Henry Schein Reports Record Fourth Quarter Results - KTRE.com | Lufkin and Nacogdoches, Texas

Henry Schein Reports Record Fourth Quarter Results

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SOURCE Henry Schein, Inc.

EPS up 13.5% to $1.43

MELVILLE, N.Y., Feb. 11, 2014 /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 December 28, 2013.

Net sales for the fourth quarter of 2013 were $2.5 billion, an increase of 4.9% compared with the fourth quarter of 2012.  This consisted of 4.4% growth in local currencies and 0.5% growth related to foreign currency exchange.  In local currencies, internally generated sales increased 3.7% and acquisition growth was 0.7% (see Exhibit A for details of sales growth).

Net income attributable to Henry Schein, Inc. for the fourth quarter of 2013 was $124.3 million or $1.43 per diluted share, an increase of 10.5% and 13.5%, respectively, compared with the fourth quarter of 2012. 

"We are pleased to complete a very successful 2013 with strong fourth quarter results," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "Sales growth during the fourth quarter was solid and on plan.  Importantly, we believe we gained market share in each of our four global business units and exceeded the top of our original EPS guidance range for the year."

Global Dental sales of $1.4 billion increased 3.9%, consisting of 3.1% growth in local currencies and 0.8% growth related to foreign currency exchange.  In local currencies, internally generated sales increased 2.6% and acquisition growth was 0.5%.  The 2.6% internal growth in local currencies included 2.1% growth in North America and 3.5% growth in International.

"Gains in North America Dental sales included solid growth in consumable merchandise, while equipment sales and service revenue declined slightly following growth of nearly 22% in the prior-year quarter, making for a challenging comparison," commented Mr. Bergman.  "International Dental returned to growth during the quarter as consumable merchandise posted positive gains and equipment sales and service revenue growth accelerated from the previous quarter."

Global Animal Health sales of $651.7 million increased 6.6%; there was no material impact on sales growth from foreign currency exchange.  Internally generated sales increased 4.8% and acquisition growth was 1.8%.  The 4.8% internal growth in local currencies included 7.0% growth in North America and 2.9% growth in International.

"Once again our Global Animal Health business performed well during the quarter.  North America internal sales growth in the high single digits is consistent with our stated goals, and International Animal Health internal sales growth in local currencies accelerated slightly versus the prior quarter," commented Mr. Bergman.

Global Medical sales of $421.9 million increased 4.8%, including 4.6% growth in local currencies and 0.2% growth related to foreign currency exchange.  "Reported Global Medical growth benefitted from higher sales of seasonal influenza vaccines versus the prior year.  Excluding this impact, our Global Medical sales growth accelerated slightly compared to the third quarter. We believe patient traffic to U.S. physician offices was largely consistent with the prior quarter," remarked Mr. Bergman.  "We are confident that our focus on large group practices will allow us to continue to gain market share."

Global Technology and Value-Added Services sales of $88.4 million increased 8.6%, including 8.9% growth in local currencies and a 0.3% decline related to foreign currency exchange.  In local currencies, internally generated sales increased 8.6% and acquisition growth was 0.3%.

"Technology and Value-Added Services growth was driven by electronic services recurring revenue, software sales and value-added services," commented Mr. Bergman.  "Sales in International markets were particularly strong."

Stock Repurchase Plan

The Company announced that it repurchased approximately 664,000 shares of its common stock during the fourth quarter at an average price of $111.04 per share, or approximately $73.8 million.  The impact of the repurchase of shares on fourth quarter diluted EPS was immaterial.  For the full year 2013 the Company repurchased $300.3 million in stock, representing 3.1 million shares at an average price of $97.71 per share, which is in line with our stated goals.  At the close of the fourth quarter, Henry Schein had approximately $300 million authorized for future repurchases of its common stock.

Full-Year Results

For 2013, net sales of $9.6 billion increased 6.9% compared with 2012.  This consisted of 6.8% growth in local currencies and 0.1% growth related to foreign currency exchange.  In local currencies, internally generated sales increased 3.6% and acquisition growth was 3.2%.

