Published: February 22, 2011
Henry Schein Reports Record Fourth Quarter Results
MELVILLE, N.Y., Feb. 22, 2011 /PRNewswire/ -- Henry Schein, Inc. (Nasdaq: HSIC), the largest provider of healthcare products and services to office-based practitioners, today reported record financial results for the quarter ended December 25, 2010.
Net sales for the fourth quarter of 2010 were $2.0 billion, an increase of 13.3% compared with the fourth quarter of 2009. This consists of 15.0% growth in local currencies partially offset by a decline of 1.7% related to foreign currency exchange. Internal sales growth in local currencies was 3.3% (see Exhibit A for details of sales growth).
Income from continuing operations attributable to Henry Schein, Inc. for the fourth quarter of 2010 was $93.0 million or $1.00 per diluted share, an increase of 8.5% and 7.5%, respectively, compared with fourth quarter 2009 adjusted net income, which excludes certain unusual items (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).
"Our fourth quarter financial results are solid as we gained market share in each of our business groups. This quarterly performance is continued validation of our growth strategy, and the underlying strength of our business," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "In addition, for the first time quarterly net sales reached $2 billion. Quarterly net sales first surpassed the $1 billion mark in the third quarter of 2004, and this doubling of quarterly sales represents compound annual growth of 12% since then, a timeframe that includes the recent years of global economic challenges."
North American Dental sales of $720.7 million increased 7.3%, consisting of 6.7% growth in local currencies and 0.6% growth related to foreign currency exchange. The 6.7% growth in local currencies included 9.7% growth in Dental consumable merchandise sales and 0.2% growth in Dental equipment sales and service revenues.
"We marked our fifth consecutive quarter of increased internal Dental consumable merchandise sales growth in local currencies, which provides further evidence of stability in our markets as well as the efficiency of our consultative approach to sales and customer service. We have also recorded growth in sales of Dental equipment for each quarter of 2010, including the fourth quarter where the comparison is more difficult than earlier quarters in the year, due to strong equipment sales in last year's fourth quarter," commented Mr. Bergman.
North American Medical sales of $327.7 million increased 5.7%. Sales of seasonal influenza vaccines in 2010 were skewed more heavily toward the third quarter versus the fourth quarter, compared with 2009. Excluding sales of seasonal influenza vaccines from both fourth quarter periods, North American Medical sales increased 7.1%.
"During the quarter we sold approximately 1.3 million doses of seasonal influenza vaccines, bringing our total for the year to approximately 12.5 million doses, in line with our expectations," remarked Mr. Bergman. "The 2009 fourth quarter included sales of products related to the H1N1 virus that occurred to a lesser extent this year. When excluding sales of those products and seasonal influenza vaccines from both periods, we estimate that North American Medical internal sales growth was 5.7%."
North American Animal Health sales increased 282.2% to $222.7 million, reflecting the combined Butler Schein Animal Health business.
"We now have turned our focus at Butler Schein Animal Health to various initiatives to drive sales growth by expanding the breadth and depth of our product offerings. We recently announced two strategic veterinary software acquisitions that support our position of industry leadership. By adding the products and services of McAllister Software Systems and ImproMed, we further enhance the vital role of Butler Schein Animal Health with its customers and manufacturers," commented Mr. Bergman.
International sales of $695.0 million declined 0.6%, consisting of 4.4% growth in local currencies partially offset by a decline of 5.0% related to foreign currency exchange.
"Our International results are highlighted by strong internal growth in local currencies in our Dental business, particularly in Dental equipment. International Animal Health sales growth in local currencies also was solid," added Mr. Bergman. "On an overall basis, the U.K., Italy, France, Holland, Belgium and Austria each exhibited healthy sales growth."
Technology and Value-Added Services sales of $57.5 million increased 21.9% during the quarter, including 17.5% internal sales growth in local currencies. "We had notably strong growth in software sales in Australia, New Zealand and Canada," explained Mr. Bergman. "Our continued excellent performance in Technology and Value-Added Services provides a great platform for enhancing customer relationships and increasing market penetration, and a clear competitive advantage."
Full Year Results
For the year, net sales of $7.5 billion increased 15.1% compared with 2009. This includes 15.4% growth in local currencies partially offset by a decline of 0.3% related to foreign currency exchange.
