Heska reports earnings growth in second quarter

By: Steve Monday August 13, 2012 Tags: CO, Dr. Robert Grieve, Heska Corporation, Loveland

LOVELAND - Heska Corporation (Nasdaq: HSKA) reported a five percent increase in consolidated revenue in the second quarter of 2012 compared to the same period one year ago.

The company reported $18.3 million in revenue for the quarter, up from $17.4 million in the second quarter of 2011.

Gross profit of $8 million was up from $7.5 million collected in the same quarter in 2011, the company said.

Heska said it completed the quarter with $7.6 million in cash with no debt and $19.2 million in working capital.

"In the second quarter of 2012, Heska grew its revenue and benefited from improvements in our strengthened and expanded sales force, which provides encouragement about the long-term growth potential for our company," said Dr. Robert Grieve, Heska's chairman and CEO.

"However, this progress was unable to fully offset the profitability impact of the anticipated revenue decline in our Other Vaccine, Pharmaceuticals and Products segment as well as increased sales and marketing expenses largely related to our recent investments in our sales force.

"We remain excited for the prospects of the new products we plan to launch in the coming year."

For more information, visit www.heska.com.