Patterson panies(US:PDCO)2023-11-28 16:00Financial Performance - Net sales for the three months ended October 28, 2023, were $1,652,772, an increase of 1.6% compared to $1,626,204 for the same period in 2022[10]. - Gross profit for the six months ended October 28, 2023, was $658,081, up from $640,222 in the prior year, reflecting a growth of 2.9%[10]. - Operating income for the three months ended October 28, 2023, was $56,903, a decrease of 3.3% from $60,095 in the same period last year[10]. - Net income attributable to Patterson Companies, Inc. for the three months ended October 28, 2023, was $39,958, down 26.1% from $54,073 in the prior year[10]. - Net income for the six months ended October 28, 2023, was $70,985, a decrease of 8.3% compared to $77,909 for the same period in 2022[16]. - The company reported a comprehensive income of $22,526 for the three months ended October 28, 2023, compared to $36,318 in the same period last year[10]. - Other income, net for the three months ended October 28, 2023, was $7,096, compared to $18,203 for the same period in 2022, reflecting a decrease of 61.0%[20]. Assets and Liabilities - Total assets as of October 28, 2023, were $2,889,690, a slight increase from $2,879,146 as of April 29, 2023[8]. - Total liabilities increased to $1,834,601 as of October 28, 2023, compared to $1,760,611 as of April 29, 2023[8]. - Cash and cash equivalents decreased to $113,886 as of October 28, 2023, from $159,669 as of April 29, 2023[8]. - The company’s retained earnings decreased to $902,827 as of October 28, 2023, from $972,127 as of April 29, 2023[8]. - The accumulated other comprehensive loss (AOCL) increased to $(98,962) as of October 28, 2023, from $(89,262) at the end of the previous reporting period[8]. Cash Flow and Dividends - Cash flow from operating activities for the six months ended October 28, 2023, was $(485,276), compared to $(520,161) for the same period in 2022, indicating an improvement of 6.7%[16]. - The company declared dividends of $0.26 per common share for both the three and six months ended October 28, 2023[10]. - The company declared dividends totaling $50,331 for the six months ended October 28, 2023, slightly down from $50,732 in the same period of 2022[16]. - The company repurchased common stock amounting to $90,491 during the six months ended October 28, 2023, compared to $15,000 in the same period of 2022[16]. Segment Performance - Dental net sales for the three months ended October 28, 2023, were $626,381, slightly down from $628,923 million in the prior year[10]. - Animal Health net sales for the three months ended October 28, 2023, reached $1,024,622, an increase from $1,002,996 million year-over-year[10]. - Operating income for the Dental segment was $55,277 for the three months ended October 28, 2023, down from $60,950 in the prior year, a decrease of 9.0%[76]. - Consumable sales in the Animal Health segment reached $972,871 for the three months ended October 28, 2023, up from $963,767 in the same period last year, marking a growth of 0.9%[76]. - The Corporate segment reported a net sales of $1,769 for the three months ended October 28, 2023, recovering from a loss of $(5,715) in the same period last year[76]. Acquisitions and Investments - The company made an acquisition payment of $1,108 related to Miller Vet Holdings, LLC, during the first quarter of fiscal 2024[32]. - The company acquired assets from RSVP and ACT, expanding its veterinary solutions offerings[32]. - The total purchase price for recent acquisitions amounted to $37,535 million, including holdbacks of $4,255 million and working capital adjustments of $23 million[34]. - The investment in Vetsource was valued at $56,849 million as of October 28, 2023, with a put option carrying value of $25,757 million[66]. Legal and Compliance - The company is involved in various legal proceedings that may result in significant monetary damages or penalties, which could adversely affect its financial statements[79].