|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Minnesota
|
41-0886515
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification Number)
|
|
|
1031 Mendota Heights Road
St. Paul, Minnesota
|
55120
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
|
Non-accelerated filer
|
|
¨
|
|
|
|
|
|
|
|
||||
Smaller reporting company
|
|
¨
|
|
Emerging growth company
|
|
¨
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 27,
2018 |
|
April 28,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
165,515
|
|
|
$
|
62,984
|
|
Receivables, net of allowance for doubtful accounts
|
571,232
|
|
|
826,877
|
|
||
Inventory
|
792,533
|
|
|
779,834
|
|
||
Prepaid expenses and other current assets
|
176,019
|
|
|
103,029
|
|
||
Total current assets
|
1,705,299
|
|
|
1,772,724
|
|
||
Property and equipment, net
|
289,602
|
|
|
290,590
|
|
||
Long-term receivables, net
|
86,513
|
|
|
135,175
|
|
||
Goodwill
|
814,348
|
|
|
815,977
|
|
||
Identifiable intangibles, net
|
368,185
|
|
|
389,424
|
|
||
Other
|
80,307
|
|
|
67,774
|
|
||
Total assets
|
$
|
3,344,254
|
|
|
$
|
3,471,664
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
662,731
|
|
|
$
|
610,368
|
|
Accrued payroll expense
|
61,602
|
|
|
69,099
|
|
||
Other accrued liabilities
|
164,301
|
|
|
136,316
|
|
||
Current maturities of long-term debt
|
80,286
|
|
|
76,598
|
|
||
Borrowings on revolving credit
|
—
|
|
|
16,000
|
|
||
Total current liabilities
|
968,920
|
|
|
908,381
|
|
||
Long-term debt
|
738,341
|
|
|
922,030
|
|
||
Other non-current liabilities
|
181,305
|
|
|
179,463
|
|
||
Total liabilities
|
1,888,566
|
|
|
2,009,874
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $.01 par value: 600,000 shares authorized; 94,950 and 94,756 shares issued and outstanding
|
950
|
|
|
948
|
|
||
Additional paid-in capital
|
116,112
|
|
|
103,776
|
|
||
Accumulated other comprehensive loss
|
(86,733
|
)
|
|
(74,974
|
)
|
||
Retained earnings
|
1,473,357
|
|
|
1,497,766
|
|
||
Unearned ESOP shares
|
(51,722
|
)
|
|
(65,726
|
)
|
||
Total Patterson Companies, Inc. stockholders' equity
|
1,451,964
|
|
|
1,461,790
|
|
||
Noncontrolling interests
|
3,724
|
|
|
—
|
|
||
Total stockholders’ equity
|
1,455,688
|
|
|
1,461,790
|
|
||
Total liabilities and stockholders’ equity
|
$
|
3,344,254
|
|
|
$
|
3,471,664
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||||||
Net sales
|
$
|
1,404,752
|
|
|
$
|
1,385,737
|
|
|
$
|
2,741,072
|
|
|
$
|
2,689,852
|
|
Cost of sales
|
1,109,676
|
|
|
1,069,994
|
|
|
2,162,333
|
|
|
2,075,061
|
|
||||
Gross profit
|
295,076
|
|
|
315,743
|
|
|
578,739
|
|
|
614,791
|
|
||||
Operating expenses
|
253,860
|
|
|
243,984
|
|
|
533,009
|
|
|
486,199
|
|
||||
Operating income
|
41,216
|
|
|
71,759
|
|
|
45,730
|
|
|
128,592
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Other income, net
|
5,941
|
|
|
1,160
|
|
|
7,194
|
|
|
2,672
|
|
||||
Interest expense
|
(9,456
|
)
|
|
(11,468
|
)
|
|
(20,677
|
)
|
|
(22,671
|
)
|
||||
Income before taxes
|
37,701
|
|
|
61,451
|
|
|
32,247
|
|
|
108,593
|
|
||||
Income tax expense
|
9,055
|
|
|
21,207
|
|
|
8,110
|
|
|
37,502
|
|
||||
Net income
|
28,646
|
|
|
40,244
|
|
|
24,137
|
|
|
71,091
|
|
||||
Net loss attributable to noncontrolling interests
|
(223
|
)
|
|
—
|
|
|
(276
|
)
|
|
—
|
|
||||
Net income attributable to Patterson Companies, Inc.
