-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WjziPS5GyKWvfm9YGb7hLZhFuFPon8DDL9AtJ28s6eECcOspqNnPoovs+qD99Q1y JU1sm8/YIJ3bJmyGiu71mA== 0001157523-08-000872.txt : 20080204 0001157523-08-000872.hdr.sgml : 20080204 20080204172842 ACCESSION NUMBER: 0001157523-08-000872 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080204 DATE AS OF CHANGE: 20080204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VCA ANTECH INC CENTRAL INDEX KEY: 0000817366 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 954097995 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16783 FILM NUMBER: 08573377 BUSINESS ADDRESS: STREET 1: 12401 WEST OLYMPIC BOULEVARD CITY: LOS ANGELES STATE: CA ZIP: 90064-1022 BUSINESS PHONE: 310-584-65 MAIL ADDRESS: STREET 1: 12401 WEST OLYMPIC BOULEVARD CITY: LOS ANGELES STATE: CA ZIP: 90064-1022 FORMER COMPANY: FORMER CONFORMED NAME: VETERINARY CENTERS OF AMERICA INC DATE OF NAME CHANGE: 19940328 8-K 1 a5601853.htm VCA ANTECH, INC. 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
______________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report: February 4, 2008
(Date of earliest event reported)

VCA ANTECH, INC.
(Exact name of registrant as specified in its charter)

Delaware

001-16783

95-4097995

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

12401 West Olympic Boulevard
Los Angeles, California 90064-1022

(Address of Principal Executive Offices)

(310) 571-6500
Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 4, 2008, VCA Antech, Inc. issued a press release which included preliminary results for the fourth quarter and year ended December 31, 2007. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

ITEM 8.01     OTHER EVENTS.

On February 4, 2008, VCA Antech, Inc. issued a press release which included financial guidance for 2008. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS.

(d)       Exhibits

EXHIBIT NO.         DESCRIPTION

99.1      Press Release: "VCA Antech, Inc. Reports Preliminary Fourth Quarter and Annual 2007 Results and Provides Financial Guidance for 2008"



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

VCA Antech, Inc.

(Registrant)
 
Date: February 4, 2008 By:

/s/ Tomas W. Fuller

Name:

Tomas W. Fuller

Title:

Chief Financial Officer


EXHIBIT INDEX

Exhibit Number

Description

99.1

Press Release: “VCA Antech, Inc. Reports Preliminary Fourth Quarter and Annual 2007 Results and Provides Financial Guidance for 2008”

EX-99.1 2 a5601853ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

VCA Antech, Inc. Reports Preliminary Fourth Quarter and Annual 2007 Results and Provides Financial Guidance for 2008

LOS ANGELES--(BUSINESS WIRE)--VCA Antech, Inc. (NASDAQ:WOOF), a leading animal healthcare company in the United States, reports preliminary financial results for the quarter and year ended December 31, 2007 and provides financial guidance for 2008.

Our results for 2007 will be as follows:

  • Revenue of $1.16 billion for fiscal year 2007 and $284 million for the fourth quarter of 2007;
  • Diluted earnings per common share from $1.40 to $1.41 for fiscal year 2007 and from $0.28 to $0.29 for the fourth quarter of 2007.

Our 2007 results for the fiscal year and fourth quarter include an after-tax benefit of $2.2 million, or $0.03 per diluted common share, related to a decrease in our estimated workers compensation liability for policy periods prior to 2007.

Bob Antin, Chairman and CEO, stated, “The company had a very good year in 2007 with annual consolidated revenue increasing over 17% to $1.16 billion. During 2007, each of our business segments continued to grow through solid organic growth and our successful animal hospital acquisition program. In addition to the acquisition of Healthy Pet Corp. that comprised 42 animal hospitals with annual revenues of approximately $80.0 million, we acquired 29 individual animal hospitals with annual revenue of over $57.0 million. For the year, animal hospital same-store revenue growth was 5.2% and laboratory internal revenue growth was 13.5%.

