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Patterson Companies Reports Fiscal 2014 Third Quarter Operating Results

Patterson Companies, Inc. (Nasdaq:PDCO) today reported that consolidated sales totaled $1.1 billion in its fiscal third quarter ended January 25, 2014, an increase of 18.2 percent from $915.9 million in the year-earlier period. Net income was $57.9 million, or $0.57 per diluted share (excluding costs related to the Medical unit restructuring), up from net income of $53.6 million, or $0.52 per diluted share, in the year-ago period.

Fiscal 2014 third quarter results included $145.5 million of consolidated sales and an earnings contribution of $0.01 per diluted share from the acquisition of NVS, which closed on August 16, 2013. Fiscal 2014 third quarter results reflect the first full-quarter contribution from NVS.

“Patterson Companies achieved a growth milestone, as we recorded our first quarter with consolidated sales in excess of $1 billion,” said Scott Anderson, chairman and chief executive officer. “In addition, we saw solid sales growth in our dental and veterinary businesses, despite the impact of the severe winter weather that hampered activity in many U.S. markets. We believe that the investments that we continue to make in our businesses position us well as we conclude fiscal 2014.”

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 third quarter earnings by approximately $0.02 per share.

Patterson DentalSales for Patterson Dental, representing approximately 60 percent of total sales and the largest of Patterson’s businesses, increased 3.2 percent on a constant currency basis from the year-earlier period to $642.0 million in the third quarter of fiscal 2014. By category, also on a constant currency basis versus the year-ago quarter, sales of:
  • Consumable dental supplies totaled $310.7 million, up nearly 1.5 percent;
  • Dental equipment and software rose 5.6 percent, with all major product categories posting gains; and
  • Other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, increased 1.8 percent.

Commented Anderson, “We are particularly encouraged by the strong gains in our equipment and digital categories, which come on top of excellent performance in the year-ago period. In the 2014 third quarter, we saw solid growth for CEREC equipment sales, generating double-digit growth in that category. Patterson Dental also experienced growth in basic equipment sales.”

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