|
$
|
28,869
|
|
|
$
|
40,244
|
|
|
$
|
24,413
|
|
|
$
|
71,091
|
|
Earnings per share attributable to Patterson Companies, Inc.:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.31
|
|
|
$
|
0.43
|
|
|
$
|
0.26
|
|
|
$
|
0.76
|
|
Diluted
|
$
|
0.31
|
|
|
$
|
0.43
|
|
|
$
|
0.26
|
|
|
$
|
0.76
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
92,683
|
|
|
92,722
|
|
|
92,606
|
|
|
93,037
|
|
||||
Diluted
|
93,289
|
|
|
93,351
|
|
|
93,144
|
|
|
93,683
|
|
||||
Dividends declared per common share
|
$
|
0.26
|
|
|
$
|
0.26
|
|
|
$
|
0.52
|
|
|
$
|
0.52
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
28,646
|
|
|
$
|
40,244
|
|
|
$
|
24,137
|
|
|
$
|
71,091
|
|
Foreign currency translation gain (loss)
|
(3,540
|
)
|
|
(3,965
|
)
|
|
(12,860
|
)
|
|
8,119
|
|
||||
Cash flow hedges, net of tax
|
552
|
|
|
438
|
|
|
1,101
|
|
|
875
|
|
||||
Comprehensive income
|
$
|
25,658
|
|
|
$
|
36,717
|
|
|
$
|
12,378
|
|
|
$
|
80,085
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Retained
Earnings |
|
Unearned
ESOP Shares |
|
Non-controlling Interests
|
|
Total
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at April 29, 2017
|
96,534
|
|
|
$
|
966
|
|
|
$
|
72,973
|
|
|
$
|
(92,669
|
)
|
|
$
|
1,481,234
|
|
|
$
|
(68,071
|
)
|
|
$
|
—
|
|
|
$
|
1,394,433
|
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
15,824
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,824
|
|
|||||||
Cash flow hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
1,871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,871
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200,974
|
|
|
—
|
|
|
—
|
|
|
200,974
|
|
|||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96,964
|
)
|
|
—
|
|
|
—
|
|
|
(96,964
|
)
|
|||||||
Common stock issued and related tax benefits
|
369
|
|
|
4
|
|
|
12,403
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,407
|
|
|||||||
Repurchases of common stock
|
(2,147
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(87,478
|
)
|
|
—
|
|
|
—
|
|
|
(87,500
|
)
|
|||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
18,400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,400
|
|
|||||||
ESOP activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,345
|
|
|
—
|
|
|
2,345
|
|
|||||||
Balance at April 28, 2018
|
94,756
|
|
|
948
|
|
|
103,776
|
|
|
(74,974
|
)
|
|
1,497,766
|
|
|
(65,726
|
)
|
|
—
|
|
|
1,461,790
|
|
|||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,860
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,860
|
)
|
|||||||
Cash flow hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
1,101
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,101
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,413
|
|
|
—
|
|
|
(276
|
)
|
|
24,137
|
|
|||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,822
|
)
|
|
—
|
|
|
—
|
|
|
(48,822
|
)
|
|||||||
Common stock issued and related tax benefits
|
194
|
|
|
2
|
|
|
2,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,712
|
|
|||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
9,626
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,626
|
|
|||||||
ESOP activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,004
|
|
|
—
|
|
|
14,004
|
|
|||||||
