Patterson Companies Inc (PDCO)
Patterson is a distributor that serves the dental, pet-veterinarian, and rehab-supply markets. Among the products they carry there are anesthetics, paper, cotton, x-ray machines, dental lights, braces, bathing aids, walkers, and canes. They used to be known as the Patterson Dental Company and it was founded in 1877.
Patterson Cos. 2Q profit up on veterinary co. buy
ST. PAUL, Minn. (AP) - Patterson Cos., which provides dental and veterinary products, said Thursday its profit grew 5 percent in its fiscal second quarter due its acquisition of veterinary supplier Columbus Serum Co. last October.
In the quarter ended Oct. 24, Patterson said its profit increased to $49.3 million, or 41 cents per share, from $46.9 million, or 40 cents per share. Revenue rose 7 percent to $815 million from $759.5 million.
Analysts expected a profit of 41 cents per share and revenue of $788.5 million, according to a Thomson Reuters survey.
Patterson's purchase of Columbus Serum helped its veterinary sales grow 30 percent to $160.7 million in the most recent quarter. The company said it saw increased demand for care for pets, but equipment sales were slow.
Sales at the company's largest business, the dental supply unit, was essentially unchanged at $537.2 million. Patterson said sales of its CEREC dental restorative system climbed 45 percent, but sales of office equipment like chairs, units and lights fell. With the economy still sluggish, dentists are spending their money on products that will generate a lot of revenue, like CEREC, rather than basic equipment, Patterson said.
Revenue from Patterson's rehabilitation supply and equipment division rose 18 percent to $117.1 million.
The company backed its forecast for fiscal 2010 profit of $1.70 to $1.80 per share. Analysts expect profit of $1.76 per share for the fiscal year ending in April.
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