Patterson Companies (PDCO) 8-K Patterson Companies Reports Improved Fourth Quarter

Exhibit 99.1

Patterson Companies Reports Improved Fourth Quarter

And Fiscal 2012 Operating Results

St. Paul, MN—May 24, 2012— Patterson Companies, Inc. (Nasdaq: PDCO) today reported that consolidated sales totaled $936,334,000 in the fourth quarter of fiscal 2012 ended April 28, an increase of 6% from $883,819,000 in the year-earlier period. Net income of $62,143,000 or $0.58 per diluted share included incremental expense of $0.04 per diluted share related to Patterson’s Employee Stock Ownership Plan (ESOP). Excluding this ESOP-related expense, fourth quarter earnings were $0.61 per diluted share. Patterson reported earnings of $62,707,000 or $0.53 per diluted share in the fourth quarter of fiscal 2011.

For fiscal 2012, consolidated sales were $3,535,661,000 up 4% from $3,415,670,000 in fiscal 2011. The additional sales week in the first quarter of fiscal 2011, which made that year a 53-week period, negatively affected fiscal 2012 sales growth by approximately two percentage points. Net income in fiscal 2012 of $212,815,000 or $1.92 per diluted share included ESOP-related expense of $0.13 per diluted share. Excluding this expense, earnings were $2.05 per diluted share. Earnings in fiscal 2011 were $225,385,000 or $1.89 per diluted share.

Sales of Patterson Dental, Patterson’s largest business, increased 4% from the year-earlier period to $598,862,000 in the fourth quarter.

• Sales of consumable dental supplies and printed office products increased 3% in the fourth quarter.

• Sales of dental equipment and software rose more than 6% from the year-earlier level, driven by a double-digit increase in sales of CEREC dental restorative systems.

• Sales of other services and products, consisting primarily of technical service, parts and labor, software support services and artificial teeth, increased 6% from last year’s fourth quarter.

Fourth quarter sales of the Webster Veterinary unit increased 13% to $207,500,000, with the August 2011 acquisition of American Veterinary Supply Corporation, a full-service veterinary distributor located on Long Island, accounting for approximately 2% of the unit’s sales growth. Sales of Patterson Medical, the rehabilitation supply and equipment unit, rose 3% to $129,972,000.

Scott P. Anderson, president and chief executive officer, commented: “We are encouraged by Patterson’s improved fourth quarter results as each of our three businesses operated at planned levels despite persistently soft economic conditions. Within Patterson Dental, sales of consumable supplies increased for the fourth consecutive quarter, an indication of the continued strengthening of the overall North American dental market. We also are encouraged by the solid improvement in sales of dental equipment given the fact that equipment sales were particularly robust in the year-earlier period. In addition to mid-single digit sales growth of basic equipment, we benefited from strong demand for CEREC systems from new users. We believe this reflects the growing acceptance of CAD/CAM and other new digital technologies that are enabling dentists to strengthen productivity, generate additional income and improve clinical outcomes. To capitalize upon this growing market trend, which is still at an early stage, we will continue to focus our marketing initiatives on Patterson Dental’s industry-leading offerings of technology products.”

Anderson added: “Webster’s record fourth quarter sales growth was driven by robust demand for consumable supplies, including the new combination flea-tick-heartworm medication Trifexcis^®. Despite the challenging economy, pet owners are increasing expenditures on veterinary care. Through its full-service platform, which includes equipment and a new technical service capability, our companion-pet veterinary unit is positioned to capitalize upon positive pet ownership and spending trends.”

He said: “Patterson Medical’s fourth quarter performance was paced by above-plan sales of consumables in the North American market. However, this unit’s equipment business continues to be affected by the uncertainty associated with changes in the U.S. health care system. We believe the impact of this situation will likely persist in fiscal 2013. However, Patterson Medical is positioned to take maximum advantage of worldwide demographic trends fueling the growth of the rehabilitation market. Consistent with its global business strategy, Patterson Medical acquired Australian-based Surgical Synergies Pty Ltd. in April, a $10.0 million distributor of physiotherapy, rehabilitation and mobility products that strengthens our previously established position in the Australian and New Zealand rehabilitation markets.”

