Patterson 4Q Profit Slips As Dental Sales Decrease

ST. PAUL, Minn. (AP) — Patterson Cos. said Thursday its profit fell 15 percent in the fiscal fourth quarter, as the weak economy led to reduced sales of dental equipment and other products.

The veterinary and dental products supplier said the results fell short of its own expectations. They also missed Wall Street estimates, and in morning trading, Patterson shares skidded $2.11, or 9.4 percent, to $20.46.

Patterson said its profit decreased to $54 million, or 46 cents per share, from $63.2 million, or 51 cents per share a year ago. Revenue inched up to $779.9 million from $778.4 million. However, analysts were expecting a profit of 50 cents per share and $809.5 million in revenue, according to Thomson Reuters.

For the quarter ended April 25, revenue from Patterson's dental supply business fell 5 percent to $533.6 million. That included a 2 percent decrease in consumable dental supplies and printed office products, a 10 percent decrease in dental equipment and software revenue, and growth of 4 percent in sales of other services and products, such as technical services, software support service, and artificial teeth.