Increase from business combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,000
|
|
|
4,000
|
|
|||||||
Balance at October 27, 2018
|
94,950
|
|
|
$
|
950
|
|
|
$
|
116,112
|
|
|
$
|
(86,733
|
)
|
|
$
|
1,473,357
|
|
|
$
|
(51,722
|
)
|
|
$
|
3,724
|
|
|
$
|
1,455,688
|
|
|
Six Months Ended
|
||||||
|
October 27,
2018 |
|
October 28,
2017 |
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
24,137
|
|
|
$
|
71,091
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
22,145
|
|
|
22,458
|
|
||
Amortization
|
19,781
|
|
|
19,375
|
|
||
Bad debt expense
|
3,533
|
|
|
3,716
|
|
||
Non-cash employee compensation
|
13,926
|
|
|
16,635
|
|
||
Deferred consideration in securitized receivables
|
(165,567
|
)
|
|
(24,581
|
)
|
||
Change in assets and liabilities, net of acquired
|
282,259
|
|
|
(31,586
|
)
|
||
Net cash provided by operating activities
|
200,214
|
|
|
77,108
|
|
||
Investing activities:
|
|
|
|
||||
Additions to property and equipment
|
(22,094
|
)
|
|
(16,431
|
)
|
||
Collection of deferred purchase price receivables
|
165,567
|
|
|
24,581
|
|
||
Other investing activities
|
2,875
|
|
|
11,626
|
|
||
Net cash provided by investing activities
|
146,348
|
|
|
19,776
|
|
||
Financing activities:
|
|
|
|
||||
Dividends paid
|
(49,980
|
)
|
|
(49,969
|
)
|
||
Repurchases of common stock
|
—
|
|
|
(71,254
|
)
|
||
Retirement of long-term debt
|
(180,321
|
)
|
|
(7,377
|
)
|
||
Draw on (payment on) revolving credit
|
(16,000
|
)
|
|
33,000
|
|
||
Other financing activities
|
3,592
|
|
|
3,561
|
|
||
Net cash used in financing activities
|
(242,709
|
)
|
|
(92,039
|
)
|
||
Effect of exchange rate changes on cash
|
(1,322
|
)
|
|
1,652
|
|
||
Net change in cash and cash equivalents
|
102,531
|
|
|
6,497
|
|
||
Cash and cash equivalents at beginning of period
|
62,984
|
|
|
94,959
|
|
||
Cash and cash equivalents at end of period
|
$
|
165,515
|
|
|
$
|
101,456
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||
Denominator for basic EPS – weighted average shares
|
92,683
|
|
|
92,722
|
|
|
92,606
|
|
|
93,037
|
|
Effect of dilutive securities – stock options, restricted stock and stock purchase plans
|
606
|
|
|
629
|
|
|
538
|
|
|
646
|
|
Denominator for diluted EPS – weighted average shares
|
93,289
|
|
|
93,351
|
|
|
93,144
|
|
|
93,683
|
|
Derivative type
|
Classification
|
October 27, 2018
|
|
April 28, 2018
|
||||
Assets:
|
|
|
|
|
||||
Interest rate cap agreements
|
Other noncurrent assets
|
$
|
2,753
|
|
|
$
|
1,613
|
|
Liabilities:
|
|
|
|
|
||||
Interest rate cap agreements
|
Other noncurrent liabilities
|
2,753
|
|
|
1,613
|
|
|
|
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)
|
||||||||||||||
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Derivatives in cash flow hedging relationships
|
|
Income statement location
|
|
October 27, 2018
|
|
October 28, 2017
|
|
October 27, 2018
|
|
October 28, 2017
|
||||||||
Interest rate swap
|
|
Interest expense
|
|
$
|
(725
|
)
|
|
$
|
(703
|
)
|
|
$
|
(1,458
|
)
|
|
$
|
(1,405
|
)
|
Level 2
-
|
Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
|
Level 3
-
|
Unobservable inputs for which there is little or no market data available. These inputs reflect management’s assumptions of what market participants would use in pricing the asset or liability.
