Economy dampens Patterson Q1 financials

Patterson Dental Supply reported sales of $533.4 million for the first quarter of fiscal 2012 (end-July 31), down from sales of $542.7 million in the first quarter of fiscal 2011.

Sales of consumable dental supplies and printed office products increased an estimated 2% on a comparable basis in the first quarter. Sales of dental equipment and software increased an estimated 7% on a comparable basis from the year-earlier level, paced by strong, double-digit sales growth of new-technology equipment, including Cerec and digital radiography products, the company noted.

Sales of other services and products, consisting primarily of technical service, parts and labor, software support services, and artificial teeth, increased an estimated 6% on a comparable basis from last year's first quarter, the company said.

"Within Patterson Dental, sales of consumable supplies grew modestly on a comparable basis, as the market continues to be affected by a sluggish economy," said Scott P. Anderson, president and CEO. "Our dental equipment growth was driven by strong sales of our various new-technology equipment lines as dentists are continuing to invest in the digital conversion."

Overall, Patterson Companies reported sales of $847.4 million for the quarter, compared with sales of $850 million for the same quarter a year ago. Net income for the quarter was $48.6 million, compared with net income of $53.9 million for the first quarter of 2010.