In a release on
Fiscal 2014 third quarter results included
As previously disclosed, the company is implementing a global information technology initiative in order to enable Patterson to accommodate future growth, assist in securing future productivity gains and enhance the customer experience. Investments in this initiative reduced the fiscal 2014 third quarter earnings by approximately
Sales for Patterson Dental, representing approximately 60 percent of total sales and the largest of Patterson's businesses, increased 3.2 percent on a constant currency basis from the year-earlier period to
-Consumable dental supplies totaled
-Dental equipment and software rose 5.6 percent, with all major product categories posting gains; and
-Other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, increased 1.8 percent.
Commented Anderson, "We are particularly encouraged by the strong gains in our equipment and digital categories, which come on top of excellent performance in the year-ago period. In the 2014 third quarter, we saw solid growth for CEREC equipment sales, generating double-digit growth in that category. Patterson Dental also experienced growth in basic equipment sales."
Third quarter fiscal 2014 sales for the Patterson Veterinary unit increased nearly 90 percent from the prior year period to
-Consumable veterinary sales totaled
-Veterinary equipment sales rose 26.1 percent to
Anderson said, "We continue to be pleased with NVS, our
Sales for Patterson Medical, the rehabilitation supply and equipment unit, declined to
Anderson said, "After adjusting for divesting non-core assets in our international sector, Patterson Medical sales were essentially in-line with our expectations for the quarter. Though U.S. markets continue to stabilize, overall performance has been affected by the continued uncertainty surrounding this nation's health care system and in international markets from the ongoing austerity measures that have dampened demand for the past few years. Yet, we continue to be encouraged by this business' potential, given the underlying demographics that indicate future growth."
Consolidated sales for the first nine months of fiscal 2014 totaled nearly
Year to date, Patterson has repurchased approximately 1.1 million shares of its outstanding common stock, leaving approximately 23 million shares for repurchase under the current authorization. Approximately 0.6 million shares, with a value of
Commented Anderson, "With three quarters completed and based on our expectations for the remainder of fiscal 2014, we are narrowing our earnings guidance range for the year to
The prior fiscal 2014 earnings guidance range was
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In a release on