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Executives

Mary Pat Thompson - CFO

Jim Cleary - President and CEO

Analysts

Kevin Ellich - Piper Jaffray

John Raymond - William Blair

Ross Taylor - CL King & Associates

Erin Wilson - Merrill Lynch

MWI Veterinary Supply, Inc. (MWIV) F2Q2013 Earnings Conference Call May 2, 2013 11:00 AM ET

Operator

Welcome to the MWI Veterinary Supply's Second Quarter Fiscal 2013 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mary Pat Thompson, Chief Financial Officer for introductory remarks. Ms. Thompson, please go ahead.

Mary Pat Thompson

Good morning and welcome to MWI Veterinary Supply's second quarter fiscal 2013 earnings conference call. This is Mary Pat Thompson and joining me today is Jim Cleary, MWI's President and CEO.

Certain statements contained in this conference call that are not descriptions of historical facts, are forward-looking statements as such term as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by MWI with the Securities and Exchange Commission.

Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Listeners should not place undue reliance on forward-looking statements, which reflects management's views only as of the date hereof. MWI undertakes no obligation to review or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Another note that I would like to point out during the call is related to financial comparisons that are made. All financial comparisons are for the second fiscal quarter compared to the same period in the prior fiscal year unless otherwise noted.

Now, I'd like to turn the call over to Jim to begin our remarks.

Jim Cleary

Good morning and welcome to MWI Veterinary Supply's second quarter fiscal 2013 earnings conference call. First I will walk you through an overview of the results that were presented in our earnings announcements released earlier today and provide a business update. Then Mary Pat will provide additional detail and explanation of the financial results and then I will briefly discuss the company’s business outlook for the fiscal year ending September 30, 2013. Lastly, we will open the call to questions.

Highlights for the quarter included, first, total revenues grew 11% to $563.1 million. Second, profit as a percentage of total revenues improved to 13.3% from 13.1%. Third, operating income increased 13% to $24.2 million and improved to 4.3% as a percentage of total revenues compared to 4.2%. Fourth, our net income increased 15% to $15.1 million or diluted earnings per share of $1.19 compared to a $1.04. Fifth, our Internet sales to independent veterinary practices and producers in the United States grew by 22%. And finally product training, customer reception and our sales results were very successful for both new and existing diagnostic lines. Our results for the quarter were impressive in spite of some of the challenging economic conditions in the animal health industry our revenue growth was strong and our gross profit as a percentage of total revenues exceeded our expectations. We are very pleased with the initial results from the diagnostic lines and are now the only distributor to carry all of these products.

The success we had this quarter is due in large part to the tremendous efforts by our team members and the service they provide to our customers our revenue growth continue to exceed our expectations for the quarter you may recall that the implied growth for the remainder of fiscal year 2013 from our guidance in February with the range of 7.7% to 10.8% we exceeded this range with our growth of 11% we benefited from strong double-digit growth in our diagnostic lines and the additional customers in business gained through the acquisition of PCI Animal Health on December 31, 2012.

Organic growth in the United Kingdom was 14%, as we mentioned on the call last quarter, we were expecting that the drought conditions in the United States would have an impact on the production animal market. We did see this slowdown in the quarter and we expect that this market will have slow growth throughout the remainder of the fiscal year, we continue to believe our technology and value added services will help us overcome the challenges presented by the drought and allow us to provide our customers with exceptional products to help their businesses be more successful.

We saw a strong double-digit growth in our companion animal revenues due in part to the addition of 40 new sales reps in fiscal year 2012 that are focused primarily on this market we also enjoyed a good success with our efforts related to sales of diagnostic products for both existing and new vendor partners and look forward to working closely with them in the future.

Our value added services were also a key to our success in the quarter, our e-commerce sales continue to represent 41% of our total revenues in the United States excluding Micro, our pharmacy and value added programs provide a very meaningful service to our customers and we will continue to seek opportunities to provide better service.

Now I will turn the call over to Mary Pat who will provide additional detail of our financial results.

