Patterson Companies Reports Fiscal 2016 Second Quarter Operating Results
-
Sales from continuing operations totaled a record $1.4 billion, up
44 percent on a constant currency basis, including the impact of
recently acquired Animal Health International, Inc. - Dental segment sales rose 3.1 percent on a constant currency basis.
-
Animal Health segment sales up 109 percent on a constant currency
basis, with $414.0 million in sales, attributed to the company’s
recent acquisition of Animal Health International, Inc. -
Adjusted EPS from continuing operations1
totaled $0.56, a 27 percent increase over prior year, which reflects
an increase in health insurance claims of $3.2 million after-tax, or
$0.03 per diluted share. -
Company reaffirms adjusted earnings guidance for fiscal 2016 of
$2.40 to $2.50 per share.
ST. PAUL, Minn.–(BUSINESS WIRE)–Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated
sales from continuing operations of $1.4 billion (see attached Sales
Summary for further details) in its fiscal second quarter ended October
31, 2015, up 42 percent over the same period last year. Sales in this
fiscal 2016 period include a full quarter of results from the recent
Animal Health International, Inc. acquisition.
Adjusted net income from continuing operations1, which
reflects adjustments to exclude certain non-recurring and deal
amortization costs, was $55.3 million for the second quarter of fiscal
2016, representing a 26 percent gain over $43.8 million in the same
quarter last year. Adjusted diluted earnings per share from continuing
operations1 was $0.56 in the 2016 second quarter,
representing a 27 percent year-over-year increase. The second quarter
was affected by higher-than-anticipated healthcare claims and the impact
of foreign currency. Reported net income from continuing operations was
$42.6 million, or $0.43 per diluted share, compared to $41.9 million, or
$0.42 per share, in last year’s fiscal second quarter.
“We are in the middle of a significant year for Patterson and continue
to build momentum,” said Scott Anderson, chairman and chief executive
officer. “We have transformed and repositioned our company in the
markets we serve. Our Dental and Animal Health businesses have broadened
product offerings and our employees are focused on exceptional customer
service and support. We have positioned our company to capitalize on the
compelling long-term demographic, technology and productivity trends in
our markets.”
Patterson Dental
Sales for Patterson Dental, which represent approximately 43 percent of
total sales, rose to $601.3 million, up 3.1 percent on a constant
currency basis from the same quarter last year. On that same basis,
year-over-year sales by category were as follows:
- Consumable dental supplies improved 3.3 percent
- Equipment sales, led by technology, rose 2.2 percent
-
Other services and products, primarily composed of technical service,
parts and labor, software support services and office supplies,
climbed 4.2 percent
Commented Anderson, “Again this quarter, we saw an encouraging rise in
CEREC sales, especially among new users, and steady growth in the
consumables category. Results from these two areas confirm our
confidence in what we see as stable-to-steadily improving dynamics in
the North American dental market.”
Patterson Animal Health
Sales for Patterson Animal Health, which comprises approximately 56
percent of the company’s total sales, more than doubled to $774.5
million. Sales from Animal Health International, Inc. added $414.0
million to the Animal Health segment during the quarter. Without the
contribution from Animal Health International, and accounting for
normalized changes in veterinary diagnostic manufacturer relationships,
segment sales improved 3.2 percent on a constant currency basis, with
U.S. consumables rising 4.8 percent organically.
Anderson continued, “In our Animal Health business, we continued to
integrate the Animal Health International, Inc. acquisition and we are
pleased with the business integration process and synergies we are
gaining. Moreover, our established U.S. companion animal business
performed well, growing sales over 5 percent on a constant currency
basis. We are confident in the strengthened scale and market position of
our new animal health platform.”
Discontinued Operations
On August 28, 2015, Patterson Companies completed the sale of Patterson
Medical to Madison Dearborn Partners for approximately $715 million. As
a result of the sale, results of Patterson Medical are classified and
reported as discontinued operations in all periods beginning with the
fiscal 2016 first quarter.
Share Repurchases and Dividends
Fiscal year to date, Patterson repurchased approximately 3.9 million
shares of its outstanding common stock, with a value of $175.8 million,
leaving approximately 17 million shares for repurchase under the current
authorization. The company also paid $22.2 million in cash dividends to
shareholders in the second quarter and $45.4 million in the first half
of fiscal 2016.