Income from continuing operations attributable to Henry Schein, Inc. for 2010 was $325.8 million or $3.49 per diluted share. Non-GAAP adjusted income from continuing operations attributable to Henry Schein, Inc. for 2010 was $334.0 million or $3.58 per diluted share, an increase of 15.4% and 11.9%, respectively, compared with 2009 excluding restructuring costs in both periods, as well as certain unusual items in 2009 (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).
Stock Repurchase Plan
The Company announced that it repurchased 919,698 shares of its common stock during the fourth quarter at an average price of $57.54 per share. For the year the Company repurchased $57.7 million of its common stock. The impact of the repurchase of shares on fourth quarter and full year diluted EPS was immaterial. At the end of the fourth quarter, the Company had $100 million authorized for future repurchases of its common stock.
2011 EPS Guidance
Henry Schein today affirmed 2011 financial guidance, as follows:
-- 2011 diluted EPS attributable to Henry Schein, Inc. is expected to be in
the range of $3.88 to $3.98.
-- Guidance for 2011 diluted EPS attributable to Henry Schein, Inc. is for
current continuing operations as well as completed or previously
announced acquisitions, and does not include the impact of potential
future acquisitions, if any.
Fourth Quarter Conference Call Webcast
The Company will hold a conference call to discuss fourth quarter financial results today, beginning at 10:00 a.m. Eastern time. Individual investors are invited to listen to the conference call over the Internet through Henry Schein's Web site at www.henryschein.com. In addition, a replay will be available beginning shortly after the call has ended.
About Henry Schein
Henry Schein, a Fortune 500® company and a member of the NASDAQ 100® Index, is the largest distributor of products and services to office-based health care practitioners. The Company is recognized for its excellent customer service and highly competitive prices. The Company's five businesses - North American Dental, North American Medical, North American Animal Health, International and Technology - serve more than 700,000 customers worldwide, including dental practitioners and laboratories, physician practices and animal health practices, as well as government and other institutions.
The Company operates through a centralized and automated distribution network, which provides customers in more than 200 countries with a comprehensive selection of more than 90,000 national and Henry Schein private-brand products in stock, as well as more than 100,000 additional products available as special-order items. Henry Schein also provides exclusive, innovative technology offerings for dental, medical and veterinary professionals, including value-added practice management software and electronic health record solutions.
Headquartered in Melville, N.Y., Henry Schein employs more than 14,000 people and has operations or affiliates in 25 countries. The Company's net sales reached a record $7.5 billion in 2010. For more information, visit the Henry Schein Web site at www.henryschein.com.
In accordance with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements are identified by the use of such terms as "may," "could," "expect," "intend," "believe," "plan," "estimate," "forecast," "project," "anticipate" or other comparable terms. A full discussion of our operations and financial condition, including factors that may affect our business and future prospects, is contained in documents we have filed with the SEC and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.
Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: recently enacted healthcare legislation; effects of a highly competitive market; changes in the healthcare industry; changes in regulatory requirements; risks from expansion of customer purchasing power and multi-tiered costing structures; risks associated with our international operations; fluctuations in quarterly earnings; our dependence on third parties for the manufacture and supply of our products; transitional challenges associated with acquisitions, including the failure to achieve anticipated synergies; financial risks associated with acquisitions; regulatory and litigation risks; the dependence on our continued product development, technical support and successful marketing in the technology segment; risks from disruption to our information systems; general economic conditions; decreased customer demand and changes in vendor credit terms; disruptions in financial markets; our dependence upon sales personnel, manufacturers and customers; our dependence on our senior management; possible increases in the cost of shipping our products or other service issues with our third-party shippers; risks from rapid technological change; possible volatility of the market price of our common stock; certain provisions in our governing documents that may discourage third-party acquisitions of us; and changes in tax legislation. The order in which these factors appear should not be construed to indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements.
