Henry Schein Announces Increase to Stock Repurchase Program
MELVILLE, N.Y., Mar 28, 2007 (BUSINESS WIRE) -- Henry Schein, Inc. (NASDAQ: 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 an increase of $100 million to its stock repurchase program, bringing the total authorized to $140 million.
The Company currently has approximately 90 million shares outstanding, and this authorization represents approximately 2 percent of shares outstanding at the current stock price. Purchases may be made from time to time in the open market, or through negotiated transactions.
"In 2006 Henry Schein generated operating cash flow of approximately $235 million," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "Since we initiated this program in 2003, the Company has repurchased over $267 million in shares. Our Board has determined that buying back shares serves as an appropriate means for building shareholder value, and at current prices represents an attractive investment that will increase earnings per share."
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 500,000 customers worldwide, including dental practices and laboratories, physician practices and veterinary clinics, as well as government and other institutions.
The Company operates through a centralized and automated distribution network, which provides customers in more than 200 countries with a comprehensive selection of more than 70,000 national and Henry Schein private-brand products in stock, as well as over 100,000 additional products available to our customers as special-order items.
Henry Schein also offers a wide range of innovative value-added practice solutions for healthcare professionals, such as ArubA(R), the Company's electronic catalog and ordering system. Its leading practice-management software solutions have been installed in more than 50,000 practices, including DENTRIX(R) and Easy Dental(R) for dental practices, MicroMD(R) for physician practices, and AVImark(R) for veterinary clinics.
Headquartered in Melville, N.Y., Henry Schein employs more than 11,000 people and has operations in 19 countries. The Company's sales reached a record $5.15 billion in 2006. For more information, visit the Henry Schein Web site at www.henryschein.com.
SOURCE: Henry Schein, Inc.
Henry Schein, Inc.
Steven Paladino, 631-843-5500
Executive Vice President and
Chief Financial Officer
steven.paladino@henryschein.com
or
Neal Goldner, 631-845-2820
Vice President, Investor Relations
neal.goldner@henryschein.com
or
Susan Vassallo, 631-843-5562
Vice President, Corporate Communications
susan.vassallo@henryschein.com