Patterson Companies – PDCO – Reports On-Plan First Quarter Operating Results
Patterson Companies, Inc. (Nasdaq: PDCO) reported operating results for the first quarter of fiscal 2013 ended July 28.
- PDCO Consolidated sales increased 5% to $889,225,000 from $847,422,000 in the year-earlier period.
- PDCO 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.
Scott P. Anderson, president and chief executive officer, commented: “We are generally pleased with Patterson’s on-plan first quarter results despite persistently soft economic conditions both in North America and our foreign markets. Within Patterson Dental, sales of consumable supplies were below forecasted levels, and we are intensifying our focus on this key component of our sales mix.
About Patterson Companies, Inc. – PDCO
Patterson Companies, Inc. (PDCO) is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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