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8-K - 8-K - PATTERSON COMPANIES, INC.d810654d8k.htm

Exhibit 99

 

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

PATTERSON COMPANIES REPORTS FISCAL 2018

FOURTH-QUARTER AND YEAR-END OPERATING RESULTS

 

    Fourth-quarter reported net sales totaled $1.4 billion.

 

    Fourth-quarter GAAP earnings from continuing operations of $0.23 per diluted share.

 

    Fourth-quarter adjusted earnings1 from continuing operations of $0.30 per diluted share.

 

    Generated $179 million of cash flow from operations during fiscal 2018.

 

    Company issues fiscal 2019 GAAP earnings range of $1.43 to $1.53 per diluted share and adjusted earnings1 range of $1.73 to $1.83 per diluted share.

June 21, 2018 (ST. PAUL, Minn.) – 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 fourth quarter ended April 28, 2018, a decline of 3.1 percent compared to the same period last year. Internal sales, which adjust for the effects of currency translation and changes in product selling relationships, declined 3.3 percent.

Reported net income from continuing operations for the fourth quarter of fiscal year 2018 was $20.9 million, or $0.23 per diluted share, compared to $61.4 million, or $0.65 per diluted share, in last year’s fiscal fourth quarter.

Adjusted net income1 from continuing operations, which excludes deal amortization costs and discrete tax matters, totaled $28.2 million for the fourth quarter of fiscal 2018, compared to $65.6 million in the same quarter last year, driven by the anticipated decrease in sales and margins in our Dental segment and a change in estimate related to year-end inventory valuations. Adjusted earnings1 per diluted share from continuing operations totaled $0.30 in the fourth quarter, compared to $0.69 in the fiscal 2017 fourth quarter.

“Our fourth-quarter results met our revised expectations and reflected the impact of ongoing challenges that the Company has been facing,” said Mark Walchirk, president and CEO of Patterson Companies. “Looking ahead, we are executing on a number of initiatives to stabilize the core business and build a stronger platform for fiscal 2019, and expect to return to profit growth in the second half of the year. These initiatives are focused on improving our revenue, margin and cash flow performance and unlocking the strength of our value proposition. We are confident that we are taking the right steps to improve performance and deliver shareholder value going forward.”

Patterson Dental

Reported net sales in our Dental segment for the fourth quarter, which represented approximately 39 percent of total company sales, were $545.8 million compared to $607.3 million in the same quarter last year. Internal sales declined 10.5 percent compared to the fiscal 2017 fourth quarter. Year-over-year internal sales by category were as follows:

 

    Consumable dental supplies decreased 6.7 percent.

 

    Equipment and software declined 20.2 percent.

 

    Other services and products, primarily composed of technical service, parts and labor, software support services and office supplies decreased 2.5 percent.

“As expected, results in the Dental segment reflected the continued challenges throughout the year as a result of our sales force realignment, ERP implementation and the market transition in the digital equipment category,” continued Walchirk. “We are focused on improving sales productivity, strengthening product mix, leveraging our new ERP platform and expanding our sales penetration in the digital equipment market. We expect these actions will contribute toward stabilizing the Dental business and building momentum around growth and profitability in the second half of fiscal 2019.”

Patterson Animal Health

Reported net sales in our Animal Health segment for the fourth quarter of fiscal 2018, which comprised approximately 61 percent of the company’s total sales, were $848.0 million compared to $827.5 in the same quarter last year. Internal sales for the segment increased 2.4 percent from the fiscal 2017 fourth quarter. Year-over-year internal sales by category were as follows:

 

    Production animal increased 2.8 percent.

 

    Companion animal rose 1.9 percent.

 

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

 

“Sales in our Animal Health segment grew as expected in the quarter, led by our production animal health business, which benefitted from improving fundamentals in the swine and beef categories, partially offset by pressures in the dairy category,” continued Walchirk. “In fiscal 2019, we expect to improve growth and operating performance in the Animal Health business through driving sales execution, improved product mix and effective cost management.”

