Patterson Companies Forecasting Flat Third Quarter Sales and Earnings

ST. PAUL, Minn.--()--Patterson Companies, Inc. (Nasdaq: PDCO) today said it is forecasting sales of approximately $825.0 million for the third quarter of fiscal 2011 ended January 29, compared to $820.1 million in the year-earlier quarter. Earnings in this year’s third quarter are forecasted in the range of $0.46 to $0.47 per diluted share, essentially unchanged from $0.47 in the third quarter of fiscal 2010.

The Company said its third quarter consumable revenues grew 3%, while sales of technology offerings in the dental equipment category were much softer than expected. This softness extended to CAD/CAM dental restorative systems and digital radiography products.

Reflecting its estimated third quarter results and outlook for the fourth quarter, Patterson revised its full-year guidance to $1.86 to $1.88 per diluted share from the previously-issued guidance of $1.89 to $1.99.

Patterson will release its third quarter operating results on February 24, 2011.

About Patterson Companies, Inc.
Patterson Companies, Inc. is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets.

Dental Market
As Patterson’s largest business, Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America.

Veterinary Market
Webster Veterinary is the nation’s second largest distributor of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and pharmaceuticals to companion-pet veterinary clinics.

Rehabilitation Market
Patterson Medical is the world’s leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets. The unit’s global customer base includes hospitals, long-term care facilities, clinics and dealers.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. The Company cautions shareholders and prospective investors that the following factors, among others, may cause actual results to differ materially from those indicated by the forward-looking statements: competition within the dental, veterinary, and rehabilitative and assistive living supply industries; changes in the economics of dentistry, including reduced growth in expenditures by private dental insurance plans, the effects of economic conditions and the effects of healthcare reform, which may affect future per capita expenditures for dental services and the ability and willingness of dentists to invest in high-technology products; the effects of healthcare related legislation and regulation which may affect expenditures or reimbursements for rehabilitative and assistive products; changes in the economics of the veterinary supply market, including reduced growth in per capita expenditures for veterinary services and reduced growth in the number of households owning pets; the ability of the Company to maintain satisfactory relationships with its sales force; unexpected loss of key senior management personnel; unforeseen operating risks; risks associated with the dependence on manufacturers of the Company’s products; and the ability of the Company to successfully integrate the recent acquisitions into its existing business. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Company's filings with the Securities and Exchange Commission.

Contacts

Patterson Companies, Inc.
R. Stephen Armstrong, 651-686-1600
Executive Vice President & CFO
or
Equity Market Partners
Richard G. Cinquina, 904-415-1415

Contacts

Patterson Companies, Inc.
R. Stephen Armstrong, 651-686-1600
Executive Vice President & CFO
or
Equity Market Partners
Richard G. Cinquina, 904-415-1415