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended
------------------
December 25, December 26,
2010 2009
---- ----
(unaudited) (unaudited)
Net sales $2,023,568 $1,786,081
Cost of sales 1,448,825 1,259,809
--------- ---------
Gross profit 574,743 526,272
Operating expenses:
Selling, general and
administrative 432,745 389,653
Restructuring costs (credits) - (1,023)
--- ------
Operating income 141,998 137,642
Other income (expense):
Interest income 3,780 2,305
Interest expense (7,545) (5,041)
Other, net 59 431
--- ---
Income from continuing
operations before
taxes, equity in earnings of
affiliates and
noncontrolling interests 138,292 135,337
Income taxes (44,184) (44,119)
Equity in earnings of affiliates 3,118 1,466
----- -----
Income from continuing
operations 97,226 92,684
Income from discontinued
operation, net
of tax - -
--- ---
Net income 97,226 92,684
Less: Net income attributable to
noncontrolling
interests (4,231) (6,276)
------ ------
Net income attributable to Henry
Schein, Inc. $92,995 $86,408
======= =======
Amounts attributable to Henry
Schein, Inc.:
Income from continuing
operations $92,995 $86,408
Income from discontinued
operation, net
of tax - -
--- ---
Net income $92,995 $86,408
======= =======
Earnings per share attributable
to
Henry Schein, Inc.:
From continuing operations:
Basic $1.03 $0.97
===== =====
Diluted $1.00 $0.94
===== =====
From discontinued operation:
Basic $0.00 $0.00
===== =====
Diluted $0.00 $0.00
===== =====
From net income:
Basic $1.03 $0.97
===== =====
Diluted $1.00 $0.94
===== =====
Weighted-average common shares
outstanding:
Basic 90,501 89,179
====== ======
Diluted 92,844 92,010
====== ======
Years Ended
-----------
December 25, December 26,
2010 2009
---- ----
Net sales $7,526,790 $6,538,336
Cost of sales 5,355,914 4,621,516
--------- ---------
Gross profit 2,170,876 1,916,820
Operating expenses:
Selling, general and
administrative 1,637,460 1,449,715
Restructuring costs (credits) 12,285 3,020
------ -----
Operating income 521,131 464,085
Other income (expense):
Interest income 14,098 9,979
Interest expense (33,641) (23,370)
Other, net 447 2,026
--- -----
Income from continuing
operations before
taxes, equity in earnings of
affiliates and
noncontrolling interests 502,035 452,720
Income taxes (160,069) (127,521)
Equity in earnings of affiliates 10,165 5,243
------ -----
Income from continuing
operations 352,131 330,442
Income from discontinued
operation, net
of tax - 2,715
--- -----
Net income 352,131 333,157
Less: Net income attributable to
noncontrolling
interests (26,342) (22,004)
------- -------
Net income attributable to Henry
Schein, Inc. $325,789 $311,153
======== ========
Amounts attributable to Henry
Schein, Inc.:
Income from continuing
operations $325,789 $308,551
Income from discontinued
operation, net
of tax - 2,602
--- -----
Net income $325,789 $311,153
======== ========
Earnings per share attributable
to
Henry Schein, Inc.:
From continuing operations:
Basic $3.62 $3.47
===== =====
Diluted $3.49 $3.41
===== =====
From discontinued operation:
Basic $0.00 $0.03
===== =====
Diluted $0.00 $0.03
===== =====
From net income:
Basic $3.62 $3.50
===== =====
Diluted $3.49 $3.44
===== =====
Weighted-average common shares
outstanding:
Basic 90,097 88,872
====== ======
Diluted 93,268 90,556
====== ======
HENRY SCHEIN, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
December 25,
2010
----
ASSETS
Current assets:
Cash and cash equivalents $150,348
Accounts receivable, net of reserves of
$56,267 and $51,724 885,784
Inventories, net 870,206
Deferred income taxes 48,951
Prepaid expenses and other 214,013
-------
Total current assets 2,169,302
Property and equipment, net 252,573
Goodwill 1,424,794
Other intangibles, net 405,468
Investments and other 295,334
-------
Total assets $4,547,471
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $590,029
Bank credit lines 41,508
Current maturities of long-term debt 4,487
Accrued expenses:
Payroll and related 172,746
Taxes 91,581
Other 267,736
-------
Total current liabilities 1,168,087
Long-term debt 395,309
Deferred income taxes 190,225
Other liabilities 76,753
