Henry Schein Announces Stock Repurchase Program
This authorization represents approximately 4.5% of shares outstanding, and purchases may be made from time to time in the open market, or through negotiated transactions.
"During 2002 Henry Schein generated operating cash flow of approximately $135 million, and we closed the year with about $232 million in cash and short-term investments. Our board has determined that buying back shares at current prices represents an attractive use of our cash that will help increase earnings per share and serve as an appropriate means of building shareholder value," said Stanley M. Bergman, Chairman, Chief Executive Officer, and President of Henry Schein.
About Henry Schein, Inc.
Henry Schein, Inc. is the largest distributor of healthcare products and services to office-based healthcare practitioners in the combined North American and European markets. Recognized for its excellent customer service and low prices, the Company serves more than 400,000 customers worldwide, including dental practices and laboratories, physician practices, and veterinary clinics, as well as government and other institutions.
The Company operates its four business groups - Dental, Medical, International and Technology - through a centralized and automated distribution network, which provides customers in more than 125 countries with a comprehensive selection of over 80,000 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 48,000 practices; and ArubA(R), Henry Schein's electronic catalog and ordering system.
Headquartered in Melville, New York, Henry Schein employs more than 6,900 people in 16 countries. The Company's 2002 sales reached a record $2.8 billion. 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., Melville
Steven Paladino, 631/843-5500
or
Susan Vassallo, 631/843-5562
svassa@henryschein.com
Copyright (C) 2003 Business Wire. All rights reserved.