Net income attributable to Henry Schein, Inc. for 2013 was $431.6 million or $4.93 per diluted share.  Excluding certain one-time items, adjusted net income attributable to Henry Schein, Inc. for 2013 was $433.4 million or $4.95 per diluted share, an increase of 8.7% and 11.5%, respectively, compared with adjusted net income for 2012 (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP adjusted net income and EPS).

2014 EPS Guidance

Henry Schein today affirmed 2014 financial guidance, as follows:

  • For 2014 the Company expects diluted EPS attributable to Henry Schein, Inc. to be $5.29 to $5.39, which represents growth of 7% to 9% compared with 2013 results excluding certain one-time items.
  • The Company expects that growth in diluted EPS for 2014 will accelerate over the course of the year, due to a number of timing factors including the impact of recent acquisitions.
  • 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.

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 website 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, 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 more than 16,000 Team Schein Members and serves more than 800,000 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 $9.6 billion in 2013, and have grown at a compound annual rate of nearly 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 challenges associated with the emergence of potential increased competition by third-party online commerce sites; 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)























Three Months Ended



Years Ended






December 28,


December 29,


December 28,


December 29,






2013


2012


2013


2012






(unaudited)


(unaudited)























Net sales


$

2,526,370


$

2,408,438


$

9,560,647


$

8,939,967

Cost of sales



1,826,850



1,744,943



6,904,633



6,432,454



Gross profit



699,520



663,495



2,656,014



2,507,513

Operating expenses:














Selling, general and administrative



512,637



482,153



1,978,960



1,873,360


Restructuring costs



-



-



-



15,192



Operating income



186,883



181,342



677,054



618,961

Other income (expense):














Interest income



3,109



3,172



12,853



13,394


Interest expense



(4,870)



(8,243)



(27,538)



(30,902)


Other, net



1,466



392



2,325



2,735



Income before taxes and equity in earnings (losses)
















of affiliates



186,588



176,663



664,694



604,188

Income taxes



(55,604)



(54,108)



(190,891)



(187,858)

Equity in earnings (losses) of affiliates



3,985



(840)



10,194



7,058

Loss on sale of equity investment



-



-



(12,535)



-

Net income



134,969



121,715



471,462



423,388


Less: Net income attributable to noncontrolling interests



(10,701)



(9,248)



(39,908)



(35,312)

Net income attributable to Henry Schein, Inc.


$

124,268


$

112,467


$

431,554


$

388,076

















Earnings per share attributable to Henry Schein, Inc.:






























Basic


$

1.46


$

1.29


$

5.02


$

4.44


Diluted


$

1.43


$

1.26


$

4.93


$

4.32

















Weighted-average common shares outstanding:














Basic



85,072



87,002



85,926



87,499


Diluted



86,816



89,284



87,622



89,823

 

 































HENRY SCHEIN, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)
















December 28,


December 29,






2013


2012











ASSETS







Current assets:








Cash and cash equivalents


$

188,616


$

122,080


Accounts receivable, net of reserves of $78,298 and $75,240



1,055,216



1,015,194


Inventories, net



1,250,403



1,203,507


Deferred income taxes



63,865



64,049


Prepaid expenses and other



276,565



299,547




Total current assets



2,834,665



2,704,377

Property and equipment, net



275,888



273,458

Goodwill



1,635,005



1,601,046

Other intangibles, net



417,133



462,182

Investments and other



461,945



292,934




Total assets


$

5,624,636


$

5,333,997











LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:








Accounts payable


$

824,495


$

787,658


Bank credit lines



29,508



27,166


Current maturities of long-term debt



5,441



17,992


Accrued expenses:









Payroll and related



216,629



207,381



Taxes



145,161



132,774



Other



329,429



299,738




Total current liabilities



1,550,663



1,472,709

Long-term debt



450,233



488,121

Deferred income taxes



198,674



196,814

Other liabilities



139,526



125,314




Total liabilities



2,339,096



2,282,958











Redeemable noncontrolling interests



497,539



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,









85,622,452 outstanding on December 28, 2013 and









87,850,671 outstanding on December 29, 2012



856



879


Additional paid-in capital



318,225



375,946


Retained earnings



2,398,267



2,183,905


Accumulated other comprehensive income



67,849



52,855



Total Henry Schein, Inc. stockholders' equity



2,785,197



2,613,585


Noncontrolling interests



2,804



2,279




Total stockholders' equity



2,788,001



2,615,864



Total liabilities, redeemable noncontrolling interests and stockholders' equity


$

5,624,636


$

5,333,997

 

