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Cooper Cos. posts lower 2Q profit on charges

Thu, 06/03/2010 - 2:10pm
The Associated Press

Eye care and surgical product maker Cooper Cos. said Thursday that its net income fell sharply in its fiscal second quarter on a legal settlement and other one-time charges.

For the three months ending April 30, the company earned $4.5 million, or 10 cents per share, compared with $24.6 million, or 54 cents per share, in the year-ago period.

During the latest quarter, Cooper recorded a $27 million charge related to the settlement of a class-action securities lawsuit. Other one-time costs included restructuring costs related to the closure of a manufacturing plant and acquisitions by one of the company's units.

Excluding one-time charges, the company earned 61 cents per share. By that measure, the performance met the average expectations of analysts polled by Thomson Reuters.

The company said quarterly revenue was $289.3 million, up 11 percent from $260.6 million the same period in 2009. Analysts expected revenue of $275.4 million.

Selling, general and administrative expenses rose 19 percent to $111.3 million from $93.7 million.

Shares of Cooper Cos. rose 83 cents, or 2.2 percent, to close at $37.96.

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