$PDCO
PATTERSON COMPANIES, INC.

2014 Q1 Form 10-Q Financial Statement

#000119312514086157 Filed on March 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2012 Q3
Revenue $1.083B $915.9M $889.2M
YoY Change 18.21% 2.33% 4.93%
Cost Of Revenue $771.2M $615.6M $603.5M
YoY Change 25.29% 1.66% 6.04%
Gross Profit $311.5M $300.3M $285.7M
YoY Change 3.72% 3.72% 2.67%
Gross Profit Margin 28.77% 32.79% 32.13%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.70M $11.40M $6.414M
YoY Change 20.18% 4.59% 18.41%
% of Gross Profit 4.4% 3.8% 2.25%
Operating Expenses $214.8M $210.8M $203.1M
YoY Change 1.92% 5.57% 3.48%
Operating Profit $96.65M $89.54M $82.59M
YoY Change 7.94% -0.41% 0.73%
Interest Expense $9.237M $9.113M $9.568M
YoY Change 1.36% 9.03% 50.61%
% of Operating Profit 9.56% 10.18% 11.58%
Other Income/Expense, Net $527.0K $1.375M $677.0K
YoY Change -61.67% -286.57% -210.8%
Pretax Income $87.94M $81.80M $73.70M
YoY Change 7.51% -0.08% -4.11%
Income Tax $30.92M $28.17M $26.16M
% Of Pretax Income 35.16% 34.44% 35.5%
Net Earnings $57.02M $53.63M $47.54M
YoY Change 6.32% 0.98% -2.21%
Net Earnings / Revenue 5.27% 5.86% 5.35%
Basic Earnings Per Share $0.56 $0.53 $0.45
Diluted Earnings Per Share $0.56 $0.52 $0.45
COMMON SHARES
Basic Shares Outstanding 101.1M shares 102.1M shares 105.0M shares
Diluted Shares Outstanding 102.0M shares 102.9M shares 105.8M shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $464.6M $472.4M $580.8M
YoY Change -1.65% -12.21% 55.38%
Cash & Equivalents $424.0M $472.4M $580.8M
Short-Term Investments $40.60M
Other Short-Term Assets $63.88M $41.53M $49.04M
YoY Change 53.82% 6.48% 39.32%
Inventory $451.1M $352.6M $318.1M
Prepaid Expenses
Receivables $557.6M $421.5M $413.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.537B $1.288B $1.362B
YoY Change 19.33% -3.91% 15.52%
LONG-TERM ASSETS
Property, Plant & Equipment $204.6M $191.4M $193.5M
YoY Change 6.9% -2.65% -1.38%
Goodwill $844.2M $818.8M $812.2M
YoY Change 3.1%
Intangibles $228.2M $203.7M $207.0M
YoY Change 12.03%
Long-Term Investments $100.0K
YoY Change
Other Assets $85.47M $23.96M $24.89M
YoY Change 256.69% -8.2% -12.65%
Total Long-Term Assets $1.439B $1.349B $1.339B
YoY Change 6.64% 1.82% 0.0%
TOTAL ASSETS
Total Short-Term Assets $1.537B $1.288B $1.362B
Total Long-Term Assets $1.439B $1.349B $1.339B
Total Assets $2.976B $2.637B $2.700B
YoY Change 12.84% -1.06% 7.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $330.8M $220.9M $202.3M
YoY Change 49.77% 16.62% 0.22%
Accrued Expenses $141.0M $110.7M $131.1M
YoY Change 27.35% -29.99% -3.41%
Deferred Revenue
YoY Change
Short-Term Debt $135.0M $0.00 $0.00
YoY Change
Long-Term Debt Due $50.00M $125.0M
YoY Change
Total Short-Term Liabilities $678.2M $457.0M $501.4M
YoY Change 48.39% 26.64% 43.37%
LONG-TERM LIABILITIES
Long-Term Debt $725.0M $725.0M $725.0M
YoY Change 0.0% -14.71% 38.1%
Other Long-Term Liabilities $116.6M $104.7M $108.4M
YoY Change 11.35% 0.9% -0.3%
Total Long-Term Liabilities $841.6M $829.7M $833.4M
YoY Change 1.43% -13.01% 31.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $678.2M $457.0M $501.4M
Total Long-Term Liabilities $841.6M $829.7M $833.4M
Total Liabilities $1.520B $1.287B $1.335B
YoY Change 18.11% -2.13% 35.73%
SHAREHOLDERS EQUITY
Retained Earnings $1.512B $1.437B $1.458B
YoY Change 5.22%
Common Stock $1.050M $1.065M $1.092M
YoY Change -1.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.456B $1.351B $1.366B
YoY Change
Total Liabilities & Shareholders Equity $2.976B $2.637B $2.700B
YoY Change 12.84% -1.06% 7.27%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2012 Q3
OPERATING ACTIVITIES
Net Income $57.02M $53.63M $47.54M
YoY Change 6.32% 0.98% -2.21%
Depreciation, Depletion And Amortization $13.70M $11.40M $6.414M
YoY Change 20.18% 4.59% 18.41%
Cash From Operating Activities $56.60M $46.10M $59.76M
YoY Change 22.78% -57.94% -10.43%
INVESTING ACTIVITIES
Capital Expenditures -$12.90M -$5.500M $3.206M
YoY Change 134.55% 103.7% -68.71%
Acquisitions
YoY Change
Other Investing Activities -$99.00M -$4.100M $0.00
YoY Change 2314.63% -25.45%
Cash From Investing Activities -$111.9M -$9.500M -$3.206M
YoY Change 1077.89% 17.28% -68.71%
FINANCING ACTIVITIES
Cash Dividend Paid $14.82M
YoY Change 7.36%
Common Stock Issuance & Retirement, Net $30.29M
YoY Change -45.6%
Debt Paid & Issued, Net $50.00M $75.00M
YoY Change
Cash From Financing Activities -32.20M -65.70M -45.17M
YoY Change -50.99% -134.71% -35.02%
NET CHANGE
Cash From Operating Activities 56.60M 46.10M 59.76M
Cash From Investing Activities -111.9M -9.500M -3.206M
Cash From Financing Activities -32.20M -65.70M -45.17M
Net Change In Cash -87.50M -29.10M 11.38M
YoY Change 200.69% -110.01% -187.22%
FREE CASH FLOW
Cash From Operating Activities $56.60M $46.10M $59.76M
Capital Expenditures -$12.90M -$5.500M $3.206M
Free Cash Flow $69.50M $51.60M $56.55M
YoY Change 34.69% -54.05% 0.15%

