Patterson - US-Marktführer Dentalhandel - 500 Beiträge pro Seite

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19.11.2009 13:02
Patterson Companies Reports Improved Second Quarter Operating Results

Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated sales of $814,951,000 for the second quarter of fiscal 2010 ended October 24, an increase of 7% from $759,461,000 in the year-earlier quarter. Acquisitions transacted over the past 12 months accounted for a substantial portion of the second quarter sales growth, while the impact of foreign currency adjustments was minimal. Net income of $49,343,000 or $.41 per diluted share rose 5% from $46,903,000 or $0.40 per diluted share in the second quarter of fiscal 2009.

Sales of Patterson Dental Supply, Patterson's largest business, were $537,167,000 in the second quarter, virtually unchanged from $536,837,000 in the year-earlier period.

* Sales of consumable dental supplies and printed office products were down 2% from last year's second quarter.
* Sales of dental equipment and software increased 3% from the year-earlier level. Within this product category, sales of CEREC® dental restorative systems rose 45%, which offset a 7% decline in sales of basic equipment, including chairs, units and lights.
* Sales of other services and products, consisting primarily of technical service parts and labor, software support services and artificial teeth, rose 4% from last year's second quarter.

Sales of the Webster Veterinary unit increased 30% in the second quarter of fiscal 2010 to $160,654,000. Internal growth accounted for 8% of this increase, while the October 2008 acquisition of Columbus Serum Company accounted for the balance. Sales of Patterson Medical, Patterson's rehabilitation supply and equipment unit, increased 18% to $117,130,000. Internal sales were up 5%, with acquisitions accounting for the balance: Mobilis Healthcare Group in April 2009 and Empi Therapy Solutions, a unit of DJO Incorporated, in June 2009.

James W. Wiltz, president and chief executive officer, commented: "We are generally pleased with Patterson's second quarter performance as our businesses held up relatively well despite the ongoing impact of the recession. Within our Patterson Dental unit, the market for consumable supplies has been affected by high unemployment levels, but our sales of these products have remained generally stable during the first half of fiscal 2010. At the same time, we believe the weak economy has been causing many dental practitioners to focus their investment dollars on equipment with rapid and high rates of return. This consideration helps explain the strong growth of CEREC dental restorative products thus far in fiscal 2010 and why sales of basic equipment have tended to lag. CEREC sales also are benefiting from the steadily growing market acceptance of this new-technology equipment. The unequalled performance of CEREC has made it the industry leader by a considerable margin in the category of CAD/CAM dental equipment. We also believe CEREC is the most viable choice for dentists purchasing this type of equipment."

He continued: "Sales of our Webster unit were consistent with forecasted levels in the second quarter from the standpoint of both internally-generated growth and the impact of the Columbus Serum acquisition. Webster's large consumable supply business benefited from higher volumes of veterinary care for companion-pets during this period. However, equipment sales remained soft as many veterinary practices remained cautious about purchasing equipment. Webster is continuing to remove costs from the Columbus Serum acquisition, and this process will be largely completed in the third quarter."

Wiltz added: "Patterson Medical's performance exceeded our expectations in the second quarter. We believe this unit gained market share in this period and that the overall rehabilitation market started firming during the quarter. The assimilation of the acquisitions is proceeding on schedule, and equally encouraging, more business from these acquired units has been retained than we initially planned."

Patterson's second quarter earnings also benefited from cost control measures that have been implemented in recent periods, including the company-wide salary reductions enacted in this year's first quarter. In addition, Patterson is continuing to generate substantial operating cash flows, which are ample for supporting the various growth initiatives currently underway.

Patterson is maintaining its earnings guidance of $1.70 to $1.80 per diluted share for full-year fiscal 2010.

As previously reported, Mr. Wiltz will retire as president and chief executive officer of Patterson Companies at the end of the current fiscal year on April 24, 2010. The Board of Directors named Scott P. Anderson, currently president of the Patterson Dental Supply subsidiary, as Mr. Wiltz's successor.