|
|
October 27, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
64,840
|
|
|
$
|
64,840
|
|
|
$
|
—
|
|
|
$
|
—
|
|
DPP receivable - receivables securitization program
|
58,451
|
|
|
—
|
|
|
—
|
|
|
58,451
|
|
||||
DPP receivable - customer financing
|
100,182
|
|
|
—
|
|
|
—
|
|
|
100,182
|
|
||||
Derivative instruments
|
2,753
|
|
|
—
|
|
|
2,753
|
|
|
—
|
|
||||
Total assets
|
$
|
226,226
|
|
|
$
|
64,840
|
|
|
$
|
2,753
|
|
|
$
|
158,633
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
2,753
|
|
|
$
|
—
|
|
|
$
|
2,753
|
|
|
$
|
—
|
|
|
April 28, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
6,650
|
|
|
$
|
6,650
|
|
|
$
|
—
|
|
|
$
|
—
|
|
DPP receivable - receivables securitization program
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
DPP receivable - customer financing
|
150,404
|
|
|
—
|
|
|
—
|
|
|
150,404
|
|
||||
Derivative instruments
|
1,613
|
|
|
—
|
|
|
1,613
|
|
|
—
|
|
||||
Total assets
|
$
|
158,667
|
|
|
$
|
6,650
|
|
|
$
|
1,613
|
|
|
$
|
150,404
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
1,613
|
|
|
$
|
—
|
|
|
$
|
1,613
|
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||||||
Consolidated net sales
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
1,173,623
|
|
|
$
|
1,151,380
|
|
|
$
|
2,270,087
|
|
|
$
|
2,231,707
|
|
United Kingdom
|
150,452
|
|
|
148,734
|
|
|
304,357
|
|
|
289,588
|
|
||||
Canada
|
80,677
|
|
|
85,623
|
|
|
166,628
|
|
|
168,557
|
|
||||
Total
|
$
|
1,404,752
|
|
|
$
|
1,385,737
|
|
|
$
|
2,741,072
|
|
|
$
|
2,689,852
|
|
Dental net sales
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
495,457
|
|
|
$
|
500,803
|
|
|
$
|
949,030
|
|
|
$
|
967,491
|
|
Canada
|
47,059
|
|
|
52,827
|
|
|
99,550
|
|
|
104,946
|
|
||||
Total
|
$
|
542,516
|
|
|
$
|
553,630
|
|
|
$
|
1,048,580
|
|
|
$
|
1,072,437
|
|
Animal Health net sales
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
671,338
|
|
|
$
|
642,053
|
|
|
$
|
1,309,187
|
|
|
$
|
1,246,520
|
|
United Kingdom
|
150,452
|
|
|
148,734
|
|
|
304,357
|
|
|
289,588
|
|
||||
Canada
|
33,618
|
|
|
32,796
|
|
|
67,078
|
|
|
63,611
|
|
||||
Total
|
$
|
855,408
|
|
|
$
|
823,583
|
|
|
$
|
1,680,622
|
|
|
$
|
1,599,719
|
|
Corporate net sales
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
6,828
|
|
|
$
|
8,524
|
|
|
$
|
11,870
|
|
|
$
|
17,696
|
|
Total
|
$
|
6,828
|
|
|
$
|
8,524
|
|
|
$
|
11,870
|
|
|
$
|
17,696
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||||||
Consolidated net sales
|
|
|
|
|
|
|
|
||||||||
Consumable
|
$
|
1,138,251
|
|
|
$
|
1,116,091
|
|
|
$
|
2,247,648
|
|
|
$
|
2,196,196
|
|
Equipment and software
|
182,120
|
|
|
181,337
|
|
|
329,018
|
|
|
318,286
|
|
||||
Other
|
84,381
|
|
|
88,309
|
|
|
164,406
|
|
|
175,370
|
|
||||
Total
|
$
|
1,404,752
|
|
|
$
|
1,385,737
|
|
|
$
|
2,741,072
|
|
|
$
|
2,689,852
|
|
Dental net sales
|
|
|
|
|
|
|
|
||||||||
Consumable
|
$
|
303,806
|
|
|
$
|
311,217
|
|
|
$
|
608,045
|
|
|
$
|
631,395
|
|
Equipment and software
|
167,686
|
|
|
169,513
|
|
|
302,643
|
|
|
297,376
|
|
||||
Other
|
71,024
|
|
|
72,900
|
|
|
137,892
|
|
|
143,666
|
|
||||
Total
|
$
|
542,516
|
|
|
$
|
553,630
|
|
|
$
|
1,048,580
|
|
|
$
|
1,072,437
|
|
Animal Health net sales
|
|
|
|
|
|
|
|
||||||||
Consumable
|
$
|
834,445
|
|
|
$
|
804,874
|
|
|
$
|
1,639,603
|
|
|
$
|