------
Total liabilities 1,830,374
Redeemable noncontrolling interests 304,140
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 1,000,000
shares authorized,
none outstanding -
Common stock, $.01 par value, 240,000,000
shares authorized,
91,939,477 outstanding on December 25, 2010
and
90,630,889 outstanding on December 26, 2009 919
Additional paid-in capital 601,014
Retained earnings 1,779,178
Accumulated other comprehensive income 30,514
------
Total Henry Schein, Inc. stockholders'
equity 2,411,625
Noncontrolling interests 1,332
Total stockholders' equity 2,412,957
---------
Total liabilities, redeemable
noncontrolling interests and stockholders'
equity $4,547,471
==========
December 26,
2009
----
ASSETS
Current assets:
Cash and cash equivalents $471,154
Accounts receivable, net of reserves of
$56,267 and $51,724 725,397
Inventories, net 775,199
Deferred income taxes 48,001
Prepaid expenses and other 183,782
-------
Total current assets 2,203,533
Property and equipment, net 259,576
Goodwill 986,395
Other intangibles, net 204,445
Investments and other 182,036
-------
Total assets $3,835,985
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $521,079
Bank credit lines 932
Current maturities of long-term debt 23,560
Accrued expenses:
Payroll and related 155,298
Taxes 86,034
Other 289,351
-------
Total current liabilities 1,076,254
Long-term debt 243,373
Deferred income taxes 100,976
Other liabilities 75,304
------
Total liabilities 1,495,907
Redeemable noncontrolling interests 178,570
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 1,000,000
shares authorized,
none outstanding -
Common stock, $.01 par value, 240,000,000
shares authorized,
91,939,477 outstanding on December 25, 2010
and
90,630,889 outstanding on December 26, 2009 906
Additional paid-in capital 603,772
Retained earnings 1,492,607
Accumulated other comprehensive income 64,194
------
Total Henry Schein, Inc. stockholders'
equity 2,161,479
Noncontrolling interests 29
Total stockholders' equity 2,161,508
---------
Total liabilities, redeemable noncontrolling
interests and stockholders' equity $3,835,985
==========
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
------------------
December December
25, 26,
2010 2009
---- ----
(unaudited) (unaudited)
Cash flows from
operating
activities:
Net income $97,226 $92,684
Adjustments to
reconcile net
income to net cash
provided by
operating
activities:
Gain on sale of
discontinued
operation,
net of tax - -
Depreciation and
amortization 25,704 20,563
Amortization of
bond discount - 1,517
Stock-based
compensation
expense 10,165 7,580
Provision for
losses on trade
and other
accounts receivable 2,635 1,993
Provision for
(benefit from)
deferred
income taxes (3,983) 3,419
Stock issued to
401(k) plan - -
Undistributed
earnings of
affiliates (3,118) (1,466)
Other (1,573) (162)
Changes in
operating assets
and liabilities,
net of
acquisitions:
Accounts receivable 28,590 33,233
Inventories (27,106) (9,008)
Other current
assets 10,886 1,181
Accounts payable
and accrued
expenses 72,623 26,979
Net cash provided
by operating
activities 212,049 178,513
------- -------
Cash flows from
investing
activities:
Purchases of fixed
assets (12,074) (13,210)
Payments for equity
investments and
business
acquisitions, net
of cash acquired (46,270) (11,190)
Cash received from
business
divestiture - -
Purchases of
available-for-
sale securities - -
Proceeds from sales
of available-for-
sale securities 50 1,225
Proceeds from
maturities of
available-for-
sale
securities - -
Net proceeds from
foreign exchange
forward
contract
settlements - -
Other 3,852 (861)
Net cash used in
investing
activities (54,442) (24,036)
------- -------
Cash flows from
financing
activities:
Proceeds from
(repayments of)
bank borrowings (159,695) (652)
Proceeds from
issuance of long-
term debt 10,000 -
Principal payments
for long-term
debt (21,352) (877)
Proceeds from
issuance of stock
upon exercise
of stock options 13,087 2,181
Payments for
repurchases of
common stock (52,916) -
Excess tax benefits
related to stock-
based
compensation 3,706 1,859
Distributions to
noncontrolling
shareholders (2,792) (746)
