Cooper Companies, Inc. (The) (COO)

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The Cooper Companies, Inc. (TLB)

F4Q09 Earnings Call

December 8, 2009 10:00 am ET


Kim Duncan – Director of Investor Relations

Robert S. Weiss – President and Chief Executive Officer

Eugene Midlock – Senior Vice President and Chief Financial Officer

Albert White, III – Vice President Investor Relations and Treasurer


Michael Weinstein

Jeff Johnson

Larry Biegelsen

Steve Willoughby

Larry Keusch

Chris Cooley

[Josh Jennings] for Peter Bye

Amit Bhalla



Good day, ladies and gentlemen, and welcome to the Cooper Companies fourth quarter and full year 2009 earnings conference call. My name is [Chris] and I’ll be your operator for today. (Operator Instructions)

I would now like to hand the call over to our host for today, Miss Kim Duncan. Please proceed.

Kim Duncan

Good afternoon and welcome to the Cooper Companies fourth quarter and full year 2009 earnings conference call. I’m Kim Duncan, Director of Investor Relations, and joining me on today’s call are Bob Weiss, President and Chief Executive Officer; Gene Midlock, Senior Vice President and Chief Financial Officer; and Al White, Vice President Investor Relations and Treasurer.

Before we get started, I’d like to remind you that this conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including all revenue and earnings per share guidance and other statements regarding anticipated results of operations, market conditions and manufacturing restructuring plans. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Events that could cause our actual results and future actions of the company to differ materially from those described in forward-looking statements are set forth under the caption “Forward Looking Statements” in today’s earnings release, and are described in our SEC filings including the business section of Cooper’s annual report on Form 10-K. These are publicly available and are on request from the company’s Investor Relations department.

Now, before I turn the call over to Bob Weiss, let me comment on the agenda for the call. Bob will begin by providing some highlights on the quarter and fiscal year and then get into some specific details including new products, the market, our strategy and guidance. Following Bob’s remarks, Gene Midlock will comment on the fourth quarter and full year financial results and provide some additional guidance. We will then open up the call for questions.

We will keep the formal presentation to roughly 30 minutes of prepared remarks, followed by 30 minutes of Q&A, so the call will last a total of one hour. We request that anyone asking questions please limit yourself to only one question so we may get to as many callers as possible. Should you have any additional questions following the call, please call our Investor line at 925-460-3663. That’s 925-460-3663, and we’ll get back to you as soon as possible.

As a reminder, this call is being recorded and a copy of the press release is available on our website at under Investor Relations.

And with that I’ll turn the call over to Bob for his opening remarks.

Robert S. Weiss

Thank you, Kim, and good afternoon, good evening everyone. Q4 highlights, obviously we finished fiscal year 2009 very solid. We had a solid quarter and a solid fiscal year.

For the quarter, we generated $58.5 million of free cash flow, we de-levered to 34% debt to total capitalization, we delivered $283 million of revenue, up 6%, 4% in constant currency. Our earnings per share was $0.66 GAAP and $0.67 non-GAAP. This brought our fiscal year 2009 results to a record $1.080 billion in revenue, up 3%, 4% in constant currency, with GAAP earnings per share to $2.21 and non-GAAP which excludes the plant shutdown projects to $2.29. And yes, this was done with accruing bonuses in the fourth quarter of approximately $0.08 per share.

In the middle of delivering the solid earnings we generated $129 million of free cash flow, allowing us to de-leverage our balance sheet from debt to cap that began the year at 39% and finished below 34%. The end result is this was a great year at Cooper in what was not the best economy. The key takeaways for the year, yes, we had a solid quarter and a solid fiscal year; we delivered on our objective to gain share in the $6 billion soft contact lens industry; we delivered on our objective to transition to a cash generator from a cash consumer; we delivered on our objective to execute new product rollouts; likewise we delivered on our objective to set the stage for sustained growth going forward, and also to demonstrate that Cooper search goal is a franchise worth investing in.

Our new products are driving our growth, our emerging silicone hydrogel portfolio is delivering for the quarter. We had $40 million in silicone hydrogel revenue, up 117% versus the prior year and this brings its run rate to $160 million. For the fiscal year our silicone hydrogel sales exceeded $112 million, more than 2X the prior year. While our silicone hydrogel was doing well, our Proclear family of products put up some solid numbers at $70 million in the quarter, up 14%, and $258 million for the fiscal year, up 15% in constant currency.

Geographically our plan to grow more rapidly in Asia Pac is on track for the quarter. In constant currency Asia Pac was up 4% compared to an industry that was down 1%. Europe was up 9%, Americas was up 3% and worldwide we were up 5% in constant currency.

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