Patterson Companies (PDCO) 8-K Patterson Companies Reports Fiscal 2019 Second-quarter Results

Exhibit 99

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES REPORTS FISCAL 2019 SECOND-QUARTER RESULTS

• Second-quarter reported net sales totaled $1.4 billion, up 1.4 percent.

• Second-quarter GAAP earnings of $0.31 per diluted share.

• Second-quarter adjusted earnings¹ of $0.39 per diluted share.

• Company generates $200.2 million of cash flow from operating activities in first six months of fiscal 2019.

• Company reaffirms fiscal 2019 GAAP earnings range of $0.84 to $0.94 per diluted share and adjusted earnings¹ range of $1.40 to $1.50 per diluted share.

St. Paul, Minn. — December 6, 2018 — Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of approximately $1.4 billion (see attached Sales Summary for further details) in its fiscal second quarter ended October 27, 2018, an increase of 1.4 percent compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation and changes in product selling relationships, increased 1.8 percent.

Reported net income attributable to Patterson Companies, Inc. for the second quarter of fiscal year 2019 was $28.9 million, or $0.31 per diluted share, compared to net income attributable to Patterson Companies, Inc. of $40.2 million, or $0.43 per diluted share, in last year’s fiscal second quarter. Adjusted net income¹ attributable to Patterson Companies, Inc., which excludes deal amortization costs and integration and business restructuring costs, totaled $36.3 million for the second quarter of fiscal 2019, or $0.39 per diluted share, compared to $47.6 million in the same quarter last year, or $0.51 per diluted share. The reported net income and the adjusted net income attributable to Patterson Companies, Inc. were both impacted by the decrease in operating margins within the Dental segment.

“Our second quarter results met our expectations and we continue to make progress on our focused initiatives to improve performance and build a stronger Patterson,” said Mark Walchirk, president and CEO of Patterson Companies. “While we still have much work ahead, our team has delivered two consecutive quarters of year-over-year revenue growth, operating margin improvement from the fiscal first quarter and continued strong cash flow generation. As a result, we are reaffirming our fiscal 2019 guidance.”

Patterson Animal Health

Reported net sales in our Animal Health segment for the second quarter of fiscal 2019, which comprised approximately 61 percent of the company’s total sales, were $855.4 million compared to $823.6 million in the same quarter last year. Internal sales for the segment increased 4.5 percent from the fiscal 2018 second quarter.

Patterson Dental

Reported net sales in our Dental segment for the second quarter of fiscal 2019, which represented approximately 39 percent of total company sales, were $542.5 million compared to $553.6 million in the same quarter last year. Internal sales declined 1.8 percent compared to the fiscal 2018 second quarter.

Balance Sheet and Capital Allocation

For the first six months of fiscal 2019, Patterson Companies generated $200.2 million of cash from operating activities and collected deferred purchase price receivables of $165.6 million for a total of $365.8 million, compared to a total of $101.7 million in the same period last year. During the first six months of fiscal 2019, debt has been reduced by $196.3 million and cash has grown by $102.5 million.

In the second quarter of fiscal 2019, Patterson Companies paid $24.7 million in cash dividends to shareholders. On ayear-to-date basis, Patterson has returned $50.0 million in cash dividends to shareholders.

Year-to-Date Results

Consolidated net sales for the first six months of fiscal 2019 totaled $2.7 billion, a 1.9 percent year-over-year increase. Reported net income attributable to Patterson Companies, Inc. was $24.4 million, or $0.26 per diluted share, compared to $71.1 million, or $0.76 per diluted share in last year’s period. In July 2018, Patterson Companies booked apre-tax reserve of $28.3 million for the anticipated settlement of purported class action antitrust litigation.

Adjusted net income¹ attributable to Patterson Companies, Inc., which excludes deal amortization costs, integration and business restructuring costs and legal reserve costs, totaled $60.3 million, or $0.65 per diluted share, compared to adjusted net income of $89.0 million, or $0.95 per diluted share, in theyear-ago period.

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

FY2019 Guidance

Patterson Companies today reaffirmed fiscal 2019 earnings guidance, which is provided on both a GAAP andnon-GAAP adjusted¹ basis:

• GAAP earnings are expected to be in the range of $0.84 to $0.94 per diluted share.

• Non-GAAP adjusted earnings¹ are expected to be in the range of $1.40 to $1.50 per diluted share.

• Ournon-GAAP adjusted earnings¹ guidance excludes theafter-tax impact of:

• Deal amortization expenses of approximately $31.1 million ($0.33 per diluted share).

• Legal reserve costs of approximately $20.7 million ($0.22 per diluted share).