Share Repurchases and Dividends

In the fourth quarter of fiscal 2018, Patterson paid $24.6 million in cash dividends to shareholders. For fiscal 2018, the company returned a total of $186.7 million to shareholders in the form of share repurchases and dividends.

Year-to-Date Results

Consolidated sales for fiscal 2018 totaled $5.5 billion, a 2.3 percent year-over-year decrease. Internal sales declined 1.6 percent. Reported net income from continuing operations was $201.0 million, or $2.16 per diluted share, compared to $173.8 million, or $1.82 per diluted share in fiscal 2017. This comparison includes the recognition of a provisional net tax benefit of $76.6 million, reflecting the revaluation of tax-deferred assets and liabilities, net of a one-time transition tax on unremitted foreign earnings as a result of the 2017 Tax Act enacted during the third quarter. Fiscal 2017 results contained a pre-tax non-cash impairment charge of approximately $36 million, or approximately $23 million after taxes, or $0.24 per diluted share, related to the distribution fee associated with the CEREC product component of the previously exclusive arrangement with Sirona Dental Systems.

Adjusted net income1 from continuing operations, which excludes transaction-related costs, deal amortization costs, intangible asset impairment, integration and business restructuring expenses, and discrete tax matters, totaled $156.8 million, or $1.68 per diluted share, compared to $223.3 million, or $2.34 per diluted share, in fiscal 2017.

FY2019 Guidance

Patterson today issued fiscal 2019 earnings guidance from continuing operations, which is provided on both a GAAP and non-GAAP adjusted1 basis:

 

    GAAP earnings from continuing operations are expected to be in the range of $1.43 to $1.53 per diluted share.

 

    Non-GAAP adjusted earnings1 from continuing operations are expected to be in the range of $1.73 to $1.83 per diluted share.

 

    Our non-GAAP adjusted earnings1 guidance excludes the after-tax impact of deal amortization expense of approximately $27.3 million ($0.30 per diluted share)

Our guidance is for current continuing 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 to non-GAAP Measures table appearing behind the accompanying financial information is provided to adjust reported GAAP measures, namely earnings from continuing operations, net income from continuing operations and earnings per diluted share from continuing operations, for the impact of transaction related costs, deal amortization expenses, intangible asset impairment, integration and business restructuring expenses, along with the related tax effects of these items, the impact of the 2017 Tax Act and other discrete tax matters.

Management believes that these non-GAAP measures may provide a helpful representation of the company’s fourth-quarter and full-year performance and earnings guidance, and enable comparison of financial results between periods where certain items may vary independent of business performance. These non-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 constant currency represents net sales adjusted to exclude foreign currency impacts. 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.

 

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

 

Fourth-Quarter Conference Call and Replay

Patterson’s fourth-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 Patterson’s website. A replay of the fiscal 2018 fourth-quarter conference call can be heard for one week at 800-585-8367 and by providing the Conference ID 4897286 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

MarketPatterson’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 a non-historical nature and are subject to risks and uncertainties that are beyond Patterson’s ability to control. Forward-looking statements generally can be 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 Form 10-Q and Annual Reports on Form 10-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.
TEL:    651.686.1364
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     Twelve Months Ended  
     April 28,
2018
    April 29,
2017
    April 28,
2018
    April 29,
2017
 

Net sales

   $ 1,400,609     $ 1,445,032     $ 5,465,683     $ 5,593,127  

Gross profit

     289,839       335,498       1,199,366       1,301,397  

Operating expenses

     248,588       239,343       979,477       1,013,469  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income from continuing operations

     41,251       96,155       219,889       287,928  

Other income (expense):

        

Other income, net

     1,349       1,033       6,117       6,013  

Interest expense

     (12,289     (11,401     (46,743     (43,060
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before taxes

     30,311       85,787       179,263       250,881  

Income tax expense (benefit)

     9,383       24,430       (21,711     77,093  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income from continuing operations