In a related move, Paul A. Guggenheim, currently southwest region manager of Patterson Dental, will become president of Patterson Dental at the end of fiscal 2010. Mr. Guggenheim joined Patterson in 2000 following Patterson Dental's acquisition of Guggenheim Brothers Dental Supply. He has worked in the dental industry for over 25 years and is former chairman of the American Dental Trade Association (now the Dental Trade Alliance.) He also is past president of the Dental Dealers of America and former chairman of the American Dental Cooperative.

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 Patterson's 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

Webster Veterinary is the nation's second largest distributor of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and pharmaceuticals to companion-pet veterinary clinics.

Rehabilitation Market

Patterson Medical is the world's leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets. The unit's global customer base includes hospitals, long-term care facilities, clinics and dealers.

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Q3-Zahlen waren ok

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Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated sales of $812,762,000 for the fourth quarter of fiscal 2010 ended April 24, an increase of 4% from $779,884,000 in the year-earlier quarter. Internal growth accounted for 1% of the fourth quarter sales increase, with acquisitions and foreign currency adjustments accounting for the balance. Net income of $61,805,000 or $.52 per diluted share rose 15% from $53,961,000 or $0.46 per diluted share in the fourth quarter of fiscal 2009.

Full-year fiscal 2010 consolidated sales totaled $3,237,376,000, up 5% from $3,094,227,000 in fiscal 2009. Net income for the year came to $212,254,000 or $1.78 per diluted share, an increase of 6% from $199,635,000 or $1.69 per diluted share in fiscal 2009.

Sales of Patterson Dental Supply, Patterson's largest business, were $547,264,000 in the fourth quarter, up 3% from $533,547,000 in the year-earlier period.

* Sales of consumable dental supplies and printed office products rose 2% from last year's fourth quarter and were essentially flat with last year's fourth quarter before the impact of currency adjustments.
* Sales of dental equipment and software, including currency adjustments, were largely unchanged from the year-earlier level.
* Sales of other services and products, consisting primarily of technical service parts and labor, software support services and artificial teeth, rose 16% from last year's fourth quarter.

Sales of the Webster Veterinary unit increased 2% in the fourth quarter of fiscal 2010 to $161,978,000. All of Webster's fourth quarter growth was internally generated. Sales of Patterson Medical, the rehabilitation supply and equipment unit, increased 18% to $103,520,000. Patterson Medical's internally-generated sales rose 4%, while the acquisitions of Mobilis Healthcare Group in April 2009 and Empi Therapy Solutions in June 2009 accounted for the balance of the fourth quarter sales increase.

Scott P. Anderson, president and chief executive officer, commented: "Patterson's overall fourth quarter results generally reflect the impact of the nation's slow economic recovery. This impact was particularly evident in the performance of our dental business in terms of uneven patient demand for dental services and the hesitancy of practitioners to commit to new capital investments. We believe the dental market is stabilizing, and we are encouraged by some preliminary indications that the market may be starting to strengthen. Although a broadly based recovery of the dental market is expected to be gradual, we are taking a pro-active approach, having initiated new sales and marketing programs to stimulate sales in several product categories. This includes using our leadership in equipment technology to bolster our performance until the market for basic equipment recovers. We believe Patterson is positioned to capture a significant share of the equipment business that has been deferred during the past two years. To strengthen our performance during the coming year, we also will maintain a sharp focus on expense control at all levels of our organization."

He continued: "Patterson Medical posted solid fourth quarter operating results, even excluding the impact of the Mobilis and Empi Therapy Solutions acquisitions, which are continuing to meet our expectations. The assimilation of both units is proceeding on schedule, and the expenses related to these acquisitions continued to moderate in the fourth quarter. We believe Patterson Medical is increasingly well-positioned as a strong growth driver, and we are continuing to identify and evaluate strategic acquisition opportunities for this business. We also were generally pleased with Webster's fourth quarter performance, although revenues were affected by a shift in its sales mix toward agency sales of certain pharmaceuticals. This sales mix shift masked a further increase in sales of other consumable supplies as well as a strongly improved operating margin. We also were encouraged by improved sales of veterinary equipment. During the fourth quarter, Webster entered into an exclusive marketing agreement with VetSource, a leading North American provider of integrated specialty pharmacy distribution, including its home delivery capabilities. We also made a minority equity investment in the company. We believe that offering the VetSource solution further strengthens Webster's value-added platform."

