Henry Schein reported net sales of $1.48 billion for the first quarter of 2009, a decrease of 2.2% compared with sales of $1.52 billion for the first quarter of 2008.
However, net income for the quarter was $54.9 million, up from $51.4 million for the same quarter a year ago.
Dental Group sales of $597 million declined 2.4%, consisting of a 0.4% decline in local currencies and a 2.0% decline related to foreign currency exchange. The 0.4% decline in local currencies consists of 1.0% growth in dental consumable merchandise sales and a 5.1% decline in dental equipment sales and service revenues.
"With market conditions largely as we expected during the quarter, we remain committed to managing expenses and delivering growth in diluted earnings per share] from continuing operations," said Chairman and CEO Stanley Bergman in a press release.
Henry Schein recorded $4.0 million of costs in the first quarter for restructuring actions taken to complete an expense reduction program initiated in the fourth quarter of 2008. That resulted in the elimination of approximately 400 positions and the closure of several smaller facilities, the company said.
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