Exhibit 99
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PATTERSON COMPANIES | 1031 Mendota Heights Road | Saint Paul, MN 55120 | | NEWS RELEASE |
PATTERSON COMPANIES PROVIDES BUSINESS UPDATE REGARDINGCOVID-19
St. Paul, Minn. — April 6, 2020 — Patterson Companies, Inc. (Nasdaq: PDCO) today provided an update on the impact ofCOVID-19 on the Company’s operations and withdrew its fiscal year 2020 financial guidance.
Keeping our Employees and Communities Safe While Maintaining Business Continuity
Patterson has implemented various precautionary measures to protect the health and safety of our employees and support our communities’ efforts to control the spread ofCOVID-19, while maintaining the continuity of our business operations. These measures have included facilitating work from home, restricting travel and implementing a number of other recommended best practices in our headquarters, branch offices and fulfillment centers. Patterson also took swift action to adjust or postponenon-essential projects to ensure the organization remains focused on meeting the needs of its customers. Patterson’s fulfillment centers and the Patterson Technology Center remain open and continue to provide essential products and services to our customers.
Fiscal 2020 Financial Guidance
Through the first two months of Patterson’s fiscal fourth quarter, the Company remained on track to achieve its fiscal 2020 financial guidance, which was issued on February 27, 2020. Entering the last month of our fiscal year,COVID-19, and measures taken by various authorities in response to the pandemic, have directly and indirectly impacted demand for dental and companion animal products and services. Given the disruption of North American and international market conditions and the inability to accurately predict the economic effects ofCOVID-19 and related government actions, Patterson is withdrawing its fiscal 2020 financial guidance.
“Patterson’s top priority is the health and safety of our employees, our communities and our customers. I am proud of the way our team is working together to respond to this crisis while continuing to provide our customers with the essential products and services they depend on,” said Mark S. Walchirk, President and Chief Executive Officer of Patterson. “The steps we have taken to enhance our core business, improve our efficiency and strengthen our performance have better positioned Patterson as we navigate this unprecedented disruption. We are actively managing our response to theCOVID-19 pandemic, and will continue to take additional steps to support our business and our customers as the situation evolves. Although we are not providing updated guidance at this time, we remain confident in the fundamentals and long-term strength of our businesses.”
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support. Learn more: pattersoncompanies.com
The U.S. Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information, so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those disclosed in the statement.
This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and the objectives and expectations of management. Forward-looking statements often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could” or “may.” Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements.
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