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Henry Schein Management Discusses Q2 2012 Results - Earnings Call Transcript

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, August 2, 2012. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

I ask that during the Q&A portion of today's call, you please limit yourself to a single question and a follow-up before returning to the queue. This will provide the opportunity for as many listeners as possible to ask a question within the 1 hour we have allotted for this call.

With that said, I would like to turn the call over to Stanley Bergman.

Stanley M. Bergman

Good morning, everyone. And Susan, thank you very much for that introduction. Today, we are reporting growth in earnings per share of approximately 10%. While we are pleased with the performance of each of our business units, our financial results were somewhat adversely affected by foreign currency exchange, particularly relating to the euro and the Canadian dollar, by general economic conditions and by charging prior year comparisons related to increased sales from the bi-annual IDS show in Germany. So on balance, if you take a look at our internal growth of the business in total, I think we could all agree that we're doing well as a company, gaining market share across-the-board in each of our business units in this country and abroad, of course, the euro translation has an impact on the top line and to some extent on the middle, on the bottom line, on the operating margin side, cushioned to some extent by our opportunity to buy products at a bit of a lower price also. And we did have an impact from the Canadian dollar. We have a very nice business in Canada, also gaining market share and very profitable.

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