Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Jul. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
AmendmentFlag | 'false | ' |
DocumentFiscalPeriodFocus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
EntityCentralIndexKey | '0001323974 | ' |
Trading Symbol | 'mwiv | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Registrant Name | 'MWI Veterinary Supply, Inc. | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' |
Entity Common Stock Shares Outstanding | ' | 12,858,979 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Product sales | $757,918 | $586,442 | $2,119,253 | $1,677,134 |
Product sales to related party | 14,569 | 15,229 | 52,056 | 51,034 |
Commissions | 5,961 | 4,772 | 15,670 | 14,237 |
Total revenues | 778,448 | 606,443 | 2,186,979 | 1,742,405 |
Cost of product sales | 680,973 | 528,932 | 1,909,356 | 1,513,286 |
Gross profit | 97,475 | 77,511 | 277,623 | 229,119 |
Selling, general and administrative expenses | 63,162 | 48,432 | 179,958 | 143,820 |
Depreciation and amortization | 2,984 | 2,545 | 8,699 | 7,450 |
Operating income | 31,329 | 26,534 | 88,966 | 77,849 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -361 | -173 | -956 | -599 |
Earnings of equity method investees | 75 | 75 | 261 | 253 |
Other | 195 | 154 | 548 | 567 |
Total other income (expense), net | -91 | 56 | -147 | 221 |
Income before taxes | 31,238 | 26,590 | 88,819 | 78,070 |
Income tax expense | -11,873 | -9,809 | -34,238 | -29,438 |
Net income | $19,365 | $16,781 | $54,581 | $48,632 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' |
Basic | $1.52 | $1.32 | $4.29 | $3.84 |
Diluted | $1.52 | $1.32 | $4.28 | $3.83 |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 12,718 | 12,679 | 12,712 | 12,672 |
Weighted Average Number of Shares Outstanding, Diluted | 12,744 | 12,713 | 12,745 | 12,705 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $19,365 | $16,781 | $54,581 | $48,632 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Foreign currency translation | 1,587 | 135 | 3,613 | -3,381 |
Total comprehensive income | $20,952 | $16,916 | $58,194 | $45,251 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $2,644 | $953 |
Receivables, net | 384,987 | 307,445 |
Inventories | 374,141 | 326,093 |
Prepaid expenses and other current assets | 3,883 | 6,004 |
Deferred income taxes | 3,957 | 2,327 |
Total current assets | 769,612 | 642,822 |
Property and equipment, net | 49,661 | 39,183 |
Goodwill | 72,885 | 71,150 |
Intangibles, net | 42,716 | 40,490 |
Other assets, net | 10,441 | 8,910 |
Total assets | 945,315 | 802,555 |
Current Liabilities: | ' | ' |
Credit facilities | 55,100 | 18,801 |
Accounts payable | 358,430 | 324,057 |
Accrued expenses and other current liabilities | 30,131 | 21,816 |
Current portion of capital lease obligations | 12 | 103 |
Total current liabilities | 443,673 | 364,777 |
Deferred income taxes | 10,349 | 9,321 |
Long-term portion of capital lease obligations | ' | 16 |
Other long-term liabilities | 2,117 | 2,122 |
Commitments and contingencies | ' | ' |
Stockholders Equity | ' | ' |
Common stock $0.01 par value, 40,000 authorized; 12,859 and 12,848 shares issued and outstanding, respectively | 129 | 128 |
Additional paid in capital | 153,121 | 148,459 |
Retained earnings | 330,395 | 275,814 |
Accumulated other comprehensive income | 5,531 | 1,918 |
Total stockholders’ equity | 489,176 | 426,319 |
Total liabilities and stockholders’ equity | $945,315 | $802,555 |
Statement_of_Financial_Positio
Statement of Financial Position (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common Stock Par Value | $0.01 | $0.01 |
Common Stock shares authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares Issued | 12,859,000 | 12,848,000 |
Common Stock Shares Outstanding | 12,859,000 | 12,848,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $54,581 | $48,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 8,714 | 7,466 |
Amortization of debt issuance costs | 29 | 29 |
Stock-based compensation | 3,992 | 2,760 |
Deferred income taxes | -731 | 404 |
Earnings of equity method investees | -261 | -253 |
Proceeds from Equity Method Investment, Dividends or Distributions | 337 | ' |
Excess tax benefit of exercise of common stock options and restricted stock vesting | -267 | -290 |
(Gain)/loss on disposal of property and equipment | -33 | 92 |
Other | -33 | -188 |
Changes in operating assets and liabilities (net of effects of business acquisitions): | ' | ' |
Receivables | 2,336 | -20,821 |
Inventories | 18,693 | -31,892 |
Prepaid expenses and other assets | 1,993 | 3,708 |
Accounts payable | -41,524 | 50,247 |
Accrued expenses | 6,509 | 576 |
Net cash provided by operating activities | 54,335 | 60,470 |
Cash Flows From Investing Activities: | ' | ' |
Business acquisitions, net of cash acquired in fiscal year 2014 of $1,387 | -78,246 | -17,006 |
Purchases of property and equipment | -11,575 | -7,845 |
Proceeds from sales of property and equipment | 141 | 103 |
Other | -220 | -238 |
Net cash used in investing activities | -89,900 | -24,986 |
Cash Flows From Financing Activities: | ' | ' |
Borrowings on credit facilities | 555,767 | 482,623 |
Payments on credit facilities | -519,628 | -518,511 |
Proceeds from issuance of common stock | 606 | 471 |
Proceeds from exercise of stock options | 58 | 99 |
Excess tax benefit of exercise of common stock options and restricted stock vesting | 267 | 290 |
Tax withholdings on net settlements of share-based awards | -155 | ' |
Payment on long-term debt and capital lease obligations | -110 | -263 |
Other | -125 | ' |
Net cash (used in)/provided by financing activities | 36,680 | -35,291 |
Effect of Exchange Rate on Cash and Cash Equivalents | 576 | -176 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,691 | 17 |
Cash and Cash Equivalents at Beginning of Period | 953 | 514 |
Cash and Cash Equivalents at End of Period | $2,644 | $531 |
General
General | 9 Months Ended |
Jun. 30, 2014 | |
Business Description and Basis of Presentation [Abstract] | ' |
General | ' |
NOTE 1 — GENERAL | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements include the results of operations, financial position and cash flows of MWI Veterinary Supply, Inc. (“MWI” or the “Company”) and its wholly-owned subsidiaries (collectively referred to as “we,” “us,” and “our” throughout this Form 10-Q). All intercompany balances have been eliminated. | |
In the opinion of our management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly, in all material respects, our results for the periods presented. These condensed consolidated financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2013 Annual Report on Form 10-K filed with the SEC on November 27, 2013. The results of operations for the three and nine months ended June 30, 2014 are not necessarily indicative of results to be expected for the entire fiscal year. | |
Our unaudited condensed consolidated balance sheet as of September 30, 2013 has been derived from the audited consolidated balance sheet as of that date. | |
Use of Estimates | |