Mary Pat Thompson

Thank you, Jim. Revenue growth was 11% or $553.1 million for the quarter. Revenue growth in the United States was nearly 11%; revenue growth in United Kingdom was 13%. The growth in UK consisted of 14% organic growth, reduced by 1% related to foreign currency translation. We continue to see strong sales growth in the flea, tick and heartworm products which represented 2.6% of our growth in United States. Our revenue growth in United States also benefited from new diagnostic lines which represented about 1.7% of the growth.

The additional new customers from the acquisition of PCI Animal Health represented about 4% of the growth United States and the growth from the overlap customers was about 1.2% of our 11% growth.

At the end of March we have 336 field sales reps and 174 telesales reps. this is an increase of 20 field sales reps and 6 telesales reps from September. Included in these numbers are five field sales reps and 10 telesales reps from the PCI acquisition. Our revenues to existing customers represented 45% of the growth of our domestic revenues.

Commissions increased 16% to $5.1 million compared to $4.4 million. This increase was partially from an incentive recognized during the quarters that we did not recognize in the same quarter last year, as well as an increase in growth billings from agency contracts.

Gross profit increased by 12% to $74.7 million. Gross margin was 13.3% compared to 13.1%. Gross margin percent increased due to an improvement in vendor rebate as a percentage of total revenues.

Vendor rebates increased by $991,000 primarily due to the growth in revenues and timing of manufacturer program. Operating income increased 13% to $24.2 million. SG&A expenses increased 12% to $47.9 million. SG&A expenses increased primarily due to an increase in compensation and benefit costs. SG&A expenses as a percentage of total revenue was consistent at 8.5%.

Depreciation and amortization increased 11% to $2.5 million. This increased primarily as a result of assets acquired for PCI Animal Health and Micro. As a reminder, we also opened our new warehouse in Shakopee, Minnesota in December with 125,000 square feet consolidating our operations in Clearlake, Wisconsin and Sioux Falls, South Dakota.

Our effective tax rate for the quarter was 37.9% primarily due a lower international and active tax rate in the UK. We continue to estimate that our effective tax for the fiscal year will be approximately 38%. Net income increased 15% to $15.1 million.

Diluted earnings per share were $1.19 compared to $1.04, an increase of 14%. As of March 31, 2013, we have $64 million outstanding on our credit facilities, an increase of $16 million from September 30. More than all of this increase was due to 17 million related to the acquisition of PCI Animal Health on December 31, 2012.

We also brought inventory, had a vendor increase during the same period which repaid this quarter. Now, I will turn it back to Jim.

Jim Cleary

Thank you, Mary Pat, and before I turn our attention to our outlook for the fiscal year ending September 30, 2013. Let me just quickly edit one number that that Mary Pat said. Mary Pat had talked about the growth from the acquisitions of PCI Animal Health and the additional new customers from the acquisitions of PCI represented about 0.4% of the growth in the U.S. and the growth from the overlap customers from that acquisition was about 1.2% until combined, it was 1.6% of our 11% growth.

I think Mary Pat had said 4% and 1.2% and I must say in her 20 years with MWI I think that’s the first time she’s ever got a number wrong so just want to quickly edit that.

So now I’ll turn out attention to MWI’s outlook for the fiscal year ending September 30, 2013. As we showed in our press release this morning, we estimate revenues will be from $2.320 billion to $2.360 billion which represents growth of 11.8% to 13.7% compared to revenues in fiscal year 2012.

We estimate that diluted earnings per share will be from $4.79 to $4.89 which represents growth of 13.2% to 15.6% compared to diluted earnings per share in fiscal year 2012. This is an increase from our previous guidance for the fiscal year ending September 30, 2013 which with revenues from $2.310 billion to $2.360 billion and diluted earnings per share of $4.73 to $4.87.