Patterson repurchased approximately 1.2 million common shares during the fourth quarter under its 25 million share buyback authorization that expires in 2016. For the year, 12 million shares were acquired, with approximately 11 million shares remaining available for repurchase under this authorization. In addition, Patterson’s quarterly cash dividend was increased 17% to $0.14 per share in March, 2012, bringing the annual dividend rate to $0.56 per share. Including share repurchases and quarterly dividends, Patterson returned over $400 million to its shareholders in fiscal 2012.

Patterson issued financial guidance of $2.10 to $2.16 per diluted share for fiscal 2013. The comparability between fiscal 2013 and 2012 will not be affected by the difference in the level of ESOP expense, since that item is now fully grandfathered into Patterson’s ongoing cost structure.

ESOP Expense Reconcilliation Table

Dollars in thousands, except EPS

	Three Months Ended				Twelve Months Ended
	April 28, 2012		April 30, 2011		April 28, 2012		April 30, 2011
Net Income	$	62,143	$	62,707	$	212,815	$	225,385
Incremental ESOP Expense		3,496		—		13,867		—
Adjusted Net Income (non-GAAP)	$	65,639	$	62,707	$	226,682	$	225,385
Diluted Earnings Per Share	$	0.58	$	0.53	$	1.92	$	1.89
Incremental ESOP expense		0.03				0.13
Adjusted Earnings Per Share (non-GAAP)	$	0.61	$	0.53	$	2.05	$	1.89

About Patterson Companies, Inc.

Patterson Companies, Inc. is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets.

Dental Market

As Patterson’s largest business, Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America.

Veterinary Market

Webster Veterinary is the nation’s second largest distributor of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and pharmaceuticals to companion-pet veterinary clinics.

Rehabilitation Market

Patterson Medical is the world’s leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets. The unit’s global customer base includes hospitals, long-term care facilities, clinics and dealers.

# # #

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. The Company cautions shareholders and prospective investors that the following factors, among others, may cause actual results to differ materially from those indicated by the forward-looking statements: competition within the

dental, veterinary, and rehabilitative and assistive living supply industries; changes in the economics of dentistry, including reduced growth in expenditures by private dental insurance plans, the effects of economic conditions and the effects of healthcare reform, which may affect future per capita expenditures for dental services and the ability and willingness of dentists to invest in high-technology products; the effects of healthcare related legislation and regulation which may affect expenditures or reimbursements for rehabilitative and assistive products; changes in the economics of the veterinary supply market, including reduced growth in per capita expenditures for veterinary services and reduced growth in the number of households owning pets; the ability of the Company to maintain satisfactory relationships with its sales force; unexpected loss of key senior management personnel; unforeseen operating risks; risks associated with the dependence on manufacturers of the Company’s products; and the ability of the Company to successfully integrate the recent acquisitions into its existing business. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Company’s filings with the Securities and Exchange Commission.

For additional information contact:

R. Stephen Armstrong	Richard G. Cinquina
Executive Vice President & CFO	Equity Market Partners
651/686-1600	904/415-1415

Fourth Quarter Conference Call and Replay

Patterson’s fourth quarter earnings conference call will start at 10:00 a.m. Eastern today. Investors can listen to a live webcast of the conference call atwww.pattersoncompanies.com. The conference call will be archived on Patterson’s web site. A replay of the fourth quarter conference call can be heard for one month at 1-303-590-3030 and providing the conference ID: 4538441.

PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except for per share amounts)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 28,			April 30,			April 28,			April 30,
	2012			2011			2012			2011
Net sales	$	936,334		$	883,819		$	3,535,661		$	3,415,670
Gross profit		313,721			303,949			1,162,514			1,144,225
Operating expenses		210,870			199,824			804,505			768,217
Operating income		102,851			104,125			358,009			376,008
Other expense, net		(8,804	)		(5,643	)		(28,197	)		(20,121	)
Income before taxes		94,047			98,482			329,812			355,887
Income taxes		31,904			35,775			116,997			130,502
Net income	$	62,143		$	62,707		$	212,815		$	225,385
Earnings per share:
Basic	$	0.59		$	0.53		$	1.93		$	1.91
Diluted	$	0.58		$	0.53		$	1.92		$	1.89
Shares:
Basic		105,865			117,529			110,121			118,290
Diluted		106,708			118,269			110,846			119,066
Dividends declared per common share	$	0.14		$	0.12		$	0.50		$	0.42
Gross margin		33.5	%		34.4	%		32.9	%		33.5	%
Operating expenses as a % of net sales		22.5	%		22.6	%		22.8	%		22.5	%
Operating income as a % of net sales		11.0	%		11.8	%		10.1	%		11.0	%
Effective tax rate		33.9	%		36.3	%		35.5	%		36.7	%