The accompanying unaudited condensed consolidated financial statements have been prepared on the accrual basis of accounting using accounting principles generally accepted in the United States. In preparing financial information, we use certain estimates and assumptions that may affect the reported amounts and disclosures. Some of these estimates require difficult, subjective and complex judgments about matters that are inherently uncertain. As a result, actual results could differ materially from these estimates. Estimates are used when accounting for, among other items, allowance for doubtful accounts, customer incentives, vendor rebates, inventories, goodwill and intangible assets, income taxes, and contingencies. The estimates of fair value of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date and reported amounts of revenue and expenses for the periods are based on assumptions that we believe to be reasonable. | |
Revenue Recognition | |
We sell products we source from vendors to our customers through either a “buy/sell” transaction or an agency relationship with our vendors. In a “buy/sell” transaction, we purchase or take inventory of products from the vendor. When a customer places an order with us, we pick, pack, ship and invoice the customer for the order. We recognize revenue from “buy/sell” transactions as product sales when the product is delivered to the customer. We accept product returns from our customers. We estimate returns based on historical experience and recognize these estimated returns as a reduction of product sales. Product returns have historically not been significant to our financial statements. We record revenues net of sales tax. In an agency relationship, we generally do not purchase and take inventory of products from vendors. We receive an order from a customer, then transmit the order to the vendor, who picks, packs and ships the order to the customer. In some cases, the vendor invoices and collects payment from the customer, while in other cases we invoice and collect payment from the customer on behalf of the vendor. We receive a commission payment for soliciting the order from the customer and for providing other customer service activities. Commissions are recognized when the services upon which the commissions are based are complete. Gross billings from agency contracts were $105,626 and $97,337 for the three months ended June 30, 2014 and 2013, respectively, and generated commission revenue of $5,961 and $4,772, respectively. Gross billings from agency contracts were $267,190 and $258,647 for the nine months ended June 30, 2014 and 2013, respectively, and generated commission revenue of $15,670 and $14,237, respectively. | |
Customer incentives are accrued based on the terms of the contracts with each customer. These incentive programs provide that the customer receive an incentive based on their product purchases or attainment of performance goals. Incentives are estimated based on the specific terms in each agreement, historical experience and product growth rates. Incentives are recognized as a reduction to product sales. | |
Cost of Product Sales and Vendor Rebates | |
Cost of product sales consist of our inventory product cost, including shipping and delivery costs to and from our distribution centers. Vendor rebates are recorded based on the terms of the contracts or programs with each vendor. Many of our vendors’ rebate programs are based on a calendar year. We may receive quarterly, semi-annual or annual performance-based rebates from third-party vendors based upon attainment of certain sales and/or purchase goals. Sales rebates are classified in the accompanying condensed consolidated statements of income as a reduction to cost of product sales at the time the sales performance measures are achieved. Purchase rebates are measured against inventory purchases from the vendors and are classified as a reduction of inventory until the product is sold. When the inventory is sold and purchase measures are achieved, purchase rebates are recognized as a reduction to cost of product sales. | |
Historically, actual results have not significantly deviated from those determined using the estimates described above. We expect that our estimates in the future will continue to be reasonable as our rebates are based on specific vendor program goals and are principally recorded upon achievement of sales or purchase performance measures. Vendors may change or eliminate rebate programs from year to year. | |
Concentrations of Risk | |
Our financial instruments that are exposed to concentrations of credit risk consist primarily of our receivables. Our customers are geographically dispersed throughout the United States and United Kingdom. In the United Kingdom, our business relies on a smaller number of relatively larger customers than does our business in the United States. Our customers in the United Kingdom accounted for an aggregate of 13.3% and 14.5% of our consolidated accounts receivable balance as of June 30, 2014 and September 30, 2013, respectively. We routinely assess the financial strength of our customers and review their credit history before extending credit. In addition, we establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. | |
Effect_Of_Recently_Issued_Acco
Effect Of Recently Issued Accounting Standards | 9 Months Ended |
Jun. 30, 2014 | |
Effect Of Recently Issued Accounting Standards [Abstract] | ' |
Effect Of Recently Issued Accounting Standards | ' |
NOTE 2 — EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS | |
In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for our fiscal year and interim periods beginning October 1, 2017. We are currently evaluating the effect that adopting this new accounting guidance will have on our consolidated financial statements. | |
In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which includes bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. This guidance is effective for our fiscal year beginning October 1, 2013. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which provides additional disclosure requirements for items reclassified out of accumulated other comprehensive income. This guidance is effective for our fiscal year beginning October 1, 2013. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
Business_Acquisition
Business Acquisition | 9 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Acquisitions [Abstract] | ' | ||||||
Business Acquisitions | ' | ||||||
NOTE 3 — BUSINESS ACQUISITIONS | |||||||
On December 31, 2012, MWI Veterinary Supply Co. (“MWI Co.”) purchased substantially all of the assets of Prescription Containers Inc. (“PCI Animal Health”) for $17,107, after giving effect to post-closing adjustments. PCI Animal Health was a distributor of companion animal health products to veterinary practices, primarily in the Northeastern United States. The intangible asset acquired in the acquisition is for customer relationships and has an estimated useful life of 10 years. The amount recorded in goodwill is expected to be deductible for tax purposes over 15 years. The fair values assigned to the tangible and intangible assets acquired and liabilities assumed are based on management's estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. | |||||||