 

HENRY SCHEIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)







Three Months Ended


Years Ended







December 28,


December 29,


December 28,


December 29,







2013


2012


2013


2012







(unaudited)


(unaudited)
























Cash flows from operating activities:














Net income


$

134,969


$

121,715


$

471,462


$

423,388


Adjustments to reconcile net income to net cash















provided by operating activities:
















Depreciation and amortization



31,954



33,333



128,035



125,322




Accelerated amortization of deferred financing costs



-



-



6,203



-




Loss on sale of equity investment



-



-



12,535



-




Stock-based compensation expense



10,832



5,446



35,527



37,313




Provision for losses on trade and other

















accounts receivable



1,712



1,069



5,189



4,407




Provision for (benefit from) deferred income taxes



1,285



18,550



(11,514)



10,072




Equity in (earnings) losses of affiliates



(3,985)



840



(10,194)



(7,058)




Distributions from equity affiliates



7,243



5,202



16,529



14,499




Other



6,634



3,705



20,790



14,193




Changes in operating assets and liabilities,
















  net of acquisitions:

















Accounts receivable



48,341



32,036



(45,110)



(73,925)





Inventories



(124,964)



(108,558)



(48,087)



(193,585)





Other current assets



4,624



(35,602)



15,747



(62,390)





Accounts payable and accrued expenses



155,983



121,925



67,063



115,863

Net cash provided by operating activities



274,628



199,661



664,175



408,099


















Cash flows from investing activities:














Purchases of fixed assets



(21,482)



(18,303)



(60,215)



(51,237)


Payments related to equity investments and business















acquisitions, net of cash acquired



(147,849)



(13,977)



(182,363)



(220,238)


Payments related to sale of equity investment



-



-



(13,364)



-


Proceeds from sales of available-for-sale securities



-



3,200



-



9,225


Other



(3,516)



(3,224)



(10,663)



(7,354)

Net cash used in investing activities



(172,847)



(32,304)



(266,605)



(269,604)


















Cash flows from financing activities:














Proceeds from (repayments of) bank borrowings



13,725



(130,246)



2,175



(32,185)


Proceeds from issuance of long-term debt



-



50,000



678,781



155,132


Debt issuance costs



(45)



(78)



(1,372)



(1,482)


Principal borrowings (payments) for long-term debt



63,886



(2,505)



(729,977)



(40,722)


Proceeds from issuance of stock upon exercise















of stock options



12,917



28,712



35,553



72,485


Payments for repurchases of common stock



(73,773)



(84,194)



(300,251)



(299,883)


Excess tax benefits related to stock-based















compensation



1,645



7,176



8,141



17,819


Distributions to noncontrolling shareholders



(1,175)



(9,703)



(19,224)



(21,284)


Acquisitions of noncontrolling interests in















subsidiaries



(3,914)



(468)



(9,800)



(20,481)

Net cash provided by (used in) financing activities



13,266



(141,306)



(335,974)



(170,601)


















Effect of exchange rate changes on cash and














cash equivalents



3,654



6,693



4,940



6,902

Net change in cash and cash equivalents



118,701



32,744



66,536



(25,204)

Cash and cash equivalents, beginning of period



69,915



89,336



122,080



147,284

Cash and cash equivalents, end of period


$

188,616


$

122,080


$

188,616


$

122,080














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

 

 

Exhibit A1 - QTD Sales
















Henry Schein, Inc.

