2014

Henry Schein Reports Record Third Quarter Results Adjusted EPS up 13.0% to $1.22

Company affirms 2013 financial guidance, expects 2014 EPS growth of 10-12%

MELVILLE, N.Y., Nov. 5, 2013 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, today reported record financial results for the quarter ended September 28, 2013.

Net sales for the third quarter of 2013 were $2.3 billion, an increase of 5.3% compared with the third quarter of 2012.  This consisted of 5.2% growth in local currencies and 0.1% growth related to foreign currency exchange.  In local currencies, internally generated sales increased 3.4% and acquisition growth was 1.8% (see Exhibit A for details of sales growth).

Net income attributable to Henry Schein, Inc. for the third quarter of 2013 was $107.4 million or $1.23 per diluted share.  Excluding certain one-time items, adjusted net income attributable to Henry Schein, Inc. for the third quarter of 2013 was $106.5 million or $1.22 per diluted share, an increase of 10.1% and 13.0%, respectively, compared with the third quarter of 2012 (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS). 

"Solid growth in sales and earnings during the quarter reflects our strategy of organic growth complemented by strategic acquisitions and our ongoing commitment to controlling expenses," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein.  "We are pleased to be affirming 2013 financial guidance while introducing guidance for 2014 diluted EPS that represents growth of 10% to 12% compared with the midpoint of our 2013 range."

Global Dental sales of $1.2 billion increased 5.7%, consisting of 5.2% growth in local currencies and 0.5% growth related to foreign currency exchange.  In local currencies, internally generated sales increased 3.0% and acquisition growth was 2.2%.  The 3.0% internal growth in local currencies included 4.8% growth in North America and a 0.1% decline in International.

"North America Dental sales gains were highlighted by nearly 10% internal growth in local currencies for equipment sales and service revenue. Consumable merchandise growth was in line with the previous quarter when considering the timing of various holidays," commented Mr. Bergman.  "International Dental equipment internal sales in local currencies increased slightly following a strong quarter that benefitted from the biennial International Dental Show (IDS) in Germany."

Global Animal Health sales of $642.3 million increased 7.4%, including 8.0% growth in local currencies and a 0.6% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 5.9% and acquisition growth was 2.1%.  The 5.9% internal growth in local currencies included 10.4% growth in North America and 2.1% growth in International.

"Our Global Animal Health business continued to perform well during the quarter.  North America internal sales performed slightly above our expectations for growth in the high single digits," commented Mr. Bergman.  "In addition, we are delighted to return to positive internal growth in local currencies for International Animal Health, with modest growth in most countries we serve." 

Global Medical sales of $444.5 million increased 0.5%, including 0.3% growth in local currencies and 0.2% growth related to foreign currency exchange.  Sales of seasonal influenza vaccines were lower this quarter than in the prior-year quarter.  Excluding sales of seasonal influenza vaccines from both periods, Global Medical sales increased 2.6%, with 2.4% growth in local currencies including 2.8% growth in North America.

"We believe that patient traffic to U.S. physician offices was slightly down during the quarter compared to recent trends.  However, we remain confident that our focus on large practices will allow us to continue to gain market share," remarked Mr. Bergman.  "We sold approximately 6.3 million doses of seasonal influenza vaccines during the third quarter and as of today we have sold approximately 8.3 million doses, representing essentially all of this season's supply."

Global Technology and Value-Added Services sales of $78.9 million increased 11.2%, including 11.8% growth in local currencies and a 0.6% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 8.5% and acquisition growth was 3.3%.

"Technology and Value-Added Services sales growth continued to be strong during the quarter, in particular in International markets," commented Mr. Bergman.  "Once again sales growth was driven by electronic services recurring revenue and software sales."

Stock Repurchase Plan

The Company announced that it repurchased approximately 730,000 shares of its common stock during the third quarter at an average price of $102.74 per share, or approximately $75.0 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 approximately $74 million authorized for future repurchases of its common stock.

Year-to-Date Results

For the first nine months of 2013, net sales of $7.0 billion increased 7.7% compared with the first nine months of 2012.  There was no impact from foreign currency exchange in the nine-month period.  Internally generated sales increased 3.6% and acquisition growth was 4.1%.

Net income attributable to Henry Schein, Inc. for the first nine months of 2013 was $307.3 million or $3.49 per diluted share.  Excluding certain one-time items, adjusted net income attributable to Henry Schein, Inc. for the first nine months of 2013 was $309.1 million or $3.51 per diluted share, an increase of 8.0% and 10.4%, respectively, compared with adjusted net income for the first nine months of 2012 (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).

