ST. PAUL, Minn. (AP) -- Patterson Companies Inc. reported Thursday that its fiscal fourth-quarter net income was dragged down by the cost of an employee benefit program. But the dental, veterinary and medical equipment maker's adjusted results topped analyst expectations with a profit gain on stronger sales.
The company, which is based in St. Paul, Minn., said it earned $62.1 million, or 58 cents per share, for the three months that ended April 28. That's down from $62.7 million, or 53 cents per share, in the prior year. The company had fewer shares in the most recent quarter, which also helped boost its per-share results.
Excluding costs tied to the company's employee stock ownership plan, it earned 61 cents per share in the most recent quarter. Analysts polled by FactSet, on average, anticipated that the company would earn 56 cents per share.
Patterson's revenue rose 6 percent to $936.3 million from $883.8 million, primarily on gains in its dental and veterinary business. Analysts expected revenue of $915.1 million.
The company's CEO, Scott Anderson, said management was encouraged by Patterson's gains despite the weak economy.
The company earned $212.8 million, or $1.92 per share, for the full year versus $225.4 million, or $1.89 per share, a year ago. Annual revenue grew 4 percent to $3.54 billion from $3.42 billion.
Patterson said it expects to earn $2.10 to $2.16 per share for its current fiscal year, which ends in April 2013. Analysts anticipate the company will earn $2.13 per share.
Shares of Patterson rose 93 cents, nearly 3 percent, to $33.60 in mid-afternoon trading.
