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Owens & Minor Reports Strong 2009 Financial Results

Posted by Dana in February 9th 2010

Owens & Minor (NYSE-OMI) reported financial results for the fourth quarter ended December 31, 2009, including quarterly revenue of $2.04 billion, increased 4.2% when compared to revenue of $1.96 billion in the fourth quarter of 2008. Income from continuing operations for the quarter improved 16.9% to $32.0 million, or $0.76 per diluted share, compared to $27.4 million, or $0.66 per diluted share, for the same period last year. Net income for the fourth quarter increased 60.1% to $32.3 million, or $0.77 per diluted share, when compared to net income of $20.2 million, or $0.49 per diluted share, in the fourth quarter of 2008.

2009 Full Year Results

For the year ended December 31, 2009, revenue was $8.04 billion, increased 11.0% from revenue of $7.24 billion in 2008. Income from continuing operations for the full year was $116.9 million, or $2.79 per diluted share, increased 15.4% compared to $101.3 million, or $2.44 per diluted share, in 2008. For 2009, net income increased 12.1% to $104.7 million, or $2.50 per diluted share, when compared to net income of $93.3 million, or $2.25 per diluted share, for the same period last year.

Results from discontinued operations reflect the January 2009 sale of certain assets of the company’s direct-to-consumer diabetes supply (DTC) business and losses resulting primarily from pre-tax charges associated with exiting the business. The loss from discontinued operations in 2009 was $12.2 million, or $0.29 per diluted share, compared to a loss in 2008 of $7.9 million, or $0.19 per diluted share. Results for 2009 and 2008 also reflect the impact of the October 2008 acquisition of certain assets and liabilities of The Burrows Company and the resulting transition of the business to Owens & Minor during 2009.