Woof 3Q profit rises, co. cuts outlook

Woof 3rd-quarter profit edges up but company cuts guidance, aftermarket shares fall

• On 5:54 pm EDT, Thursday October 22, 2009

LOS ANGELES (AP) -- Veterinary services provider VCA Antech Inc. said Thursday third-quarter profit edged up, but shares fell in aftermarket trading as the company cut guidance.

Quarterly profit rose less than 2 percent to $36.4 million from $35.8 million last year.

Earnings per share were flat with a year ago, 42 cents, as shares outstanding rose nearly 1 percent to 86.4 million from 85.8 million a year ago. That matched analyst expectations.

Revenue fell 2 percent to $338.6 million from $332 million.

Analysts surveyed by Thomson Reuters, on average, predicted larger revenue of $349 million.

Sales in hospitals open at least one year, a key retail measure of performance, fell 4.9 percent during the quarter.

During the quarter the company acquired Eklin Medical Systems Inc., which sells digital radiography, ultrasound and practice-management software to the veterinary market.

Bob Antin, company CEO, said the acquisition proved "more challenging than expected," due to the weak environment, but added the company is optimistic about its future potential.

It cut guidance below analyst expectations for the year, but added the weak economy makes it more likely actual results could differ from guidance.

Shares fell $1.34, or 4.9 percent, to $26.10 during aftermarket trading.

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