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BOISE, ID -- (Marketwire) -- 02/04/13 -- MWI Veterinary Supply, Inc. (NASDAQ: MWIV) (the "Company") announced financial results today for its first quarter ended December 31, 2012.

Highlights:

•Total revenues were $572.8 million for the quarter, 24.0% higher than revenues for the same period in the prior fiscal year. Excluding the impact of the acquisition of the assets of Micro Beef Technologies, Ltd. ("Micro") which was acquired on October 31, 2011, organic revenue growth was 16.6% in the United States and 21.7% in the United Kingdom for the quarter compared to the same period in the prior fiscal year. •Selling, general and administrative ("SG&A") expenses as a percentage of total revenues were 8.3% for the quarter, compared to 8.4% for the same period in the prior fiscal year. •Operating income was $27.1 million for the quarter, 26.4% higher than operating income for the same period in the prior fiscal year. •Net income was $16.8 million for the quarter, 26.9% higher than net income for the same period in the prior fiscal year. Diluted earnings per share were $1.32 for the quarter, compared to $1.05 for the same period in the prior fiscal year. •Internet sales to independent veterinary practices and producers in the United States grew by approximately 31% for the quarter compared to the same period in the prior fiscal year. •Revenues from our veterinary pharmacy programs in the United States increased approximately 23% to $58.7 million for the quarter compared to the same period in the prior fiscal year. •We generated cash flow from operations for the quarter ended December 31, 2012 of $15.6 million compared to cash provided by operations of $7.3 million for the same period in the prior fiscal year. •On December 31, 2012, we acquired substantially all of the assets of Prescription Containers Inc. ("PCI Animal Health") for approximately $17 million. PCI Animal Health was a distributor of companion animal health products to veterinary practices, primarily in the Northeastern United States with revenues of approximately $33 million for its calendar year ended December 31, 2012.

"We continued to see excellent growth in the December quarter," said Jim Cleary, President and Chief Executive Officer. "Our revenue and net income growth exceeded our expectations and we are excited about now serving the PCI Animal Health customers. While there is much work to do for the rest of this fiscal year, I am pleased with the results of the quarter and the effort from our team members to deliver great customer service and results."

Quarter ended December 31, 2012 compared to quarter ended December 31, 2011

Total revenues increased 24.0% to $572.8 million for the quarter ended December 31, 2012, compared to $461.9 million for the quarter ended December 31, 2011. Excluding the impact of the acquisition of the assets of Micro, revenue growth in the United States was 16.6% for the quarter ended December 31, 2012, compared the quarter ended December 31, 2011. Revenues from the acquisition of Micro, which was acquired on October 31, 2011, were $28.7 million during the month of October 2012. Revenue growth in the United Kingdom was 24.2% for the quarter ended December 31, 2012, consisting of 21.7% organic growth and an increase of 2.5% related to foreign currency exchange. Commissions increased 16.3% to $4.4 million for the quarter ended December 31, 2012, compared to $3.7 million for the quarter ended December 31, 2011. Commissions increased primarily due to an incentive received during the quarter ended December 31, 2012 that was not earned during the quarter ended December 31, 2011, partially offset by a decrease in gross billings from agency contracts due to a manufacturer's products not being available.