Patterson Cos. 1Q revenue rises, profit declines

ST. PAUL, Minn.—Patterson Cos. Inc., a distributor of dental and veterinary products, reported Thursday a rise in revenue in its fiscal first quarter, but profit declined due to interest expenses related to long-term debt financing.

Net income of $46 million, or 39 cents per share, in the quarter ended July 26 compared with $47.5 million, or 35 cents a share in the same period last year. The company calculated its per-share earnings with a smaller number of shares than in the comparable quarter.

Revenue grew to $743.9 million from $701.4 million in the same period last year.

Analysts surveyed by Thomson Reuters expected, on average, per-share earnings of 39 cents on revenue of $755.3 million.

Net income in the quarter was reduced by $6.7 million, or $4.2 million net of taxes, in interest expense associated with $525 million in long-term debt financing completed in the fourth quarter last year, the company said.