Year-to-Date Results1
Consolidated sales from continuing operations for the first six months
of fiscal 2016 totaled $2.5 billion, representing a 32 percent
year-over-year increase. Adjusted net income from continuing operations
was $102.2 million, or $1.03 per diluted share, compared to adjusted net
income from continuing operations of $84.0 million, or $0.84 per diluted
share, in the year-ago period, as outlined in the Second Quarter and
Six-Month Reconciliation table1. Fiscal 2016 also includes
the impact of an extra week.
Business Outlook
Anderson concluded, “We are confident in the opportunities before us and
our ability to capitalize on them. The Animal Health integration is on
track and we remain focused on our customers’ success. In Dental, we
have substantial momentum in our technology sales, stability in
consumables and new, expanded opportunities from a broader equipment
portfolio. We continue to create value for shareholders as we invest in
our business, pay dividends and repurchase shares. We reaffirm our
fiscal 2016 adjusted earnings guidance range on a continuing operations
basis of $2.40 to $2.50 per diluted share.”
The fiscal 2016 annual financial outlook and adjusted earnings guidance:
-
Assumes stable North American and international markets – conditions
similar to fiscal 2015 -
Includes the impact of an extra week in fiscal 2016 compared to the
previous year -
Excludes the impact of additional share repurchases for the remainder
of the fiscal year -
Excludes transaction-related costs, integration expense, deal
amortization, accelerated debt issuance costs, non-recurring IT
initiative training costs and tax costs related to cash repatriation
(See Second Quarter and Six-Month Reconciliation table below) - Excludes the discontinued operations for Medical
1 Second Quarter and Six-Month Reconciliation
The following non-GAAP table is provided to adjust reported net income
and earnings per share for the impact of tax affected one-time costs,
current and prior deal-amortization costs and tax costs related to cash
repatriation. Management believes that the adjusted net income and EPS
amounts may provide a helpful representation of the company’s current
quarter performance.
| (Dollars in thousands, except EPS) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| October 31, 2015 | October 25, 2014 | October 31, 2015 | October 25, 2014 | |||||||||||||||||
| Net Income from Continuing Operations – Reported | $ | 42,563 | $ | 41,865 | $ | 62,874 | $ | 80,190 | ||||||||||||
| Transaction-Related Costs | 677 | – | 9,979 | – | ||||||||||||||||
| Deal Amortization | 6,974 | 1,917 | 11,586 | 3,837 | ||||||||||||||||
| Integration Expense | 1,328 | – | 2,054 | – | ||||||||||||||||
| Accelerated Debt Issuance Costs | 3,205 | – | 3,205 | – | ||||||||||||||||
| Non-Recurring IT Training Costs | 30 | – | 175 | – | ||||||||||||||||
| Tax Impact of Repatriation of Cash | 500 | – | 12,300 | – | ||||||||||||||||
| Net Income from Continuing Operations – Adjusted | $ | 55,277 | $ | 43,782 | $ | 102,173 | $ | 84,027 | ||||||||||||
| Diluted Earnings Per Share from Continuing Operations – Reported | $ | 0.43 | $ | 0.42 | $ | 0.63 | $ | 0.80 | ||||||||||||
| Transaction-Related Costs | 0.01 | – | 0.10 | – | ||||||||||||||||
| Deal Amortization | 0.07 | 0.02 | 0.12 | 0.04 | ||||||||||||||||
| Integration Expense | 0.01 | – | 0.02 | – | ||||||||||||||||
| Accelerated Debt Issuance Costs | 0.03 | – | 0.03 | – | ||||||||||||||||
| Non-Recurring IT Training Costs | 0.00 | – | 0.00 | – | ||||||||||||||||
| Tax Impact of Repatriation of Cash | 0.01 | – | 0.12 | – | ||||||||||||||||
| Diluted Earnings Per Share from Continuing Operations – Adjusted* | $ | 0.56 | $ | 0.44 | $ | 1.03 | $ | 0.84 | ||||||||||||
| *Fiscal 2016 year-to-date EPS does not foot due to rounding |
Second Quarter Conference Call and Replay
Patterson’s second 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 Patterson’s website. A replay of
the second quarter conference call can be heard for one week at
888-203-1112 and by providing the Conference ID 404442, when prompted.