With this update and guidance, our implied growth in revenues for the second half of this fiscal year 2013 is 7% to 10.7% and our implied growth in diluted earnings per share is 6.5% to 11.2%. Key initiatives that we will continue to pursue during fiscal year 2013 include first we will continue to invest in technology and distribution center infrastructure as we review the needs of our distribution centers, we will continue the implementation of our warehouse management system.

Second, we will continue to expand our sales force which will help penetrate into regions and customer groups that have the most opportunity for growth.

Third, we will continue to stay committed to improving our low operating expense structure and making smart decisions with both our operating expenses and capital investments.

Fourth, we will continue our focus on value added services including our e-commerce platform, technology management systems, and our pharmacy fulfillment programs for both production and companion animal products and other value added services.

Fifth, we will continue to work with all of our diagnostic vendor partners to effectively advocate for their product lines to our customers and finally, we will evaluate potential acquisitions that are a strategic fit for MWI and add to our shareholder value.

Now I would like to open the call for questions.

Question-and-Answer Session

Operator

(Operator instructions). Our first question comes from the line Kevin Ellich with Piper Jaffray. Please go ahead your line is now open.

Kevin Ellich - Piper Jaffray

I guess starting off, what was the revenue contribution from PCI this quarter?

Jim Cleary

We will just go through that one time and with regard to acquisitions we really won’t get into a specific dollar per year and part of that reason we integrated that business into MWI on day one, I mean we shut down their facility the day that we acquired it on a Friday we opened it up on a Monday and was fully integrated into our systems with a lot of overlap customers and so it is a little bit a tricky to figure out exactly how much the business came from that acquisition, so rather than give a dollar figure what we were stating is that of our 11% revenue growth for the quarter, 0.4% of that came from incremental revenue from new customers that we previously didn’t do business with and 1.2% of our revenue growth came from incremental business from overlap customers that both companies have previously been doing business work.

Kevin Ellich - Piper Jaffray

Okay basically we could say that organic growth was about 9% then, is that right Jim.

Jim Cleary

If you, you know you could take our growth in the U.S. and you could subtract 1.6% and you could say that that was organic, but that slightly understates it because we would have gotten some of the growth from some of the incremental customers probably anyway.

Kevin Ellich - Piper Jaffray

Understood, okay that's helpful, and did I maybe miss here or misunderstand, did Mary Pat say that the new diagnostic relationships contributed to growth as well, was that 1.7 or what you corrected her on saying.

Mary Pat Thompson

Yes, 1.7, I misspoke, I meant to say 0.4% related to PCI and I said 4%.

Kevin Ellich - Piper Jaffray

Okay so that wasn't necessarily the new diagnostic relationships that was just the PCI deal. Okay.

Jim Cleary

The diagnostics, the new diagnostics relationships, we are estimating added 1.7% to our growth during the quarter.

Kevin Ellich - Piper Jaffray

Okay is that some new customers, Jim or how do you calculate that 1.7% growth I guess.

Mary Pat Thompson

On the diagnostics we look at what the incremental benefit was from the new lines. So some of those sales were to new customers some of those incremental sales to existing customers.

Kevin Ellich - Piper Jaffray

Okay, can you break it down any further for us Mary Pat?

Mary Pat Thompson

We don't typically would do that on this call, we’re just saying there's an incremental benefit of the new lines was 1.7%. And obviously some of that was new customers and some of that was through existing customers that were previously using those products.

Kevin Ellich - Piper Jaffray

Sure, got it, understood and then the 2.6% growth that you got in the U.S. from flea, tick and parasiticide sales, was that primarily due to Trifexis would you say or was there something else, and then on top of that question, it sounds like Novartis is back in the market as of April 1, wondering if that's factored into your guidance with agency relationship and how do you think that's going to play out, I guess the stickiness of the vets to certain products.

Mary Pat Thompson

Yes a majority of the 2.6% was Trifexis and yes we have taken into account the relaunching of Novartis in our guidance for the rest of the year.

Kevin Ellich - Piper Jaffray

I'll hop back in the queue now and let someone else ask questions, thanks.