On November 1, 2013, MWI Co. purchased substantially all of the assets of IVESCO Holdings, LLC (“IVESCO”) for a net purchase price of $79,633, after giving effect to post-closing adjustments. The cash purchase price was funded with borrowings by the Company under its Credit Agreement (as defined herein). IVESCO engaged in the distribution and sale of animal health and related products and services, logistics and technical support relating to such distribution and sale of animal health and related products. The intangible assets acquired in the acquisition include trade name and customer relationships. The intangible asset representing customer relationships acquired in the acquisition has an estimated useful life of 9 years. The amount recorded in goodwill is expected to be deductible for tax purposes over 15 years. The fair values assigned to the tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. | |||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition, which may be adjusted during the allocation period as defined in Accounting Standards Codification (“ASC”) 805. These purchase price allocations are based on a combination of valuations and analyses. | |||||||
IVESCO | PCI Animal Health | ||||||
Cash | $ | 1,387 | $ | - | |||
Receivables | 77,255 | 3,585 | |||||
Inventories | 65,033 | 1,928 | |||||
Other current assets | 335 | - | |||||
Property and equipment | 4,931 | - | |||||
Other assets | 1,102 | - | |||||
Goodwill | 1,194 | 9,327 | |||||
Intangibles | 3,850 | 4,780 | |||||
Total assets acquired | 155,087 | 19,620 | |||||
Accounts payable | 73,875 | 2,513 | |||||
Accrued expenses | 1,579 | - | |||||
Total liabilities assumed | 75,454 | 2,513 | |||||
Net assets acquired | $ | 79,633 | $ | 17,107 | |||
Due to the commencement of the integration of IVESCO, it is impracticable to separately present the revenues and earnings of IVESCO that are included in our consolidated statements of income from the acquisition date of November 1, 2013 through June 30, 2014. This information for PCI Animal Health is also not presented as it is impracticable due to the integration of the acquired operations. | |||||||
The following table presents supplemental pro forma information for the nine months ended June 30, 2014 and 2013 as if the acquisition of substantially all of the assets of IVESCO had occurred on October 1, 2012 (pro forma information is not presented for PCI Animal Health as it is not material): | |||||||
Unaudited Pro Forma Consolidated Results | |||||||
Nine Months Ended June 30, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 2,236,971 | $ | 2,113,665 | |||
Net Income | $ | 54,582 | $ | 51,701 | |||
Earnings per common share - diluted | $ | 4.28 | $ | 4.07 | |||
Results for the nine months ended June 30, 2014 include approximately $2,329 of integration and acquisition related expenses incurred in connection with the acquisition of substantially all of the assets of IVESCO on November 1, 2013. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations would have been had we completed the acquisition on October 1, 2012. Additionally, the unaudited pro forma consolidated results do not purport to project the future results of operations of the combined company. | |||||||
Receivables
Receivables | 9 Months Ended | |||||
Jun. 30, 2014 | ||||||
Receivables [Abstract] | ' | |||||
Receivables | ' | |||||
NOTE 4 — RECEIVABLES | ||||||
June 30, | September 30, | |||||
2014 | 2013 | |||||
Trade | $ | 345,845 | $ | 282,923 | ||
Vendor rebates and programs | 42,327 | 26,983 | ||||
388,172 | 309,906 | |||||
Allowance for doubtful accounts | -3,185 | -2,461 | ||||
$ | 384,987 | $ | 307,445 | |||
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||
Jun. 30, 2014 | ||||||
Property And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
NOTE 5 — PROPERTY AND EQUIPMENT | ||||||
June 30, | September 30, | |||||
2014 | 2013 | |||||
Land | $ | 2,519 | $ | 1,932 | ||
Building and leasehold improvements | 20,848 | 14,914 | ||||
Machinery, furniture and equipment | 43,261 | 38,032 | ||||
Computer equipment | 13,257 | 9,868 | ||||
Construction in progress | 5,275 | 4,328 | ||||
85,160 | 69,074 | |||||
Accumulated depreciation | -35,499 | -29,891 | ||||
$ | 49,661 | $ | 39,183 | |||
Depreciation expense was $2,160 and $1,753 for the three months ended June 30, 2014 and 2013, respectively. Depreciation expense was $6,214 and $5,202 for the nine months ended June 30, 2014 and 2013, respectively. | ||||||
Goodwill_and_Intangibles
Goodwill and Intangibles | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangibles [Abstract] | ' | |||||||||||
Goodwill and Intangibles | ' | |||||||||||
NOTE 6 — GOODWILL AND INTANGIBLES | ||||||||||||
The changes in the carrying value of goodwill are as follows: | ||||||||||||
Goodwill as of September 30, 2013 | $ | 71,150 | ||||||||||
Acquisition activity | 1,194 | |||||||||||
Foreign currency translation | 541 | |||||||||||
Goodwill as of June 30, 2014 | $ | 72,885 | ||||||||||
Balances of intangibles are as follows: | ||||||||||||
Estimated | ||||||||||||
Useful Lives | 30-Jun-14 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 38,147 | $ | -10,422 | $ | 27,725 | |||||
Covenants not to compete | 1 - 5 years | 373 | -150 | 223 | ||||||||
Technology | 11 years | 5,830 | -1,413 | 4,417 | ||||||||
Other | 2 - 7 years | 1,213 | -1,017 | 196 | ||||||||
45,563 | -13,002 | 32,561 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 10,155 | - | 10,155 | |||||||||
$ | 55,718 | $ | -13,002 | $ | 42,716 | |||||||
Estimated | ||||||||||||
Useful Lives | 30-Sep-13 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 35,797 | $ | -8,393 | $ | 27,404 | |||||
Covenants not to compete | 1 - 5 years | 450 | -185 | 265 | ||||||||
Technology | 11 years | 5,830 | -1,016 | 4,814 | ||||||||
Other | 2 - 7 years | 1,126 | -794 | 332 | ||||||||
43,203 | -10,388 | 32,815 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 7,675 | - | 7,675 | |||||||||
$ | 50,878 | $ | -10,388 | $ | 40,490 | |||||||
Amortization expense was $830 and $797 for the three months ended June 30, 2014 and 2013, respectively. Amortization expense was $2,500 and $2,264 for the nine months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Estimated future annual amortization expense related to intangible assets as of June 30, 2014 is as follows: | ||||||||||||
Amount | ||||||||||||
Remainder of 2014 | $ | 833 | ||||||||||
2015 | 3,012 | |||||||||||
2016 | 2,889 | |||||||||||
2017 | 2,802 | |||||||||||
2018 | 2,784 | |||||||||||
Thereafter | 20,241 | |||||||||||
$ | 32,561 | |||||||||||
The above projection of amortization expense is based upon preliminary estimates of intangible assets and lives associated with the acquisition of substantially all of the assets of IVESCO. These amounts may be adjusted during the allocation period as defined in ASC 805. | ||||||||||||
Debt
Debt | 9 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Debt [Abstract] | ' | ||||||
Debt | ' | ||||||
NOTE 7 — DEBT | |||||||
The following table presents the outstanding debt and capital lease obligations as of June 30, 2014 and September 30, 2013: | |||||||
June 30, | September 30, | ||||||
2014 | 2013 | ||||||
Revolving credit facility, 1.04% interest as of June 30, 2014 | $ | 55,100 | $ | 16,300 | |||
Sterling revolving credit facility | - | 2,501 | |||||
Capital lease obligations (1) | 12 | 119 | |||||
Total debt and capital lease obligations | 55,112 | 18,920 | |||||
Less: Long-term capital lease obligations | - | -16 | |||||
Total debt and capital lease obligations included in current liabilities | $ | 55,112 | $ | 18,904 | |||
(1) The capital lease obligations have varying maturity dates. | |||||||