Our guidance is for current operations as well as completed or previously announced acquisitions and does not include the impact of potential future acquisitions or similar transactions, if any, or impairments and material restructurings beyond those previously publicly disclosed. Our guidance assumes North American and international market conditions similar to those experienced in fiscal 2018.

¹Non-GAAP Financial Measures

The Reconciliation of GAAP tonon-GAAP Measures table appearing behind the accompanying financial information is provided to adjust reported GAAP measures, namely operating income, income before taxes, income tax expense, net income, net income attributable to Patterson Companies, Inc. and diluted earnings per share attributable to Patterson Companies, Inc., for the impact of deal amortization, integration and business restructuring expenses and legal reserve costs along with the related tax effects of these items.

Management believes that thesenon-GAAP measures may provide a helpful representation of the company’s second-quarter performance and earnings guidance, and enable comparison of financial results between periods where certain items may vary independent of business performance. Thesenon-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

In addition, the term “internal sales” used in this release represents net sales adjusted to exclude foreign currency impact and changes in product selling relationships. Foreign currency impact represents the difference in results that is attributable to fluctuations in currency exchange rates the company uses to convert results for all foreign entities where the functional currency is not the U.S. dollar. The company calculates the impact as the difference between the current period results translated using the current period currency exchange rates and using the comparable prior period’s currency exchange rates. The company believes the disclosure of net sales changes in constant currency provides useful supplementary information to investors in light of significant fluctuations in currency rates.

Second-Quarter Conference Call and Replay

Patterson Companies’ fiscal 2019 second-quarter earnings conference call will start at 10 a.m. Eastern today. Investors can listen to a live webcast of the conference call at www.pattersoncompanies.com. The conference call will be archived on the Patterson Companies website. A replay of the fiscal 2019 second-quarter conference call can be heard for one week at800-585-8367 and by providing the Conference ID 5359197 when prompted.

About Patterson Companies Inc.

Patterson Companies Inc. (Nasdaq: PDCO) is a value-added distributor serving the dental and animal health markets.

Dental Market

Patterson’s Dental segment 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.

Animal Health Market

Patterson’s Animal Health segment is a leading distributor of products, services and technologies to both the production and companion animal health markets in North America and the U.K.

This press release contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of anon-historical nature and are subject to risks and uncertainties that are beyond Patterson’s ability to control. Forward-looking statements generally can be

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

identified by words such as “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of Patterson or the price of Patterson stock. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Such risks and uncertainties include, without limitation, operations disruptions attributable to our enterprise resource planning system implementation; our ability to attract or retain qualified sales representatives and service technicians who relate directly with our customers; the reduction, modification, cancellation or delay of purchases of innovative, high-margin equipment; material changes in our purchasing relationships with suppliers; changes in general market and economic conditions; and the other risks and important factors contained and identified in Patterson’s filings with the Securities and Exchange Commission, such as its Quarterly Reports on Form10-Q and Annual Reports on Form10-K, any of which could cause actual results to differ materially from the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except to the extent required under the federal securities laws, Patterson does not intend to update or revise the forward-looking statements.

CONTACT:	John M. Wright, Investor Relations
COMPANY:	Patterson Companies Inc.
EMAIL:	john.wright@pattersoncompanies.com
WEB:	pattersoncompanies.com
SOURCE:	Patterson Companies Inc.

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PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Six Months Ended
	October 27, 2018			October 28, 2017			October 27, 2018			October 28, 2017
Net sales	$	1,404,752		$	1,385,737		$	2,741,072		$	2,689,852
Gross profit		295,076			315,743			578,739			614,791
Operating expenses		253,860			243,984			533,009			486,199
Operating income		41,216			71,759			45,730			128,592
Other income (expense):
Other income, net		5,941			1,160			7,194			2,672
Interest expense		(9,456	)		(11,468	)		(20,677	)		(22,671	)
Income before taxes		37,701			61,451			32,247			108,593
Income tax expense		9,055			21,207			8,110			37,502
Net income		28,646			40,244			24,137			71,091
Net loss attributable to noncontrolling interests		(223	)		—			(276	)		—
Net income attributable to Patterson Companies, Inc.	$	28,869		$	40,244		$	24,413		$	71,091
Earnings per share attributable to Patterson Companies, Inc.:
Basic	$	0.31		$	0.43		$	0.26		$	0.76
Diluted	$	0.31		$	0.43		$	0.26		$	0.76
Weighted average shares:
Basic		92,683			92,722			92,606			93,037
Diluted		93,289			93,351			93,144			93,683
Dividends declared per common share	$	0.26		$	0.26		$	0.52		$	0.52