Sale (acquisition)
of noncontrolling
interests in
subsidiaries 3,034 -
Other (88) (89)
Net cash provided
by (used in)
financing
activities (207,016) 1,676
-------- -----
Net change in cash
and cash
equivalents (49,409) 156,153
Effect of exchange
rate changes on
cash and
cash equivalents (3,973) (2,606)
Cash and cash
equivalents,
beginning of
period 203,730 317,607
------- -------
Cash and cash
equivalents, end
of period $150,348 $471,154
======== ========
Years Ended
-----------
December December
25, 26,
2010 2009
---- ----
Cash flows from
operating
activities:
Net income $352,131 $333,157
Adjustments to
reconcile net
income to net cash
provided by
operating
activities:
Gain on sale of
discontinued
operation,
net of tax - (2,382)
Depreciation and
amortization 101,214 81,493
Amortization of
bond discount 4,007 5,990
Stock-based
compensation
expense 29,910 25,924
Provision for
losses on trade
and other
accounts receivable 5,564 4,747
Provision for
(benefit from)
deferred
income taxes (6,051) (26,214)
Stock issued to
401(k) plan 5,721 5,301
Undistributed
earnings of
affiliates (10,165) (5,243)
Other 3,702 2,373
Changes in
operating assets
and liabilities,
net of
acquisitions:
Accounts receivable (76,129) 20,445
Inventories (21,307) (19,242)
Other current
assets (26,640) 375
Accounts payable
and accrued
expenses 26,917 (29,834)
Net cash provided
by operating
activities 388,874 396,890
------- -------
Cash flows from
investing
activities:
Purchases of fixed
assets (39,000) (51,627)
Payments for equity
investments and
business
acquisitions, net
of cash acquired (399,575) (56,648)
Cash received from
business
divestiture - 12,716
Purchases of
available-for-
sale securities (26,984) -
Proceeds from sales
of available-for-
sale securities 6,000 9,955
Proceeds from
maturities of
available-for-
sale
securities 26,984 -
Net proceeds from
foreign exchange
forward
contract
settlements - 275
Other 4,171 (12,119)
Net cash used in
investing
activities (428,404) (97,448)
-------- -------
Cash flows from
financing
activities:
Proceeds from
(repayments of)
bank borrowings 40,500 (4,481)
Proceeds from
issuance of long-
term debt 110,000 -
Principal payments
for long-term
debt (266,051) (154,329)
Proceeds from
issuance of stock
upon exercise
of stock options 38,437 11,870
Payments for
repurchases of
common stock (57,735) -
Excess tax benefits
related to stock-
based
compensation 11,292 4,680
Distributions to
noncontrolling
shareholders (12,531) (2,604)
Sale (acquisition)
of noncontrolling
interests in
subsidiaries (146,811) (52,453)
Other (357) (358)
Net cash provided
by (used in)
financing
activities (283,256) (197,675)
-------- --------
Net change in cash
and cash
equivalents (322,786) 101,767
Effect of exchange
rate changes on
cash and
cash equivalents 1,980 (183)
Cash and cash
equivalents,
beginning of
period 471,154 369,570
------- -------
Cash and cash
equivalents, end
of period $150,348 $471,154
======== ========
Note: Certain prior period amounts have been reclassified to conform to the current period presentation.
Exhibit A
Henry Schein, Inc.
2010 Fourth Quarter
Sales Growth Rate Summary
(unaudited)
Q4 2010 over Q4 2009
--------------------
N.A. N.A.
Consolidated Dental Medical
------------ ------ -------
Internal Sales Growth 3.3% 3.0% 0.8%
Acquisitions 11.7% 3.7% 4.9%
---- --- ---
Local Currency Sales
Growth 15.0% 6.7% 5.7%
Foreign Currency
Exchange -1.7% 0.6% 0.0%
---- --- ---
Total Sales Growth 13.3% 7.3% 5.7%
==== === ===
Total Sales Growth
excluding
influenza vaccine sales 13.6% 7.3% 7.1%
Local Currency Sales
Growth
excluding influenza
vaccine sales 15.4% 6.7% 7.1%
Q4 YTD 2010 over Q4 YTD
2009
-----------------------
N.A. N.A.
Consolidated Dental Medical
------------ ------- --------
Internal Sales Growth 3.1% 2.2% 2.3%
Acquisitions 12.3% 3.5% 3.7%
---- --- ---
Local Currency Sales
Growth 15.4% 5.7% 6.0%
Foreign Currency
Exchange -0.3% 1.0% 0.0%
---- --- ---
Total Sales Growth 15.1% 6.7% 6.0%
==== === ===
Total Sales Growth
excluding
influenza vaccine sales 14.7% 6.7% 3.0%
Local Currency Sales
Growth
excluding influenza
vaccine sales 15.0% 5.7% 3.0%
N.A.