Operator

Our next question comes from the line of John Raymond with William Blair; please go ahead your line is now open.

John Raymond - William Blair

Could you just maybe expand a little bit, your total revenue growth I think in the December quarter was about 24% and this quarter was 11%, just sort of dissect that a little bit to the extend you’re willing? What do you think the biggest drivers behind that difference were as you said you actually did better than what you had indicated but if we just kind of look at the sequential exchange what do you think the biggest categories would be?

Mary Pat Thompson

Yes, I would start out by reminding everyone that Micro was new in the December quarter, for the month of October and it contributed about $28 million of new sales because we acquired them on October 31. So you do have that benefit in the previous December quarter. And that’s probably the biggest difference, I would say. Jim, do you want to comment further on?

Jim Cleary

Yes, and then the one other thing I comment on if, John, if you kind of get into a little bit more detail or granularity on our results in the most recent quarter, we really had very strong double-digit results in the companion animal market. We don’t specifically breakdown revenue growth between companion animal and production animal, but in the most recent quarter we maintained very strong growth in the companion animal market. In fact if you compare the most recent quarter to the prior four quarters we are literally just a hair below our average growth rate in companion animal. If you compared the most recent quarter to the prior eight quarters we were pretty meaningfully above our average growth rate in companion animal, and so any sort of reduction in growth was more attributable to the production animal market and while we still had, again a very decent mid-single digit growth in the production animal market during the quarter. It had been slower than what we previously had been experiencing and I think that that’s due and probably shouldn’t surprise people, and just due to the drought conditions that we had been experiencing in the United States and lower cattle numbers in the United States; and so it was really contributable to that and had been fully taken into account and expected when we did our guidance last quarter and at the beginning of the year.

John Raymond - William Blair

Very helpful, thanks. Similar general concept, in the challenging economic conditions that you’ve mentioned; what else are you thinking up there when you say that beyond the drought?

James Cleary

You know it’s the vast majority of what we are thinking there is the drought and high input cost in the production animal market and what that does for economics for producers that is the vast majority of it I would say the companion animal market and it is probably not as strong if we look at it at the kind of at the end of March at the end of the quarter probably not as strong as what people were hoping for let’s say in the beginning of January but as you can see from our results in the companion animal market very, very, very strong double digit growth that is higher than our average growth rate from the prior eight quarter in the companion animal part if the market still is performing well.

John Raymond - William Blair

And then just one last follow up to what degree do you think weather impacted the companion animal and I guess specifically the flea tick business in the quarter?

Jim Cleary

Probably a little maybe but I do not really know how much it did John because we are a national business with operations all around the country and people still are buying in and so John it probably impacted it a little bit but as we sit down and do our business planning on what our plans are for the rest of the year we do not really take that how weather impacted flea and tick in the first quarter really as a major deal.

Operator

Our next question comes from the line of Ross Taylor from CL King. Please go ahead your line is open.

Ross Taylor - CL King & Associates

Just to start out with a question on net production animal side of the business I was just wondering if you could give some color as to whether the slowdown in that market was kind of consistent with what you have been expecting three or six months ago and just if you can give any commentary about how beef cattle might be performing versus the dairy market?

Jim Cleary

Yes and so our results for production animal in the quarter were very consistent with our expectations and what we expected to see in the market at the end of last year we saw what we expected to see in the market at the beginning of this year the six months for our fiscal year we saw and so it was consistent with our expectations and consistent with the guidance that we had put out. And overall I would say that cattle numbers are down, economics are challenging in the beef cattle market economics in the dairy market are good in the Mid-West and the Northeast not as good more challenging in the west but getting better, and feel better about what we’re seeing in terms of moisture in the northern part of the Midwest, it’s still dry in the southern part but in terms of the northern part of the Midwest and southeast were feeling better about that but still concerned about the conditions particularly in the southern part of the Midwest in times.