     20,928       61,357       200,974       173,788  

Net loss from discontinued operations

     —         334       —         (2,895
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 20,928     $ 61,691     $ 200,974     $ 170,893  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per share:

        

Continuing operations

   $ 0.23     $ 0.65     $ 2.17     $ 1.83  

Discontinued operations

     —         0.01       —         (0.03
  

 

 

   

 

 

   

 

 

   

 

 

 

Net basic earnings per share

   $ 0.23     $ 0.66     $ 2.17     $ 1.80  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per share:

        

Continuing operations

   $ 0.23     $ 0.65     $ 2.16     $ 1.82  

Discontinued operations

     —         —         —         (0.03
  

 

 

   

 

 

   

 

 

   

 

 

 

Net diluted earnings per share

   $ 0.23     $ 0.65     $ 2.16     $ 1.79  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares:

        

Basic

     91,846       93,830       92,467       94,897  

Diluted

     92,446       94,503       93,094       95,567  

Dividends declared per common share

   $ 0.26     $ 0.26     $ 1.04     $ 0.98  

 

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

 

PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

     April 28,
2018
     April 29,
2017
 

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 62,984      $ 94,959  

Receivables

     826,877        884,803  

Inventory

     779,834        711,903  

Prepaid expenses and other current assets

     103,029        111,928  
  

 

 

    

 

 

 

Total current assets

     1,772,724        1,803,593  

Property and equipment, net

     290,590        298,452  

Goodwill and other intangible assets

     1,205,401        1,238,983  

Long-term receivables, net and other

     202,949        166,885  
  

 

 

    

 

 

 

Total assets

   $ 3,471,664      $ 3,507,913  
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

   $ 610,368      $ 616,859  

Other accrued liabilities

     205,415        213,318  

Current maturities of long-term debt

     76,598        14,754  

Borrowings on revolving credit

     16,000        59,000  
  

 

 

    

 

 

 

Total current liabilities

     908,381        903,931  

Long-term debt

     922,030        998,272  

Other non-current liabilities

     179,463        211,277  
  

 

 

    

 

 

 

Total liabilities

     2,009,874        2,113,480  

Stockholders’ equity

     1,461,790        1,394,433  
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 3,471,664      $ 3,507,913  
  

 

 

    

 

 

 

 

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

 

PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Twelve Months Ended  
     April 28,
2018
    April 29,
2017
 

Operating activities:

    

Net income

   $ 200,974     $ 170,893  

Net loss from discontinued operations

     —         (2,895
  

 

 

   

 

 

 

Net income from continuing operations

     200,974       173,788  

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

    

Depreciation and amortization

     83,816       83,818  

Intangible asset impairment

     —         36,312  

Non-cash employee compensation

     36,532       19,025  

Change in assets and liabilities, net of acquired

     (142,427     (147,329
  

 

 

   

 

 

 

Net cash provided by operating activities- continuing operations

     178,895       165,614  

Net cash used in operating activities- discontinued operations

     —         (2,895
  

 

 

   

 

 

 

Net cash provided by operating activities

     178,895       162,719  

Investing activities:

    

Additions to property and equipment

     (43,263     (47,019

Collection of deferred purchase price receivables

     49,650       51,402  

Other investing activities

     10,600       (3,190
  

 

 

   

 

 

 

Net cash provided by investing activities- continuing operations

     16,987       1,193  

Net cash provided by investing activities- discontinued operations

     —         —    
  

 

 

   

 

 

 

Net cash provided by investing activities

     16,987       1,193  

Financing activities:

    

Dividends paid

     (99,199     (95,910

Repurchases of common stock

     (87,500     (125,384

Proceeds from issuance of long-term debt, net

     150,000       —    

Debt amendment costs

     —         (1,266

Retirement of long-term debt

     (164,754     (26,238

Draw on (payment on) revolver

     (43,000     39,000  

Other financing activities

     14,291       7,635  
  

 

 

   

 

 

 

Net cash used in financing activities

     (230,162     (202,163

Effect of exchange rate changes on cash

     2,305       (4,243
  

 

 

   

 

 

 

Net change in cash and cash equivalents

   $ (31,975   $ (42,494
  

 

 

   

 

 

 

 

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

 

PATTERSON COMPANIES, INC.

