UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
February 19, 2015
Date of report
PATTERSON
COMPANIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Minnesota |
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0-20572 |
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41-0886515 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
1031 Mendota Heights Road
St. Paul, Minnesota 55120
(Address of Principal Executive Offices, including Zip Code)
(651) 686-1600
(Registrants Telephone Number, including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On February 19, 2015 Patterson Companies,
Inc. issued a press release announcing its financial results for the third quarter of fiscal year 2015 ended January 24, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by
reference herein.
Item 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS |
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99.1 |
Press release of Patterson Companies, Inc., dated February 19, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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PATTERSON COMPANIES, INC. |
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Date: February 19, 2015 |
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By: |
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/s/ Ann B. Gugino |
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Ann B. Gugino |
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Vice President, Treasurer and Chief Financial Officer |
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(Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT INDEX
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Exhibit Number |
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Description |
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99.1 |
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Press release of Patterson Companies, Inc., dated February 19, 2015. |
Exhibit 99.1
Patterson Companies Reports Fiscal 2015 Third Quarter Operating Results
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Sales totaled $1.1 billion, with earnings per diluted share of $0.55 |
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Nine-month sales up 8.9 percent to $3.2 billion; year-to-date EPS per diluted share increases to $1.59 from $1.42 a year ago |
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Dental consumables sales rise 4.0 percent and veterinary sales increase 3.5 percent on a constant currency basis |
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Company reaffirms earnings guidance range of $2.20 to $2.30 per diluted share for fiscal 2015 |
St.
Paul, Minn. Feb. 19, 2015 Patterson Companies, Inc. (Nasdaq: PDCO) today reported that consolidated sales totaled $1.1 billion (see attached Sales Summary for further details) in its fiscal third quarter ended January 24,
2015, essentially flat with the same period last year. Net income totaled $54.7 million, or $.55 per diluted share, compared to $57.9 million, or $0.57 per diluted share, in the prior year (excluding costs related to the Medical unit restructuring).
Net income and EPS in the prior-year period benefited from an adjustment to non-cash, stock based compensation of $8 million, or $0.05 per diluted share.
We continued to execute against our strategic plan in the fiscal third quarter, are on track to meet our financial objectives and are confident in the
strength of our business, said Scott Anderson, chairman and chief executive officer. During the quarter, we witnessed several positive trends including the sales of dental consumables which provided another quarter of sequential growth.
Our investments in our people, new talent and go-to-market strategies are positioning us well to capitalize on long-term opportunities.
Patterson Dental
Sales for Patterson Dental, the
companys largest business that accounts for approximately 58 percent of total sales, decreased to $620.8 million, down 2.6 percent on a constant currency basis from the year-earlier period. Also on a constant currency basis, sales by category
versus the prior-year quarter were as follows:
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Consumable dental supplies increased 4.0 percent; |
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Dental equipment and software declined 13.2 percent. We believe this reflected the industry-wide impact of a late reinstatement of tax incentives for U.S. customers; and |
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Other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, improved 6.5 percent. |
Commented Anderson, Again this quarter, we saw solid growth in consumables, which we believe indicates continued increased office visits and overall
demand for dental services. In equipment, our combination of strong core and technology offerings, industry leading service and support, and the trend toward digitization of the dental office will continue to make this market a strong one for us,
and we believe in our ability to serve it better than anyone else.
Patterson Veterinary
Sales for Patterson Veterinary, the companys second largest business, increased to $337.8 million, or up 3.5 percent on a constant currency basis. For
veterinary sales by category, again on a constant currency basis, versus the year-ago quarter:
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Consumable sales rose 3.5 percent; |
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Equipment sales increased 3.5 percent; and |
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Sales of other services and products, consisting primarily of technical service, parts and labor, and software support services, were up 3.0 percent. |
Anderson continued, Patterson Veterinary, which amounts to just under one-third of our total sales, again reported growth in the fiscal third quarter,
in spite of a shift in product mix from buy-sell to agency in the pharmaceutical product category. We continue to maintain the focus on enhancing our products and technologies across our geographic footprint that has led to our success in this
market.
Patterson Medical
Sales for Patterson
Medical, the companys rehabilitation supply and equipment business, totaled $104.7 million for the fiscal 2015 third quarter, or up 2.6 percent, excluding currency and divestiture impacts. Consolidated sales of Patterson Medical currently
represent approximately 10 percent of total company sales.