Patterson is forecasting earnings of $1.89 to $1.99 per diluted share for fiscal 2011. The first quarter of the coming year includes one additional selling week, due to our 52-week, 53-week fiscal year convention.

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Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated sales of $857,414,000 for the second quarter of fiscal 2011 ended October 30, an increase of 5% from $814,951,000 in the year-earlier quarter. Internal growth generated one-half of the sales increase, with acquisitions and currency exchange accounting for the balance. Net income of $53,357,000 or $0.45 per diluted share rose 8% from $49,343,000 or $0.41 per diluted share in the second quarter of fiscal 2010.

Sales of Patterson Dental Supply, Patterson's largest business, totaled $563,210,000 in the second quarter, up 5% from $537,167,000 in the year-earlier period.

* Sales of consumable dental supplies and printed office products rose 1% from last year's second quarter.
* Sales of dental equipment and software were up 14% from the year-earlier level. Contributing to this gain were substantial increases in sales of CEREC® dental restoration systems and digital imaging products.
* Sales of other services and products, consisting primarily of technical service parts and labor, software support services and artificial teeth, were essentially flat with last year's second quarter.

Second quarter sales of the Webster Veterinary unit rose slightly from the year-earlier period to $161,578,000. Sales of Patterson Medical, the rehabilitation supply and equipment unit, rose 13% to $132,626,000, reflecting the positive impact of the June 2010 acquisition of the healthcare businesses of DCC Healthcare.

Scott P. Anderson, president and chief executive officer, commented: "We are encouraged by Patterson's solid second quarter results, which were attained amid the context of sluggish economic conditions that continued to affect our served markets. Within Patterson Dental, the strong sales of dental equipment that we reported for this period reflect the effectiveness of our initiatives aimed at emphasizing the productivity benefits of new-technology equipment. Given this effort, our second quarter CEREC growth was generated in part by a more than 50% increase in new unit sales compared to the prior year. CEREC sales also benefited from a strong finish to the trade-up program that began earlier this year. For the full year, we continue to believe that CEREC sales should increase by at least 10%. In addition, sales of digital sensors and cone beam and panoramic imaging systems also were robust during this period, another indication of the effectiveness of our sales and marketing efforts."

He continued: "The rehabilitation businesses that we acquired in the first quarter from DCC Healthcare have significantly strengthened and expanded Patterson Medical's international footprint, and our integration process is proceeding on schedule. The unit's second quarter results were affected by weakness in its sales to U.K. customers due to budgetary constraints being imposed by the British government on its National Health Service. Despite this situation, we believe Patterson Medical is increasingly well positioned as an ongoing growth driver. We were pleased with Webster's second quarter performance, although the year-over-year comparability of Webster's sales was affected by previously reported changes in the distribution arrangements for certain pharmaceuticals. We estimate that this changeover had the effect of reducing Webster's second quarter sales growth by approximately four to five percentage points."

Anderson added: "As we begin the second half of our year, Patterson's performance is on plan and we are reiterating our previously-issued financial guidance of $1.89 to $1.99 per diluted share for fiscal 2011."

Late in the second quarter, Patterson became aware that its customer financing agreement with a commercial paper conduit did not meet the stringent technical requirements of the revised accounting standards under ASC 860, Accounting for Transfers of Financial Assets, which would have allowed the Company to remove the finance contracts from its balance sheet when sold. These provisions became effective at the beginning of the fiscal year. Patterson's second quarter balance sheet reflects all outstanding finance contracts sold during the current fiscal year as receivables and a liability was recorded for the cash received from the sales. Patterson was unable to recognize gains from the sales of these assets. This situation also is reflected in Patterson's second quarter operating cash flow. Upon becoming aware of its noncompliance issue, Patterson immediately began the process of amending its financing agreement and expects to have this matter remedied shortly. Once accomplished, Patterson will be able to remove the contracts and related liability from its balance sheet.

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