http://www.morningstar.com/earnings/49425468-cooper-companies-coo-q1-2013.aspx

Cooper Companies COO
Q1 2013 Earnings Call Transcript

Transcript Call Date 03/07/2013

Operator: Good day ladies and gentlemen and welcome to the First Quarter 2013 The Cooper Companies' Inc. Earnings Conference Call. My name is Cheverly, and I will be your conference operator for today.

At this time, all participants are in a listen-only mode. Later we will be conducting a question-and-answer session. Today's event is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Ms. Kim Duncan, Senior Director of Investor Relations. Please go ahead.

Kim Duncan - Senior Director, IR: Good afternoon, and welcome to The Cooper Companies' first quarter 2011 earnings conference call. I'm Kim Duncan, Senior Director of Investor Relations, and joining me on today's call are Bob Weiss, Chief Executive Officer; Greg Matz, Chief Financial Officer, and Al White, Chief Strategic Officer.

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 integration of any acquisitions.

Forward-looking statements 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 the 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 business section of Cooper's Annual Report on Form 10-K. These are publicly available and on request from the Company's Investor Relations department.

Now, before I turn the call over to Bob, let me comment on the agenda for the call. Bob will begin by providing some highlights on the quarter, followed by Greg, who will then discuss first quarter financial results. We will keep the formal presentation to roughly 30 minutes, then open the call for questions. We expect the call to last approximately one hour.

We request that anyone asking questions please limit yourself to one question. Should you have any additional questions, please call our Investor line at 925-460-3663 or email ir@cooperco.com. As a reminder, this call is being webcast and a copy of the earnings release is available through the Investor Relations section of the Cooper Companies' website.

With that, I'll turn the call over to Bob for his opening remarks.

Robert S. Weiss - President and CEO: Thank you, Kim. Good afternoon and evening to everyone. Another solid quarter, with a good start to the New Year topline growth of 16%, 11% in organic constant currency, GAAP earnings per was $1.50, up 34%, which includes $14 million of business interruption. Non-GAAP EPS was $1.23, up $0.11 or 10% and our free cash flow was $19.2 million for the quarter and that brings our trailing 12 months free cash flow to $226 million.

Some highlights and key events; during the quarter, we successfully amended CIBA Alcon royalty agreement giving updated guidance factoring in investments and some foreign exchange or the yen if you will through December 21, 2012. We also successfully concluded our business interruption insurance process receiving another $14 million in payments. While the stock market sputtered to begin the New Year, we effected the repurchase of 450,000 of our own shares using $44 million of cash.

Read our Earnings Call Transcript disclaimer.
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