SALES SUMMARY

(Dollars in thousands)

(Unaudited)

 

     April 28,
2018
     April 29,
2017
     Total
Sales
Growth
    Foreign
Exchange

Impact
    Other (a)     Internal
Sales
Growth
 

Three Months Ended

              

Consolidated net sales

              

Consumable

   $ 1,145,258      $ 1,148,337        (0.3 )%      1.7     (1.5 )%      (0.5 )% 

Equipment and software

     168,393        207,339        (18.8     0.4       —         (19.2

Other

     86,958        89,356        (2.7     0.8       —         (3.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,400,609      $ 1,445,032        (3.1 )%      1.4     (1.2 )%      (3.3 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Dental

              

Consumable

   $ 317,951      $ 339,398        (6.3 )%      0.4     —       (6.7 )% 

Equipment and software

     155,979        194,493        (19.8     0.4       —         (20.2

Other

     71,834        73,417        (2.2     0.3       —         (2.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 545,764      $ 607,308        (10.1 )%      0.4     —       (10.5 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Animal Health

              

Consumable

   $ 827,307      $ 808,939        2.3     2.2     (2.1 )%      2.2

Equipment and software

     12,414        12,846        (3.4     0.1       —         (3.5

Other

     8,257        5,687        45.2       7.9       —         37.3  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 847,978      $ 827,472        2.5     2.2     (2.1 )%      2.4
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Corporate

              

Other

   $ 6,867      $ 10,252        (33.0 )%      —       —       (33.0 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 6,867      $ 10,252        (33.0 )%      —       —       (33.0 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Twelve Months Ended

              

Consolidated net sales

              

Consumable

   $ 4,415,643      $ 4,400,888        0.3     0.6     (1.5 )%      1.2

Equipment and software

     709,253        834,526        (15.0     0.3       —         (15.3

Other

     340,787        357,713        (4.7     0.3       —         (5.0
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 5,465,683      $ 5,593,127        (2.3 )%      0.5     (1.2 )%      (1.6 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Dental

              

Consumable

   $ 1,251,642      $ 1,321,764        (5.3 )%      0.3     —       (5.6 )% 

Equipment and software

     660,355        780,868        (15.4     0.3       —         (15.7

Other

     284,081        287,587        (1.2     0.2       —         (1.4
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 2,196,078      $ 2,390,219        (8.1 )%      0.3     —       (8.4 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Animal Health

              

Consumable

   $ 3,164,001      $ 3,079,124        2.8     0.7     (2.1 )%      4.2

Equipment and software

     48,898        53,658        (8.9     —         —         (8.9

Other

     29,665        27,044        9.7       1.7       —         8.0  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 3,242,564      $ 3,159,826        2.6     0.7     (2.1 )%      4.0
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Corporate

              

Other

   $ 27,041      $ 43,082        (37.2 )%      —       —       (37.2 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 27,041      $ 43,082        (37.2 )%      —       —       (37.2 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and twelve months ended April 28, 2018.

 

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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     Twelve Months Ended  
   April 28,
2018
    April 29,
2017
    April 28,
2018
    April 29,
2017
 

Operating income (loss)

        

Dental

   $ 46,036     $ 86,315     $ 229,201     $ 263,671  

Animal Health

     20,128       27,672       78,058       88,132  

Corporate

     (24,913     (17,832     (87,370     (63,875
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 41,251     $ 96,155     $ 219,889     $ 287,928  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

 

 

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

 

PATTERSON COMPANIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(Dollars in thousands, except per share amounts)

(Unaudited)

 

For the three months ended April 28,  2018

   GAAP     Transaction-
related

costs
     Deal
amortization
     Intangible
asset
impairment
     Integration
and business
restructuring
expenses
     Discrete
tax matters
    Non-
GAAP
 