Ross Taylor - CL King & Associates

And also with regard to flea and tick is it your typical that western area and you buy a lot of product in the March quarter in regardless of the weather severity of early flea and tick season. Is that just kind of driven by and maybe this year, is that the fact that flea and tick demand stayed good is that just kind of a typical pattern or did any of the manufactures had tried to push product out early ahead of the season this year.

Jim Cleary

No. There is nothing that I can recall about manufacture programs as a whole if you look at them as a whole that were different than they were in the past years manufacture programs. Typically in the early spring, they’ll have programs in place to provide incentives for better economics to buy in and those programs were in place and they seem to work well and so the flea and tick market might be a little bit delayed this year versus prior years but we’re still optimistic. So, that will be a very good market for this year and it’s been evidenced in our sales so far this year.

Ross Taylor - CL King & Associates

And my final question relates to diagnostics. Can you give any color on what’s your mix of diagnostic for the new product lines or kind of what the mix of revenues might have been for instruments versus consumables or any color in terms of how affective your sales force might have been in placing some of the instruments of your new diagnostics vendors?

Jim Cleary

Yes, sure. I’ll be happy to provide some additional color there. As far beginning our things right now, diagnostic represent about 6% of our overall sales and so it’s very important part of our business and that was a very important strategic decision for us but I might not get into as much detail or some people would mind because you know what is 6% of our sales so I don’t want to spend too much time on it. But the move that we made is working out very, very well. It’s fully meeting out expectations in terms of sales and is probably exceeding our expectation in terms of working relationship with all the manufacturers.

And we had excellent results both with our existing diagnostic line and with new lines and so we’re very-very pleased with the way that is going and there are ways that it is benefiting us both in terms of consumable sales and in terms of equipment sales and so fully meeting our expectations on the sales front and probably exceeding in terms of the working relationship front.

We’re, you know, the reception we’re getting from our customer just great. The working relationships we have with manufacture sales rep is great it’s working very-very well and you know the long term strategy for us here is to position ourselves is to train ourselves for extremely and position ourselves as experts on the diagnostic field which we think will be one of the fastest growing product categories for many years to come.

You know, there is just going to be more and more diagnostic testing overtime in companion animal practices and so while it is 6% of sales today we would generally expect that it would go faster than our overall business over the next few years.

Jim Cleary

And we will very well position to accomplish that.

Operator

(Operator Instructions) Our next question in queue comes from the line of Erin Wilson with Merrill Lynch. Please go ahead. Your line is now open.

Erin Wilson - Merrill Lynch

Thanks for taking my question, a couple of on the production animal side, are you continuing to see market share gains in production animal and how should we think about that going forward and so we know also my second question is, we know the lingering effects of the job are weighing U.S. side stock business but can you comment on how the effects of you know the later possibly reduced corn planting expected this year to expect this to have a meaningful impact on your livestock business and is that in your guidance? And just you know this is two previous of draw followed now by what I suppose to be a flood relatively speaking? If you could comment on that, that will be great.

Jim Cleary

And so you know as I said we had mid-single digit growth in our production animal business in the U.S. during the quarter and I believe that that would represent some market share gains. I believe and don’t know for certain but I believe that the production animal market in the quarter in the U.S. was probably flat to down a little bit and that’s an gut feel and so I am certain but that’s a gut feel but I am pretty confident that we did have a market share gains in the production animal market during the quarter and I think we have a lot of great programs and a lot of great service which our customers really appreciate and so I think we are very well positioned for the long term in the market which I think will be a very good market for the long term.

Then you asked about the drought and you know cattle numbers are down which impacted market performance during the quarter because a lot of moisture in the northern part of the Midwest, yet corn will be going in late and but the corn crop may not be as big as people were hoping for and really there are so many moving part in that business but all of those things are incorporated into our guidance for the balance of the year and one thing that I would like to add is that I think we have shown from our past performance that even in tough markets we can develop strategies and tactics that can produce good results in the long term and so I think the production animal market will be tough for the rest of the year but we are going to be looking for opportunities that we can start to work on now that will help us to produce very good long term results in that market area.