About Patterson Companies, Inc.
Patterson Companies, Inc. is a value-added distributor serving the
dental and animal health markets.
Dental Market
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.
Animal Health Market
Patterson Animal Health, formerly Patterson Veterinary, is a leading,
full-line distributor in North America and the U.K. of animal health
products, services and technologies to both the production-animal and
companion-pet markets.
This press release contains certain 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 Patterson’s
ability to control. Forward-looking statements generally can be
identified by words such as “believes,” “expects,” “anticipates,”
“foresees,” “forecasts,” “estimates” or other words or phrases of
similar import. It is uncertain whether any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of
them do, what impact they will have on the results of operations and
financial condition of Patterson or the price of Patterson stock. These
forward-looking statements involve certain risks and uncertainties that
could cause actual results to differ materially from those indicated in
such forward-looking statements, including but not limited to the other
risks and important factors contained and identified in Patterson’s
filings with the Securities and Exchange Commission, such as its
Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, any of
which could cause actual results to differ materially from the
forward-looking statements. Any forward-looking statement in this press
release speaks only as of the date on which it is made. Except to the
extent required under the federal securities laws, Patterson does not
intend to update or revise the forward-looking statements.
| PATTERSON COMPANIES, INC. | |||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
| October 31, | October 25, | October 31, | October 25, | ||||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| Net sales | $ | 1,389,210 | $ | 978,220 | $ | 2,532,080 | $ | 1,917,176 | |||||||||||||||||
| Gross profit | 330,899 | 259,287 | 619,143 | 509,904 | |||||||||||||||||||||
| Operating expenses | 247,436 | 187,147 | 473,503 | 371,768 | |||||||||||||||||||||
| Operating income from continuing operations | 83,463 | 72,140 | 145,640 | 138,136 | |||||||||||||||||||||
| Other expense, net | (16,200 | ) | (7,767 | ) | (27,673 | ) | (15,165 | ) | |||||||||||||||||
| Income from continuing operations before taxes | 67,263 | 64,373 | 117,967 | 122,971 | |||||||||||||||||||||
| Income taxes | 24,700 | 22,508 | 55,093 | 42,781 | |||||||||||||||||||||
| Net income from continuing operations | 42,563 | 41,865 | 62,874 | 80,190 | |||||||||||||||||||||
| Net income from discontinued operations | (7,142 | ) | 11,913 | 2,250 | 23,877 | ||||||||||||||||||||
| Net income | $ | 35,421 | $ | 53,778 | $ | 65,124 | $ | 104,067 | |||||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||||
| Continuing operations | $ | 0.43 | $ | 0.42 | $ | 0.64 | $ | 0.81 | |||||||||||||||||
| Discontinued operations | (0.07 | ) | 0.12 | 0.02 | 0.24 | ||||||||||||||||||||
| Net basic earnings per share | $ | 0.36 | $ | 0.54 | $ | 0.66 | $ | 1.05 | |||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||||
| Continuing operations | $ | 0.43 | $ | 0.42 | $ | 0.63 | $ | 0.80 | |||||||||||||||||
| Discontinued operations | (0.07 | ) | 0.12 | 0.02 | 0.24 | ||||||||||||||||||||
