Restructuring costs hit Patterson Cos 2Q income

Patterson Cos 2nd-quarter net income falls on costs of restructuring rehab supply unit

Associated Press

NEW YORK (AP) -- NEWS: Medical supplies maker Patterson Cos. said Thursday its net income fell 8 percent in the fiscal second quarter due to costs from the restructuring of its rehabilitation supplies division.

DETAILS: Patterson said sales of dental equipment and software improved, and its veterinary products business grew after an acquisition. Revenue from the rehabilitation business fell after the company sold some product lines as part of the restructuring.

The company's fiscal second quarter ended Oct. 26.

NUMBERS: Patterson's net income slipped to $42 million, or 41 cents per share, from $45.5 million, or 44 cents per share last year. Excluding restructuring costs the company said it earned 48 cents per share. Revenue rose 15 percent, to $998.8 million from $867.2 million.

Analysts, on average, expected 48 cents per share and $1 billion in revenue, according to FactSet.

FUTURE: The company maintained its annual profit forecast of $2.13 to $2.24 per share. That guidance excludes about 12 cents per share in restructuring costs.

Analysts expect $2.15 per share, on average.

STOCK: Shares of Patterson Cos. lost 54 cents to $42.06 in morning trading.

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