2013 EPS Guidance

Henry Schein today affirmed 2013 financial guidance, as follows:

  • For 2013 the Company expects adjusted diluted EPS attributable to Henry Schein, Inc. to be $4.86 to $4.91.  This represents growth of 9% to 11% compared with 2012 results excluding restructuring costs.
  • Guidance for 2013 adjusted diluted EPS attributable to Henry Schein, Inc. excludes a charge related to the debt refinancing of Butler Schein Animal Health of $0.03 per diluted share, a charge related to divesting a non-controlling interest in a dental wholesale distributor in the Middle East of $0.14 per diluted share and an overseas tax benefit of $0.15 per diluted share.
  • Guidance for 2013 adjusted 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.

2014 EPS Guidance

Henry Schein today introduced 2014 financial guidance, as follows:

  • For 2014 the Company expects diluted EPS attributable to Henry Schein, Inc. to be $5.37 to $5.47, which represents growth of 10% to 12% compared with the midpoint of the 2013 guidance range.
  • Guidance for 2014 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 website at www.henryschein.com.  In addition, a replay will be available beginning shortly after the call has ended.

2013 Analyst and Investor Day
Henry Schein will host an Analyst and Investor Day event on December 11, 2013 from 8:00 a.m. to 2:00 p.m. Eastern time in New York City.  Institutional and analyst attendees must register in advance as space is limited.  A live webcast of the presentations will be available in the Investor Relations section of the Company's website at www.henryschein.com.

About Henry Schein, Inc.
Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, animal health and medical 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 nearly 16,000 Team Schein Members and serves more than 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 96,000 branded products and Henry Schein private-brand products in stock, as well as more than 110,000 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 $8.9 billion in 2012, and have grown at a compound annual rate of 17% since Henry Schein became a public company in 1995.  For more information, visit the Henry Schein website 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 global 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 28,


September 29,


September 28,


September 29,





2013


2012


2013


2012
















Net sales

$

2,348,956


$

2,231,058


$

7,034,277


$

6,531,529

Cost of sales


1,709,309



1,622,014



5,077,783



4,687,511



Gross profit


639,647



609,044



1,956,494



1,844,018

Operating expenses:













Selling, general and administrative


479,170



459,422



1,466,323



1,391,207


Restructuring costs


-



-



-



15,192



Operating income


160,477



149,622



490,171



437,619

Other income (expense):













Interest income


3,236



3,283



9,744



10,222


Interest expense


(5,051)



(7,308)



(22,668)



(22,659)


Other, net


1,263



988



859



2,343



Income before taxes and equity in earnings of affiliates


159,925



146,585



478,106



427,525

Income taxes


(34,660)



(44,709)



(135,287)



(133,750)

Equity in earnings of affiliates


3,642



3,434



6,209



7,898

Loss on sale of equity investment


(12,535)



-



(12,535)



-

Net income


116,372



105,310



336,493



301,673


Less: Net income attributable to noncontrolling interests


(8,994)



(8,539)



(29,207)



(26,064)

Net income attributable to Henry Schein, Inc.

$

107,378


$

96,771


$

307,286


$

275,609
















Earnings per share attributable to Henry Schein, Inc.:




























Basic

$

1.25


$

1.11


$

3.56


$

3.14


Diluted

$

1.23


$

1.08


$

3.49


$

3.06
















Weighted-average common shares outstanding:













Basic


85,646



87,465



86,208



87,802


Diluted


87,404



89,647



87,967



90,075

 

 

HENRY SCHEIN, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)














September 28,


December 29,





2013


2012





(unaudited)




ASSETS






Current assets:







Cash and cash equivalents

$

69,915


$

122,080


Accounts receivable, net of reserves of $76,007 and $75,240


1,103,272



1,015,194


Inventories, net


1,123,107



1,203,507


Deferred income taxes


66,766



64,049


Prepaid expenses and other


272,360



299,547




Total current assets


2,635,420



2,704,377

Property and equipment, net


265,273



273,458

Goodwill


1,634,480



1,601,046

Other intangibles, net


431,504



462,182

Investments and other


311,412



292,934




Total assets

$

5,278,089


$

5,333,997










LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:







Accounts payable

$

723,905


$

787,658


Bank credit lines


15,751



27,166


Current maturities of long-term debt


80,588



17,992


Accrued expenses:








Payroll and related


181,444



207,381



Taxes


156,945



132,774



Other


287,812



299,738




Total current liabilities


1,446,445



1,472,709

Long-term debt


311,458



488,121

Deferred income taxes


205,263



196,814

Other liabilities


128,937



125,314




Total liabilities


2,092,103



2,282,958










Redeemable noncontrolling interests


475,021



435,175

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,








86,029,175 outstanding on September 28, 2013 and








87,850,671 outstanding on December 29, 2012


860



879


Additional paid-in capital


328,657



375,946


Retained earnings


2,328,174



2,183,905


Accumulated other comprehensive income


51,151



52,855



Total Henry Schein, Inc. stockholders' equity


2,708,842



2,613,585


Noncontrolling interests


2,123



2,279




Total stockholders' equity


2,710,965



2,615,864



Total liabilities, redeemable noncontrolling interests and stockholders' equity

$

5,278,089


$

5,333,997

 

 

 

HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)
























Three Months Ended


Nine Months Ended







September 28,


September 29,


September 28,


September 29,







2013


2012


2013


2012


















Cash flows from operating activities:














Net income


$

116,372


$

105,310


$

336,493


$

301,673


Adjustments to reconcile net income to net cash provided by operating activities:
















Depreciation and amortization



31,845



30,600



96,081



91,989




Accelerated amortization of deferred financing costs



-



-



6,203



-




Loss on sale of equity investment



12,535



-



12,535



-




Stock-based compensation expense



7,963



11,818



24,695



31,867




Provision for losses on trade and other accounts receivable



1,323



701



3,477



3,338




Benefit from deferred income taxes



(28,349)



(763)



(12,799)



(8,478)




Equity in earnings of affiliates



(3,642)



(3,434)



(6,209)



(7,898)




Distributions from equity affiliates



2,836



3,290



9,286



9,297




Other



8,789



6,629



14,156



10,488




Changes in operating assets and liabilities, net of acquisitions:

















Accounts receivable



(48,296)



(46,632)



(93,451)



(105,961)





Inventories



(5,160)



(73,687)



76,877



(85,027)





Other current assets



24,047



(18,710)



11,123



(26,788)





Accounts payable and accrued expenses



32,533



63,423



(88,920)



(6,062)

Net cash provided by operating activities



152,796



78,545



389,547



208,438


















Cash flows from investing activities:














Purchases of fixed assets



(16,799)



(11,562)



(38,733)



(32,934)


Payments for equity investments and business acquisitions, net of cash acquired



(806)



(85,913)



(34,514)



(206,261)


Payments related to sale of equity investment



(13,364)



-



(13,364)



-


Proceeds from sales of available-for-sale securities



-



2,000



-



6,025


Other



(2,076)



255



(7,147)



(4,130)

Net cash used in investing activities



(33,045)



(95,220)



(93,758)



(237,300)


















Cash flows from financing activities:














Proceeds from (repayments of) bank borrowings



90



71,677



(11,550)



98,061


Proceeds from issuance of long-term debt



195,000



5,082



678,781



105,132


Debt issuance costs



(8)



(1,191)



(1,327)



(1,404)


Principal payments for long-term debt



(255,863)



(2,842)



(793,863)



(38,217)


Proceeds from issuance of stock upon exercise of stock options



3,184



3,058



22,636



43,773


Payments for repurchases of common stock



(74,967)



(58,798)



(226,478)



(215,689)


Excess tax benefits related to stock-based compensation



1,168



592



6,496



10,643


Distributions to noncontrolling shareholders



(5,041)



(2,986)



(18,049)



(11,581)


Acquisitions of noncontrolling interests in subsidiaries



(132)



-



(5,886)



(20,013)

Net cash provided by (used in) financing activities



(136,569)



14,592



(349,240)



(29,295)


















Net change in cash and cash equivalents



(16,818)



(2,083)



(53,451)



(58,157)

Effect of exchange rate changes on cash and cash equivalents



7,894



3,523



1,286



209

Cash and cash equivalents, beginning of period



78,839



87,896



122,080



147,284

Cash and cash equivalents, end of period


$

69,915


$

89,336


$

69,915


$

89,336

 

 

 

Exhibit A1 - QTD Sales
















Henry Schein, Inc.

