Henry Schein Announces Increase to Stock Repurchase Program
MELVILLE, N.Y.--(BUSINESS WIRE)--June 21, 2004--Henry Schein, Inc. (NASDAQ NM: HSIC), the largest distributor of healthcare products and services to office-based practitioners in the combined North American and European markets, today announced that its Board of Directors has authorized the repurchase, in addition to the previously announced program, of up to $100 million of shares of the Company's common stock. The Company currently has 44 million shares outstanding, and this authorization represents approximately 3.5% of shares outstanding at the current price. Purchases may be made from time to time in the open market, or through negotiated transactions.
"During 2003 Henry Schein generated operating cash flow of approximately $129 million. Our Board has determined that buying back shares serves as an appropriate means to continue building shareholder value and represents an attractive investment that will increase earnings per share," said Stanley M. Bergman, Chairman, Chief Executive Officer and President of Henry Schein.
About Henry Schein, Inc.
Henry Schein, a Fortune 500(R) company, is recognized for its excellent customer service and highly competitive prices. The Company's four business groups--Dental, Medical, International and Technology--serve more than 425,000 customers worldwide, including dental practices and laboratories, physician practices and veterinary clinics, as well as government and other institutions. The Company's sales reached a record $3.4 billion in 2003. The Company operates through a centralized and automated distribution network, which provides customers in more than 125 countries with a comprehensive selection of over 90,000 national and Henry Schein private-brand products.
Henry Schein also offers a wide range of innovative value-added practice solutions, including such leading practice management software systems as DENTRIX(R) and Easy Dental(R) for dental practices, and AVImark(R) for veterinary clinics, which are installed in over 50,000 practices; andArubA(R), Henry Schein's electronic catalog and ordering system.
Headquartered in Melville, N.Y., Henry Schein employs more than 8,000 people in 17 countries. For more information, visit the Henry Schein Web site at www.henryschein.com
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the Company's business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in the Company's Securities and Exchange Commission filings.
CONTACT: Henry Schein, Inc.
Steven Paladino
Executive Vice President and
Chief Financial Officer
631-843-5500
or
Susan Vassallo
Director, Investor & Public Relations
631-843-5562
svassa@henryschein.com
SOURCE: Henry Schein, Inc.