PLEASANTON, Calif.—The Cooper Companies (NYSE:COO), based here, posted revenue of $251.1 million for the first quarter of fiscal 2009, a 3 percent rise over year ago or 4 percent in constant currency. The company reported a gross margin of 57 percent compared with 59 percent in last year's first quarter. Operating margin was 13 percent compared with 8 percent in first quarter 2008.

Depreciation and amortization expenses totaled $25.0 million, including $5.4 million related to accelerated depreciation due to equipment upgrades. Restructuring charges of $3.6 million was comprised of severance of $3.0 million in operating expenses and $0.6 million in the cost of sales. Other income included net $8.1 million comprised of $6.5 million from foreign exchange and $1.8 million from extinguishment of debt. Cash from operations amounted to $24.9 million and capital expenditures of $34.1 million resulted in negative free cash flow of $9.2 million.

CooperVision (CVI) revenue was up 4 percent to $211.2 million from first quarter 2008, or 4 percent in constant currency. CooperSurgical (CSI) revenue rose 1 percent to $39.9 million.

“We are very pleased with our first quarter results, especially given the challenging global economic environment,” said Robert S. Weiss, Cooper's president and chief executive officer. “Both businesses posted revenue growth, and CooperVision recently launched Proclear 1 Day in Japan and Biofinity toric in the U.S. and Europe. Additionally, our cost control efforts resulted in strong operating results that position us well to meet our financial goals for the remainder of this year.”