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Patterson Companies Reports On-Plan First Quarter Operating Results

Stocks in this article: PDCO

Patterson Companies, Inc. (Nasdaq: PDCO) today reported operating results for the first quarter of fiscal 2013 ended July 28.

  • Consolidated sales increased 5% to $889,225,000 from $847,422,000 in the year-earlier period.
  • Net income of $47,538,000 or $0.45 per diluted share, compared to $48,610,000 or $0.42 per diluted share in the first quarter of fiscal 2012. Net income in this year’s first quarter was affected by the absorption of $3.2 million of incremental interest expense related to Patterson’s debt issuance in the third quarter of fiscal 2012.

Sales of Patterson Dental, Patterson’s largest business, increased 6% from the year-earlier period to $567,392,000 in this year’s first quarter.

  • Sales of consumable dental supplies and printed office products increased 1% in the first quarter, excluding the 0.6% negative impact related to Canadian currency exchange rates.
  • Sales of dental equipment and software rose more than 19% from the year-earlier level, driven by double-digit sales increases of both CEREC® dental restorative systems and basic equipment.
  • Sales of other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, increased 3% from last year’s first quarter.

Internally generated sales of the Webster Veterinary unit increased more than 10% in the first quarter. A change in a distribution agreement for nutritional products late in last year’s fourth quarter reduced Webster’s first quarter sales growth by approximately six percentage points, while the August 2011 acquisition of American Veterinary Supply Corporation added 2.5 percentage points of sales growth. Reflecting these factors, Webster’s first quarter sales increased nearly 6.5% to $191,090,000. Sales of Patterson Medical, the rehabilitation supply and equipment unit, declined 3% to $130,743,000, due primarily to weakness in its equipment business. The impact of negative foreign exchange rates largely offset the nearly 2% sales contribution from Patterson Medical’s April 2012 acquisition of Surgical Synergies Pty Ltd., a distributor of physiotherapy, rehabilitation and mobility products serving the Australian and New Zealand markets.

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