1,564,801
|
|
Equipment and software
|
14,434
|
|
|
11,824
|
|
|
26,375
|
|
|
20,910
|
|
||||
Other
|
6,529
|
|
|
6,885
|
|
|
14,644
|
|
|
14,008
|
|
||||
Total
|
$
|
855,408
|
|
|
$
|
823,583
|
|
|
$
|
1,680,622
|
|
|
$
|
1,599,719
|
|
Corporate net sales
|
|
|
|
|
|
|
|
||||||||
Other
|
$
|
6,828
|
|
|
$
|
8,524
|
|
|
$
|
11,870
|
|
|
$
|
17,696
|
|
Total
|
$
|
6,828
|
|
|
$
|
8,524
|
|
|
$
|
11,870
|
|
|
$
|
17,696
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||||||
Operating income (loss)
|
|
|
|
|
|
|
|
||||||||
Dental
|
$
|
41,594
|
|
|
$
|
65,207
|
|
|
$
|
77,467
|
|
|
$
|
124,726
|
|
Animal Health
|
22,031
|
|
|
23,217
|
|
|
41,063
|
|
|
39,893
|
|
||||
Corporate
|
(22,409
|
)
|
|
(16,665
|
)
|
|
(72,800
|
)
|
|
(36,027
|
)
|
||||
Consolidated operating income
|
$
|
41,216
|
|
|
$
|
71,759
|
|
|
$
|
45,730
|
|
|
$
|
128,592
|
|
|
October 27,
2018 |
|
April 28,
2018 |
||||
Total assets
|
|
|
|
||||
Dental
|
$
|
668,603
|
|
|
$
|
853,555
|
|
Animal Health
|
2,158,144
|
|
|
2,128,800
|
|
||
Corporate
|
517,507
|
|
|
489,309
|
|
||
Total assets
|
$
|
3,344,254
|
|
|
$
|
3,471,664
|
|
|
Cash Flow
Hedges
|
|
Currency
Translation
Adjustment
|
|
Total
|
||||||
AOCL at April 28, 2018
|
$
|
(13,118
|
)
|
|
$
|
(61,856
|
)
|
|
$
|
(74,974
|
)
|
Other comprehensive loss before reclassifications
|
—
|
|
|
(12,860
|
)
|
|
(12,860
|
)
|
|||
Amounts reclassified from AOCL
|
1,101
|
|
|
—
|
|
|
1,101
|
|
|||
AOCL at October 27, 2018
|
$
|
(12,017
|
)
|
|
$
|
(74,716
|
)
|
|
$
|
(86,733
|
)
|
|
Three Months Ended
|
||||
|
October 27, 2018
|
|
October 28, 2017
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
79.0
|
|
|
77.2
|
|
Gross profit
|
21.0
|
|
|
22.8
|
|
Operating expenses
|
18.1
|
|
|
17.6
|
|
Operating income
|
2.9
|
|
|
5.2
|
|
Other income (expense)
|
(0.2
|
)
|
|
(0.8
|
)
|
Income before taxes
|
2.7
|
|
|
4.4
|
|
Income tax expense
|
0.7
|
|
|
1.5
|
|
Net income
|
2.0
|
|
|
2.9
|
|
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
Net income attributable to Patterson Companies, Inc.
|
2.0
|
%
|
|
2.9
|
%
|
|
Six Months Ended
|
||||
|
October 27, 2018
|
|
October 28, 2017
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
78.9
|
|
|
77.1
|
|
Gross profit
|
21.1
|
|
|
22.9
|
|
Operating expenses
|
19.4
|
|
|
18.1
|
|
Operating income
|
1.7
|
|
|
4.8
|
|
Other income (expense)
|
(0.5
|
)
|
|
(0.8
|
)
|
Income before taxes
|
1.2
|
|
|
4.0
|
|
Income tax expense
|
0.3
|
|
|
1.4
|
|
Net income
|
0.9
|
|
|
2.6
|
|
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
Net income attributable to Patterson Companies, Inc.
|
0.9
|
%
|
|
2.6
|
%
|
Exhibit
No.
|
|
Exhibit Description
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
Financials in XBRL format.
|
|
|
|
PATTERSON COMPANIES, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
Dated: December 6, 2018
|
By:
|
|
/s/ Donald J. Zurbay
|
|
|
|
Donald J. Zurbay
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
/s/ Mark S. Walchirk
|
Mark S. Walchirk
|
President and Chief Executive Officer
|
/s/ Donald J. Zurbay
|
Donald J. Zurbay
|
Chief Financial Officer and Treasurer
|
/s/ Mark S. Walchirk
|
Mark S. Walchirk
|
President and Chief Executive Officer
|
December 6, 2018
|
/s/ Donald J. Zurbay
|
Donald J. Zurbay
|
Chief Financial Officer and Treasurer
|
December 6, 2018
|