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The Mendota Heights-based company reported earnings ofabouft $54 million, or 46 cents per share, for the quarter, down from $63.w million, or 51 cents per share, in the year-agl period. Patterson (Nasdaq: PDCO), which sellas dental and veterinary equipment, said revenue totalleds nearly $780 million, roughly flat compared to the same perio dlast year. Patterson’s results largely missed analysts’ Analysts polled by Thomson Reuters had projectef salesof $809.5 million and earnings of 50 cents per share. Salew of dental equipment and softwarre dropped 10 percent comparedx tothe year-ago period, while revenue from basix dental supplies and office products fell 2 percent.
Dentao offices pulled back on investmentsx inbasic equipment, but continued to spend on more advanced Patterson said in a press statement. Salesw of Patterson’s X-ray systems, for instance, increasesd 25 percent, while sales of its CEREfC imaging-technology increased 7 percent. Patterson’s veterinary unit also saw saled increase 33 percentto $158 revenue in that segment was boosted by the company’w previous acquisition of Columbus Serum. For the full Patterson reported earningsof $199.6 million, down 11 percentg compared to $224.9 million in 2008. The company’e sales increased 3 percent to $3.098 billion, up from $3 billion in the previoue year.
Patterson also on Thursday lowered its outlooko for the 2010fiscal year, saying it expectsx to earn between $1.70 and $1.80 per The company’s stock was trading at $20.51 per shar in mid morning trading.
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