Henry Schein Reports Record Third Quarter Results EPS up 9.1% to $1.08

Company raises low end of 2012 financial guidance range, expects 2013 EPS growth of 10-12%

MELVILLE, N.Y., Nov. 7, 2012 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, medical and animal health practitioners, today reported record financial results for the quarter ended September 29, 2012.

Net sales for the third quarter of 2012 were $2.2 billion, an increase of 5.7% compared with the third quarter of 2011.  This consists of 8.9% growth in local currencies and a 3.2% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 4.4% and acquisition growth was 4.5% (see Exhibit A for details of sales growth).

The Company noted that seasonal influenza vaccine sales were lower this quarter than in the prior-year quarter, although profitability was higher.  In order to provide more meaningful commentary the Company will be discussing sales results including and excluding this impact.  Excluding sales of seasonal influenza vaccines from both periods, net sales increased 6.4%, with 9.8% growth in local currencies including 5.1% internal sales growth.

Net income attributable to Henry Schein, Inc. for the third quarter of 2012 was $96.8 million or $1.08 per diluted share, an increase of 5.2% and 9.1%, respectively, compared with the third quarter of 2011.

"We gained market share in each of our four business groups during the third quarter and each group also reported accelerated internal sales growth in local currencies compared with the second quarter, after excluding sales of seasonal influenza vaccines from our Global Medical business.  We also are pleased to raise the low end of our 2012 EPS guidance range and to introduce guidance for 2013 that represents growth in EPS of approximately 10% to 12% compared with the mid-point of our 2012 guidance range," commented Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein.  "Through two strategic acquisitions we recently enhanced our dental software offering, in particular to dental schools, and expanded our veterinary footprint to include Ireland.  These transactions illustrate our commitment to advanced technology and to geographic expansion – two key initiatives of our strategic plan."

Global Dental sales of $1.1 billion declined 0.3%, consisting of 3.4% growth in local currencies and a 3.7% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 2.3% and acquisition growth was 1.1%.  The 2.3% internal growth in local currencies included 3.1% growth in North America and 1.0% International growth.

"We believe we gained market share in our Global Dental business despite a challenging environment for dental equipment in many of our markets.  There was also a difficult comparison in Germany due to the timing of the IDS trade show in the prior year.  We remain confident in our Dental strategy and look forward to continue to gain market share in this arena.  Once again, North America dental equipment sales growth was particularly strong," commented Mr. Bergman. 

Global Animal Health sales of $598.1 million increased 19.2%, including 23.9% growth in local currencies and a 4.7% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 9.1% and acquisition growth was 14.8%.  The 9.1% internal growth in local currencies included 12.2% growth in North America and 6.2% International growth.

"During the quarter we continued to gain market share in our Global Animal Health business, with particular strength in North America," commented Mr. Bergman.  "After the close of the third quarter we announced the signing of a definitive agreement to acquire C&M Vetlink.  This acquisition makes Henry Schein a leading veterinary distributor in Ireland and reinforces the established Henry Schein Animal Health UK base in the United Kingdom.  Our veterinary business now has a presence in 11 countries worldwide."

Global Medical sales of $442.5 million increased 4.2%, including 4.8% growth in local currencies and a 0.6% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 3.5% and acquisition growth was 1.3%.  The 3.5% internal growth in local currencies included 3.8% growth in North America and a 2.1% decline in International.  Excluding sales of seasonal influenza vaccines from both periods, Global Medical sales increased 8.4%, with 9.1% growth in local currencies including 7.6% internal sales growth.

"We are very pleased with third quarter growth in our Global Medical business.  We sold approximately 6.8 million doses of influenza vaccine during the quarter, and as of today we have sold approximately 8 million doses, representing essentially all of this season's sales," remarked Mr. Bergman.  "Our continued gains in market share in North America reflect increased penetration of integrated delivery networks, larger group practices and ambulatory surgery centers, as well as solid growth in sales of pharmaceutical products and medical equipment."