| Net diluted earnings per share | $ | 0.36 | $ | 0.54 | $ | 0.65 | $ | 1.04 | |||||||||||||||||
| Shares: | |||||||||||||||||||||||||
| Basic | 98,525 | 98,802 | 98,981 | 99,066 | |||||||||||||||||||||
| Diluted | 99,185 | 99,376 | 99,674 | 99,779 | |||||||||||||||||||||
| Dividends declared per common share | $ | 0.22 | $ | 0.20 | $ | 0.44 | $ | 0.40 | |||||||||||||||||
| Gross margin – reported | 23.8 | % | 26.5 | % | 24.5 | % | 26.6 | % | |||||||||||||||||
| Operating expenses as a % of net sales – adjusted | 16.8 | % | 18.9 | % | 17.3 | % | 19.1 | % | |||||||||||||||||
| Adjustments1 | 1.0 | 0.2 | 1.4 | 0.3 | |||||||||||||||||||||
| Operating expenses as a % of net sales – reported | 17.8 | % | 19.1 | % | 18.7 | % | 19.4 | % | |||||||||||||||||
| Operating income as a % of net sales – adjusted | 7.0 | % | 7.7 | % | 7.1 | % | 7.5 | % | |||||||||||||||||
| Adjustments1 | (1.0 | ) | (0.3 | ) | (1.3 | ) | (0.3 | ) | |||||||||||||||||
| Operating income as a % of net sales – reported | 6.0 | % | 7.4 | % | 5.8 | % | 7.2 | % | |||||||||||||||||
| Effective tax rate – adjusted | 35.9 | % | 34.8 | % | 35.2 | % | 34.6 | % | |||||||||||||||||
| Adjustments1 | 0.8 | 0.2 | 11.5 | 0.2 | |||||||||||||||||||||
| Effective tax rate – reported | 36.7 | % | 35.0 | % | 46.7 | % | 34.8 | % | |||||||||||||||||
|
1 |
Refer to the press release for the definition of adjustments to |
||
| PATTERSON COMPANIES, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (In thousands) | |||||||||||||||
| October 31, | April 25, | ||||||||||||||
| 2015 | 2015 | ||||||||||||||
| (Unaudited) | |||||||||||||||
| ASSETS | |||||||||||||||
| Current assets: | |||||||||||||||
| Cash and short-term investments | $ | 95,451 | $ | 400,632 | |||||||||||
| Receivables | 734,461 | 586,263 | |||||||||||||
| Inventory | 752,849 | 408,422 | |||||||||||||
| Prepaid expenses and other current assets | 83,169 | 59,561 | |||||||||||||
| Current assets held for sale | – | 118,347 | |||||||||||||
| Total current assets | 1,665,930 | 1,573,225 | |||||||||||||
| Property and equipment, net | 272,190 | 204,133 | |||||||||||||
| Goodwill and other intangible assets | 1,354,674 | 424,949 | |||||||||||||
| Investments and other | 159,044 | 109,605 | |||||||||||||
| Long-term assets held for sale | – | 635,794 | |||||||||||||
| Total assets | $ | 3,451,838 | $ | 2,947,706 | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | $ | 492,469 | $ | 323,294 | |||||||||||
| Other accrued liabilities | 209,896 | 215,075 | |||||||||||||
| Current maturities of long-term debt | 15,991 | – | |||||||||||||
| Borrowings on revolving credit | 80,000 | – | |||||||||||||
| Current liabilities held for sale | – | 39,316 | |||||||||||||
| Total current liabilities | 798,356 | 577,685 | |||||||||||||
| Long-term debt | 1,034,884 | 725,000 | |||||||||||||
| Other non-current liabilities | 255,341 | 81,484 | |||||||||||||
| Long-term liabilities held for sale | – | 49,414 | |||||||||||||
| Total liabilities | 2,088,581 | 1,433,583 | |||||||||||||
| Stockholders’ equity | 1,363,257 | 1,514,123 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,451,838 | $ | 2,947,706 | |||||||||||
| PATTERSON COMPANIES, INC. | ||||||||||||||||||||||||||
| SALES SUMMARY | ||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Total | Foreign | Animal Health | ||||||||||||||||||||||||
| October 31, | October 25, | Sales | Exchange | International | Internal | |||||||||||||||||||||
