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
November 24, 2015
Date of report
PATTERSON COMPANIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Minnesota | 0-20572 | 41-0886515 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(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) |
¨ | 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 November 24, 2015 Patterson Companies, Inc. issued a press release announcing its financial results for the second quarter of fiscal year 2016 ended October 31, 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 |
(d) | EXHIBITS |
99.1 | Press release of Patterson Companies, Inc., dated November 24, 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.
PATTERSON COMPANIES, INC. | ||||||
Date: November 24, 2015 | By: | /s/ Ann B. Gugino | ||||
Ann B. Gugino | ||||||
Executive Vice President, Treasurer and Chief Financial Officer | ||||||
(Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press release of Patterson Companies, Inc., dated November 24, 2015. |
Exhibit 99.1
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 companys 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. November 24, 2015 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 years 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 companys 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 companys 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 | | ||||||||||||
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Net Income from Continuing Operations - Adjusted |
$ | 55,277 | $ | 43,782 | $ | 102,173 | $ | 84,027 | ||||||||
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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 |
| | | | ||||||||||||
Tax Impact of Repatriation of Cash |
0.01 | | 0.12 | | ||||||||||||
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Diluted Earnings Per Share from Continuing Operations - Adjusted* |
$ | 0.56 | $ | 0.44 | $ | 1.03 | $ | 0.84 | ||||||||
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* | Fiscal 2016 year-to-date EPS does not foot due to rounding |
Second Quarter Conference Call and Replay
Pattersons 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 Pattersons 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 Pattersons 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 Pattersons 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.
For additional information contact:
Ann B. Gugino
Executive Vice President & CFO
651-686-1600
John Wright
Vice President, Investor Relations
651-686-1364
Source: Patterson Companies, Inc.
# # #
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
October 31, 2015 |
October 25, 2014 |
October 31, 2015 |
October 25, 2014 |
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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 | ||||||||||||
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Operating income from continuing operations |
83,463 | 72,140 | 145,640 | 138,136 | ||||||||||||
Other expense, net |
(16,200 | ) | (7,767 | ) | (27,673 | ) | (15,165 | ) | ||||||||
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Income from continuing operations before taxes |
67,263 | 64,373 | 117,967 | 122,971 | ||||||||||||
Income taxes |
24,700 | 22,508 | 55,093 | 42,781 | ||||||||||||
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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 | |||||||||||
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Net income |
$ | 35,421 | $ | 53,778 | $ | 65,124 | $ | 104,067 | ||||||||
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Basic earnings per share: |
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Continuing operations |
$ | 0.43 | $ | 0.42 | $ | 0.64 | $ | 0.81 | ||||||||
Discontinued operations |
(0.07 | ) | 0.12 | 0.02 | 0.24 | |||||||||||
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Net basic earnings per share |
$ | 0.36 | $ | 0.54 | $ | 0.66 | $ | 1.05 | ||||||||
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Diluted earnings per share: |
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Continuing operations |
$ | 0.43 | $ | 0.42 | $ | 0.63 | $ | 0.80 | ||||||||
Discontinued operations |
(0.07 | ) | 0.12 | 0.02 | 0.24 | |||||||||||
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Net diluted earnings per share |
$ | 0.36 | $ | 0.54 | $ | 0.65 | $ | 1.04 | ||||||||
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Shares: |
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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 | ||||||||||||
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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 | ) | ||||||||
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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 | ||||||||||||
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Effective tax rate - reported |
36.7 | % | 35.0 | % | 46.7 | % | 34.8 | % |
1 | Refer to the press release for the definition of adjustments to reported results |
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
October 31, 2015 |
April 25, 2015 |
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(Unaudited) | ||||||||
ASSETS |
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Current assets: |
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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 | ||||||
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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 | ||||||
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Total assets |
$ | 3,451,838 | $ | 2,947,706 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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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 | ||||||
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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 | ||||||
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Total liabilities |
2,088,581 | 1,433,583 | ||||||
Stockholders equity |
1,363,257 | 1,514,123 | ||||||
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Total liabilities and stockholders equity |