Global Technology and Value-Added Services sales of $71.0 million increased 14.1%, including 14.7% growth in local currencies and a 0.6% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 11.2% and acquisition growth was 3.5%.  The 11.2% internal growth in local currencies included 12.3% growth in North America and 4.7% International growth.

"Late in the third quarter we acquired a majority interest in The Exan Group, a Canadian dental software company serving dental schools and general practice dentists in the U.S. and Canada.  We are optimistic about the growth opportunities for the Exan line, as it complements our enterprise business and provides access to dental schools for our special markets merchandise," commented Mr. Bergman. "More than 85% of revenue from our Technology and Value-Added Services business is derived from North America, and quarterly results included particular strength in recurring revenue streams on both the technology and financial services sides of the business."

Stock Repurchase Plan

The Company announced that it repurchased approximately 760,000 shares of its common stock during the third quarter at an average price of $77.52 per share, or approximately $58.8 million.  The impact of the repurchase of shares on third quarter diluted EPS was immaterial.  At the close of the third quarter, Henry Schein had $84.3 million authorized for future repurchases of its common stock.

Year-to-Date Results

For the first nine months of 2012, net sales of $6.5 billion increased 5.5% compared with the first nine months of 2011.  This increase includes 7.9% growth in local currencies and a 2.4% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 5.6% and acquisition growth was 2.3%.

Net income attributable to Henry Schein, Inc. for the first nine months of 2012 was $275.6 million or $3.06 per diluted share.  Excluding restructuring costs of $15.2 million pre-tax or $0.12 per diluted share, net income attributable to Henry Schein, Inc. for the first nine months of 2012 was $286.1 million or $3.18 per diluted share, an increase of 8.8% and 12.8%, respectively, compared with the first nine months of 2011 (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).

2012 EPS Guidance

Henry Schein today raised the low end of its 2012 financial guidance range, as follows:

  • For 2012 the Company expects diluted EPS attributable to Henry Schein, Inc. to be $4.35 to $4.40, which represents growth of 10% to 11% compared with 2011 results and compares with previous guidance of $4.30 to $4.40.
  • The Company notes that the fourth quarter of 2012 has one less week compared with the fourth quarter of 2011.
  • Guidance for 2012 diluted EPS attributable to Henry Schein, Inc. excludes restructuring costs.
  • Guidance for 2012 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.

2013 EPS Guidance

Henry Schein today introduced 2013 financial guidance, as follows:

  • For 2013 the Company expects diluted EPS attributable to Henry Schein, Inc. to be $4.81 to $4.91, which represents growth of approximately 10% to 12% compared with the midpoint of the 2012 guidance range.
  • Guidance for 2013 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.

Third Quarter Conference Call Webcast

The Company will hold a conference call to discuss third 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, Inc.

Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, medical and animal health practitioners.  The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites.  A Fortune 500® Company and a member of the NASDAQ 100® Index, Henry Schein employs more than 15,000 Team Schein Members and serves approximately 775,000 customers.

The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care.  Henry Schein operates through a centralized and automated distribution network, with a 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. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services.

Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 25 countries.  The Company's sales reached a record $8.5 billion in 2011, and have grown at a compound annual rate of 18 percent since Henry Schein became a public company in 1995.  For more information, visit the Henry Schein Web site at www.henryschein.com.

Cautionary Note Regarding Forward-Looking Statements

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: effects of a highly competitive market; our dependence on third parties for the manufacture and supply of our products; our dependence upon sales personnel, customers, suppliers and manufacturers; our dependence on our senior management; fluctuations in quarterly earnings; risks from expansion of customer purchasing power and multi-tiered costing structures; possible increases in the cost of shipping our products or other service issues with our third-party shippers; general global macro-economic conditions; disruptions in financial markets; possible volatility of the market price of our common stock; changes in the health care industry; implementation of health care laws; failure to comply with regulatory requirements and data privacy laws; risks associated with our international operations; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies; financial risks associated with acquisitions and joint ventures; litigation risks; the dependence on our continued product development, technical support and successful marketing in the technology segment; risks from rapid technological change; risks from disruption to our information systems; 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.

