Loveland’s Heska posts lower earnings

LOVELAND – Shares of Heska, a Loveland veterinary products manufacturer, fell 3 percent by Tuesday afternoon following an earnings report showing slightly lower fourth-quarter and annual net income.

Heska on Monday reported fourth-quarter income of $389,000, or 7 cents per diluted share, vs. $484,000, or 9 cents per share, in the fourth quarter of 2011.

The company reported earnings of $1.2 million, or 22 cents per share, for the year vs. $2.1 million, or 40 cents per share, in 2011.

Heska posted $18.5 million in revenue, a 19-percent rise during the fourth quarter. Annual revenue grew to $72.8 million, a 3.9-percent increase.

The company finished the year with $5.8 million in cash and $2.6 million in debt. It also had $18.6 million in working capital.

Heska also reported Monday that it acquired for $7.65 million a majority interest in 2-year-old Cuattro Veterinary. The division of Pekin, Ill.,-based Cuattro LLC does digital imaging.

“We have been seeking truly differentiated products in these areas for some time,” Heska CEO Robert Grieve said in a statement. “Digital imaging and the long-term archival of imaging studies in cloud-based data centers is one of the fastest growing segments in veterinary medicine.”

“These products are also often the most expensive, marquee investments made by veterinarians,” he added.

As part of the deal, Kevin Wilson, founder of Cuattro Vet, has joined Heska as president and chief operating officer. Cuattro’s sales and marketing team will join Heska, as well.

Heska shares fell nearly 3 percent to $8.25 on the NASDAQ.

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