Anderson said, Its clear that the new focus in Patterson Medical continues to
drive improved performance in this segment. Patterson Medicals ongoing operations delivered its third consecutive quarter of growth. We are confident that our emphasis on select rehabilitation markets gives the business a solid platform for
future growth.
Share Repurchases and Dividends
Year to date, Patterson has repurchased approximately 1.2 million shares of its outstanding common stock, with a value of $47.5 million, leaving
approximately 21 million shares for repurchase under the current authorization. The company also paid $20.2 million in cash dividends to shareholders in the fiscal third quarter and $60.3 million through the first nine months of
fiscal 2015.
Year-to-Date Results
Consolidated
sales for the first nine months of fiscal 2015 totaled $3.2 billion, an increase of 8.9 percent from $3.0 billion in the year-earlier period. Net income was $158.7 million, or $1.59 per diluted share, compared to net income of $152.5 million, or
$1.50 per diluted share, in the year-earlier period; results from the nine months of fiscal 2014 exclude $0.08 per share of costs for the Patterson Medical restructuring.
Business Outlook
Anderson concluded, As we move
toward the end of our fiscal year, we are encouraged by improving market conditions and stable-to-strengthening demand across all of our businesses. We have taken, and continue to take, the steps necessary to position Patterson to capitalize on
these improving fundamentals by driving efficiencies and enriching our product and service offerings and our geographic reach. We reaffirm our earnings guidance range for fiscal 2015 of $2.20-$2.30 per diluted share.
The following non-GAAP table is provided to adjust reported net income for the impact of the costs associated
with restructuring the medical segment. Management believes that the adjusted income amounts provide a helpful representation of the companys current quarter performance.
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(Dollars in thousands, except EPS) |
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Three Months Ended |
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Nine Months Ended |
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January 24, 2015 |
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January 25, 2014 |
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January 24, 2015 |
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January 25, 2014 |
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Net Income - reported |
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$ |
54,676 |
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$ |
57,021 |
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$ |
158,743 |
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$ |
144,941 |
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Restructuring costs |
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916 |
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7,566 |
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Net Income - adjusted |
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$ |
54,676 |
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$ |
57,937 |
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$ |
158,743 |
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$ |
152,507 |
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Diluted Earnings Per Share - reported |
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$ |
0.55 |
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$ |
0.56 |
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$ |
1.59 |
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$ |
1.42 |
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Restructuring costs |
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0.01 |
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0.08 |
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Diluted Earnings Per Share - adjusted |
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$ |
0.55 |
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$ |
0.57 |
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$ |
1.59 |
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$ |
1.50 |
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Third Quarter Conference Call and Replay
Pattersons third quarter earnings conference call will start at 10 a.m. Eastern today. Investors can listen to a live webcast of the conference call at
www.pattersoncompanies.com. The conference call will be archived on Pattersons website. A replay of the third quarter conference call can be heard for one week at 888-203-1112 and by providing the Conference ID 2506208, when prompted.
About Patterson Companies, Inc.
Patterson Companies,
Inc. is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets.
Dental Market
As Pattersons largest business, Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey
digital solutions and value-added services to dentists and dental laboratories throughout North America.
Veterinary Market
Patterson Veterinary is a leading distributor in the U.S. and U.K. of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and
pharmaceuticals predominantly to companion-pet veterinary clinics.
Rehabilitation Market
Patterson Medical is the worlds leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and
occupational therapy markets. The units global customer base includes hospitals, long-term care facilities, clinics and dealers.
This release
contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the
Companys ability to control. Any statements made in this press release about the Companys future financial conditions, results of operations, expectations, plans, or prospects, including the information under the heading Business
Outlook, constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words anticipates, believes, could, estimates, expects,
intends, may, plans, projects, should, targets and/or similar expressions. These forward-looking statements are based on the Companys current estimates and assumptions
and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements
because of a number of factors, including the factors described in Item 1A of the Companys most recent Annual Report on Form 10-K, which
factors are incorporated herein by reference. Any forward-looking statement in this release speaks only as of the date in which it is made. Except to the extent required under the federal securities laws, the Company does not intend to update or
revise the forward-looking statements.
For additional information contact:
Ann B. Gugino
Vice President & CFO
651-686-1600
Source: Patterson Companies, Inc.