Facts In Submission

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dei Trading Symbol
TradingSymbol
PDCO
dei Entity Registrant Name
EntityRegistrantName
PATTERSON COMPANIES, INC.
dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-01-25
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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--04-27
dei Document Fiscal Period Focus
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Fiscal Year End</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The fiscal year end of our Company is the last Saturday in April. The third quarter of fiscal years 2014 and 2013 represents the 13 weeks ended January&#xA0;25, 2014 and January&#xA0;26, 2013, respectively. Fiscal years 2014 and 2013 each include 52 weeks of operations.</p> </div>
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GoodwillAcquiredDuringPeriod
18515000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1448000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40689000
us-gaap Share Based Compensation
ShareBasedCompensation
5740000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2202000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-81253000
us-gaap Operating Expenses
OperatingExpenses
629255000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
82848000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3533000
us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
9100000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
6546000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
16363000
us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
1903000
us-gaap Interest Expense
InterestExpense
26581000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14108000
us-gaap Cost Of Revenue
CostOfRevenue
2079228000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
135000000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1096000
us-gaap Depreciation
Depreciation
20320000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-268159000
pdco Employee Stock Ownership Plan Term Of Service During Period
EmployeeStockOwnershipPlanTermOfServiceDuringPeriod
PT1000H
pdco Number Of Customer Financing Contracts
NumberOfCustomerFinancingContracts
2 pure
pdco Employee Stock Ownership Plan Compensation
EmployeeStockOwnershipPlanCompensation
9100
pdco Unvested Restricted Stock Awards And Units
UnvestedRestrictedStockAwardsAndUnits
0 shares
pdco Rate Of Bad Debts Written Off Maximum
RateOfBadDebtsWrittenOffMaximum
0.01 pure
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
CY2013Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.14
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
102896000 shares
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
766000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
102130000 shares
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
915861000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1375000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
81800000
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2745000
CY2013Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
50854000
CY2013Q1 us-gaap Gross Profit
GrossProfit
300293000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
89538000
CY2013Q1 us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
62700000
CY2013Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-31000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
53630000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
210755000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28170000
CY2013Q1 us-gaap Interest Expense
InterestExpense
9113000
CY2013Q1 us-gaap Cost Of Revenue
CostOfRevenue
615568000
CY2013Q1 pdco Unvested Restricted Stock Awards And Units
UnvestedRestrictedStockAwardsAndUnits
0 shares
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101999000 shares
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
894000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101105000 shares
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1082679000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
527000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
87941000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
6606000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
63579000
CY2014Q1 us-gaap Gross Profit
GrossProfit
311461000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
96651000
CY2014Q1 us-gaap Servicing Asset At Fair Value Disposals
ServicingAssetAtFairValueDisposals
92022000
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-48000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
57021000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
214810000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30920000
CY2014Q1 us-gaap Interest Expense
InterestExpense
9237000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
771218000
CY2014Q1 pdco Unvested Restricted Stock Awards And Units
UnvestedRestrictedStockAwardsAndUnits
0 shares

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