 from $5.5 million in the prior year quarter. Net income increased 6.8% to $3.8 million, compared with $3.5 million in the fourth quarter of 2009. Diluted earnings per share increased 7.1% in the fourth quarter of 2010 to $0.47 from $0.44 in the prior year quarter. Diluted earnings per share were affected by equity compensation expense of $0.03 and $0.04 for the quarters ended December 31, 2010 and 2009, respectively.
Sales for the year ended December 31, 2010 were $102.8 million, up 5.2% from $97.7 million in the prior year. Income from operations increased 6.9% to $23.0 million in 2010 from $21.5 million in the prior year. Net income for fiscal year 2010 was $14.9 million, up 10.8% from $13.5 million in the prior year. Diluted earnings per share were $1.86 for the twelve months ended December 31, 2010, an increase of 10.0% from $1.69 in 2009. Diluted earnings per share were affected by equity compensation expense of $0.14 in both 2010 and 2009.
We are once again pleased with the overall strength of our sales in the quarter. Increased demand for our diagnostic products as well as steady demand for our consumables products drove a solid overall increase in sales for the fourth quarter. A stronger U.S. dollar negatively impact sales by $130,000 during the fourth quarter and $257,000 for the full year 2010.
As previously announced, in addition to the quarterly cash dividend of $.04 per share, the Company issued a special, one-time, cash dividend of $1.00 per share in the fourth quarter of 2010. Our strong balance sheet enabled us to pay this dividend to our shareholders while still preserving significant capacity to invest in strategic growth opportunities as we ended the year with approximately $6 million in long-term debt.
We are pleased with our overall results for the year. We made continued progress in executing on the key elements of our strategy to drive internal growth through new product development, enhancing customer relationships and improving operating efficiencies. As a result, we believe the Company is well-positioned to capitalize on future growth opportunities.
The company also announced that on January 31, 2011 the Board of Directors declared a quarterly dividend of $0.04 per share, payable by the Company on March 15, 2011 to all shareholders on record on February 15, 2011.
A conference call has been scheduled for Thursday, February 3, 2010 at 11:00 a.m. Central Time and can be accessed through InterCall at http://tinyurl.com/Quarter42010 or on the Company's website, http://www.ydnt.com/.
Young Innovations develops, manufactures and markets supplies and equipment used by dentists, dental hygienists, dental assistants and consumers. The Company's consumables product offering includes disposable and metal prophy angles, prophy cups and brushes, dental micro-applicators, moisture control products, infection control products, dental handpieces (drills) and related components, endodontic systems, orthodontic toothbrushes, flavored examination gloves, children's toothbrushes, and children's toothpastes. In addition, the Company offers a line of diagnostic products that includes panoramic X-ray machines and related supplies. The Company believes it is a leading U.S. manufacturer or distributor of prophy angles and cups, liquid surface disinfectants, dental micro-applicators and obturation units designed for warm, vertical condensation.
Investors are cautioned that this press release as well as other reports and oral statements by Company officials may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions and which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. These statements are not guarantees of future performance and the Company makes no commitment to update or disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements. Because such statements involve risks and uncertainties, actual actions and strategies and the timing and expected results thereof may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those disclosed in the Company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
Young Innovations, Inc. Consolidated Statements of Income (In thousands, except earnings per share data) (Unaudited) (In Thousands USD) Three Months Ended December 31, 2010 2009 Change ---- ---- ------ Net Sales $25,860 $24,531 5.4% Cost of Goods Sold $11,678 10,903 7.1% ------- ------ Gross Profit $14,182 $13,628 4.1% % of Net Sales 54.8% 55.6% Selling, General and Administrative Expense $8,342 8,135 2.5% % of Net Sales 32.3% 33.2% Income from Operations 5,840 5,493 6.3% % of Net Sales 22.6% 22.4% Interest expense, net 59 158 Other (income) expense, net (21) 38 Income Before Taxes 5,802 5,297 9.5% Provision for Income Taxes 2,042 1,777 Net Income $3,760 $3,520 6.8% % of Net Sales 14.5% 14.3% Basic Earnings Per Share $0.47 $0.44 6.8% Basic Weighted Average Shares Outstanding 7,966 7,924 Earnings Per Share (Diluted) $0.47 $0.44 6.8% Diluted Weighted Average Shares Outstanding 8,036 8,059 (In Thousands USD) Twelve Months Ended December 31, 2010 2009 Change ---- ---- ------ Net Sales $102,842 $97,737 5.2% Cost of Goods Sold $45,681 43,166 5.8% ------- ------ Gross Profit $57,161 $54,571 4.7% % of Net Sales 55.6% 55.8% Selling, General and Administrative Expense $34,141 33,033 3.4% % of Net Sales 33.2% 33.8% Income from Operations 23,020 21,538 6.9% % of Net Sales 22.4% 22.0% Interest expense, net 322 665 Other (income) expense, net (107) 133 Income Before Taxes 22,805 20,740 10.0% Provision for Income Taxes 7,868 7,259 Net Income $14,937 $13,481 10.8% % of Net Sales 14.5% 13.8% Basic Earnings Per Share $1.87 $1.71 9.4% Basic Weighted Average Shares Outstanding 7,969 7,881 Earnings Per Share (Diluted) $1.86 $1.69 10.1% Diluted Weighted Average Shares Outstanding 8,037 7,966 Young Innovations, Inc. Consolidated Balance Sheet December 31, 2010 and December 31, 2009 (in thousands, except per share data) (Unaudited) December 31, December 31, Assets 2010 2009 ---- ---- Current assets Cash $741 $67 Accounts receivable, net 11,721 11,397 Inventories 17,260 14,816 Other current assets 4,861 4,849 ----- ----- Total current assets 34,583 31,129 ------ ------ Property, plant and equipment, net 33,162 33,668 Goodwill 80,289 80,374 Other intangible assets 11,579 12,097 Other assets 2,012 2,732 ----- ----- Total assets $161,625 $160,000 ======== ======== Liabilities and Equity Current liabilities Accounts payable and accrued liabilities $10,700 $8,377 ------- ------ Total current liabilities 10,700 8,377 ------ ----- Long-term debt 6,100 13,979 Long-term secured borrowing 56 550 Deferred income taxes 17,417 15,947 Other noncurrent liabilities 248 282 Total liabilities 34,521 39,135 ------ ------ Stockholders' equity Common stock 102 102 Additional paid-in capital 24,190 23,985 Retained earnings 151,458 145,756 Common stock in treasury, at cost (48,484) (49,090) Accumulated other comprehensive income (loss) (162) 112 ---- --- Total stockholders' equity 127,104 120,865 Total liabilities and stockholders' equity $161,625 $160,000 ======== ========
Young Innovations, Inc.
CONTACT: Alfred E. Brennan, Chairman & Chief Executive Officer, or
Arthur L. Herbst, Jr., President & Chief Financial Officer, both of Young
Innovations, Inc., +1-312-644-6400
Web Site: http://www.ydnt.com/