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except for per share amounts)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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January 24, 2015 |
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January 25, 2014 |
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January 24, 2015 |
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January 25, 2014 |
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Net sales |
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$ |
1,063,312 |
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$ |
1,082,679 |
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$ |
3,226,166 |
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$ |
2,961,638 |
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Gross profit |
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302,559 |
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311,461 |
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904,606 |
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882,410 |
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Operating expenses |
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211,803 |
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214,810 |
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637,875 |
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629,255 |
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Operating income |
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90,756 |
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96,651 |
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266,731 |
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253,155 |
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Other expense, net |
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(8,195 |
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(8,710 |
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(23,245 |
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(25,366 |
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Income before taxes |
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82,561 |
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87,941 |
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243,486 |
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227,789 |
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Income taxes |
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27,885 |
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30,920 |
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84,743 |
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82,848 |
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Net income |
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$ |
54,676 |
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$ |
57,021 |
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$ |
158,743 |
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$ |
144,941 |
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Earnings per share: |
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Basic |
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$ |
0.55 |
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$ |
0.56 |
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$ |
1.60 |
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$ |
1.43 |
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Diluted |
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$ |
0.55 |
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$ |
0.56 |
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$ |
1.59 |
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$ |
1.42 |
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Shares: |
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Basic |
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98,842 |
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101,105 |
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98,991 |
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101,067 |
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Diluted |
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99,540 |
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101,999 |
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99,699 |
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101,962 |
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Dividends declared per common share |
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$ |
0.20 |
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$ |
0.16 |
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$ |
0.60 |
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$ |
0.48 |
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Gross margin - adjusted |
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28.5 |
% |
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28.9 |
% |
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30.7 |
% |
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30.9 |
% |
NVS |
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-2.7 |
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-1.0 |
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Medical restructuring |
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-0.1 |
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-0.1 |
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Gross margin - reported |
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28.5 |
% |
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28.8 |
% |
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28.0 |
% |
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29.8 |
% |
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Operating expenses as a % of net sales - adjusted |
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19.9 |
% |
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19.8 |
% |
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21.7 |
% |
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21.9 |
% |
NVS |
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-2.0 |
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-0.9 |
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Medical restructuring |
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0.2 |
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Operating expenses as a % of net sales - reported |
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19.9 |
% |
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19.8 |
% |
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19.7 |
% |
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21.2 |
% |
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Operating income as a % of net sales - adjusted |
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8.5 |
% |
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9.0 |
% |
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9.0 |
% |
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9.0 |
% |
NVS |
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-0.7 |
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-0.1 |
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Medical restructuring |
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-0.1 |
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-0.3 |
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Operating income as a % of net sales - reported |
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8.5 |
% |
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8.9 |
% |
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8.3 |
% |
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8.6 |
% |
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Effective tax rate - adjusted |
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33.8 |
% |
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35.1 |
% |
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35.1 |
% |
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35.7 |
% |
NVS |
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-0.3 |
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-0.3 |
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Medical restructuring |
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0.1 |
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1.0 |
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Effective tax rate - reported |
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33.8 |
% |
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35.2 |
% |
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34.8 |
% |
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36.4 |
% |
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
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January 24, 2015 |
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April 26, 2014 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and short-term investments |
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$ |
342,047 |
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$ |
305,683 |
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Receivables, net |
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590,260 |
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607,580 |
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Inventory |
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514,619 |
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436,463 |
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Prepaid expenses and other current assets |
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54,340 |
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65,991 |
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Total current assets |
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1,501,266 |
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1,415,717 |
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Property and equipment, net |
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225,418 |
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204,939 |
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Goodwill and other intangible assets |
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1,040,517 |
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1,067,583 |
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Investments and other |
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104,331 |
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176,438 |
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Total Assets |
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$ |
2,871,532 |
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$ |
2,864,677 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
341,425 |
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$ |
342,056 |
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Other accrued liabilities |
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227,637 |
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|
201,407 |
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Total current liabilities |
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569,062 |
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|
543,463 |
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Long-term debt |
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|
725,000 |
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|
725,000 |
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Other non-current liabilities |
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|
122,782 |
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|
124,550 |
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Total liabilities |
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1,416,844 |
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|
1,393,013 |
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Stockholders equity |
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|
1,454,688 |
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|
|
1,471,664 |
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Total Liabilities and Stockholders Equity |
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$ |
2,871,532 |
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$ |
2,864,677 |
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PATTERSON COMPANIES, INC.