(TABLES TO FOLLOW)



































HENRY SCHEIN, INC.


CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except per share data)


(unaudited)

























Three Months Ended



Nine Months Ended







September 29,


September 24,


September 29,


September 24,







2012


2011


2012


2011



















Net sales


$

2,231,058


$

2,111,693


$

6,531,529


$

6,190,094


Cost of sales



1,622,014



1,524,273



4,687,511



4,424,628




Gross profit



609,044



587,420



1,844,018



1,765,466


Operating expenses:















Selling, general and administrative



459,422



444,159



1,391,207



1,346,690



Restructuring costs



-



-



15,192



-




Operating income



149,622



143,261



437,619



418,776


Other income (expense):















Interest income



3,283



3,830



10,222



11,955



Interest expense



(7,308)



(6,813)



(22,659)



(22,800)



Other, net



988



232



2,343



1,313




Income before taxes and equity in earnings

















of affiliates



146,585



140,510



427,525



409,244


Income taxes



(44,709)



(44,261)



(133,750)



(130,754)


Equity in earnings of affiliates



3,434



4,559



7,898



10,345


Net income



105,310



100,808



301,673



288,835



Less: Net income attributable to noncontrolling interests



(8,539)



(8,847)



(26,064)



(25,904)


Net income attributable to Henry Schein, Inc.


$

96,771


$

91,961


$

275,609


$

262,931



















Earnings per share attributable to Henry Schein, Inc.:
































Basic


$

1.11


$

1.02


$

3.14


$

2.90



Diluted


$

1.08


$

0.99


$

3.06


$

2.82



















Weighted-average common shares outstanding:















Basic



87,465



90,251



87,802



90,582



Diluted



89,647



92,869



90,075



93,195



































HENRY SCHEIN, INC.


CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)


















September 29,


December 31,







2012


2011








(unaudited)





ASSETS








Current assets:









Cash and cash equivalents


$

89,336


$

147,284



Accounts receivable, net of reserves of $65,679 and $65,853



1,035,529



888,248



Inventories, net



1,070,854



947,849



Deferred income taxes



59,429



54,970



Prepaid expenses and other



257,031



234,157





Total current assets



2,512,179



2,272,508


Property and equipment, net



258,683



262,088


Goodwill



1,591,482



1,497,108


Other intangibles, net



471,143



409,612


Investments and other



278,045



298,828





Total assets


$

5,111,532


$

4,740,144













LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:









Accounts payable


$

707,641


$

621,468



Bank credit lines



155,219



55,014



Current maturities of long-term debt



17,739



22,819



Accrued expenses:










Payroll and related



175,089



191,173




Taxes



130,576



121,234




Other



262,694



259,932





Total current liabilities



1,448,958



1,271,640


Long-term debt



436,426



363,524


Deferred income taxes



180,977



188,739


Other liabilities



96,402



80,568





Total liabilities



2,162,763



1,904,471













Redeemable noncontrolling interests



375,661



402,050


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,










88,264,853 outstanding on September 29, 2012 and










89,928,082 outstanding on December 31, 2011



883



899



Additional paid-in capital



404,867



401,262



Retained earnings



2,130,476



2,007,477



Accumulated other comprehensive income



35,475



22,584




Total Henry Schein, Inc. stockholders' equity



2,571,701



2,432,222



Noncontrolling interests



1,407



1,401





Total stockholders' equity



2,573,108



2,433,623




Total liabilities, redeemable noncontrolling interests and stockholders' equity


$

5,111,532


$

4,740,144






































HENRY SCHEIN, INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)


(unaudited)


























Three Months Ended


Nine Months Ended








September 29,


September 24,


September 29,


September 24,








2012


2011


2012


2011




















Cash flows from operating activities:















Net income


$

105,310


$

100,808


$

301,673


$

288,835



Adjustments to reconcile net income to net cash
















provided by operating activities:

