| 2015 | 2014 | Growth | Impact | Impact | Growth | |||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||
| Consolidated net sales | ||||||||||||||||||||||||||
| Consumable1 | $ | 1,087,489 | $ | 686,165 | 58.5 | % | (2.2 | ) | % | 60.7 | % | – | % | |||||||||||||
| Equipment and software | 207,809 | 204,409 | 1.7 | (1.7 | ) | 0.3 | 3.1 | |||||||||||||||||||
| Other1 | 93,912 | 87,646 | 7.1 | (1.4 | ) | (1.0 | ) | 9.5 | ||||||||||||||||||
| Total | $ | 1,389,210 | $ | 978,220 | 42.0 | % | (2.0 | ) | % | 42.6 | % | 1.4 | % | |||||||||||||
| Dental | ||||||||||||||||||||||||||
| Consumable1 | $ | 332,436 | $ | 326,562 | 1.8 | % | (1.5 | ) | % | – | % | 3.3 | % | |||||||||||||
| Equipment and software | 196,767 | 195,962 | 0.4 | (1.8 | ) | – | 2.2 | |||||||||||||||||||
| Other1 | 72,119 | 70,112 | 2.9 | (1.3 | ) | – | 4.2 | |||||||||||||||||||
| Total | $ | 601,322 | $ | 592,636 | 1.5 | % | (1.6 | ) | % | – | % | 3.1 | % | |||||||||||||
| Animal Health | ||||||||||||||||||||||||||
| Consumable1 | $ | 755,053 | $ | 359,603 | 110.0 | % | (2.8 | ) | % | 115.4 | % | (2.6 | ) | % | ||||||||||||
| Equipment and software | 11,042 | 8,447 | 30.7 | (0.2 | ) | – | 30.9 | |||||||||||||||||||
| Other1 | 8,358 | 8,424 | (0.8 | ) | (3.8 | ) | (11.6 | ) | 14.6 | |||||||||||||||||
| Total | $ | 774,453 | $ | 376,474 | 105.7 | % | (2.8 | ) | % | 110.0 | % | (1.5 | ) | % | ||||||||||||
| Corporate | ||||||||||||||||||||||||||
| Other1 | $ | 13,435 | $ | 9,110 | 47.5 | % | – | % | – | % | 47.5 | % | ||||||||||||||
| Total | $ | 13,435 | $ | 9,110 | 47.5 | % | – | % | – | % | 47.5 | % | ||||||||||||||
|
Six Months Ended |
||||||||||||||||||||||||||
| Consolidated net sales | ||||||||||||||||||||||||||
| Consumable1 | $ | 1,982,796 | $ | 1,381,804 | 43.5 | % | (2.4 | ) | % | 42.7 | % | 3.2 | % | |||||||||||||
| Equipment and software | 361,292 | 360,803 | 0.1 | (1.6 | ) | 0.3 | 1.4 | |||||||||||||||||||
| Other1 | 187,992 | 174,569 | 7.7 | (1.4 | ) | (0.1 | ) | 9.2 | ||||||||||||||||||
|
Total |
$ | 2,532,080 | $ | 1,917,176 | 32.1 | % | (2.2 | ) | % | 30.8 | % | 3.5 | % | |||||||||||||
| Dental | ||||||||||||||||||||||||||
| Consumable1 | $ | 690,488 | $ | 651,852 | 5.9 | % | (1.5 | ) | % | – | % | 7.4 | % | |||||||||||||
| Equipment and software | 340,437 | 344,745 | (1.2 | ) | (1.7 | ) | – | 0.5 | ||||||||||||||||||
| Other1 | 145,514 | 138,913 | 4.8 | (1.2 | ) | – | 6.0 | |||||||||||||||||||
| Total | $ | 1,176,439 | $ | 1,135,510 | 3.6 | % | (1.5 | ) | % | – | % | 5.1 | % | |||||||||||||
| Animal Health | ||||||||||||||||||||||||||
| Consumable1 | $ | 1,292,308 | $ | 729,952 | 77.0 | % | (3.3 | ) | % | 80.3 | % | – | % | |||||||||||||
| Equipment and software | 20,855 | 16,058 | 29.9 | (0.2 | ) | – | 30.1 | |||||||||||||||||||
| Other1 | 18,587 | 16,764 | 10.9 | (4.4 | ) | (3.0 | ) | 18.3 | ||||||||||||||||||
| Total | $ | 1,331,750 | $ | 762,774 | 74.6 | % | (3.2 | ) | % | 76.8 | % | 1.0 | % | |||||||||||||
| Corporate | ||||||||||||||||||||||||||
| Other1 | $ | 23,891 | $ | 18,892 | 26.5 | % | – | % | – | % | 26.5 | % | ||||||||||||||
| Total | $ | 23,891 | $ | 18,892 | 26.5 | % | – | % | – | % | 26.5 | % | ||||||||||||||
|
1 |
Certain sales were reclassified from consumable to other in |
||
| PATTERSON COMPANIES, INC. | ||||||||||||||||||||||||