$ | 3,451,838 | $ | 2,947,706 | ||||
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PATTERSON COMPANIES, INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)
October 31, 2015 |
October 25, 2014 |
Total Sales Growth |
Foreign Exchange Impact |
Animal Health International Impact |
Internal Growth |
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Three Months Ended |
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Consolidated net sales |
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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 | ||||||||||||||||
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Total |
$ | 1,389,210 | $ | 978,220 | 42.0 | % | (2.0 | )% | 42.6 | % | 1.4 | % | ||||||||||||
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Dental |
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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 | |||||||||||||||||
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Total |
$ | 601,322 | $ | 592,636 | 1.5 | % | (1.6 | )% | | % | 3.1 | % | ||||||||||||
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Animal Health |
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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 | |||||||||||||||
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Total |
$ | 774,453 | $ | 376,474 | 105.7 | % | (2.8 | )% | 110.0 | % | (1.5 | )% | ||||||||||||
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Corporate |
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Other1 |
$ | 13,435 | $ | 9,110 | 47.5 | % | | % | | % | 47.5 | % | ||||||||||||
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Total |
$ | 13,435 | $ | 9,110 | 47.5 | % | | % | | % | 47.5 | % | ||||||||||||
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Six Months Ended |
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Consolidated net sales |
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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 | ||||||||||||||||
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Total |
$ | 2,532,080 | $ | 1,917,176 | 32.1 | % | (2.2 | )% | 30.8 | % | 3.5 | % | ||||||||||||
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Dental |
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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 | |||||||||||||||||
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Total |
$ | 1,176,439 | $ | 1,135,510 | 3.6 | % | (1.5 | )% | | % | 5.1 | % | ||||||||||||
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Animal Health |
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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 | ||||||||||||||||
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Total |
$ | 1,331,750 | $ | 762,774 | 74.6 | % | (3.2 | )% | 76.8 | % | 1.0 | % | ||||||||||||
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Corporate |
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Other1 |
$ | 23,891 | $ | 18,892 | 26.5 | % | | % | | % | 26.5 | % | ||||||||||||
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Total |
$ | 23,891 | $ | 18,892 | 26.5 | % | | % | | % | 26.5 | % | ||||||||||||
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1 | Certain sales were reclassified from consumable to other in current and prior periods. |
PATTERSON COMPANIES, INC.
SUPPLEMENTARY FINANCIAL DATA
(In thousands, except per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
October 31, 2015 |
October 25, 2014 |
October 31, 2015 |
October 25, 2014 |
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Operating income (loss) |
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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 | ) | ||||||||
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$ | 83,463 | $ | 72,140 | $ | 145,640 | $ | 138,136 | |||||||||
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Other (expense) income, net |
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Interest income |
$ | 629 | $ | 749 | $ | 1,418 | $ | 1,999 | ||||||||
Interest expense |
(17,154 | ) | (8,544 | ) | (29,297 | ) | (17,312 | ) | ||||||||
Other |
325 | 28 | 206 | 148 | ||||||||||||
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$ | (16,200 | ) | $ | (7,767 | ) | $ | (27,673 | ) | $ | (15,165 | ) | |||||
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PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended | ||||||||
October 31, 2015 |
October 25, 2014 |
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Operating activities: |
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Net income |
$ | 65,124 | $ | 104,067 | ||||
Net income from discontinued operations |
2,250 | 23,877 | ||||||
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Net income from continuing operations |
62,874 | 80,190 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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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 | ) | ||||
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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 | |||||
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Net cash (used in) provided by operating activities |
(52,952 | ) | 98,395 | |||||
Investing activities: |
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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 | ) | |||||
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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 | ||||||
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Net cash (used in) provided by investing activities |
(382,033 | ) | 15,640 | |||||
Financing activities: |
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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 | ||||||
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Net cash provided by (used in) financing activities |
191,234 | (86,869 | ) | |||||
Effect of exchange rate changes on cash |
(8,058 | ) | (7,202 | ) | ||||
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Net change in cash and cash equivalents |
$ | (251,809 | ) | $ | 19,964 | |||
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