2013 Fourth Quarter

Sales Summary

(in thousands)

(unaudited)









Q4 2013 over Q4 2012









Global

Q4 2013


Q4 2012


Total Sales
Growth









   Dental

$

1,364,395


$

1,313,467


3.9%









   Animal Health


651,733



611,179


6.6%









   Medical


421,885



402,435


4.8%









Total Health Care Distribution


2,438,013



2,327,081


4.8%









Technology and value-added services


88,357



81,357


8.6%









Total Global

$

2,526,370


$

2,408,438


4.9%









North America

Q4 2013


Q4 2012


Total Sales
Growth









   Dental

$

819,884


$

807,597


1.5%









   Animal Health


301,258



281,592


7.0%









   Medical


400,776



380,850


5.2%









Total Health Care Distribution


1,521,918



1,470,039


3.5%









Technology and value-added services


76,217



71,323


6.9%









Total North America

$

1,598,135


$

1,541,362


3.7%









International

Q4 2013


Q4 2012


Total Sales
Growth









   Dental

$

544,511


$

505,870


7.6%









   Animal Health


350,475



329,587


6.3%









   Medical


21,109



21,585


-2.2%









Total Health Care Distribution


916,095



857,042


6.9%









Technology and value-added services


12,140



10,034


21.0%









Total International

$

928,235


$

867,076


7.1%

 

 

Exhibit A1 - YTD Sales
















Henry Schein, Inc.

Full Year 2013

Sales Summary

(in thousands)

(unaudited)









Full Year 2013 over Full Year 2012









Global

Full Year 2013


Full Year 2012


Total Sales
Growth









   Dental

$

4,997,972


$

4,774,482


4.7%









   Animal Health


2,599,461



2,321,151


12.0%









   Medical


1,643,167



1,560,921


5.3%









Total Health Care Distribution


9,240,600



8,656,554


6.7%









Technology and value-added services


320,047



283,413


12.9%









Total Global

$

9,560,647


$

8,939,967


6.9%









North America

Full Year 2013


Full Year 2012


Total Sales
Growth









   Dental

$

3,047,504


$

2,960,129


3.0%









   Animal Health


1,239,013



1,122,273


10.4%









   Medical


1,562,031



1,479,775


5.6%









Total Health Care Distribution


5,848,548



5,562,177


5.1%









Technology and value-added services


274,689



245,385


11.9%









Total North America

$

6,123,237


$

5,807,562


5.4%









International

Full Year 2013


Full Year 2012


Total Sales
Growth









   Dental

$

1,950,468


$

1,814,353


7.5%









   Animal Health


1,360,448



1,198,878


13.5%









   Medical


81,136



81,146


0.0%









Total Health Care Distribution


3,392,052



3,094,377


9.6%









Technology and value-added services


45,358



38,028


19.3%









Total International

$

3,437,410


$

3,132,405


9.7%

 

 

Exhibit A2 - QTD Sales Growth



















Henry Schein, Inc.

2013 Fourth Quarter

Sales Growth Rate Summary

(unaudited)