2013 Third Quarter

Sales Summary

(in thousands)

(unaudited)









Q3 2013 over Q3 2012









Global

Q3 2013


Q3 2012


Total Sales

Growth









   Dental

$

1,183,201


$

1,119,430


5.7%









   Animal Health


642,289



598,124


7.4%









   Medical


444,533



442,538


0.5%









Total Health Care Distribution


2,270,023



2,160,092


5.1%









Technology and value-added services


78,933



70,966


11.2%









Total Global

$

2,348,956


$

2,231,058


5.3%









North America

Q3 2013


Q3 2012


Total Sales

Growth









   Dental

$

745,866


$

714,731


4.4%









   Animal Health


305,104



276,435


10.4%









   Medical


426,311



424,086


0.5%









Total Health Care Distribution


1,477,281



1,415,252


4.4%









Technology and value-added services


67,935



61,233


10.9%









Total North America

$

1,545,216


$

1,476,485


4.7%









International

Q3 2013


Q3 2012


Total Sales

Growth









   Dental

$

437,335


$

404,699


8.1%









   Animal Health


337,185



321,689


4.8%









   Medical


18,222



18,452


-1.2%









Total Health Care Distribution


792,742



744,840


6.4%









Technology and value-added services


10,998



9,733


13.0%









Total International

$

803,740


$

754,573


6.5%

 

 

Exhibit A1 - YTD Sales
















Henry Schein, Inc.

2013 Third Quarter Year to Date

Sales Summary

(in thousands)

(unaudited)









Q3 2013 YTD over Q3 2012 YTD









Global

Q3 2013 YTD


Q3 2012 YTD


Total Sales

Growth









   Dental

$

3,633,577


$

3,461,015


5.0%









   Animal Health


1,947,728



1,709,972


13.9%









   Medical


1,221,282



1,158,486


5.4%









Total Health Care Distribution


6,802,587



6,329,473


7.5%









Technology and value-added services


231,690



202,056


14.7%









Total Global

$

7,034,277


$

6,531,529


7.7%









North America

Q3 2013 YTD


Q3 2012 YTD


Total Sales

Growth









   Dental

$

2,227,620


$

2,152,532


3.5%









   Animal Health


937,755



840,681


11.5%









   Medical


1,161,255



1,098,925


5.7%









Total Health Care Distribution


4,326,630



4,092,138


5.7%









Technology and value-added services


198,472



174,062


14.0%









Total North America

$

4,525,102


$

4,266,200


6.1%









International

Q3 2013 YTD


Q3 2012 YTD


Total Sales

Growth









   Dental

$

1,405,957


$

1,308,483


7.4%









   Animal Health


1,009,973



869,291


16.2%









   Medical


60,027



59,561


0.8%









Total Health Care Distribution


2,475,957



2,237,335


10.7%









Technology and value-added services


33,218



27,994


18.7%









Total International

$

2,509,175


$

2,265,329


10.8%

 

 

 

Exhibit A2 - QTD Sales Growth



















Henry Schein, Inc.

2013 Third Quarter

Sales Growth Rate Summary

(unaudited)












Q3 2013 over Q3 2012

Global


Consolidated


Dental


Animal Health


Medical


Technology / 

VAS












Local Internal Sales Growth


3.4%


3.0%


5.9%


0.3%


8.5%












Acquisitions


1.8%


2.2%


2.1%


0.0%


3.3%












Local Currency Sales Growth


5.2%


5.2%


8.0%


0.3%


11.8%












Foreign Currency Exchange


0.1%


0.5%


-0.6%


0.2%


-0.6%












     Total Sales Growth


5.3%


5.7%


7.4%


0.5%


11.2%












Total sales growth excluding











influenza vaccine sales


5.8%






2.6%














Local currency internal sales growth









excluding influenza vaccine sales

3.9%






2.4%














North America


Consolidated


Dental


Animal Health


Medical


Technology / 

VAS












Local Internal Sales Growth


4.7%


4.8%


10.4%


0.5%


7.3%












Acquisitions


0.2%


0.0%


0.0%


0.0%


3.8%












Local Currency Sales Growth


4.9%


4.8%


10.4%


0.5%


11.1%












Foreign Currency Exchange


-0.2%


-0.4%


0.0%


0.0%


-0.2%












     Total Sales Growth


4.7%


4.4%


10.4%


0.5%


10.9%












Total sales growth excluding











influenza vaccine sales


5.4%






2.8%














Local currency internal sales growth









excluding influenza vaccine sales

5.5%






2.8%














International


Consolidated


Dental


 Animal Health


Medical


Technology / 

VAS












Local Internal Sales Growth


0.9%


-0.1%


2.1%


-5.8%


16.2%












Acquisitions


4.9%


6.0%


3.8%


0.0%


0.0%












Local Currency Sales Growth


5.8%


5.9%


5.9%


-5.8%


16.2%












Foreign Currency Exchange


0.7%


2.2%


-1.1%


4.6%


-3.2%












     Total Sales Growth


6.5%


8.1%


4.8%


-1.2%


13.0%

 

 

 

Exhibit A2 - YTD Sales Growth



















Henry Schein, Inc.