Depreciation and amortization



30,600



28,571



91,989



86,040





Stock-based compensation expense



11,818



8,085



31,867



26,045





Provision for losses on trade and other


















accounts receivable



701



914



3,338



3,636





Benefit from deferred income taxes



(763)



(2,563)



(8,478)



(12,828)





Stock issued to 401(k) plan



-



5,798



-



5,798





Equity in earnings of affiliates



(3,434)



(4,559)



(7,898)



(10,345)





Distributions from equity affiliates



3,290



8,978



9,297



10,158





Other



6,629



786



10,488



3,028





Changes in operating assets and liabilities,

















  net of acquisitions:


















Accounts receivable



(46,632)



(40,883)



(105,961)



(50,785)






Inventories



(73,687)



(18,559)



(85,027)



(14,657)






Other current assets



(18,710)



(7,437)



(26,788)



(18,537)






Accounts payable and accrued expenses



63,423



10,388



(6,062)



(39,589)


Net cash provided by operating activities



78,545



90,327



208,438



276,799




















Cash flows from investing activities:















Purchases of fixed assets



(11,562)



(11,783)



(32,934)



(32,547)



Payments for equity investments and business
















acquisitions, net of cash acquired



(85,913)



-



(206,261)



(143,636)



Proceeds from sales of available-for-sale securities



2,000



300



6,025



2,450



Other



255



(877)



(4,130)



1,020


Net cash used in investing activities



(95,220)



(12,360)



(237,300)



(172,713)




















Cash flows from financing activities:















Proceeds from (repayments of) bank borrowings



71,677



(9,272)



98,061



(1,601)



Proceeds from issuance of long-term debt



5,082



-



105,132



3,101



Debt issuance costs



(1,191)



-



(1,404)



(2,847)



Principal payments for long-term debt



(2,842)



(740)



(38,217)



(24,656)



Proceeds from issuance of stock upon exercise

      of stock options



3,058



2,312



43,773



30,250




Payments for repurchases of common stock



(58,798)



(100,377)



(215,689)



(132,475)



Excess tax benefits related to stock-based
















compensation



592



573



10,643



7,425



Distributions to noncontrolling shareholders



(2,986)



(1,461)



(11,581)



(7,878)



Acquisitions of noncontrolling interests in 

      subsidiaries



-



(11,833)



(20,013)



(15,199)




Other



-



-



-



(90)


Net cash provided by (used in) financing activities



14,592



(120,798)



(29,295)



(143,970)




















Net change in cash and cash equivalents



(2,083)



(42,831)



(58,157)



(39,884)


Effect of exchange rate changes on cash and















cash equivalents



3,523



(12,086)



209



(3,592)


Cash and cash equivalents, beginning of period



87,896



161,789



147,284



150,348


Cash and cash equivalents, end of period


$

89,336


$

106,872


$

89,336


$

106,872


 

Note: Certain prior period amounts have been reclassified to conform to the current period presentation.

 

Exhibit A1 - QTD Sales
















Henry Schein, Inc.


2012 Third Quarter


Sales Summary


(in thousands)


(unaudited)










Q3 2012 over Q3 2011










Global


Q3 2012


Q3 2011


Total Sales
Growth










    Dental


$1,119,430


$1,123,021


-0.3%










    Animal Health


598,124


501,884


19.2%










    Medical


442,538


424,596


4.2%










Total Health Care Distribution


2,160,092


2,049,501


5.4%










Technology and Value-Added Services


70,966


62,192


14.1%










Total Global


$2,231,058


$2,111,693


5.7%










North America


Q3 2012


Q3 2011


Total Sales

Growth










    Dental


$714,731


$687,288


4.0%










    Animal Health


276,435


246,452


12.2%










    Medical


424,086


403,326


5.1%










Total Health Care Distribution


1,415,252


1,337,066


5.8%










Technology and Value-Added Services


61,233


53,565


14.3%










Total North America


$1,476,485


$1,390,631


6.2%










International


Q3 2012


Q3 2011


Total Sales

Growth










    Dental


$404,699


$435,733


-7.1%










    Animal Health


321,689


255,432


25.9%










    Medical


18,452


21,270


-13.2%










Total Health Care Distribution


744,840


712,435


4.5%










Technology and Value-Added Services


9,733


8,627


12.8%










Total International


$754,573


$721,062


4.6%

 

 

 

Exhibit A1 - YTD Sales


















Henry Schein, Inc.



