Ten-Year Summary Meridian Bioscience, Inc. and Subsidiaries
(Dollars in thousands except per share data and number of employees)
Selected Financial And Operating Data For the Years Ended September 30,
2002 2001 2000 1999 1998
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Net Sales $ 59,104 $ 56,527 $ 57,096 $ 53,927 $ 33,169
Cost of Sales 24,506 29,821 21,650 19,558 10,650
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Gross Margin 34,598 26,706 35,446 34,369 22,519
Percent of Sales 58.5% 47.2% 62.1% 63.7% 67.9%
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Operating Expenses
Research & Development 2,888 3,363 2,260 1,986 1,994
Sales & Marketing 9,730 10,971 12,256 11,172 7,492
General & Administrative 10,775 11,495 10,776 9,769 4,682
Costs of abandoned
acquisition 1,211 -- -- -- --
Costs and Asset Impairment
Charges Related to
FDA Matters -- 11,074 -- -- --
European Restructuring -- 1,510 800 -- --
Merger Integration -- -- -- 3,415 --
Purchased research and
development -- 800 -- 1,500 --
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Total Operating
Expenses 24,604 39,213 26,092 27,842 14,168
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Operating Income (loss) 9,994 (12,507) 9,354 6,527 8,351
Percent of Sales 16.9% (22.1%) 16.4% 12.1% 25.2%
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Other Income and Expense
Interest Income 38 166 382 505 1,340
Interest Expense (1,974) (2,546) (2,124) (2,143) (1,624)
Other, Net 185 (19) (674) (77) (13)
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Total Other
Income (Expense) (1,751) (2,399) (2,416) (1,715) (297)
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Earnings (loss) Before
Income Taxes 8,243 (14,906) 6,938 4,812 8,054
Income Taxes 3,212 (4,631) (173) 2,739 3,096
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Net Earnings $ 5,031 $(10,275) $ 7,111 $ 2,073 $ 4,958
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Percent of Sales 8.5% (18.2%) 12.5% 3.8% 14.9%
Cash Dividends Declared &
Paid per Common Share* $ 0.275 $ 0.26 $ 0.23 $ 0.20 $ 0.22
Basic Weighted
Average Number of
Common Shares
Outstanding* 14,621 14,589 14,565 14,385 14,376
Basic Earnings (loss) Per
Common Share* $ 0.34 $ (0.70) $ 0.49 $ 0.14 $ 0.34
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Diluted Weighted
Average Number of
Common Shares
Outstanding* 14,760 14,589 14,652 14,580 14,703
Diluted Earnings (loss)
Per Common Share* $ 0.34 $ (0.70) $ 0.49 $ 0.14 $ 0.34
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Total Assets $ 65,095 $ 65,982 $ 84,717 $ 72,161 $ 59,147
Cash and Investments 3,060 4,673 4,833 7,231 23,769
Capital Expenditures 3,550 1,923 4,047 2,153 1,321
Net Working Capital 15,126 16,134 24,179 18,142 35,895
Long-term Obligations 23,626 24,349 27,159 22,187 20,808
Shareholders' Equity 24,381 22,944 36,611 33,591 34,683
Return on Beginning
Shareholders' Equity 21.9% (28.1%) 21.2% 6.0% 15.2%
Year-End Stock Price $ 5.82 $ 4.70 7.88 8.00 7.63
Number of Employees 350 334 377 324 192
Sales per Employee 169 169 151 166 173
Net Earnings per Employee 14 NA 19 6 26
Selected Financial And Operating Data For the Years Ended September 30,
1997 1996 1995 1994 1993
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Net Sales $ 35,229 $ 29,391 $ 25,110 $ 21,877 $ 16,171
Cost of Sales 12,298 8,967 8,009 7,518 5,098
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Gross Margin 22,931 20,424 17,101 14,359 11,073
Percent of Sales 65.1% 69.5% 68.1% 65.6% 68.5%
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Operating Expenses
Research & Development 1,502 1,499 1,432 1,433 1,165
Sales & Marketing 7,223 5,991 5,229 4,747 3,716
General & Administrative 4,296 4,420 3,864 3,365 2,667
Costs of abandoned
acquisition -- -- -- -- --
Costs and Asset Impairment
Charges Related to
FDA Matters -- -- -- -- --
European Restructuring -- -- -- -- --
Merger Integration -- -- -- -- --
Purchased research and
development -- -- -- -- --
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Total Operating
Expenses 13,021 11,910 10,525 9,545 7,548
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Operating Income (loss) 9,910 8,514 6,576 4,814 3,525
Percent of Sales 28.1% 29.0% 26.2% 22.0% 21.8%