Erin Wilson - Merrill Lynch

And then back on the Novartis question, I guess it’s online as of April did you find that perhaps it was potentially delaying purchases possibility due to the some Novartis promotional activity ahead of the reintroduction of certain products?

Jim Cleary

I haven’t really seen major impact of that and so I would say even with the re-launch of Novartis, we saw other lines, other products still doing well and we are in the industry where products are always from time to time going on back to order and coming back to the market, Novartis is a great company with great products and so we are really glad that they are back on the market and we think that it will have an impact on the market definitely but really haven't seen it have major negative impact on the other products at this point.

Erin Wilson - Merrill Lynch

And on your relationship with Banfield can you just give us an update there and I think they had an online initiative that actually went to that source and I just thought that was interesting, and maybe were you actually interested in that business and put a bid for it.

Jim Cleary

So, the relationship with Banfield is great in the most, probably in the last three months or so we entered into new contracts with them to do their logistics for all of their in hospital business and to do a lot of their pharmacy business also, and so we're continuing to do all their logistics for in hospital business and we've also signed a contract to do a bunch of their pharmacy home delivery business and so they're doing that with us and one other provider also.

Operator

(Operator Instructions). We do have a follow up question from the line of Kevin Ellich; please go ahead, your line is now open.

Kevin Ellich - Piper Jaffray

Hey Jim, just had a quick follow up here, going back to the weather question did you see any weather impact on the production business this quarter from you know kind of the late winter, especially in the upper Mid-West, I assume some of the cattle weren't able to get out to pasture early this year.

Jim Cleary

And so, clearly cattle numbers being down, that had some impact on the production animal market, I think also the weather conditions that we had this year, we're very pleased with the moisture that that's providing, however it does delay business in the production animal market, so there are a lot of cattle that would be treated in the early spring that will be probably be treated now in the later spring because of the weather, and that probably did delay some business from the end of the March quarter until later in the spring.

Kevin Ellich - Piper Jaffray

So it's just more of a shift from this quarter to the next quarter more or less.

Jim Cleary

Well actually I would say there are some things on the production animal market which are reduction like number of cattle being down but then some of the weather things that we saw, you are absolutely right. It does delay some business from the early spring to the late spring.

Kevin Ellich - Piper Jaffray

Got it, and then with all the drought discussions; have you actually provided, may I missed this, but did you actually provide your estimate in terms of what if you expect the headcount to be down?

James Cleary

No, and there is a lot of publically available information on that. But it is in our guidance. It is baked into our guidance but we don’t specifically put out our own estimate as to what kind of numbers again, we would leave that upto the experts out there to do that all time.

Kevin Ellich - Piper Jaffray

I understand. And then in the press release, did you guys provide pharmacy revenue growth, this quarter?

James Cleary

Actually it wasn’t in the press release. You know our pharmacy programs in the quarter grew at about 8% and so they still grow nicely. They can grow as fast as they had in the past because a lot of our pharmacy business, production animal products going to diaries and so that had a little bit slower growth than it has had in the past. But if I would again, I am going to say that it is a great business model continuing to grow, continuing to gain market share and we feel really good about it. And like it still had 8% growth in what was a very tough market environment.

Kevin Ellich - Piper Jaffray

Absolutely, and then last question going back to the diagnostic relationships; are you hearing anything or expecting any of the other competing distributors to try to get a similar deal to what you guys got, in terms of the nonexclusive relationship?

James Cleary

I have no idea what our competition is doing on that front. We have excellent competitors and I just have no idea what they are doing on that front.

Operator

Thank you sir, and at this time presenters, I am showing no additional questionnaire is there the queue. I'd like to turn the program back over to Mr. Jim Cleary for any additional or closing remarks.

James Cleary

All right, now thanks everyone for participating during the call, and have a great day. Goodbye.

Operator

Thank you sir, and thank you ladies and gentlemen. Again this does conclude the conference. Thank you for your participation and have a wonderful day, attendees, you may disconnect at this time.

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