Henry Schein reports record Q1 results

Henry Schein achieved record financial results for its first quarter of 2011, the company announced.

For the quarter (end-March 26), the company reported net sales of $1.9 billion, a 10.6% increase over net sales of $1.7 billion for the same quarter a year ago.

Net income for the quarter was $76.5 million, up 10.6% over net income of $60.9 million for the first quarter of 2010.

North American Dental sales of $662.8 million increased 7.8%, consisting of 7.2% growth in local currencies and 0.6% growth related to foreign currency exchange. The 7.2% growth in local currencies included 8.9% growth in dental consumable merchandise sales and 1.3% growth in dental equipment sales and service revenues.

"Solid gains in sales of dental consumable merchandise are impressive in light of overall market conditions," said Schein CEO Stanley Bergman in a press release. "We also are happy to report a fifth consecutive quarter of growth in dental equipment sales and service revenues."

During Q1 the company repurchased 409,755 shares of its common stock at an average price of $66.13 per share. The impact of the repurchase of shares on first quarter diluted earnings per share was immaterial, the company said. At the end of the first quarter, the company had $72.9 million authorized for future repurchases of its common stock.