Revolving Credit Facility — On February 3, 2014, MWI Co., as borrower, entered into a Fifth Amendment to Credit Agreement (the “Fifth Amendment”), amending the Credit Agreement dated December 13, 2006, as amended (the “Credit Agreement”), by and among MWI Co., MWI, and Memorial Pet Care, Inc. (“Memorial”) and Bank of America, N.A. and Wells Fargo Bank, N.A. as lenders (collectively, the “Lenders”). As amended by the Fifth Amendment, the Credit Agreement allows for an aggregate revolving commitment of the Lenders of $200,000 and a maturity date of November 1, 2016. Under the Credit Agreement, the margin on variable interest rate borrowings ranges from 0.95% to 1.50%. The commitment fee under the Credit Agreement ranges from 0.15% to 0.25% depending on the funded debt to EBITDA ratio. The variable interest rate is equal to the Daily LIBOR Floating Rate or the LIBOR 1-month, 2-month, 3-month or 6-month fixed rate (at MWI Co.’s option) plus the margin. The Credit Agreement contains financial covenants, including a fixed charge ratio and a funded debt to EBITDA ratio. We were in compliance with all of the financial covenants as of June 30, 2014 and September 30, 2013. | |||||||
Sterling Revolving Credit Facility— On March 15, 2013, Centaur Services Limited (“Centaur”) entered into a First Amendment (the “Amendment”) to the unsecured revolving line of credit facility (the “Sterling Revolving Credit Facility”) dated November 5, 2010 with Wells Fargo Bank, N.A. London Branch. The Amendment increases the maximum loan amount of the Sterling Revolving Credit Facility to £20,000, an increase of £7,500, and extends the term of the facility to November 1, 2016. Interest is based on LIBOR for the applicable interest period plus an applicable margin of 0.95% to 1.50%, and the commitment fee ranges from 0.15% to 0.25%, depending on our funded debt to EBITDA ratio. The facility contains a financial covenant requiring Centaur to maintain a minimum tangible net worth of £5,000. As of June 30, 2014 and September 30, 2013, Centaur was in compliance with the covenant. | |||||||
Also on March 15, 2013, Centaur entered into an uncommitted overdraft facility (the “Overdraft Facility”) with Wells Fargo. The Overdraft Facility allows Centaur to borrow an additional £10,000 to fund short term normal trading cycle fluctuations. The Overdraft Facility will expire on November 1, 2016. Interest on the borrowing under the Overdraft Facility is the same as the terms under the Amendment. | |||||||
MWI Co. guarantees the obligations of Centaur under the Sterling Revolving Credit Facility and the Overdraft Facility. | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||
Jun. 30, 2014 | ||||
Fair Value of Financial Instruments [Abstract] | ' | |||
Fair Value of Financial Instruments | ' | |||
NOTE 8 — FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Current fair value accounting guidance includes a hierarchy that is intended to increase consistency and comparability in fair value measurements and disclosures. This hierarchy prioritizes inputs to valuation techniques based on observable and unobservable data. The guidance categorizes these inputs used in measuring fair value into three levels which include the following: | ||||
· | Level 1 – observable inputs such as quoted prices in active markets; | |||
· | Level 2 – inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and | |||
· | Level 3 – unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||
As of June 30, 2014 and September 30, 2013, financial instruments include cash and cash equivalents, receivables and accounts payable, and the fair values approximate book values due to their short maturities. | ||||
Our revolving credit facilities in the United States and in the United Kingdom were amended in the recent past and are based on market conditions such as LIBOR. Because these credit facilities include interest rates based on current market conditions (Level 1 inputs), we believe that the estimated fair value of our debt approximated carrying value. | ||||
Common_Stock_and_StockBased_Aw
Common Stock and Stock-Based Awards | 9 Months Ended |
Jun. 30, 2014 | |
Common Stock and Stock-Based Awards [Abstract] | ' |
Common Stock and Stock-Based Awards | ' |
NOTE 9 — COMMON STOCK AND STOCK-BASED AWARDS | |
We have a 2005 Stock-Based Award and Incentive Compensation Plan (the “2005 Plan”), under which we may offer shares of our common stock and grant options to purchase shares of our common stock to selected employees and non-employee directors. The purpose of the 2005 Plan is to promote our long-term financial success by attracting, retaining and rewarding eligible participants. As of June 30, 2014 and September 30, 2013, we had 809,065 and 815,260 shares, respectively, of our common stock available for issuance under the 2005 Plan. As of June 30, 2014, 12,766 options to purchase common stock were outstanding with a weighted average exercise price of $17.46 per share and which expire through September 2015. | |
The 2005 Plan permits us to grant stock options (both incentive stock options and non‑qualified stock options), restricted and unrestricted stock and deferred stock. The compensation committee will determine the number and type of stock-based awards to each participant, the exercise price of each award, the duration of the award (not to exceed ten years), vesting provisions and all other terms and conditions of such award in individual award agreements. The 2005 Plan provides for the cancellation of all unvested awards upon termination of employment with us, unless determined otherwise by the compensation committee at the time awards are granted. | |
We did not grant common stock options during each of the nine months ended June 30, 2014 and 2013. During the nine months ended June 30, 2014 and 2013, we issued 5,300 and 3,650 shares, respectively, of restricted stock under the 2005 Plan. We also granted 4,505 and 6,000 shares of unrestricted stock to non-employee directors during the nine months ended June 30, 2014 and 2013, respectively. During the three months ended June 30, 2014 and 2013, we recognized $1,054 and $701 of compensation expense related to stock grants, respectively. During the nine months ended June 30, 2014 and 2013, we recognized $3,992 and $2,893 of compensation expense related to stock grants, respectively. | |
We also have an employee stock purchase plan (“ESPP”) that allows substantially all employees to purchase shares of our common stock at 95% of the fair market value on the date of purchase. The purchase date is the last trading date of the purchase periods, which begin in March, June, September and December. Employees accumulate amounts through payroll deductions during the purchase period of between 1% and 10% but no more than $20 annually. An employee is allowed to purchase a maximum of 200 shares per purchase period. During the nine months ended June 30, 2014 and 2013, we issued 4,022 and 4,155 shares, respectively, of our common stock under the ESPP. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
NOTE 10 — INCOME TAXES | |
Our effective tax rate for the three months ended June 30, 2014 and 2013 was 38.0% and 36.9%, respectively. Our effective tax rate for the nine months ended June 30, 2014 and 2013 was 38.5 % and 37.7%, respectively. The increase was primarily due to higher estimated state income taxes. | |
With few exceptions, we are no longer subject to income tax examination for years before 2010 in the U.S. and 2009 in significant state and local jurisdictions. We are no longer subject to income tax examination for years before 2011 in significant foreign jurisdictions. | |
Computation_of_Earnings_per_Sh
Computation of Earnings per Share | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Computation Of Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Earnings Per Share | ' | |||||||||||