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	October 27, 2018		April 28, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	165,515	$	62,984
Receivables		571,232		826,877
Inventory		792,533		779,834
Prepaid expenses and other current assets		176,019		103,029
Total current assets		1,705,299		1,772,724
Property and equipment, net		289,602		290,590
Goodwill and other intangible assets		1,182,533		1,205,401
Long-term receivables, net and other		166,820		202,949
Total assets	$	3,344,254	$	3,471,664
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	662,731	$	610,368
Other accrued liabilities		225,903		205,415
Current maturities of long-term debt		80,286		76,598
Borrowings on revolving credit		—		16,000
Total current liabilities		968,920		908,381
Long-term debt		738,341		922,030
Othernon-current liabilities		181,305		179,463
Total liabilities		1,888,566		2,009,874
Stockholders’ equity		1,455,688		1,461,790
Total liabilities and stockholders’ equity	$	3,344,254	$	3,471,664

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	October 27, 2018			October 28, 2017
Operating activities:
Net income	$	24,137		$	71,091
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		41,926			41,833
Non-cash employee compensation		13,926			16,635
Deferred consideration in securitized receivables		(165,567	)		(24,581	)
Change in assets and liabilities, net of acquired		285,792			(27,870	)
Net cash provided by operating activities		200,214			77,108
Investing activities:
Additions to property and equipment		(22,094	)		(16,431	)
Collection of deferred purchase price receivables		165,567			24,581
Other investing activities		2,875			11,626
Net cash provided by investing activities		146,348			19,776
Financing activities:
Dividends paid		(49,980	)		(49,969	)
Repurchases of common stock		—			(71,254	)
Retirement of long-term debt		(180,321	)		(7,377	)
Draw on (payment on) revolving credit		(16,000	)		33,000
Other financing activities		3,592			3,561
Net cash used in financing activities		(242,709	)		(92,039	)
Effect of exchange rate changes on cash		(1,322	)		1,652
Net change in cash and cash equivalents	$	102,531		$	6,497

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

SALES SUMMARY

(Dollars in thousands)

(Unaudited)

	October 27, 2018		October 28, 2017		Total Sales Growth			Foreign Exchange Impact			Other (a)			Internal Sales Growth
Three Months Ended
Consolidated net sales
Consumable	$	1,138,251	$	1,116,091		2.0	%		(0.4	)%		(0.1	)%		2.5	%
Equipment and software		182,120		181,337		0.4			(0.2	)		—			0.6
Other		84,381		88,309		(4.4	)		(0.2	)		—			(4.2	)
Total	$	1,404,752	$	1,385,737		1.4	%		(0.3	)%		(0.1	)%		1.8	%
Dental
Consumable	$	303,806	$	311,217		(2.4	)%		(0.2	)%		—	%		(2.2	)%
Equipment and software		167,686		169,513		(1.1	)		(0.2	)		—			(0.9	)
Other		71,024		72,900		(2.6	)		(0.2	)		—			(2.4	)
Total	$	542,516	$	553,630		(2.0	)%		(0.2	)%		—	%		(1.8	)%
Animal Health
Consumable	$	834,445	$	804,874		3.7	%		(0.4	)%		(0.2	)%		4.3	%
Equipment and software		14,434		11,824		22.1			—			—			22.1
Other		6,529		6,885		(5.2	)		(0.3	)		—			(4.9	)
Total	$	855,408	$	823,583		3.9	%		(0.4	)%		(0.2	)%		4.5	%
Corporate
Other	$	6,828	$	8,524		(19.9	)%		—	%		—	%		(19.9	)%
Total	$	6,828	$	8,524		(19.9	)%		—	%		—	%		(19.9	)%

^(a)  Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and six months ended October 27, 2018.

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

SALES SUMMARY

(Dollars in thousands)

(Unaudited)

	October 27, 2018		October 28, 2017		Total Sales Growth			Foreign Exchange Impact			Other (a)			Internal Sales Growth
Six Months Ended
Consolidated net sales
Consumable	$	2,247,648	$	2,196,196		2.3	%		0.1	%		(0.2	)%		2.4	%
Equipment and software		329,018		318,286		3.4			(0.1	)		—			3.5
Other		164,406		175,370		(6.3	)					—			(6.3	)
Total	$	2,741,072	$	2,689,852		1.9	%		0.1	%		(0.2	)%		2.0	%
Dental
Consumable	$	608,045	$	631,395		(3.7	)%		—	%		—	%		(3.7	)%
Equipment and software		302,643		297,376		1.8			(0.1	)		—			1.9
Other		137,892		143,666		(4.0	)		—			—			(4.0	)
Total	$	1,048,580	$	1,072,437		(2.2	)%		—	%		—	%		(2.2	)%
Animal Health
Consumable	$	1,639,603	$	1,564,801		4.8	%		0.1	%		(0.3	)%		5.0	%
Equipment and software		26,375		20,910		26.1			—			—			26.1
Other		14,644		14,008		4.5			0.7			—			3.8
Total	$	1,680,622	$	1,599,719		5.1	%		0.1	%		(0.3	)%		5.3	%
Corporate
Other	$	11,870	$	17,696		(32.9	)%		—	%		—	%		(32.9	)%
Total	$	11,870	$	17,696		(32.9	)%		—	%		—	%		(32.9	)%

^(a)  Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and six months ended October 27, 2018.