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PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	April 28,		April 30,
	2012		2011
	(Unaudited)
ASSETS
Current assets:
Cash and short-term investments	$	573,781	$	388,665
Receivables, net		464,869		465,170
Inventory		319,952		336,094
Prepaid expenses and other current assets		44,911		40,780
Total current assets		1,403,513		1,230,709
Property and equipment, net		195,465		189,583
Goodwill and other intangible assets		1,022,809		1,022,832
Investments and other		117,581		121,844
Total Assets	$	2,739,368	$	2,564,968
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	207,915	$	210,033
Other accrued liabilities		196,733		157,398
Current maturities of long-term debt		125,000		—
Total current liabilities		529,648		367,431
Long-term debt		725,000		525,000
Other non-current liabilities		109,518		111,997
Total liabilities		1,364,166		1,004,428
Stockholders’ equity		1,375,202		1,560,540
Total Liabilities and Stockholders’ Equity	$	2,739,368	$	2,564,968

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PATTERSON COMPANIES, INC.

SUPPLEMENTARY FINANCIAL DATA

(Dollars in thousands)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 28,			April 30,			April 28,			April 30,
	2012			2011			2012			2011
Consolidated Net Sales
Consumable and printed products	$	616,487		$	578,930		$	2,312,309		$	2,232,876
Equipment and software		243,352			232,474			930,601			900,846
Other		76,495			72,415			292,751			281,948
Total	$	936,334		$	883,819		$	3,535,661		$	3,415,670
Dental Supply
Consumable and printed products	$	331,054		$	320,536		$	1,263,515		$	1,253,224
Equipment and software		201,321			189,626			768,633			734,749
Other		66,487			62,958			255,727			248,083
Total	$	598,862		$	573,120		$	2,287,875		$	2,236,056
Rehabilitation Supply
Consumable and printed products	$	90,769		$	87,281		$	363,004		$	348,641
Equipment and software		32,107			33,045			123,649			131,776
Other		7,096			6,432			26,687			24,317
Total	$	129,972		$	126,758		$	513,340		$	504,734
Veterinary Supply
Consumable and printed products	$	194,664		$	171,113		$	685,790		$	631,011
Equipment and software		9,924			9,803			38,319			34,321
Other		2,912			3,025			10,337			9,548
Total	$	207,500		$	183,941		$	734,446		$	674,880
Other (Expense) Income, net
Interest income	$	1,176		$	1,082		$	4,954		$	8,200
Interest expense		(9,463	)		(6,341	)		(30,343	)		(25,840	)
Other		(517	)		(384	)		(2,808	)		(2,481	)
	$	(8,804	)	$	(5,643	)	$	(28,197	)	$	(20,121	)

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PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Twelve Months Ended
	April 28,			April 30,
	2012			2011
Operating activities:
Net income	$	212,815		$	225,385
Depreciation & amortization		42,209			41,339
Stock-based compensation		12,615			10,481
ESOP compensation		756			2,128
Change in assets and liabilities, net of acquired		52,763			(16,721	)
Net cash provided by operating activities		321,158			262,612
Investing activities:
Additions to property and equipment, net of disposals		(29,650	)		(36,822	)
Acquisitions and equity investments		(22,620	)		(52,187	)
Net cash used in investing activities		(52,270	)		(89,009	)
Financing activities:
Dividends paid		(54,741	)		(49,992	)
Share repurchases		(362,379	)		(97,153	)
Proceeds from issuance of long-term debt		325,000			—
Other financing activities		14,061			13,923
Net cash used in financing activities		(78,059	)		(133,222	)
Effect of exchange rate changes on cash		(5,713	)		7,693
Net increase in cash and cash equivalents	$	185,116		$	48,074