SALES SUMMARY
(Dollars
in thousands)
(Unaudited)
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January 24, 2015 |
|
|
January 25, 2014 |
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Total Sales Growth |
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Foreign Exchange Impact |
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Constant Currency Growth |
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Three Months Ended |
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Consolidated Net Sales |
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Consumable and printed products 1 |
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$ |
725,215 |
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$ |
711,613 |
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|
1.9 |
% |
|
|
-1.5 |
% |
|
|
3.4 |
% |
Equipment and software 1 |
|
|
257,651 |
|
|
|
294,009 |
|
|
|
-12.4 |
% |
|
|
-0.7 |
% |
|
|
-11.7 |
% |
Other |
|
|
80,446 |
|
|
|
77,057 |
|
|
|
4.4 |
% |
|
|
-0.9 |
% |
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,063,312 |
|
|
$ |
1,082,679 |
|
|
|
-1.8 |
% |
|
|
-1.2 |
% |
|
|
-0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products 1 |
|
$ |
331,826 |
|
|
$ |
321,421 |
|
|
|
3.2 |
% |
|
|
-0.8 |
% |
|
|
4.0 |
% |
Equipment and software 1 |
|
|
220,739 |
|
|
|
255,998 |
|
|
|
-13.8 |
% |
|
|
-0.6 |
% |
|
|
-13.2 |
% |
Other |
|
|
68,248 |
|
|
|
64,546 |
|
|
|
5.7 |
% |
|
|
-0.8 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
620,813 |
|
|
$ |
641,965 |
|
|
|
-3.3 |
% |
|
|
-0.7 |
% |
|
|
-2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veterinary Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products |
|
$ |
316,401 |
|
|
$ |
312,514 |
|
|
|
1.2 |
% |
|
|
-2.3 |
% |
|
|
3.5 |
% |
Equipment and software |
|
|
15,109 |
|
|
|
14,607 |
|
|
|
3.4 |
% |
|
|
-0.1 |
% |
|
|
3.5 |
% |
Other |
|
|
6,305 |
|
|
|
6,281 |
|
|
|
0.4 |
% |
|
|
-2.6 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
337,815 |
|
|
$ |
333,402 |
|
|
|
1.3 |
% |
|
|
-2.2 |
% |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rehabilitation Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products |
|
$ |
76,988 |
|
|
$ |
77,678 |
|
|
|
-0.9 |
% |
|
|
-1.5 |
% |
|
|
0.6 |
% |
Equipment and software |
|
|
21,803 |
|
|
|
23,404 |
|
|
|
-6.8 |
% |
|
|
-1.9 |
% |
|
|
-4.9 |
% |
Other |
|
|
5,893 |
|
|
|
6,230 |
|
|
|
-5.4 |
% |
|
|
-1.1 |
% |
|
|
-4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
104,684 |
|
|
$ |
107,312 |
|
|
|
-2.4 |
% |
|
|
-1.6 |
% |
|
|
-0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products 1 |
|
$ |
2,312,831 |
|
|
$ |
2,036,205 |
|
|
|
13.6 |
% |
|
|
-0.4 |
% |
|
|
14.0 |
% |
Equipment and software 1 |
|
|
665,653 |
|
|
|
695,721 |
|
|
|
-4.3 |
% |
|
|
-0.6 |
% |
|
|
-3.7 |
% |
Other |
|
|
247,682 |
|
|
|
229,712 |
|
|
|
7.8 |
% |
|
|
-0.5 |
% |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,226,166 |
|
|
$ |
2,961,638 |
|
|
|
8.9 |
% |
|
|
-0.4 |
% |
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products 1 |
|
$ |
1,002,385 |
|
|
$ |
977,446 |
|
|
|
2.6 |
% |
|
|
-0.6 |
% |
|
|
3.2 |
% |
Equipment and software 1 |
|
|
565,483 |
|
|
|
587,382 |
|
|
|
-3.7 |
% |
|
|
-0.6 |
% |
|
|
-3.1 |
% |
Other |
|
|
207,347 |
|
|
|
194,420 |
|
|
|
6.6 |
% |
|
|
-0.5 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,775,215 |
|
|
$ |
1,759,248 |
|
|
|
0.9 |
% |
|
|
-0.6 |
% |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veterinary Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products |
|
$ |
1,047,512 |
|
|
$ |
792,638 |
|
|
|
32.2 |
% |
|
|
-0.4 |
% |
|
|
32.6 |
% |
Equipment and software |
|
|
31,167 |
|
|
|
32,243 |
|
|
|
-3.3 |
% |
|
|
0.0 |
% |
|
|
-3.3 |
% |
Other |
|
|
21,910 |
|
|
|
16,325 |
|
|
|
34.2 |
% |
|
|
-0.3 |
% |
|
|
34.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,100,589 |
|
|
$ |
841,206 |
|
|
|
30.8 |
% |
|
|
-0.3 |
% |
|
|
31.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rehabilitation Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumable and printed products |
|
$ |
262,935 |
|
|
$ |
266,121 |
|
|
|
-1.2 |
% |
|
|
0.3 |
% |
|
|
-1.5 |
% |
Equipment and software |
|
|
69,002 |
|
|
|
76,096 |
|
|
|
-9.3 |
% |
|
|
-0.4 |
% |
|
|
-8.9 |
% |
Other |
|
|
18,425 |
|
|
|
18,967 |
|
|
|
-2.9 |
% |
|
|
0.0 |
% |
|
|
-2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
350,362 |
|
|
$ |
361,184 |
|
|
|
-3.0 |
% |
|
|
0.2 |
% |
|
|
-3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Certain products were reclassed from equipment to consumables in current and prior periods |
PATTERSON COMPANIES, INC.