2012 Third Quarter Year to Date



Sales Summary



(in thousands)



(unaudited)












Q3 2012 YTD over Q3 2011 YTD












Global


Q3 2012 YTD


Q3 2011 YTD


Total Sales
Growth












    Dental


$3,461,015


$3,419,609


1.2%












    Animal Health


1,709,972


1,484,053


15.2%












    Medical


1,158,486


1,106,537


4.7%












Total Health Care Distribution


6,329,473


6,010,199


5.3%












Technology and Value-Added Services


202,056


179,895


12.3%












Total Global


$6,531,529


$6,190,094


5.5%












North America


Q3 2012 YTD


Q3 2011 YTD


Total Sales

Growth












    Dental


$2,152,532


$2,070,879


3.9%












    Animal Health


840,681


737,324


14.0%












    Medical


1,098,925


1,042,406


5.4%












Total Health Care Distribution


4,092,138


3,850,609


6.3%












Technology and Value-Added Services


174,062


154,660


12.5%












Total North America


$4,266,200


$4,005,269


6.5%












International


Q3 2012 YTD


Q3 2011 YTD


Total Sales

Growth












    Dental


$1,308,483


$1,348,730


-3.0%












    Animal Health


869,291


746,729


16.4%












    Medical


59,561


64,131


-7.1%












Total Health Care Distribution


2,237,335


2,159,590


3.6%












Technology and Value-Added Services


27,994


25,235


10.9%












Total International


$2,265,329


$2,184,825


3.7%

















 

Exhibit A2 - QTD Sales Growth


















Henry Schein, Inc.

2012 Third Quarter

Sales Growth Rate Summary

(unaudited)












Q3 2012 over Q3 2011

Global


Consolidated


Dental


Animal

Health


Medical


Technology /

VAS












Local Internal Sales Growth


4.4%


2.3%


9.1%


3.5%


11.2%












Acquisitions


4.5%


1.1%


14.8%


1.3%


3.5%












Local Currency Sales Growth


8.9%


3.4%


23.9%


4.8%


14.7%












Foreign Currency Exchange


-3.2%


-3.7%


-4.7%


-0.6%


-0.6%












     Total Sales Growth


5.7%


-0.3%


19.2%


4.2%


14.1%












Total sales growth excluding











influenza vaccine sales


6.4%






8.4%














Local currency internal sales growth











excluding influenza vaccine sales

5.1%






7.6%














North America


Consolidated


Dental


Animal

Health


Medical


Technology /

VAS












Local Internal Sales Growth


5.3%


3.1%


12.2%


3.8%


12.3%












Acquisitions


1.0%


1.1%


0.0%


1.3%


2.1%









.



Local Currency Sales Growth


6.3%


4.2%


12.2%


5.1%


14.4%












Foreign Currency Exchange


-0.1%


-0.2%


0.0%


0.0%


-0.1%












     Total Sales Growth


6.2%


4.0%


12.2%


5.1%


14.3%












Total sales growth excluding











influenza vaccine sales


7.4%






9.8%














Local currency internal sales growth











excluding influenza vaccine sales

6.4%






8.2%














International


Consolidated


Dental


 Animal

Health


Medical


Technology /

VAS












Local Internal Sales Growth


2.8%


1.0%


6.2%


-2.1%


4.7%












Acquisitions


11.0%


1.0%


29.0%


0.0%


12.1%












Local Currency Sales Growth


13.8%


2.0%


35.2%


-2.1%


16.8%












Foreign Currency Exchange


-9.2%


-9.1%


-9.3%


-11.1%


-4.0%












     Total Sales Growth


4.6%


-7.1%


25.9%


-13.2%


12.8%

 

Exhibit A2 - YTD Sales Growth




















Henry Schein, Inc.


