Cooper Cos. on Tuesday said its profit and revenue rose sharply in the April quarter as its contact lens sales soared following a big acquisiton.
Lake Forest-based Cooper posted net income of $30 million in the quarter ended April 30, up 35% from a year earlier. Cooper’s sales were up 79% to $216 million, the company said after the close of trading.
The company’s results were boosted by its $1.2 billion buy of Concord-based Ocular Sciences Inc. The deal closed earlier this year.
In its earnings release, Cooper, a maker of contact lenses and women’s surgical equipment, lowered its sales forecast for 2005 on currency and inventory issues. Last month, Cooper said that it was working off high inventory levels of Ocular’s spherical contact lenses in the U.S.
The company now says it expects revenue of $828 million to $837 million in 2005, down from a previous forecast of $840 million to $850 million.
But Cooper said its expects profit of $140 million to $142 million this year, up 3% from a prior forecast. The company said its stronger-than-expected April quarter results account for the profit revision.
Cooper shares were down 5% to $61 in after-hours trading.
