Exhibit 99

 

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120    NEWS RELEASE

PATTERSON COMPANIES REPORTS FISCAL 2019 SECOND-QUARTER RESULTS

 

   

Second-quarter reported net sales totaled $1.4 billion, up 1.4 percent.

 

   

Second-quarter GAAP earnings of $0.31 per diluted share.

 

   

Second-quarter adjusted earnings1 of $0.39 per diluted share.

 

   

Company generates $200.2 million of cash flow from operating activities in first six months of fiscal 2019.

 

   

Company reaffirms fiscal 2019 GAAP earnings range of $0.84 to $0.94 per diluted share and adjusted earnings1 range of $1.40 to $1.50 per diluted share.

St. Paul, Minn. — December 6, 2018 — Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of approximately $1.4 billion (see attached Sales Summary for further details) in its fiscal second quarter ended October 27, 2018, an increase of 1.4 percent compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation and changes in product selling relationships, increased 1.8 percent.

Reported net income attributable to Patterson Companies, Inc. for the second quarter of fiscal year 2019 was $28.9 million, or $0.31 per diluted share, compared to net income attributable to Patterson Companies, Inc. of $40.2 million, or $0.43 per diluted share, in last year’s fiscal second quarter. Adjusted net income1 attributable to Patterson Companies, Inc., which excludes deal amortization costs and integration and business restructuring costs, totaled $36.3 million for the second quarter of fiscal 2019, or $0.39 per diluted share, compared to $47.6 million in the same quarter last year, or $0.51 per diluted share. The reported net income and the adjusted net income attributable to Patterson Companies, Inc. were both impacted by the decrease in operating margins within the Dental segment.

“Our second quarter results met our expectations and we continue to make progress on our focused initiatives to improve performance and build a stronger Patterson,” said Mark Walchirk, president and CEO of Patterson Companies. “While we still have much work ahead, our team has delivered two consecutive quarters of year-over-year revenue growth, operating margin improvement from the fiscal first quarter and continued strong cash flow generation. As a result, we are reaffirming our fiscal 2019 guidance.”

Patterson Animal Health

Reported net sales in our Animal Health segment for the second quarter of fiscal 2019, which comprised approximately 61 percent of the company’s total sales, were $855.4 million compared to $823.6 million in the same quarter last year. Internal sales for the segment increased 4.5 percent from the fiscal 2018 second quarter.

Patterson Dental

Reported net sales in our Dental segment for the second quarter of fiscal 2019, which represented approximately 39 percent of total company sales, were $542.5 million compared to $553.6 million in the same quarter last year. Internal sales declined 1.8 percent compared to the fiscal 2018 second quarter.

Balance Sheet and Capital Allocation

For the first six months of fiscal 2019, Patterson Companies generated $200.2 million of cash from operating activities and collected deferred purchase price receivables of $165.6 million for a total of $365.8 million, compared to a total of $101.7 million in the same period last year. During the first six months of fiscal 2019, debt has been reduced by $196.3 million and cash has grown by $102.5 million.

In the second quarter of fiscal 2019, Patterson Companies paid $24.7 million in cash dividends to shareholders. On a year-to-date basis, Patterson has returned $50.0 million in cash dividends to shareholders.

Year-to-Date Results

Consolidated net sales for the first six months of fiscal 2019 totaled $2.7 billion, a 1.9 percent year-over-year increase. Reported net income attributable to Patterson Companies, Inc. was $24.4 million, or $0.26 per diluted share, compared to $71.1 million, or $0.76 per diluted share in last year’s period. In July 2018, Patterson Companies booked a pre-tax reserve of $28.3 million for the anticipated settlement of purported class action antitrust litigation.

Adjusted net income1 attributable to Patterson Companies, Inc., which excludes deal amortization costs, integration and business restructuring costs and legal reserve costs, totaled $60.3 million, or $0.65 per diluted share, compared to adjusted net income of $89.0 million, or $0.95 per diluted share, in the year-ago period.

 

LOGO


The following information was filed by Patterson Companies, Inc. (PDCO) on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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