NOTE 11 — COMPUTATION OF EARNINGS PER SHARE (In thousands, except per share data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2014 | 2013 | |||||||||||
Basic | Diluted | Basic | Diluted | |||||||||
Net income | $ | 19,365 | $ | 19,365 | $ | 16,781 | $ | 16,781 | ||||
Weighted average common shares outstanding | 12,718 | 12,718 | 12,679 | 12,679 | ||||||||
Effect of dilutive securities | ||||||||||||
Stock options and restricted stock | 26 | 34 | ||||||||||
Weighted average diluted shares outstanding | 12,744 | 12,713 | ||||||||||
Earnings per share | $ | 1.52 | $ | 1.52 | $ | 1.32 | $ | 1.32 | ||||
Anti-dilutive shares excluded from calculation | 1 | - | ||||||||||
Nine Months Ended June 30, | ||||||||||||
2014 | 2013 | |||||||||||
Basic | Diluted | Basic | Diluted | |||||||||
Net income | $ | 54,581 | $ | 54,581 | $ | 48,632 | $ | 48,632 | ||||
Weighted average common shares outstanding | 12,712 | 12,712 | 12,672 | 12,672 | ||||||||
Effect of diluted securities | ||||||||||||
Stock options and restricted stock | 33 | 33 | ||||||||||
Weighted average diluted shares outstanding | 12,745 | 12,705 | ||||||||||
Earnings per share | $ | 4.29 | $ | 4.28 | $ | 3.84 | $ | 3.83 | ||||
Anti-dilutive shares excluded from calculation | 1 | - | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
NOTE 12 — ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||
Changes in accumulated other comprehensive income, comprised entirely of foreign currency translation adjustments, consisted of the following: | |||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Balance, beginning of period | $ | 3,944 | $ | -1,974 | $ | 1,918 | $ | 1,542 | |||||
Foreign currency translation gain (loss) in | |||||||||||||
other comprehensive income | 1,587 | 135 | 3,613 | -3,381 | |||||||||
Balance, end of period | $ | 5,531 | $ | -1,839 | $ | 5,531 | $ | -1,839 | |||||
Related_Parties
Related Parties | 9 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 13 — RELATED PARTIES | |
MWI Co. holds a 50.0% membership interest in Feeders’ Advantage LLC (“Feeders’ Advantage”). MWI Co. charged Feeders’ Advantage for certain operating and administrative services in the amounts of $241 and $240 for the three months ended June 30, 2014 and 2013, respectively, and $832 and $797 for the nine months ended June 30, 2014 and 2013, respectively. Sales of products to Feeders’ Advantage were $14,569 and $15,229, for the three months ended June 30, 2014 and 2013, respectively, which represented 2% and 3% of total product sales for the three-month periods ended June 30, 2014 and 2013. Sales of products to Feeders’ Advantage were $52,056 and $51,034 for the nine months ended June 30, 2014 and 2013, respectively, which represented 2% and 3% of total product sales for the nine-month periods ended June 30, 2014 and 2013. | |
MWI Co. allows Feeders’ Advantage to use its cash management system to finance its day-to-day operations. At any given time, the outstanding position used in the cash management system may be a receivable or payable depending on the cash activity. A receivable balance bears interest at the prime rate. The interest due on the outstanding receivable is calculated and charged to Feeders’ Advantage on the last day of each month. Conversely, to the extent MWI Co. has a payable balance due to Feeders’ Advantage, the payable balance accrues interest in favor of Feeders’ Advantage at the average federal funds rates in effect for that month. MWI Co. had a payable balance to Feeders’ Advantage of $1,647 and $777 as of June 30, 2014 and September 30, 2013, respectively. | |
Statements_of_Cash_flows_Suppl
Statements of Cash flows - Supplemental and Non-Cash Disclosures | 9 Months Ended | |||||
Jun. 30, 2014 | ||||||
Statements of Cash Flows — Supplemental and Noncash Disclosures [Abstract] | ' | |||||
Statements of Cash Flows — Supplemental and Noncash Disclosures | ' | |||||
NOTE 14 — STATEMENTS OF CASH FLOWS – SUPPLEMENTAL AND NON-CASH DISCLOSURES | ||||||
Nine Months Ended June 30, | ||||||
2014 | 2013 | |||||
Supplemental Disclosures | ||||||
Cash paid for interest | $ | 895 | $ | 533 | ||
Cash paid for income taxes | 32,790 | 26,362 | ||||
Non-cash Activities | ||||||
Property and equipment acquisitions financed with accounts payable | 212 | 134 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 15 — COMMITMENTS AND CONTINGENCIES | |
From time to time, in the normal course of business, we may become a party to legal proceedings that may have an adverse effect on our financial position, results of operations and cash flows. At June 30, 2014, we were not a party to any material pending legal proceedings and were not aware of any claims that individually or in the aggregate could have a material adverse effect on our financial position, results of operations or cash flows. | |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
NOTE 16 — SUBSEQUENT EVENT | |
As previously disclosed, on July 24, 2014, IDEXX Laboratories, Inc. (“IDEXX”) delivered to the Company a notice that it was moving to a direct sales and distribution model effective January 1, 2015. The Company estimates that sales of these IDEXX products represent approximately 3.4% of annual revenues, and approximately 2.5% of pretax income. | |
General_Policies
General (Policies) | 9 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements include the results of operations, financial position and cash flows of MWI Veterinary Supply, Inc. (“MWI” or the “Company”) and its wholly-owned subsidiaries (collectively referred to as “we,” “us,” and “our” throughout this Form 10-Q). All intercompany balances have been eliminated. | |
In the opinion of our management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly, in all material respects, our results for the periods presented. These condensed consolidated financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2013 Annual Report on Form 10-K filed with the SEC on November 27, 2013. The results of operations for the three and nine months ended June 30, 2014 are not necessarily indicative of results to be expected for the entire fiscal year. | |
Our unaudited condensed consolidated balance sheet as of September 30, 2013 has been derived from the audited consolidated balance sheet as of that date. | |
Use of Estimates | ' |
Use of Estimates | |
The accompanying unaudited condensed consolidated financial statements have been prepared on the accrual basis of accounting using accounting principles generally accepted in the United States. In preparing financial information, we use certain estimates and assumptions that may affect the reported amounts and disclosures. Some of these estimates require difficult, subjective and complex judgments about matters that are inherently uncertain. As a result, actual results could differ materially from these estimates. Estimates are used when accounting for, among other items, allowance for doubtful accounts, customer incentives, vendor rebates, inventories, goodwill and intangible assets, income taxes, and contingencies. The estimates of fair value of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date and reported amounts of revenue and expenses for the periods are based on assumptions that we believe to be reasonable. | |
Revenue Recognition | ' |
Revenue Recognition | |