“We believe that, historically, the animal healthcare industry and our business have been relatively resistant to changes in the general economy, but not immune to them. However, the fourth quarter results appear to indicate that we were marginally impacted by the uncertainty in the economy. In addition, the timing of the Christmas and New Year holidays, the California fires, the weather and competition also had an adverse impact on our results. As a result of these factors, during the fourth quarter, and particularly the second half of the quarter, our internal revenue growth slowed. Animal hospital same-store revenue growth for the fourth quarter of 2007 was 2.5% and laboratory internal revenue growth was 9.1%.

“Our animal hospital and laboratory operating margins for the fourth quarter of 2007 will be approximately 13.1% to 13.3% and 38.6% to 38.8%, respectively. Our animal hospital and laboratory operating margins were favorably impacted by approximately 1.3% and 0.9%, respectively, as a result of the decrease in our estimated workers compensation liability discussed above.

“Although it is apparent that the economy during the past several months has marginally impacted our growth rates, we remain optimistic of our long-term outlook and favorable trends in the animal healthcare industry.

“We continue to invest in the U.S. animal healthcare industry and we are very excited about our recent investment in Canada. Our acquisition program is off to a great start in 2008 with the acquisition of 10 domestic animal hospitals with annual revenue of $24.7 million. We recently made our first investment in the animal hospital industry outside the Unites States with a minority investment in Associated Veterinary Clinics (“AVC”) located in Calgary, Canada. AVC’s outstanding management team has established AVC as a leading operator of animal hospitals located in Canada, operating 21 hospitals.”

In 2008, we plan to continue our growth strategy by capitalizing on our leading market position to generate revenue growth and through animal hospital acquisitions. Our financial guidance for 2008 is as follows:

  • Revenue from $1.30 billion to $1.33 billion;
  • Laboratory internal revenue growth to a range from 8% to 10%;
  • Animal hospital same-store revenue growth to a range from 3% to 5%;
  • Animal hospital acquired revenue from $50.0 million to $60.0 million;
  • Net income from $135.0 million to $139.0 million; and
  • Diluted earnings per common share from $1.55 to $1.60.

Our revenue guidance for 2008 represents a 13% to 15% increase from 2007, with acquisitions contributing approximately 8% to 9% and organic growth contributing 5% to 6%. Our organic growth assumptions take into account the higher volumes we experienced in 2007 related to the tainted pet food scare and our current assessment of the impact of trends in the economy.

Our discussion of 2007 results is based on preliminary, unaudited results, which are subject to audit adjustments. We expect to announce final results on February 21, 2008. We will discuss our company’s fourth quarter and annual 2007 financial results and our 2008 financial guidance during a conference call on February 21, 2008 at 4:30 p.m. Eastern Time. You can access a live broadcast of the call by visiting our website at http://investor.vcaantech.com. You can also access the call via telephone by dialing (877) 675-4753. Interested parties should call at least 10 minutes prior to the start of the call to register.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our financial guidance for fiscal year 2008. Actual results may and likely will differ materially from the guidance provided in this release. Among the important factors that could cause actual results to differ are: a material adverse change in our financial condition or operations; the impact of adverse trends in the general economy on the rate of our laboratory internal revenue growth and animal hospital same-store revenue growth; the level of direct costs and our ability to maintain revenue at a level necessary to maintain expected operating margins; the level of selling, general and administrative costs; the effects of our recent acquisitions (including Healthy Pet Corp.) and our ability to effectively manage our growth and achieve operating synergies; a decline in demand for some of our products and services; any disruption in our information technology systems or transportation networks; the effects of competition; any impairment in the carrying value of our goodwill and other intangible assets; changes in prevailing interest rates; our ability to service our debt; and general economic conditions. These and other risk factors are discussed in our Report on Form 10-K for the year ended December 31, 2006, and our Report on Form 10-Q for the quarter ended September 30, 2007, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.

We own, operate and manage the largest networks of freestanding veterinary hospitals and veterinary-exclusive clinical laboratories in the country, and we supply diagnostic imaging equipment to the veterinary industry.

CONTACT:
VCA Antech, Inc.
Tom Fuller, Chief Financial Officer
310-571-6505

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