Operating income from continuing operations

   $ 41,251     $ —        $ 9,533      $ —        $ —        $ —       $ 50,784  

Other expense, net

     (10,940     —          —          —          —          —         (10,940
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Income from continuing operations before taxes

     30,311       —          9,533        —          —          —         39,844  

Income tax expense (benefit)

     9,383       —          2,893        —          —          (608     11,668  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net income from continuing operations

   $ 20,928     $ —        $ 6,640      $ —        $ —        $ 608     $ 28,176  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share from continuing operations*

   $ 0.23     $ —        $ 0.07      $ —        $ —        $ 0.01     $ 0.30  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income from continuing operations as a % of sales

     2.9                   3.6

Effective tax rate

     31.0                   29.3

For the three months ended April 29,  2017

   GAAP     Transaction-
related

costs
     Deal
amortization
     Intangible
asset
impairment
     Integration
and business
restructuring
expenses
     Discrete
tax matters
    Non-
GAAP
 

Operating income from continuing operations

   $ 96,155     $ 178      $ 9,745      $ —        $ 257      $ —       $ 106,335  

Other expense, net

     (10,368     —          —          —          —          —         (10,368
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Income from continuing operations before taxes

     85,787       178        9,745        —          257        —         95,967  

Income tax expense (benefit)

     24,430       67        3,375        —          98        2,383       30,353  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net income from continuing operations

   $ 61,357     $ 111      $ 6,370      $ —        $ 159      $ (2,383   $ 65,614  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share from continuing operations*

   $ 0.65     $ —        $ 0.07      $ —        $ —        $ (0.03   $ 0.69  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income from continuing operations as a % of sales

     6.7                   7.4

Effective tax rate

     28.5                   31.6

For the twelve months ended April 28,  2018

   GAAP     Transaction-
related

costs
     Deal
amortization
     Intangible
asset
impairment
     Integration
and business
restructuring
expenses
     Discrete
tax matters
    Non-
GAAP
 

Operating income from continuing operations

   $ 219,889     $ —        $ 38,515      $ —        $ 8,594      $ —       $ 266,998  

Other expense, net

     (40,626     —          —          —          —          —         (40,626
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Income from continuing operations before taxes

     179,263       —          38,515        —          8,594        —         226,372  

Income tax expense (benefit)

     (21,711     —          11,793        —          2,879        76,648       69,609  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net income from continuing operations

   $ 200,974     $ —        $ 26,722      $ —        $ 5,715      $ (76,648   $ 156,763  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share from continuing operations*

   $ 2.16     $ —        $ 0.29      $ —        $ 0.06      $ (0.82   $ 1.68  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income from continuing operations as a % of sales

     4.0                   4.9

Effective tax rate

     -12.1                   30.7

For the twelve months ended April 29,  2017

   GAAP     Transaction-
related

costs
     Deal
amortization
     Intangible
asset
impairment
     Integration
and business
restructuring
expenses
     Discrete
tax matters
    Non-
GAAP
 

Operating income from continuing operations

   $ 287,928     $ 1,657      $ 39,957      $ 36,312      $ 6,561      $ —       $ 372,415  

Other expense, net

     (37,047     —          —          —          —          —         (37,047
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Income from continuing operations before taxes

     250,881       1,657        39,957        36,312        6,561        —         335,368  

Income tax expense (benefit)

     77,093       625        13,769        13,263        2,481        4,789       112,020  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net income from continuing operations

   $ 173,788     $ 1,032      $ 26,188      $ 23,049      $ 4,080      $ (4,789   $ 223,348  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share from continuing operations*

   $ 1.82     $ 0.01      $ 0.27      $ 0.24      $ 0.04      $ (0.05   $ 2.34  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income from continuing operations as a % of sales

     5.1                   6.7

Effective tax rate

     30.7                   33.4

 

* May not sum due to rounding

 

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