SUPPLEMENTARY FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
January 24, 2015 |
|
|
January 25, 2014 |
|
|
January 24, 2015 |
|
|
January 25, 2014 |
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Supply |
|
$ |
66,717 |
|
|
$ |
73,513 |
|
|
$ |
178,938 |
|
|
$ |
181,846 |
|
Veterinary Supply |
|
|
11,864 |
|
|
|
12,003 |
|
|
|
40,187 |
|
|
|
33,175 |
|
Rehabilitation Supply |
|
|
12,175 |
|
|
|
11,135 |
|
|
|
47,606 |
|
|
|
38,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
90,756 |
|
|
$ |
96,651 |
|
|
$ |
266,731 |
|
|
$ |
253,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Expense) Income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
1,305 |
|
|
$ |
1,593 |
|
|
$ |
3,912 |
|
|
$ |
3,892 |
|
Interest expense |
|
|
(8,512 |
) |
|
|
(9,237 |
) |
|
|
(25,824 |
) |
|
|
(26,581 |
) |
Other |
|
|
(988 |
) |
|
|
(1,066 |
) |
|
|
(1,333 |
) |
|
|
(2,677 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(8,195 |
) |
|
$ |
(8,710 |
) |
|
$ |
(23,245 |
) |
|
$ |
(25,366 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
January 24, 2015 |
|
|
January 25, 2014 |
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
158,743 |
|
|
$ |
144,941 |
|
Depreciation & amortization |
|
|
36,897 |
|
|
|
36,683 |
|
Non-cash employee compensation |
|
|
20,570 |
|
|
|
14,840 |
|
Change in assets and liabilities, net of acquired |
|
|
(58,125 |
) |
|
|
(46,714 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
158,085 |
|
|
|
149,750 |
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Additions to property and equipment, net |
|
|
(44,520 |
) |
|
|
(30,263 |
) |
Acquisitions and equity investments, net of cash |
|
|
(8,730 |
) |
|
|
(140,774 |
) |
Purchase of investments |
|
|
|
|
|
|
(99,232 |
) |
Proceeds from sales |
|
|
46,369 |
|
|
|
|
|
Other investing activities |
|
|
(543 |
) |
|
|
2,110 |
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(7,424 |
) |
|
|
(268,159 |
) |
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Dividends paid |
|
|
(60,340 |
) |
|
|
(65,333 |
) |
Share repurchases |
|
|
(47,539 |
) |
|
|
(42,734 |
) |
Draw on revolver |
|
|
130,000 |
|
|
|
135,000 |
|
Payment on revolver |
|
|
(130,000 |
) |
|
|
|
|
Other financing activities |
|
|
6,484 |
|
|
|
13,756 |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
|
|
(101,395 |
) |
|
|
40,689 |
|
|
|
|
Effect of exchange rate changes on cash |
|
|
(24,452 |
) |
|
|
(3,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
24,814 |
|
|
$ |
(81,253 |
) |
|
|
|
|
|
|
|
|
|
# # #
Patterson Companies (NASDAQ:PDCO)
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From Aug 2024 to Sep 2024
Patterson Companies (NASDAQ:PDCO)
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From Sep 2023 to Sep 2024