Expands Market Share in South Central States
ST. PAUL, Minn., Feb. 2 /PRNewswire/ -- Patterson Dental Company
(Nasdaq: PDCO) today announced it has acquired Hill Dental Company, Inc., a
full-service dental products distributor, which had sales of $29 million for
the fiscal year ended December 31, 1997. The acquisition strengthens
Patterson's market position in the South Central states and continues the
company's use of strategic acquisitions to expand operations.
Based in Birmingham, Alabama, Hill's 39 sales representatives serve more
than 4,000 customers from eight branch offices in Alabama, Georgia, Louisiana,
Mississippi, Tennessee, and Texas. Terms of the transaction, which will be
accounted for as a purchase, were not disclosed.
"Hill Dental is a well recognized name in the market and we are pleased to
add this quality operation to our organization," said Peter Frechette,
Patterson's president and chief executive officer. "Hill Dental and Patterson
have much in common and we intend to integrate our businesses as soon as
possible."
Patterson Dental Company is one of the largest distributors of dental
products in North America. The company supplies more than 75,000 products to
dentists, dental laboratories, institutions, physicians and other heath care
providers. These products include x-ray film, impression and restorative
materials, hand instruments, sterilization products, front office forms and
stationery as well as capital equipment. Patterson markets its products and
services through more than 800 direct sales representatives and equipment
specialists in the United States and Canada, and ships approximately
97 percent of its consumable goods within 24 hours of receipt of order.
This news release contains certain forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995, which may be
identified by the use of certain forward-looking terminology such as "may,"
"will," "expect," "anticipate," "estimate," "goal," or "continue," or
comparable terminology that involves risks and uncertainties, which may cause
the company's actual results in the future to differ materially from expected
results. These risks include, among others: competition within the dental
supply industry; changes in the economics of dentistry, including reduced
growth in expenditures by private dental insurance plans and the effects of
healthcare reform, which may affect future per capita expenditures for dental
services and the ability of dentists to invest in or obtain reimbursement for
the use of high-technology products; the ability of the company to maintain
satisfactory relationships with its sales force; the effects of economic
conditions; the successful integration of Canada Dental Supply Ltd.;
unforeseen operating risks; risks associated with the dependence on
manufacturers of the company's products; and the availability of capital to
finance planned growth. These risks are qualified in their entirety by
cautionary language set forth in the company's Form 10-K report filed July 25,
1997, and other documents filed with Securities and Exchange Commission.
SOURCE Patterson Dental Company
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CONTACT: Ronald Ezerski, Vice President & CFO of Patterson Dental Company, 612-686-1600; or Michael Rosenbaum, General Information, or Kathy Brunson, Analyst Inquiries, of The Financial Relations Board, 312-266-7800
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