2013 Third Quarter Year to Date

Sales Growth Rate Summary

(unaudited)












Q3 2013 YTD over Q3 2012 YTD

Global


Consolidated


Dental


Animal Health


Medical


Technology / 

VAS












Local Internal Sales Growth


3.6%


1.9%


5.7%


4.6%


9.9%












Acquisitions


4.1%


2.8%


8.6%


0.7%


5.1%












Local Currency Sales Growth


7.7%


4.7%


14.3%


5.3%


15.0%












Foreign Currency Exchange


0.0%


0.3%


-0.4%


0.1%


-0.3%












     Total Sales Growth


7.7%


5.0%


13.9%


5.4%


14.7%












Total sales growth excluding











influenza vaccine sales


7.8%






5.9%














Local currency internal sales growth









excluding influenza vaccine sales

3.7%






5.0%














North America


Consolidated


Dental


Animal Health


Medical


Technology / 

VAS












Local Internal Sales Growth


5.5%


3.2%


11.5%


4.9%


8.9%












Acquisitions


0.7%


0.5%


0.0%


0.8%


5.2%












Local Currency Sales Growth


6.2%


3.7%


11.5%


5.7%


14.1%












Foreign Currency Exchange


-0.1%


-0.2%


0.0%


0.0%


-0.1%












     Total Sales Growth


6.1%


3.5%


11.5%


5.7%


14.0%












Total sales growth excluding











influenza vaccine sales


6.2%






6.2%














Local currency internal sales growth









excluding influenza vaccine sales

5.6%






5.4%














International


Consolidated


Dental


 Animal Health


Medical


Technology / 

VAS












Local Internal Sales Growth


0.1%


-0.2%


0.1%


-1.2%


16.5%












Acquisitions


10.3%


6.6%


16.9%


0.0%


4.4%












Local Currency Sales Growth


10.4%


6.4%


17.0%


-1.2%


20.9%












Foreign Currency Exchange


0.4%


1.0%


-0.8%


2.0%


-2.2%












     Total Sales Growth


10.8%


7.4%


16.2%


0.8%


18.7%

 

 

 

Exhibit B




































Henry Schein, Inc.

2013 Third Quarter and YTD

Reconciliation of reported GAAP net income and diluted EPS attributable to Henry Schein, Inc. to

non-GAAP net income and diluted EPS attributable to Henry Schein, Inc.

(in thousands, except per share data)

(unaudited)







































Third Quarter




YTD









%









%




2013



2012


Growth




2013



2012


Growth


Net Income attributable to Henry Schein, Inc.

$

107,378


$

96,771


11.0

%


$

307,286


$

275,609


11.5

%

Diluted EPS attributable to Henry Schein, Inc.

$

1.23


$

1.08


13.9

%


$

3.49


$

3.06


14.1

%



















Non-GAAP Adjustments (after-tax)


















Foreign tax benefit (1)

$

(13,398)


$

-





$

(13,398)


$

-




Loss on sale of equity investment (2)


12,535



-






12,535



-




Accelerated amortization of deferred financing costs (3)


-



-






2,679



-




Restructuring costs (4)


-



-






-



10,537




Total non-GAAP adjustments to Net Income attributable to Henry Schein, Inc.


















$

(863)


$

-





$

1,816


$

10,537




Total non-GAAP adjustments to diluted EPS attributable to Henry Schein, Inc.


















$

(0.01)


$

-





$

0.02


$

0.12






















Non-GAAP Net Income attributable to Henry Schein, Inc.


















$

106,515


$

96,771


10.1

%


$

309,102


$

286,146


8.0

%

Non-GAAP diluted EPS attributable to Henry Schein, Inc.


















$

1.22


$

1.08


13.0

%


$

3.51


$

3.18


10.4

%

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.



(1)

Represents tax benefit related to expected utilization of tax loss carryforwards outside the U.S.



(2)

Represents loss on divestiture of a noncontrolling interest in a dental wholesale distributor in the Middle East.  There was no tax benefit related to this loss.



(3)

Represents non-cash, one-time expenses related to the debt refinancing of Henry Schein Animal Health.



(4)

Represents restructuring costs recorded in the first and second quarters of 2012.

 

SOURCE Henry Schein, Inc.



RELATED LINKS
http://www.henryschein.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.