IDEXX Laboratories : Announces Two-for-One Stock Split and Increase in Share Repurchase Program
May 06, 2015 at 07:33 am EDT
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WESTBROOK, Maine, May 6, 2015-IDEXX Laboratories, Inc. (NASDAQ: IDXX) today announced that its Board of Directors approved a two-for-one split of its outstanding common stock. The stock split will be effected in the form of a 100% common stock dividend. Stockholders of record as of the close of business on May 18, 2015 will be issued one additional share for each share of common stock held on such date. The additional shares of common stock will be distributed on or about June 15, 2015. It is anticipated that the Company's common stock will begin trading on a post-split basis on the business day following the distribution date. The stock split will double the number of outstanding common shares to approximately 94 million based on the number of shares outstanding as of April 30, 2015.
The full year 2015 outlook provided on April 28, 2015 as part of the IDEXX earnings release projected an earnings per share ("EPS") range of $4.14 to $4.24. The EPS range on a post-split basis will now be $2.07 to $2.12.
The Board of Directors has also authorized the repurchase by the Company of up to an additional 8.0 million shares of its common stock under its ongoing share repurchase program. Repurchases may be made in the open market (including through Rule 10b5-1 plans) or in negotiated transactions. These shares are in addition to the 2.2 million shares remaining under the Company's share repurchase program as of April 30, 2015, pursuant to previous Board authorization. The timing and amount of any repurchases will be at the discretion of the Company's management. The increase in the share repurchase authorization will be effective on June 15, 2015 after distribution of the above described stock dividend.
IDEXX Laboratories, Inc. is a world leader in the design, development and marketing of diagnostic test instruments for animal health monitoring and analysis of dairy products and water. Net sales break down by area of application as follows:
- veterinary diagnoses for pets (91.6%);
- water quality analysis (4.6%);
- veterinary diagnoses for livestock and poultry (3.3%): solutions that help detect infectious diseases in ruminants, pigs, poultry and horses. The group also offers test solutions for dairy products;
- other (0.5%).
Net sales by source of income break down between product sales (57.1%) and services (42.9%).
Net sales are distributed geographically as follows: the United States (65.3%), Canada (4.1%), Americas (2.3%), Germany (4.1%), the United Kingdom (3.3%), France (2.7%), Italy (1.5%), Spain (1.4%), Switzerland (0.9%), the Netherlands (0.8%), Europe/Middle East/Africa (4.8%), Australia (2.6%), Japan (2.1%), China (1.2%) and Asia/Pacific (2.9%).
IDEXX LABORATORIES, INC. 