| SUPPLEMENTARY FINANCIAL DATA | ||||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| October 31, | October 25, | October 31, | October 25, | |||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||
| Dental | $ | 74,094 | $ | 73,427 | $ | 141,346 | $ | 135,976 | ||||||||||||||||
| Animal Health | 25,177 | 14,336 | 38,149 | 28,323 | ||||||||||||||||||||
| Corporate | (15,808 | ) | (15,623 | ) | (33,855 | ) | (26,163 | ) | ||||||||||||||||
| $ | 83,463 | $ | 72,140 | $ | 145,640 | $ | 138,136 | |||||||||||||||||
| Other (expense) income, net | ||||||||||||||||||||||||
| Interest income | $ | 629 | $ | 749 | $ | 1,418 | $ | 1,999 | ||||||||||||||||
| Interest expense | (17,154 | ) | (8,544 | ) | (29,297 | ) | (17,312 | ) | ||||||||||||||||
| Other | 325 | 28 | 206 | 148 | ||||||||||||||||||||
| $ | (16,200 | ) | $ | (7,767 | ) | $ | (27,673 | ) | $ | (15,165 | ) | |||||||||||||
| PATTERSON COMPANIES, INC. | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Six Months Ended | |||||||||||||||||
| October 31, | October 25, | ||||||||||||||||
| 2015 | 2014 | ||||||||||||||||
| Operating activities: | |||||||||||||||||
| Net income | $ | 65,124 | $ | 104,067 | |||||||||||||
| Net income from discontinued operations | 2,250 | 23,877 | |||||||||||||||
| Net income from continuing operations | 62,874 | 80,190 | |||||||||||||||
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|||||||||||||||||
| Depreciation & amortization | 38,400 | 21,014 | |||||||||||||||
| Non-cash employee compensation | 13,541 | 11,940 | |||||||||||||||
| Change in assets and liabilities, net of acquired | (128,782 | ) | (36,599 | ) | |||||||||||||
|
Net cash (used in) provided by operating activities – continuing operations |
(13,967 | ) | 76,545 | ||||||||||||||
|
Net cash (used in) provided by operating activities – discontinued operations |
(38,985 | ) | 21,850 | ||||||||||||||
| Net cash (used in) provided by operating activities | (52,952 | ) | 98,395 | ||||||||||||||
| Investing activities: | |||||||||||||||||
| Additions to property and equipment, net of disposals | (40,978 | ) | (29,190 | ) | |||||||||||||
| Acquisitions and equity investments | (1,105,229 | ) | – | ||||||||||||||
| Proceeds from sale | 48,744 | 40,775 | |||||||||||||||
| Purchase of investments | – | (543 | ) | ||||||||||||||
|
Net cash (used in) provided by investing activities – continuing operations |
(1,097,463 | ) |
|
11,042 | |||||||||||||
| Net cash provided by investing activities – discontinued operations | 715,430 |
|
4,598 | ||||||||||||||
| Net cash (used in) provided by investing activities | (382,033 | ) |
|
15,640 | |||||||||||||
| Financing activities: | |||||||||||||||||
| Dividends paid | (45,356 | ) | (40,174 | ) | |||||||||||||
| Share repurchases | (160,579 | ) | (47,539 | ) | |||||||||||||
| Proceeds from issuance of long-term debt, net | 988,400 | – | |||||||||||||||
| Draw on revolver | 80,000 | – | |||||||||||||||
| Retirement of long-term debt | (674,125 | ) | – | ||||||||||||||
| Other financing activities | 2,894 | 844 | |||||||||||||||
| Net cash provided by (used in) financing activities | 191,234 | (86,869 | ) | ||||||||||||||
| Effect of exchange rate changes on cash | (8,058 | ) | (7,202 | ) | |||||||||||||
| Net change in cash and cash equivalents | $ | (251,809 | ) | $ | 19,964 | ||||||||||||
Contacts
Patterson Companies, Inc.
Ann B. Gugino
Executive Vice
President & CFO
651-686-1600
or
John Wright
Vice
President, Investor Relations
651-686-1364