Animal Technology/
Health International VAS
------ ------------- -----------
Internal Sales Growth 0.0% 4.0% 17.5%
Acquisitions 282.2% 0.4% 4.4%
----- --- ---
Local Currency Sales
Growth 282.2% 4.4% 21.9%
Foreign Currency
Exchange 0.0% -5.0% 0.0%
--- ---- ---
Total Sales Growth 282.2% -0.6% 21.9%
===== ==== ====
Total Sales Growth
excluding
influenza vaccine
sales 282.2% -0.6% 21.9%
Local Currency Sales
Growth
excluding influenza
vaccine sales 282.2% 4.4% 21.9%
Q4 YTD 2010 over Q4
YTD 2009
-------------------
N.A.
Animal
Health International Technology/VAS
------- ------------- --------------
Internal Sales Growth 0.6% 4.2% 10.4%
Acquisitions 269.8% 0.7% 4.4%
----- --- ---
Local Currency Sales
Growth 270.4% 4.9% 14.8%
Foreign Currency
Exchange 0.0% -2.0% 0.6%
--- ---- ---
Total Sales Growth 270.4% 2.9% 15.4%
===== === ====
Total Sales Growth
excluding
influenza vaccine
sales 270.4% 2.9% 15.4%
Local Currency Sales
Growth
excluding influenza
vaccine sales 270.4% 4.9% 14.8%
Exhibit B
Henry Schein, Inc.
2010 Fourth Quarter and YTD
Reconciliation of GAAP results of continuing operations to
non-GAAP results of continuing operations
(in thousands, except per share data)
(unaudited)
Fourth Quarter
2010 2009 % Growth
From Continuing Operations
--------------------------
Income from Continuing Operations
attributable to Henry Schein, Inc. $92,995 $86,408 7.6%
Diluted EPS from Continuing
Operations attributable to Henry
Schein, Inc. $1.00 $0.94 6.4%
Non-GAAP Adjustments (after-tax)
Foreign tax benefit - -
Costs related to foreign tax benefit - -
Adjustments related to Lehman
Brothers Bankruptcy - -
Other non-recurring income/expense,
net - -
Restructuring costs (credits) - $(726)
--- -----
Income from Continuing Operations
attributable to Henry Schein, Inc. $0 $(726)
Diluted EPS from Continuing
Operations attributable to Henry
Schein, Inc. $0.00 $(0.01)
Adjusted Results From Continuing
Operations
--------------------------------
Income from Continuing Operations
attributable to Henry Schein, Inc. $92,995 $85,682 8.5%
Diluted EPS from Continuing
Operations attributable to Henry
Schein, Inc. $1.00 $0.93 7.5%
--------------------------------- ----- ----- ---
YTD
2010 2009 % Growth
From Continuing Operations
--------------------------
Income from Continuing Operations
attributable to Henry Schein, Inc. $325,789 $308,551 5.6%
Diluted EPS from Continuing
Operations attributable to Henry
Schein, Inc. $3.49 $3.41 2.3%
Non-GAAP Adjustments (after-tax)
Foreign tax benefit - $(20,845)
Costs related to foreign tax benefit - 1,080
Adjustments related to Lehman
Brothers Bankruptcy - (338)
Other non-recurring income/expense,
net - (1,028)
Restructuring costs (credits) $8,260 2,058
------ -----
Income from Continuing Operations
attributable to Henry Schein, Inc. $8,260 $(19,073)
Diluted EPS from Continuing
Operations attributable to Henry
Schein, Inc. $0.09 $(0.21)
Adjusted Results From Continuing
Operations
--------------------------------
Income from Continuing Operations
attributable to Henry Schein, Inc. $334,049 $289,478 15.4%
Diluted EPS from Continuing
Operations attributable to Henry
Schein, Inc. $3.58 $3.20 11.9%
--------------------------------- ----- ----- ----
This non-GAAP comparison is being presented in order to provide a more comparable basis for analysis. Earnings per share numbers may not sum due to rounding.
SOURCE Henry Schein, Inc.
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