Q4 2013 over Q4 2012

Global


Consolidated


Dental


Animal Health


Medical


Technology /  
VAS












Local Internal Sales Growth


3.7%


2.6%


4.8%


4.6%


8.6%












Acquisitions


0.7%


0.5%


1.8%


0.0%


0.3%












Local Currency Sales Growth


4.4%


3.1%


6.6%


4.6%


8.9%












Foreign Currency Exchange


0.5%


0.8%


0.0%


0.2%


-0.3%












     Total Sales Growth


4.9%


3.9%


6.6%


4.8%


8.6%












Total sales growth excluding











influenza vaccine sales


4.6%






2.8%














Local currency internal sales growth









excluding influenza vaccine sales

3.4%






2.6%














North America


Consolidated


Dental


Animal Health


Medical


Technology /  
VAS












Local Internal Sales Growth


4.0%


2.1%


7.0%


5.2%


6.7%












Acquisitions


0.0%


0.0%


0.0%


0.0%


0.4%












Local Currency Sales Growth


4.0%


2.1%


7.0%


5.2%


7.1%












Foreign Currency Exchange


-0.3%


-0.6%


0.0%


0.0%


-0.2%












     Total Sales Growth


3.7%


1.5%


7.0%


5.2%


6.9%












Total sales growth excluding











influenza vaccine sales


3.2%






3.1%














Local currency internal sales growth









excluding influenza vaccine sales

3.5%






3.1%














International


Consolidated


Dental


 Animal Health


Medical


Technology /  
VAS












Local Internal Sales Growth


3.2%


3.5%


2.9%


-6.5%


21.5%












Acquisitions


2.1%


1.3%


3.3%


0.0%


0.0%












Local Currency Sales Growth


5.3%


4.8%


6.2%


-6.5%


21.5%












Foreign Currency Exchange


1.8%


2.8%


0.1%


4.3%


-0.5%












     Total Sales Growth


7.1%


7.6%


6.3%


-2.2%


21.0%

 

 

Exhibit A2 - FY Sales Growth



















Henry Schein, Inc.

2013 Full Year

Sales Growth Rate Summary

(unaudited)












FY 2013 over FY 2012

Global


Consolidated


Dental


Animal Health


Medical


Technology /  
VAS












Local Internal Sales Growth


3.6%


2.1%


5.5%


4.6%


9.5%












Acquisitions


3.2%


2.2%


6.8%


0.5%


3.8%












Local Currency Sales Growth


6.8%


4.3%


12.3%


5.1%


13.3%












Foreign Currency Exchange


0.1%


0.4%


-0.3%


0.2%


-0.4%












     Total Sales Growth


6.9%


4.7%


12.0%


5.3%


12.9%












Total sales growth excluding











influenza vaccine sales


6.9%






5.1%














Local currency internal sales growth









excluding influenza vaccine sales

3.6%






4.4%














North America


Consolidated


Dental


Animal Health


Medical


Technology /  
VAS












Local Internal Sales Growth


5.1%


2.9%


10.4%


5.0%


8.2%












Acquisitions


0.5%


0.4%


0.0%


0.6%


3.9%












Local Currency Sales Growth


5.6%


3.3%


10.4%


5.6%


12.1%












Foreign Currency Exchange


-0.2%


-0.3%


0.0%


0.0%


-0.2%












     Total Sales Growth


5.4%


3.0%


10.4%


5.6%


11.9%












Total sales growth excluding











influenza vaccine sales


5.4%






5.4%














Local currency internal sales growth









excluding influenza vaccine sales

5.1%






4.8%














International


Consolidated


Dental


 Animal Health


Medical


Technology /  
VAS












Local Internal Sales Growth


1.0%


0.9%


0.8%


-2.6%


17.8%












Acquisitions


8.0%


5.0%


13.2%


0.0%


3.2%












Local Currency Sales Growth


9.0%


5.9%


14.0%


-2.6%


21.0%












Foreign Currency Exchange


0.7%


1.6%


-0.5%


2.6%


-1.7%












     Total Sales Growth


9.7%


7.5%


13.5%


0.0%


19.3%

 

 



















Exhibit B




































Henry Schein, Inc.

2013 Fourth Quarter and Full Year 2013

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)







































Fourth Quarter




Full Year









%









%




2013



2012


Growth




2013



2012


Growth


Net Income attributable to Henry Schein, Inc.

$

124,268


$

112,467


10.5

%


$

431,554


$

388,076


11.2

%

Diluted EPS attributable to Henry Schein, Inc.

$

1.43


$

1.26


13.5

%


$

4.93


$

4.32


14.1

%



















Non-GAAP Adjustments (after-tax)


















Foreign tax benefit (1)

$

-


$

-





$

(13,398)


$

-




Loss on sale of equity investment (2)


-



-






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.

$

-


$

-





$

1,816


$

10,537




Total non-GAAP adjustments to diluted EPS


















attributable to Henry Schein, Inc.

$

-


$

-





$

0.02


$

0.12






















Non-GAAP Net Income attributable to


















Henry Schein, Inc.

$

124,268


$

112,467


10.5

%


$

433,370


$

398,613


8.7

%

Non-GAAP diluted EPS attributable to


















Henry Schein, Inc.

$

1.43


$

1.26


13.5

%


$

4.95


$

4.44


11.5

%

 

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.

 

©2012 PR Newswire. All Rights Reserved.

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