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Patterson Companies Reports Fiscal 2014 Second Quarter Operating Results

Patterson Companies, Inc. (Nasdaq: PDCO) today reported that consolidated sales totaled $998.8 million in its fiscal second quarter ended October 26, 2013, an increase of 15.2 percent from $867.2 million in the year-earlier period. Net income was $48.7 million, or $0.48 per diluted share (excluding costs related to the Medical unit restructuring), up from net income of $45.5 million, or $0.44 per diluted share, in the year-ago period.

Fiscal 2014 second quarter results included $117.7 million of consolidated sales and an EPS contribution of $0.01 per diluted share from the acquisition of NVS, which closed on August 16, 2013.

As previously disclosed, the Company is implementing a global information technology initiative in order to enable Patterson to accommodate future growth, assist in securing future productivity gains and enhance the customer experience. Investments in this initiative reduced the fiscal 2014 second quarter EPS by $0.02 per share. The project has reached another major milestone with the selection of the technology providers.

Patterson Dental

Sales for Patterson Dental, Patterson’s largest business, increased 3.0 percent on a constant currency basis from the year-earlier period to $563.1 million in the second quarter of fiscal 2014. By category, also on a constant currency basis versus the year-ago quarter, sales of:

  • Consumable dental supplies totaled $321.0 million, up 2.3 percent from the prior year;
  • Dental equipment and software rose 4.8 percent from the year-earlier level, led by strong performance in technology sales; and
  • Other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, were up 2.1 percent from last year’s second quarter.

Commented Scott P. Anderson, Patterson Companies Chairman and Chief Executive Officer, “Patterson Dental is well known for providing customers with industry-leading technology wrapped by a suite of value-added services. This approach helped generate improved second quarter results in our dental business. We expect year-over-year sales growth for our dental business in the second half of the year, which is when the majority of our equipment sales tend to occur.”

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