Patterson Companies Inc. (PDCO, Financial) filed Quarterly Report for the period ended 2011-10-29.
Patterson Companies Inc. has a market cap of $3.56 billion; its shares were traded at around $30.04 with a P/E ratio of 16 and P/S ratio of 1. The dividend yield of Patterson Companies Inc. stocks is 1.6%. Patterson Companies Inc. had an annual average earning growth of 11.4% over the past 10 years. GuruFocus rated Patterson Companies Inc. the business predictability rank of 3-star.
Net Income and Earnings Per Share. Net income decreased 8.3% to $49.0 million, compared to $53.4 in the Prior Quarter. Earnings per diluted share were $0.43 in the Current Quarter compared to $0.45 in the Prior Quarter. The incremental ESOP expense in the Current Quarter reduced net income by $3.7 million and reduced earnings per diluted share by $0.03. Diluted shares outstanding in the Current Quarter were 113,186,000 compared to 119,373,000 in the Prior Quarter. The decrease is due to share repurchase activity.
Net Sales. Consolidated net sales for the six months ended October 29, 2011 (Current Period) totaled $1,704.3 million compared to $1,707.2 million for the six months ended October 30, 2010 (Prior Period). Sales included a contribution from acquisitions of 0.9% and a positive impact from foreign currency translation rates of 0.6%. The Prior Period includes an additional week of sales due to the Companys fiscal year convention discussed above. It is difficult to quantify the exact impact of this additional week, but estimates have been provided in those areas where it is possible to make reasonable approximations. We believe that consolidated sales growth was approximately 2.9%, excluding the estimated impact of the extra week, an impact on consolidated sales growth of approximately three percentage points.
Operating Income. Current Period operating income totaled $165.3 million, or 9.7% of sales, compared to Prior Period operating income of $179.2 million, or 10.5% of net sales. If the increase in ESOP expense were excluded from current year operations, the operating margin would have been 10.3%. Intuitively, the positive impact of the extra week on the Prior Periods operating margin further affected comparability between the two periods, although this effect is more difficult to quantify.
Net Income and Earnings Per Share. Net income decreased 9.0% to $97.6 million, compared to $107.3 in the Prior Period. Earnings per diluted share was $0.85 in the Current Period compared to $0.90 in the Prior Period. The incremental ESOP expense in the Current Period reduced net income by $6.9 million and reduced earnings per diluted share by $0.06. Diluted shares outstanding in the Current Period were 114,737,000 compared to 119,579,000 in the Prior Quarter. The decrease is due to share repurchase activity.
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Patterson Companies Inc. has a market cap of $3.56 billion; its shares were traded at around $30.04 with a P/E ratio of 16 and P/S ratio of 1. The dividend yield of Patterson Companies Inc. stocks is 1.6%. Patterson Companies Inc. had an annual average earning growth of 11.4% over the past 10 years. GuruFocus rated Patterson Companies Inc. the business predictability rank of 3-star.
Highlight of Business Operations:
Net Sales. Consolidated net sales for the three months ended October 29, 2011 (Current Quarter) were $856.9 million, virtually unchanged from $857.4 million for the three months ended October 30, 2010 (Prior Quarter). Acquisitions contributed 0.5% to Current Quarter sales growth, and the impact of foreign exchange rate changes on net sales was a favorable 0.4%.Net Income and Earnings Per Share. Net income decreased 8.3% to $49.0 million, compared to $53.4 in the Prior Quarter. Earnings per diluted share were $0.43 in the Current Quarter compared to $0.45 in the Prior Quarter. The incremental ESOP expense in the Current Quarter reduced net income by $3.7 million and reduced earnings per diluted share by $0.03. Diluted shares outstanding in the Current Quarter were 113,186,000 compared to 119,373,000 in the Prior Quarter. The decrease is due to share repurchase activity.
Net Sales. Consolidated net sales for the six months ended October 29, 2011 (Current Period) totaled $1,704.3 million compared to $1,707.2 million for the six months ended October 30, 2010 (Prior Period). Sales included a contribution from acquisitions of 0.9% and a positive impact from foreign currency translation rates of 0.6%. The Prior Period includes an additional week of sales due to the Companys fiscal year convention discussed above. It is difficult to quantify the exact impact of this additional week, but estimates have been provided in those areas where it is possible to make reasonable approximations. We believe that consolidated sales growth was approximately 2.9%, excluding the estimated impact of the extra week, an impact on consolidated sales growth of approximately three percentage points.
Operating Income. Current Period operating income totaled $165.3 million, or 9.7% of sales, compared to Prior Period operating income of $179.2 million, or 10.5% of net sales. If the increase in ESOP expense were excluded from current year operations, the operating margin would have been 10.3%. Intuitively, the positive impact of the extra week on the Prior Periods operating margin further affected comparability between the two periods, although this effect is more difficult to quantify.
Net Income and Earnings Per Share. Net income decreased 9.0% to $97.6 million, compared to $107.3 in the Prior Period. Earnings per diluted share was $0.85 in the Current Period compared to $0.90 in the Prior Period. The incremental ESOP expense in the Current Period reduced net income by $6.9 million and reduced earnings per diluted share by $0.06. Diluted shares outstanding in the Current Period were 114,737,000 compared to 119,579,000 in the Prior Quarter. The decrease is due to share repurchase activity.
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