We sell products we source from vendors to our customers through either a “buy/sell” transaction or an agency relationship with our vendors. In a “buy/sell” transaction, we purchase or take inventory of products from the vendor. When a customer places an order with us, we pick, pack, ship and invoice the customer for the order. We recognize revenue from “buy/sell” transactions as product sales when the product is delivered to the customer. We accept product returns from our customers. We estimate returns based on historical experience and recognize these estimated returns as a reduction of product sales. Product returns have historically not been significant to our financial statements. We record revenues net of sales tax. In an agency relationship, we generally do not purchase and take inventory of products from vendors. We receive an order from a customer, then transmit the order to the vendor, who picks, packs and ships the order to the customer. In some cases, the vendor invoices and collects payment from the customer, while in other cases we invoice and collect payment from the customer on behalf of the vendor. We receive a commission payment for soliciting the order from the customer and for providing other customer service activities. Commissions are recognized when the services upon which the commissions are based are complete. Gross billings from agency contracts were $105,626 and $97,337 for the three months ended June 30, 2014 and 2013, respectively, and generated commission revenue of $5,961 and $4,772, respectively. Gross billings from agency contracts were $267,190 and $258,647 for the nine months ended June 30, 2014 and 2013, respectively, and generated commission revenue of $15,670 and $14,237, respectively. | |
Customer incentives are accrued based on the terms of the contracts with each customer. These incentive programs provide that the customer receive an incentive based on their product purchases or attainment of performance goals. Incentives are estimated based on the specific terms in each agreement, historical experience and product growth rates. Incentives are recognized as a reduction to product sales. | |
Cost of Product Sales and Vendor Rebates | ' |
Cost of Product Sales and Vendor Rebates | |
Cost of product sales consist of our inventory product cost, including shipping and delivery costs to and from our distribution centers. Vendor rebates are recorded based on the terms of the contracts or programs with each vendor. Many of our vendors’ rebate programs are based on a calendar year. We may receive quarterly, semi-annual or annual performance-based rebates from third-party vendors based upon attainment of certain sales and/or purchase goals. Sales rebates are classified in the accompanying condensed consolidated statements of income as a reduction to cost of product sales at the time the sales performance measures are achieved. Purchase rebates are measured against inventory purchases from the vendors and are classified as a reduction of inventory until the product is sold. When the inventory is sold and purchase measures are achieved, purchase rebates are recognized as a reduction to cost of product sales. | |
Historically, actual results have not significantly deviated from those determined using the estimates described above. We expect that our estimates in the future will continue to be reasonable as our rebates are based on specific vendor program goals and are principally recorded upon achievement of sales or purchase performance measures. Vendors may change or eliminate rebate programs from year to year. | |
Concentrations of Risk | ' |
Concentrations of Risk | |
Our financial instruments that are exposed to concentrations of credit risk consist primarily of our receivables. Our customers are geographically dispersed throughout the United States and United Kingdom. In the United Kingdom, our business relies on a smaller number of relatively larger customers than does our business in the United States. Our customers in the United Kingdom accounted for an aggregate of 13.3% and 14.5% of our consolidated accounts receivable balance as of June 30, 2014 and September 30, 2013, respectively. We routinely assess the financial strength of our customers and review their credit history before extending credit. In addition, we establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. | |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 9 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Acquisitions [Abstract] | ' | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||
IVESCO | PCI Animal Health | ||||||
Cash | $ | 1,387 | $ | - | |||
Receivables | 77,255 | 3,585 | |||||
Inventories | 65,033 | 1,928 | |||||
Other current assets | 335 | - | |||||
Property and equipment | 4,931 | - | |||||
Other assets | 1,102 | - | |||||
Goodwill | 1,194 | 9,327 | |||||
Intangibles | 3,850 | 4,780 | |||||
Total assets acquired | 155,087 | 19,620 | |||||
Accounts payable | 73,875 | 2,513 | |||||
Accrued expenses | 1,579 | - | |||||
Total liabilities assumed | 75,454 | 2,513 | |||||
Net assets acquired | $ | 79,633 | $ | 17,107 | |||
Business Acquisition Pro Forma Information | ' | ||||||
Unaudited Pro Forma Consolidated Results | |||||||
Nine Months Ended June 30, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 2,236,971 | $ | 2,113,665 | |||
Net Income | $ | 54,582 | $ | 51,701 | |||
Earnings per common share - diluted | $ | 4.28 | $ | 4.07 | |||
Receivables_Table
Receivables (Table) | 9 Months Ended | |||||
Jun. 30, 2014 | ||||||
Receivables [Abstract] | ' | |||||
Schedule Of Accounts Receivable | ' | |||||
June 30, | September 30, | |||||
2014 | 2013 | |||||
Trade | $ | 345,845 | $ | 282,923 | ||
Vendor rebates and programs | 42,327 | 26,983 | ||||
388,172 | 309,906 | |||||
Allowance for doubtful accounts | -3,185 | -2,461 | ||||
$ | 384,987 | $ | 307,445 | |||
Property_and_Equipment_Table
Property and Equipment (Table) | 9 Months Ended | |||||
Jun. 30, 2014 | ||||||
Property And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
June 30, | September 30, | |||||
2014 | 2013 | |||||
Land | $ | 2,519 | $ | 1,932 | ||
Building and leasehold improvements | 20,848 | 14,914 | ||||
Machinery, furniture and equipment | 43,261 | 38,032 | ||||
Computer equipment | 13,257 | 9,868 | ||||
Construction in progress | 5,275 | 4,328 | ||||
85,160 | 69,074 | |||||
Accumulated depreciation | -35,499 | -29,891 | ||||
$ | 49,661 | $ | 39,183 | |||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangibles [Abstract] | ' | |||||||||||
Changes in the Carrying Value of Goodwill | ' | |||||||||||
Goodwill as of September 30, 2013 | $ | 71,150 | ||||||||||
Acquisition activity | 1,194 | |||||||||||
Foreign currency translation | 541 | |||||||||||
Goodwill as of June 30, 2014 | $ | 72,885 | ||||||||||
Schedule of Intangible Assets | ' | |||||||||||
Estimated | ||||||||||||
Useful Lives | 30-Jun-14 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 38,147 | $ | -10,422 | $ | 27,725 | |||||
Covenants not to compete | 1 - 5 years | 373 | -150 | 223 | ||||||||
Technology | 11 years | 5,830 | -1,413 | 4,417 | ||||||||
Other | 2 - 7 years | 1,213 | -1,017 | 196 | ||||||||
45,563 | -13,002 | 32,561 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 10,155 | - | 10,155 | |||||||||
$ | 55,718 | $ | -13,002 | $ | 42,716 | |||||||
Estimated | ||||||||||||
Useful Lives | 30-Sep-13 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 35,797 | $ | -8,393 | $ | 27,404 | |||||
Covenants not to compete | 1 - 5 years | 450 | -185 | 265 | ||||||||