2012 Third Quarter Year to Date


Sales Growth Rate Summary


(unaudited)














Q3 2012 YTD over Q3 2011 YTD


Global


Consolidated


Dental


Animal

Health


Medical


Technology /

VAS














Local Internal Sales Growth


5.6%


3.5%


10.7%


4.5%


9.7%














Acquisitions


2.3%


0.6%


7.4%


0.7%


3.1%














Local Currency Sales Growth


7.9%


4.1%


18.1%


5.2%


12.8%














Foreign Currency Exchange


-2.4%


-2.9%


-2.9%


-0.5%


-0.5%














     Total Sales Growth


5.5%


1.2%


15.2%


4.7%


12.3%














Total sales growth excluding












influenza vaccine sales


5.8%






6.1%
















Local currency internal sales growth












excluding influenza vaccine sales

5.8%






5.9%
















North America


Consolidated


Dental


Animal

Health


Medical


Technology /

VAS














Local Internal Sales Growth


6.1%


3.6%


14.0%


4.7%


10.4%














Acquisitions


0.6%


0.7%


0.0%


0.7%


2.2%










.




Local Currency Sales Growth


6.7%


4.3%


14.0%


5.4%


12.6%














Foreign Currency Exchange


-0.2%


-0.4%


0.0%


0.0%


-0.1%














     Total Sales Growth


6.5%


3.9%


14.0%


5.4%


12.5%














Total sales growth excluding












influenza vaccine sales


6.9%






7.0%
















Local currency internal sales growth












excluding influenza vaccine sales

6.5%






6.2%
















International


Consolidated


Dental


 Animal

Health


Medical


Technology /

VAS














Local Internal Sales Growth


4.7%


3.3%


7.4%


0.9%


5.0%














Acquisitions


5.5%


0.6%


14.7%


0.0%


9.1%














Local Currency Sales Growth


10.2%


3.9%


22.1%


0.9%


14.1%














Foreign Currency Exchange


-6.5%


-6.9%


-5.7%


-8.0%


-3.2%














     Total Sales Growth


3.7%


-3.0%


16.4%


-7.1%


10.9%























 

Exhibit B




































Henry Schein, Inc.

2012 Third Quarter and YTD

Reconciliation of GAAP results of net income attributable to Henry Schein, Inc. to

non-GAAP results of net income attributable to Henry Schein, Inc.

(in thousands, except per share data)

(unaudited)







































Third Quarter




YTD









%









%




2012



2011


Growth




2012



2011


Growth


From Net Income Attributable to Henry Schein, Inc.













Net Income attributable to Henry Schein, Inc.

$

96,771


$

91,961


5.2

%


$

275,609


$

262,931


4.8

%

Diluted EPS from Net Income attributable to Henry Schein, Inc.


















$

1.08


$

0.99


9.1

%


$

3.06


$

2.82


8.5

%



















Non-GAAP Adjustments (after-tax)


















Restructuring costs

$

-


$

-





$

10,537


$

-




Net Income attributable to Henry Schein, Inc.

$

0


$

0





$

10,537


$

0




Diluted EPS from Net Income attributable to Henry Schein, Inc.


















$

0.00


$

0.00





$

0.12


$

0.00






















Adjusted Results From Net Income Attributable to Henry Schein, Inc.













Net Income attributable to Henry Schein, Inc.

$

96,771


$

91,961


5.2

%


$

286,146


$

262,931


8.8

%

Diluted EPS from Net Income attributable to Henry Schein, Inc.


















$

1.08


$

0.99


9.1

%


$

3.18


$

2.82


12.8

%

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.



RELATED LINKS
http://www.henryschein.com

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