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Other Income and Expense
Interest Income 1,037 379 436 254 57
Interest Expense (1,196) (390) (1,135) (1,092) (179)
Other, Net (40) 390 83 8 (302)
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Total Other
Income (Expense) (199) 379 (616) (830) (424)
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Earnings (loss) Before
Income Taxes 9,711 8,893 5,960 3,984 3,101
Income Taxes 3,729 3,601 2,436 1,543 1,212
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Net Earnings $ 5,982 $ 5,292 $ 3,524 $ 2,441 $ 1,889
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Percent of Sales 17.0% 18.0% 14.0% 11.2% 11.7%
Cash Dividends Declared &
Paid per Common Share* $ 0.19 $ 0.16 $ 0.10 $ 0.08 $ 0.06
Basic Weighted
Average Number of
Common Shares
Outstanding* 14,342 14,172 12,355 12,277 12,264
Basic Earnings (loss) Per
Common Share* $ 0.42 $ 0.37 $ 0.29 $ 0.20 $ 0.15
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Diluted Weighted
Average Number of
Common Shares
Outstanding* 14,661 14,758 14,507 12,521 12,534
Diluted Earnings (loss)
Per Common Share* $ 0.41 $ 0.36 $ 0.28 $ 0.19 $ 0.15
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Total Assets $ 57,491 $ 54,751 $ 34,569 $ 32,329 $ 26,247
Cash and Investments 21,736 19,743 8,919 8,832 9,476
Capital Expenditures 1,579 1,245 2,472 1,426 718
Net Working Capital 33,570 29,332 15,670 13,000 13,759
Long-term Obligations 20,762 20,862 12,881 15,051 12,812
Shareholders' Equity 32,639 29,568 18,878 13,232 11,617
Return on Beginning
Shareholders' Equity 20.2% 28.0% 26.6% 21.0% 17.7%
Year-End Stock Price 11.88 13.38 8.08 5.18 5.50
Number of Employees 178 173 156 138 125
Sales per Employee 198 170 161 159 129
Net Earnings per Employee 34 31 23 18 15
*As adjusted for stock splits and stock dividends.
Corporate Data Meridian Bioscience, Inc. and Subsidiaries
Corporate Headquarters
3471 River Hills Drive
Cincinnati, Ohio 45244
(513) 271-3700
Legal Counsel
Keating, Muething & Klekamp, P.L.L.
Cincinnati, Ohio
Independent Public Accountants
PricewaterhouseCoopers LLP
Cincinnati, Ohio
Transfer Agent, Registrar and Dividend Reinvestment Administration
Shareholders requiring a change of name, address or ownership of stock, as well
as information about shareholder records, lost or stolen certificates, dividend
checks, dividend direct deposit, and dividend reinvestment should contact: Fifth
Third Bank, Corporate Trust Services, 38 Fountain Square Plaza, Mail Drop
#10AT66, Cincinnati, OH 45202; (800) 837-2755 or (513) 579-5320.
Annual Meeting
The annual meeting of the shareholders will be held on Tuesday, January 21, 2003
at 2:00 p.m. Eastern Time at Ivy Hills Country Club, 7711 Ivy Hills Boulevard,
Cincinnati, OH 45244. Directions to Ivy Hills Country Club can be found on our
website: www.meridianbioscience.com
Common Stock Information
NASDAQ National Market System Symbol: "VIVO." Approximate number of record
holders: 1000
The following table sets forth by calendar quarter the high and low sales prices
of the Common Stock on the NASDAQ National Market System.
Years Ended September 30, 2002 2001
Quarter ended: High Low High Low
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December 31 6.69 4.30 7.90 4.406
March 31 7.83 5.75 6.00 2.125
June 30 7.60 5.82 5.63 2.313
September 30 7.00 4.59 5.50 4.300
Directors and Officers
Directors
William J. Motto
Chairman of the Board and Chief Executive Officer
John A. Kraeutler
President and Chief Operating Officer
James A. Buzard, Ph.D.
Retired Executive Vice President, Merrell Dow Pharmaceuticals, Inc.
Gary P. Kreider
Senior Partner, Keating, Muething & Klekamp, P.L.L.
Robert J. Ready
Chairman of the Board and President, LSI Industries, Inc.
David C. Phillips
Co-Founder, Cincinnati Works
Officers
William J. Motto
Chairman of the Board and Chief Executive Officer
John A. Kraeutler
President and Chief Operating Officer
Richard L. Eberly
Executive Vice President
Antonio A. Interno
Senior Vice President, Managing Director MBE
Kenneth J. Kozak
Vice President,
Research and Development
Melissa A. Lueke
Vice President, Chief Financial Officer
Susan D. Rolih
Vice President, Regulatory Affairs and Quality Assurance
Lawrence J. Baldini
Vice President, Operations