Technology | 11 years | 5,830 | -1,016 | 4,814 | ||||||||
Other | 2 - 7 years | 1,126 | -794 | 332 | ||||||||
43,203 | -10,388 | 32,815 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 7,675 | - | 7,675 | |||||||||
$ | 50,878 | $ | -10,388 | $ | 40,490 | |||||||
Schedule of Expected Amortization Expense | ' | |||||||||||
Amount | ||||||||||||
Remainder of 2014 | $ | 833 | ||||||||||
2015 | 3,012 | |||||||||||
2016 | 2,889 | |||||||||||
2017 | 2,802 | |||||||||||
2018 | 2,784 | |||||||||||
Thereafter | 20,241 | |||||||||||
$ | 32,561 | |||||||||||
Debt_Table
Debt (Table) | 9 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Debt [Abstract] | ' | ||||||
Schedule of Debt | ' | ||||||
June 30, | September 30, | ||||||
2014 | 2013 | ||||||
Revolving credit facility, 1.04% interest as of June 30, 2014 | $ | 55,100 | $ | 16,300 | |||
Sterling revolving credit facility | - | 2,501 | |||||
Capital lease obligations (1) | 12 | 119 | |||||
Total debt and capital lease obligations | 55,112 | 18,920 | |||||
Less: Long-term capital lease obligations | - | -16 | |||||
Total debt and capital lease obligations included in current liabilities | $ | 55,112 | $ | 18,904 | |||
(1) The capital lease obligations have varying maturity dates. | |||||||
Recovered_Sheet1
Computation Of Earnings Per Share (Table) | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Computation Of Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Earnings Per Common Share | ' | |||||||||||
Three Months Ended June 30, | ||||||||||||
2014 | 2013 | |||||||||||
Basic | Diluted | Basic | Diluted | |||||||||
Net income | $ | 19,365 | $ | 19,365 | $ | 16,781 | $ | 16,781 | ||||
Weighted average common shares outstanding | 12,718 | 12,718 | 12,679 | 12,679 | ||||||||
Effect of dilutive securities | ||||||||||||
Stock options and restricted stock | 26 | 34 | ||||||||||
Weighted average diluted shares outstanding | 12,744 | 12,713 | ||||||||||
Earnings per share | $ | 1.52 | $ | 1.52 | $ | 1.32 | $ | 1.32 | ||||
Anti-dilutive shares excluded from calculation | 1 | - | ||||||||||
Nine Months Ended June 30, | ||||||||||||
2014 | 2013 | |||||||||||
Basic | Diluted | Basic | Diluted | |||||||||
Net income | $ | 54,581 | $ | 54,581 | $ | 48,632 | $ | 48,632 | ||||
Weighted average common shares outstanding | 12,712 | 12,712 | 12,672 | 12,672 | ||||||||
Effect of diluted securities | ||||||||||||
Stock options and restricted stock | 33 | 33 | ||||||||||
Weighted average diluted shares outstanding | 12,745 | 12,705 | ||||||||||
Earnings per share | $ | 4.29 | $ | 4.28 | $ | 3.84 | $ | 3.83 | ||||
Anti-dilutive shares excluded from calculation | 1 | - | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Table) | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Balance, beginning of period | $ | 3,944 | $ | -1,974 | $ | 1,918 | $ | 1,542 | |||||
Foreign currency translation gain (loss) in | |||||||||||||
other comprehensive income | 1,587 | 135 | 3,613 | -3,381 | |||||||||
Balance, end of period | $ | 5,531 | $ | -1,839 | $ | 5,531 | $ | -1,839 | |||||
Recovered_Sheet2
Statements of Cash Flows - Supplemental and Noncash Disclosures (Table) | 9 Months Ended | |||||
Jun. 30, 2014 | ||||||
Statements of Cash Flows — Supplemental and Noncash Disclosures [Abstract] | ' | |||||
Schedule Of Supplemental and Noncash Disclosures | ' | |||||
Nine Months Ended June 30, | ||||||
2014 | 2013 | |||||
Supplemental Disclosures | ||||||
Cash paid for interest | $ | 895 | $ | 533 | ||
Cash paid for income taxes | 32,790 | 26,362 | ||||
Non-cash Activities | ||||||
Property and equipment acquisitions financed with accounts payable | 212 | 134 | ||||
General_Revenue_Recognition_De
General (Revenue Recognition) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Gross Billings From Agency Contracts | $105,626 | $97,337 | $267,190 | $258,647 |
Commission Revenue | $5,961 | $4,772 | $15,670 | $14,237 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Prescription Containers, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 31-Dec-12 | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | $17,107 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '10 years | ' |
Business Acquisition, Goodwill, Expected Tax Deductible, Period | '15 years | ' |
IVESCO Holdings, L.L.C. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 1-Nov-13 | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 79,633 | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '9 years | ' |
Business Acquisition, Goodwill, Expected Tax Deductible, Period | '15 years | ' |
Business Acquisition, Cost of Acquired Entity, Transaction Costs | 2,329 | ' |
Acquisitions_Schedule_of_Recog
Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $72,885 | $71,150 |
Prescription Containers, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Receivables | ' | 3,585 |
Inventories | ' | 1,928 |
Goodwill | ' | 9,327 |
Intangibles | ' | 4,780 |
Total assets acquired | ' | 19,620 |
Accounts payable | ' | 2,513 |
Total liabilities assumed | ' | 2,513 |
Net assets acquired | ' | 17,107 |
IVESCO Holdings, L.L.C. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | 1,387 | ' |
Receivables | 77,255 | ' |
Inventories | 65,033 | ' |
Other current assets | 335 | ' |
Property and equipment | 4,931 | ' |
Investments | 1,102 | ' |
Goodwill | 1,194 | ' |
Intangibles | 3,850 | ' |
Total assets acquired | 155,087 | ' |
Accounts payable | 73,875 | ' |
Accrued expenses | 1,579 | ' |
Total liabilities assumed | 75,454 | ' |
Net assets acquired | $79,633 | ' |
Acquisitions_Business_Acquisit
Acquisitions (Business Acquisition Pro Forma Information) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisitions [Abstract] | ' | ' |
Business Acquisition, Pro Forma Revenue | $2,236,971 | $2,113,665 |
Business Acquisition, Pro Forma Net Income (Loss) | $54,582 | $51,701 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $4.28 | $4.07 |
Receivables_Details
Receivables (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | $388,172 | $309,906 |
Allowance for doubtful accounts | -3,185 | -2,461 |
Receivables, net | 384,987 | 307,445 |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | 345,845 | 282,923 |
Vendor Rebates and Programs [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | $42,327 | $26,983 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $85,160 | $69,074 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -35,499 | -29,891 |
Property, Plant and Equipment, Net | 49,661 | 39,183 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 2,519 | 1,932 |
Building and Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 20,848 | 14,914 |
Machinery, Furniture, and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 43,261 | 38,032 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 13,257 | 9,868 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $5,275 | $4,328 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property And Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $2,160 | $1,753 | $6,214 | $5,202 |
Intangibles_Changes_in_the_Car
Intangibles (Changes in the Carrying Value of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill and Intangibles [Abstract] | ' |
Goodwill, Beginning Balance | $71,150 |
Acquisition activity | 1,194 |
Foreign exchange | 541 |
Goodwill, Ending Balance | $72,885 |
Intangibles_Schedule_Of_Intang