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

OPERATING INCOME BY SEGMENT

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	October 27, 2018			October 28, 2017			October 27, 2018			October 28, 2017
Operating income (loss)
Dental	$	41,594		$	65,207		$	77,467		$	124,726
Animal Health		22,031			23,217			41,063			39,893
Corporate		(22,409	)		(16,665	)		(72,800	)		(36,027	)
Total	$	41,216		$	71,759		$	45,730		$	128,592

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

RECONCILIATION OF GAAP TONON-GAAP MEASURES

(Dollars in thousands, except per share amounts)

(Unaudited)

For the three months ended October 27, 2018	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve		Non-GAAP
Operating income	$	41,216		$	9,715	$	—	$	—	$	50,931
Other expense, net		(3,515	)		—		—		—		(3,515	)
Income before taxes		37,701			9,715		—		—		47,416
Income tax expense		9,055			2,289		—		—		11,344
Net income		28,646			7,426		—		—		36,072
Net loss attributable to noncontrolling interests		(223	)		—		—		—		(223	)
Net income attributable to Patterson Companies, Inc.	$	28,869		$	7,426	$	—	$	—	$	36,295
Diluted earnings per share attributable to Patterson Companies, Inc.*	$	0.31		$	0.08	$	—	$	—	$	0.39
Operating income as a % of sales		2.9	%								3.6	%
Effective tax rate		24.0	%								23.9	%
For the three months ended October 28, 2017	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve		Non-GAAP
Operating income	$	71,759		$	9,660	$	1,688	$	—	$	83,107
Other expense, net		(10,308	)		—		—		—		(10,308	)
Income before taxes		61,451			9,660		1,688		—		72,799
Income tax expense		21,207			3,346		638		—		25,191
Net income		40,244			6,314		1,050		—		47,608
Net loss attributable to noncontrolling interests		—			—		—		—		—
Net income attributable to Patterson Companies, Inc.	$	40,244		$	6,314	$	1,050	$	—	$	47,608
Diluted earnings per share attributable to Patterson Companies, Inc.*	$	0.43		$	0.07	$	0.01	$	—	$	0.51
Operating income as a % of sales		5.2	%								6.0	%
Effective tax rate		34.5	%								34.6	%

* May not sum due to rounding

PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 NEWS RELEASE

PATTERSON COMPANIES, INC.

RECONCILIATION OF GAAP TONON-GAAP MEASURES

(Dollars in thousands, except per share amounts)

(Unaudited)

For the six months ended October 27, 2018	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve		Non-GAAP
Operating income	$	45,730		$	19,681	$	—	$	28,263	$	93,674
Other expense, net		(13,483	)		—		—		—		(13,483	)
Income before taxes		32,247			19,681		—		28,263		80,191
Income tax expense		8,110			4,575		—		7,523		20,208
Net income		24,137			15,106		—		20,740		59,983
Net loss attributable to noncontrolling interests		(276	)		—		—		—		(276	)
Net income attributable to Patterson Companies, Inc.	$	24,413		$	15,106	$	—	$	20,740	$	60,259
Diluted earnings per share attributable to Patterson Companies, Inc.*	$	0.26		$	0.16	$	—	$	0.22	$	0.65
Operating income as a % of sales		1.7	%								3.4	%
Effective tax rate		25.1	%								25.2	%
For the six months ended October 28, 2017	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve		Non-GAAP
Operating income	$	128,592		$	19,290	$	8,594	$	—	$	156,476
Other expense, net		(19,999	)		—		—		—		(19,999	)
Income before taxes		108,593			19,290		8,594		—		136,477
Income tax expense		37,502			6,691		3,249		—		47,442
Net income		71,091			12,599		5,345		—		89,035
Net loss attributable to noncontrolling interests		—			—		—		—		—
Net income attributable to Patterson Companies, Inc.	$	71,091		$	12,599	$	5,345	$	—	$	89,035
Diluted earnings per share attributable to Patterson Companies, Inc.*	$	0.76		$	0.13	$	0.06	$	—	$	0.95
Operating income as a % of sales		4.8	%								5.8	%
Effective tax rate		34.5	%								34.8	%

* May not sum due to rounding