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Patterson Companies Reports Improved Fourth Quarter And Fiscal 2012 Operating Results

Patterson Companies, Inc. (Nasdaq: PDCO) today reported that consolidated sales totaled $936,334,000 in the fourth quarter of fiscal 2012 ended April 28, an increase of 6% from $883,819,000 in the year-earlier period. Net income of $62,143,000 or $0.58 per diluted share included incremental expense of $0.03 per diluted share related to Patterson’s Employee Stock Ownership Plan (ESOP). Excluding this ESOP-related expense, fourth quarter earnings were $0.61 per diluted share. Patterson reported earnings of $62,707,000 or $0.53 per diluted share in the fourth quarter of fiscal 2011.

For fiscal 2012, consolidated sales were $3,535,661,000 up 4% from $3,415,670,000 in fiscal 2011. The additional sales week in the first quarter of fiscal 2011, which made that year a 53-week period, negatively affected fiscal 2012 sales growth by approximately two percentage points. Net income in fiscal 2012 of $212,815,000 or $1.92 per diluted share included ESOP-related expense of $0.13 per diluted share. Excluding this expense, earnings were $2.05 per diluted share. Earnings in fiscal 2011 were $225,385,000 or $1.89 per diluted share.

Sales of Patterson Dental, Patterson’s largest business, increased 4% from the year-earlier period to $598,862,000 in the fourth quarter.
  • Sales of consumable dental supplies and printed office products increased 3% in the fourth quarter.
  • Sales of dental equipment and software rose more than 6% from the year-earlier level, driven by a double-digit increase in sales of CEREC dental restorative systems.
  • Sales of other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, increased 6% from last year’s fourth quarter.

Fourth quarter sales of the Webster Veterinary unit increased 13% to $207,500,000, with the August 2011 acquisition of American Veterinary Supply Corporation, a full-service veterinary distributor located on Long Island, accounting for approximately 2% of the unit’s sales growth. Sales of Patterson Medical, the rehabilitation supply and equipment unit, rose 3% to $129,972,000.

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