Intangibles (Schedule Of Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Technology [Member] | Technology [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | |||||||||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $45,563 | $43,203 | $38,147 | $35,797 | $373 | $450 | $5,830 | $5,830 | $1,213 | $1,126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -13,002 | -10,388 | -10,422 | -8,393 | -150 | -185 | -1,016 | -1,413 | -1,017 | -794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | 32,561 | 32,815 | 27,725 | 27,404 | 223 | 265 | 4,814 | 4,417 | 196 | 332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 10,155 | 7,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net | 42,716 | 40,490 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | ' | ' | ' | ' | ' | ' | '11 years | '11 years | ' | ' | '9 years | '9 years | '1 year | '1 year | '2 years | '2 years | '20 years | '20 years | '5 years | '5 years | '7 years | '7 years |
Intangible Assets, Gross (Excluding Goodwill) | $55,718 | $50,878 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles_Schedule_of_Expect
Intangibles (Schedule of Expected Amortization Expense) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangibles [Abstract] | ' | ' |
Remainder of 2014 | $833 | ' |
Year Two (2015) | 3,012 | ' |
Year Three (2016) | 2,889 | ' |
Year Four (2017) | 2,802 | ' |
Year Five (2018) | 2,784 | ' |
Thereafter | 20,241 | ' |
Finite-Lived Intangible Assets, Net, Total | $32,561 | $32,815 |
Intangibles_Schedule_of_Expect1
Intangibles (Schedule of Expected Amortization Expense) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Intangibles [Abstract] | ' | ' | ' | ' |
Amortization of Intangible Assets | $830 | $797 | $2,500 | $2,264 |
Debt_Narrative_Details
Debt (Narrative) (Details) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
GBP (£) | Bank Of America And Wells Fargo Facilities [Member] | Wells Fargo Facility [Member] | Wells Fargo Facility [Member] | Overdraft Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
USD ($) | GBP (£) | GBP (£) | GBP (£) | Bank Of America And Wells Fargo Facilities [Member] | Wells Fargo Facility [Member] | Bank Of America And Wells Fargo Facilities [Member] | Wells Fargo Facility [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | £ 20,000,000 | $200,000,000 | ' | ' | £ 10,000,000 | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 0.95% | 0.95% | 1.50% | 1.50% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | 0.15% | 0.15% | 0.25% | 0.25% |
Termination Date | ' | 1-Nov-16 | 1-Nov-16 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase (Decrease) in Borrowing Capacity | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
Interest Rate at Period End | ' | 1.04% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Minimum Tangible Net Worth | ' | ' | £ 5,000,000 | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | $55,112 | $18,920 |
Less: Long-term portion of capital lease obligations | ' | -16 |
Total debt and capital lease obligations included in current liabilities | 55,112 | 18,904 |
Domestic Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | 55,100 | 16,300 |
Foreign Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | ' | 2,501 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | $12 | $119 |
Common_Stock_and_StockBased_Aw1
Common Stock and Stock-Based Awards (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares of common stock available for issuance | 809,065 | ' | 809,065 | ' | 815,260 |
Number Of Outstanding Options | 12,766 | ' | 12,766 | ' | ' |
Weighted average exercise price, Outstanding at end of year | $17.46 | ' | $17.46 | ' | ' |
Award expiration period | ' | ' | '10 years | ' | ' |
Stock option grants | ' | ' | 0 | 0 | ' |
Compensation Expense | $1,054 | $701 | $3,992 | $2,893 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares issued during the period | ' | ' | 5,300 | 3,650 | ' |
Restricted Stock [Member] | Director [Member] | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Grants in Period | ' | ' | 4,505 | 6,000 | ' |
ESPP [Member] | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan Discount Rate | ' | ' | 95.00% | ' | ' |
Employee Stock Purchase Plan Payroll Deduction Rate Minimum | ' | ' | 1.00% | ' | ' |
Employee Stock Purchase Plan Payroll Deduction Rate Maximum | ' | ' | 10.00% | ' | ' |
Employee Stock Purchase Plan Annual Limit | ' | ' | $20 | ' | ' |
Maximum shares per purchase period | ' | ' | 200 | ' | ' |
Shares issued during the period | ' | ' | 4,022 | 4,155 | ' |
Common_Stock_and_StockBased_Aw2
Common Stock and Stock-Based Awards (Stock Options Activity) (Details) (USD $) | Jun. 30, 2014 |
Common Stock and Stock-Based Awards [Abstract] | ' |
Outstanding at beginning of year | 12,766 |
Outstanding at end of year | 12,766 |
Weighted average exercise price, Outstanding at beginning of year | $17.46 |
Weighted average exercise price, Outstanding at end of year | $17.46 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 38.00% | 36.90% | 38.50% | 37.70% |
Domestic Tax Authority [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Open Tax Year | '2010 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Open Tax Year | '2009 | ' | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Open Tax Year | '2011 | ' | ' | ' |
Computation_Of_Earnings_Per_Sh1
Computation Of Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Computation Of Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $19,365 | $16,781 | $54,581 | $48,632 |
Weighted Average Number of Shares Outstanding, Basic | 12,718 | 12,679 | 12,712 | 12,672 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 26 | 34 | 33 | 33 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 12,744 | 12,713 | 12,745 | 12,705 |
Basic EPS | $1.52 | $1.32 | $4.29 | $3.84 |
Diluted EPS | $1.52 | $1.32 | $4.28 | $3.83 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | ' | 1 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $3,944 | ($1,974) | $1,918 | $1,542 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,587 | 135 | 3,613 | -3,381 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $5,531 | ($1,839) | $5,531 | ($1,839) |
Related_Parties_Details
Related Parties (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Product sales to related party | $14,569 | $15,229 | $52,056 | $51,034 | ' |
Feeders Advantage [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment Ownership Percentage | 50.00% | ' | 50.00% | ' | ' |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 241 | 240 | 832 | 797 | ' |
Product sales to related party | 14,569 | 15,229 | 52,056 | 51,034 | ' |
Customer Concentration Risk | ' | ' | 3.00% | 3.00% | ' |
Due to Related Parties, Current | $1,647 | ' | $1,647 | ' | $777 |
Sales Revenue, Net [Member] | Feeders Advantage [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Customer Concentration Risk | 2.00% | 3.00% | ' | ' | ' |
Statements_of_Cash_Flows_Suppl1
Statements of Cash Flows - Supplemental and Noncash Disclosures (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statements of Cash Flows — Supplemental and Noncash Disclosures [Abstract] | ' | ' |
Cash Paid For Interest | $895 | $533 |
Cash paid for income taxes | 32,790 | 26,362 |
Property and equipment acquisitions financed with accounts payable | $212 | $134 |
Subsequent_Event_Details
Subsequent Event (Details) (IDEXX Laboratories, Inc. [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Sales Revenue, Net [Member] | ' |
Subsequent Event [Line Items] | ' |
Concentration Risk | 3.40% |
Income Before Taxes [Member] | ' |
Subsequent Event [Line Items] | ' |
Concentration Risk | 2.50% |